在国产GPU领域竞争愈发激烈的背景下，沐曦集成电路（上海）股份有限公司（简称"沐曦集成"）于今年6月30日正式向科创板提交了招股说 明书，计划募集高达39.04亿元人民币的资金。 这家成立仅五年的企业，以其融合了"AMD+海思"基因的技术团队和显著的商业化进展，被众多业内人士视为国产GPU领域的一匹黑马。沐曦 集成的IPO不仅是国产GPU赛道活跃度的直接体现，也反映了资本市场对自主可控技术的强烈兴趣和期待。 然而，沐曦集成的上市之路并非一帆风顺。根据其招股说明书，公司财务状况呈现出收入快速增长与净利润持续大额亏损的鲜明对比。自2022 年至2025年一季度，尽管营业收入从42.64万元激增至3.2亿元，但净利润却始终为负，累计亏损超过30亿元。这种高增长与高亏损并存的现 象，并非单纯由研发投入所导致，股份支付费用的大幅增加以及现金流的持续承压，同样成为公司盈利的重要阻碍。 除了财务压力，沐曦集成在生态建设方面也面临挑战。公司选择了"自主指令集+兼容CUDA生态"的技术路线，希望通过自主研发的MXMACA 软件栈，既降低客户迁移成本，又保障技术的自主可控性。然而，CUDA生态的先发优势难以撼动，沐曦集成在实际应 ...

Core Viewpoint - The launch event of the domestic GPU company Lishuan Technology showcased its new GPU series 7G105 and 7G106, aiming to break the skepticism surrounding its capabilities and establish itself in the competitive GPU market [1][48]. Group 1: Company Background and Development - Lishuan Technology's CEO, Xuan, has over 30 years of experience in chip design, with more than 20 years focused on GPU design, emphasizing the strength of the team and the extensive preparation that led to the successful launch [2][4][6]. - The company faced numerous challenges over the past three years, including economic downturns and regulatory restrictions, but successfully completed the chip's tape-out on May 24, 2023, marking a significant milestone [6][7][11]. Group 2: Product Specifications - The 7G105 and 7G106 GPUs are part of the eXtreme series, with specifications including a maximum of 192 GP/s for fill rate, 384 GT/s for texture fill rate, and 24 TFLOPS for FP32 computation, supporting PCIE4.0 and 16-way virtualization [18][21]. - The consumer version, 7G106, features a reduced memory from 24G to 12G while maintaining other specifications, and supports various software environments such as DX12 and Vulkan [22]. Group 3: Performance Demonstration - During the event, benchmark tests showed the 7G series performing between RTX 5060 and RTX 4060, with GeekBench scores reaching 111290 [27][29]. - The GPUs demonstrated strong performance in gaming scenarios, achieving over 70 frames per second at 1080P and maintaining smooth performance in 4K settings [34][38]. Group 4: Market Position and Future Plans - Lishuan Technology aims to fill the gap in the domestic high-performance GPU market, which has been lacking in competitive products, and plans to begin mass production in September 2023 [44][48]. - The company has attracted significant investment, with Dongxin Co. becoming a major shareholder, indicating strong interest from state-owned and local government funds for future financing [46][47].

Core Viewpoint - The company Muxi Integrated Circuit (Shanghai) Co., Ltd. has initiated its IPO process on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for the development and industrialization of high-performance GPUs and AI-related projects [1][5][15]. Group 1: IPO Details - Muxi plans to issue no more than 40.10 million A-shares and has received IPO acceptance on June 30, with the status changing to "inquiry" on July 19 [1][5]. - The lead underwriter for the IPO is Huatai United Securities Co., Ltd. [5]. - The last external equity financing valued the company at 21.071 billion yuan, with an expected market capitalization of no less than 3 billion yuan [5]. Group 2: Fund Utilization - The raised funds will be allocated as follows: 2.459 billion yuan for new high-performance general-purpose GPU R&D, 453 million yuan for next-generation AI inference GPU R&D, and 991 million yuan for high-performance GPU technology R&D for emerging applications [5][7]. - The total investment for the new high-performance general-purpose GPU project is approximately 3.41 billion yuan, with 2.46 billion yuan planned for use from the IPO proceeds [7]. Group 3: Financial Performance - Muxi's revenue for the first quarter of 2025 was 42.64 million yuan, with previous years showing significant growth: 530 million yuan in 2024, 743 million yuan in 2023, and 320 million yuan in 2022, reflecting a compound annual growth rate of 4074.52% from 2022 to 2024 [8][9]. - The company has accumulated losses of 3.29 billion yuan and has not yet achieved profitability, with net losses reported as 777 million yuan in Q1 2025, 871 million yuan in 2024, 1.409 billion yuan in 2023, and 233 million yuan in 2022 [12][14]. Group 4: Market Position and Competition - The GPU market is currently dominated by Nvidia, which holds over 90% of the market share for GPUs used in intelligent computing centers [12][15]. - Despite the competitive landscape, the domestic GPU market is expected to grow significantly, with a projected market size of 107.3 billion yuan in 2024, representing a year-on-year growth of 32.96% [15][16]. - Muxi faces competition from both domestic and international companies, including Nvidia, AMD, and various domestic startups [17][18]. Group 5: Product Development and Challenges - Muxi has launched several GPU products, including the Xiyun C500 series, which is currently its main revenue source, accounting for 97.28% of its revenue in 2024 [9][10]. - The company is also developing new products, including the Xiyun C600 and C700 series, but faces risks related to product development timelines and market demand [10][12].

