国产GPU龙头，上市时间定了

Core Viewpoint - Muxi Co., Ltd. is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, marking another significant entry of a domestic GPU leader into the A-share market [2]. Group 1: IPO Details - Muxi Co., Ltd. will issue approximately 40.1 million shares at a price of 104.66 CNY per share, resulting in a total market capitalization of approximately 41.874 billion CNY post-IPO [4]. - The issuance price corresponds to a diluted price-to-sales ratio of 56.35 times for 2024, which is lower than the average of comparable companies in the industry [4]. Group 2: Financial Projections - The total amount raised from the public offering is expected to be 4.197 billion CNY, with a net amount of 3.899 billion CNY after deducting issuance costs of 298 million CNY [5]. - The funds will be allocated to the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [5]. Group 3: Company Performance and Market Outlook - Muxi Co., Ltd. anticipates achieving revenue between 1.5 billion CNY and 1.98 billion CNY in 2025, representing a growth of 101.86% to 166.46% compared to 2024 [6][8]. - The net loss attributable to shareholders is projected to be between 763 million CNY and 527 million CNY, indicating a reduction in losses by 45.84% to 62.59% compared to 2024 [6][8]. - The company expects to reach breakeven by 2026 based on current market demand and performance metrics [6]. Group 4: Industry Context - Muxi Co., Ltd. is recognized as a leading domestic player in high-performance general-purpose GPU products, focusing on self-developed full-stack GPU chips and computing platforms [5]. - The recent IPO of another domestic GPU leader, Moore Threads, saw a significant stock price increase, highlighting the strong market interest in GPU companies [9].