摩尔线程之后，下一个“大肉签”来了？

Core Viewpoint - The article discusses the upcoming IPO of Muxi Co., which is expected to be a significant player in the domestic GPU industry, following the successful listing of Moore Threads, which saw substantial gains on its debut [4][6]. Group 1: IPO Details - Muxi Co. plans to issue 40.1 million shares at an initial price of 104.66 yuan per share, raising approximately 4.197 billion yuan [4]. - The offline subscription phase attracted 269 investors with a total subscription amount reaching 57.169 billion shares, resulting in a low allocation ratio of about 0.03993% [4]. - The online subscription saw 9.6452 million shares subscribed, amounting to 1.009 billion yuan, with a small number of shares being abandoned [4]. Group 2: Market Performance and Comparisons - Since the beginning of 2025, 12 new stocks have been listed on the Sci-Tech Innovation Board, with an average first-day price increase of 266.09%, suggesting potential for Muxi Co. to achieve similar gains [4]. - Moore Threads, which debuted on December 5, 2023, closed at 600.5 yuan per share on its first day, marking a 425.46% increase, and its market capitalization reached 2.823 trillion yuan [6]. - Muxi Co.'s subscription rate is lower than that of Moore Threads, indicating a more competitive environment for investors [6]. Group 3: Company Overview and Financials - Muxi Co. was established in September 2020, focusing on the intelligent computing market, with key products including the Xisi N series and the upcoming Xiyun C600 GPU, expected to enter mass production by mid-2026 [7]. - The company reported revenues of 426,400 yuan in 2022, projected to grow to between 1.5 billion and 1.98 billion yuan in 2025, reflecting a significant increase compared to 2024 [8]. - Despite the revenue growth, Muxi Co. is still operating at a loss, with net profits projected to improve but remain negative through 2025 [8].