国产GPU龙头，明日上市

Core Viewpoint - The article discusses the upcoming IPO of Muxi Technology, highlighting its potential as a significant player in the domestic GPU market, especially following the successful debut of Moer Technology, which saw substantial gains on its first trading day [2][3][7]. Group 1: Muxi Technology IPO Details - Muxi Technology will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with an issuance of 40.1 million shares at a price of 104.66 yuan per share, raising approximately 4.197 billion yuan [2]. - The initial subscription phase saw overwhelming interest, with 269 institutional investors and 7,719 allocation objects participating, including the National Artificial Intelligence Industry Investment Fund [2]. Group 2: Market Expectations and Comparisons - Muxi Technology's initial subscription rate is lower than that of Moer Technology, with a final subscription rate of 0.03348913% compared to Moer Technology's 0.03635054% [3]. - Since 2025, 12 new stocks have been listed on the Sci-Tech Innovation Board, with an average first-day price increase of 266.09% after excluding the highest and lowest values [4]. Group 3: Financial Performance and Projections - Muxi Technology's revenue for 2022, 2023, 2024, and the first quarter of 2025 was 426,400 yuan, 53.02 million yuan, 743.07 million yuan, and 320.42 million yuan, respectively, with net losses reported for each year [8]. - The company anticipates reaching a breakeven point by 2026, projecting revenues of 1.5 billion to 1.98 billion yuan for 2025, representing a growth of 101.86% to 166.46% compared to 2024 [9]. Group 4: Competitive Landscape - Muxi Technology is part of the "Four Little Dragons" of domestic GPUs, alongside Moer Technology, Biran Technology, and Suiruan Technology, with a focus on the intelligent computing market [7]. - Moer Technology's stock price reached 710.39 yuan, with a market capitalization of 333.9 billion yuan, indicating strong investor interest in the sector [7]. Group 5: R&D and Market Position - Muxi Technology's revenue is heavily reliant on its "Xiyun C500 series" chip, which accounts for over 97% of its income [12]. - The company has high R&D expenses, with rates significantly above industry averages, indicating a strong focus on product development despite current losses [15].