沐曦股份：下周五发行申购

Core Viewpoint - The article highlights the IPO announcement of Mu Xi Integrated Circuit (Shanghai) Co., Ltd., a leading domestic high-performance general-purpose GPU company, aiming to raise 3.904 billion yuan to enhance GPU technology iteration and industrialization, thereby strengthening its competitive position in the industry [1][4]. Company Overview - Mu Xi plans to publicly issue 40.1 million shares, accounting for 10.02% of the total share capital post-issuance, which will reach 400.1 million shares [3]. - The issuance will adopt a combination of "strategic placement + offline inquiry placement + online pricing issuance" [3]. - The company has a strong intellectual property portfolio with 245 domestic invention patents, 3 integrated circuit layout design rights, and 25 software copyrights as of March 31, 2025 [3]. Financial Performance - Since 2022, the company's annual compound growth rate in revenue has reached 4074.52%, with projected revenue of 743 million yuan in 2024 [4]. - As of March 31, 2025, the cumulative GPU sales exceeded 25,000 units, covering various applications across multiple regions [4]. - The company reported a backlog of orders amounting to 1.43 billion yuan as of September 5, 2025, nearly double the projected revenue for 2024, indicating significant growth potential [4]. Market Context - The domestic accelerated computing server market is expanding, with IDC forecasting a market size of 22.1 billion USD in 2024, expected to exceed 100 billion USD by 2029, highlighting the strategic value of domestic GPU companies [5]. - The IPO of Mu Xi is seen as a catalyst for its development and an important opportunity for investors to participate in the domestic computing power sector [5]. IPO Process - The IPO process has been efficient, with the company receiving acceptance from the Shanghai Stock Exchange on June 30, 2025, passing the review on October 24, and obtaining registration approval from the CSRC on November 13, all within four months [4].