开盘暴涨568.83%！“国产GPU第二股”上市

Core Viewpoint - The article discusses the recent IPO of Muxi Co., which has seen significant stock price increases and aims to invest in high-performance GPU development and AI projects. The company has rapidly grown since its establishment in 2020 and is positioned as a key player in the domestic GPU market. Company Overview - Muxi Co. was established in September 2020 in Shanghai and has expanded its presence with subsidiaries and R&D centers in multiple cities across China [7] - The company focuses on AI computing, general computing, and graphics rendering, with products like the Xisi N series and Xiyun C series GPUs [7][8] - Muxi's first AI inference chip, Xisi N100, was delivered in January 2022 and has since been followed by the Xiyun C500 series, which has become a major revenue source [8] Financial Performance - Muxi reported revenues of 426,400 yuan in 2022, 53.02 million yuan in 2023, and 743 million yuan in 2024, with 915 million yuan in the first half of 2025, surpassing the total for 2024 [28][29] - Despite revenue growth, the company has faced losses, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, and -1.409 billion yuan in 2024 [28] - The company expects to achieve revenues between 1.5 billion to 1.98 billion yuan in 2025, representing a growth of 101.86% to 166.46% compared to 2024 [30] Market Position and Competition - Muxi holds approximately 1% market share in China's AI chip market as of 2024 [12] - The company competes with major players like NVIDIA and AMD, focusing on general-purpose GPUs while others like Jingjia Micro and Cambricon specialize in specific areas [10] Sales and Distribution - Muxi employs a combination of direct sales and distribution channels, with distribution revenue increasing from 0% in 2022 to 55.71% in early 2025 [19] - The company has a high customer concentration, with the top five customers accounting for a significant portion of its revenue [23] IPO Details - Muxi's IPO on the Sci-Tech Innovation Board raised approximately 4.197 billion yuan, with shares priced at 104.66 yuan each, marking the second-highest IPO price of the year [17] - The funds raised will be directed towards new GPU development and AI projects [17]