刚刚！证监会同意沐曦股份科创板IPO注册

Core Viewpoint - The approval of the IPO registration for Muxi Integrated Circuit (Shanghai) Co., Ltd. marks a significant milestone for the company and the domestic GPU industry, indicating a new phase of development driven by capital markets and technological innovation [1][7]. Company Overview - Muxi Co. focuses on the independent research and development of high-performance GPU chips and computing platforms, targeting key areas such as AI training and inference, general computing, and graphics rendering [4]. - The company aims to provide high-performance GPU chips and related software stack and computing platform solutions, contributing to national technological advancement [4]. Market Position and Competitive Advantage - The GPU industry is characterized by high technical barriers and rapid iteration, necessitating strong R&D capabilities and continuous innovation [4]. - Muxi Co. is positioned to break foreign monopolies and promote industry autonomy, leveraging its advanced technology and strategic planning [4]. - The company has built a core R&D team with global vision and expertise in GPU technology and mass production [4]. Product Development - Muxi Co. has developed a comprehensive product system covering AI computing, general computing, and graphics rendering, including the Xisi N series for AI inference and the Xiyun C series for integrated training and general computing [5]. - The company is also developing the Xicai G series for graphics rendering, with products based on self-developed GPU IP and a unified architecture [5]. Financial Performance - Muxi Co. has experienced explosive growth, with revenue increasing from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% over three years [5]. - In the first half of 2025, the company achieved revenue of 915 million yuan, a year-on-year increase of 404.51%, with losses narrowing by 63.74%, indicating an emerging profitability trend [5]. Market Expansion - As of March 2025, Muxi Co. has sold over 25,000 GPUs, with clients including leading companies like H3C and Rockchip [6]. - By September 2025, the company had an order backlog of 1.43 billion yuan, nearly double its total revenue for 2024, providing strong support for future growth [6]. Industry Impact - The approval of the IPO is not only a milestone for Muxi Co. but also a reflection of the rise of the domestic GPU industry [7]. - With the support of capital markets, Muxi Co. plans to increase R&D investment and enhance its ecosystem, contributing to the autonomy of China's intelligent computing infrastructure [7].