科创板激活硬科技赛道，证监会同意沐曦股份首次公开发行股票注册

Core Viewpoint - The approval of Muxi Integrated Circuit (Shanghai) Co., Ltd. for its IPO on the Sci-Tech Innovation Board highlights the support of the domestic capital market for "hard technology" enterprises, particularly in the GPU sector [1][2]. Industry Overview - The GPU design industry has high technical barriers, requiring expertise across hardware architecture, IP/SoC chips, packaging, software architecture, and drivers, with a typical R&D to mass production cycle of 2-3 years [2]. - The global GPU market is characterized by a duopoly, with international firms holding a dominant position. The domestic accelerated computing server market is projected to reach $22.1 billion in 2024, with GPUs accounting for 69% of this market [2]. Company Development - Muxi focuses on the general GPU sector for data centers, which is the highest value segment of the industry chain. Its product, the Xiyun C500, is reported to match or exceed the performance of international competitors [3]. - The company has achieved significant sales milestones, with over 25,000 GPUs sold by March 2025, and has established applications in various AI public computing platforms across major cities [3]. - Financially, Muxi has demonstrated resilience with a compound annual growth rate of 4074.52% in revenue over the past three years, with projected revenue of approximately 900 million yuan in the first half of 2025, surpassing the total revenue for 2024 [3]. Order and Growth Potential - As of September 5, 2025, Muxi's order backlog reached 1.43 billion yuan, nearly double the total revenue for 2024, indicating strong future growth potential [4]. - The company anticipates achieving breakeven by 2026 as revenue scales up and operational efficiencies are realized [4]. Market Dynamics - The synergy between capital market reforms and the growth trajectory of Muxi illustrates a deep resonance with the hard technology sector, where supportive policies provide a conducive environment for long-term R&D [5]. - Muxi's ability to leverage institutional advantages for technological advancement and market expansion is crucial for its path to profitability and contributes to the domestic GPU localization process [5].