Core Viewpoint - The article highlights the IPO progress of the domestic GPU company, Hanbo Semiconductor, which has initiated its A-share IPO counseling with CITIC Securities as the advisory institution [1]. Group 1: Company Overview - Hanbo Semiconductor, founded in December 2018, has a registered capital of 543 million yuan and is controlled by co-founders Qian Jun and Zhang Lei, who collectively hold 42.1465% of the voting rights [6][7]. - The company specializes in providing full-stack chip solutions for intelligent core computing and graphics rendering, with proprietary core IP and two generations of GPU chips [8][9]. - Hanbo's product lineup includes the server-level AI inference chip SV102 and the second-generation GPU chip SG100, designed under the Vast Unified Computing Architecture (VUCA) [9][10]. Group 2: Financial and Investment Background - Hanbo Semiconductor has completed several rounds of financing before its IPO, raising a total of several billion yuan, with notable investors including China Internet Investment Fund, Kuaishou, Alibaba, and MediaTek [2][3][30]. - The company's valuation has reached 10.5 billion yuan according to the Hurun Research Institute's 2025 Global Unicorn List [4][5]. Group 3: Talent and Leadership - The company boasts a research and development team of over 500 people, with more than 80% of its staff in R&D roles and over 70% holding master's degrees or higher [15]. - Co-founders Qian Jun and Zhang Lei have significant backgrounds in AMD, with Qian having nearly 30 years of experience in high-end chip design [16][17][21][23]. Group 4: Industry Context - The article notes that the past year has seen a surge in IPO activities among domestic GPU manufacturers, with companies like Suiruan Technology and Biran Technology also initiating their IPO processes [32][33][35]. - The competition for becoming the first domestic GPU stock is intensifying, as companies like Moer Thread and Muxi Co. have also entered the IPO counseling phase [38][39].

Core Insights - The article highlights the emergence of domestic GPU companies, particularly Moores Threads, as they approach a new phase of technological and capital convergence, with the company preparing for an IPO on the Sci-Tech Innovation Board [1][10] - Moores Threads has established itself as a significant player in the semiconductor industry by focusing on self-developed "full-function GPUs," which are gradually reaching international standards in terms of computing power, versatility, and ecosystem compatibility [1][3] Industry Overview - The global GPU market is projected to reach 36,119.74 billion yuan by 2029, with China's GPU market expected to grow to 13,635.78 billion yuan, increasing its global market share from 30.8% in 2024 to 37.8% in 2029 [1] - The AI chip market in China is anticipated to surge from 1,425.37 billion yuan in 2024 to 13,367.92 billion yuan by 2029, with a compound annual growth rate of 53.7% [8] Company Development - Moores Threads has developed the MUSA architecture, which is the first domestic architecture to support AI computing, graphics acceleration, and physical simulation on a single chip, marking a significant technological breakthrough [4][6] - The company has launched several products, including the MTT S80 consumer graphics card and the MTT S5000 AI computing card, which have shown competitive performance against international counterparts [4][5] Financial Performance - Moores Threads' revenue has increased from 45.84 million yuan in 2022 to 432 million yuan in 2024, reflecting a compound annual growth rate of 208% [9] - The company's AI computing business accounts for 77.6% of its revenue, driven by the demand for large model training and GPU cloud services [9] Strategic Positioning - The company has a strong focus on R&D, with an investment of 1.359 billion yuan in 2024, resulting in a research expense ratio of 309.88% [6] - Moores Threads has secured 450 patents, including 442 domestic patents, which positions it well within the GPU intellectual property landscape [6] Market Opportunities - The company is well-positioned to capitalize on the growing demand for GPUs in various sectors, including AI, digital twins, autonomous driving, and virtual reality [8][11] - The ongoing IPO process is expected to provide Moores Threads with additional capital and resources to support its technological advancements and market expansion [10][11]

Core Viewpoint - Kunlun Core has recently completed a new round of financing, but there is a noticeable divergence in information disclosure, with investors and financial advisors announcing the news while Kunlun Core remains silent, raising questions about the underlying issues [1][2]. Financing Situation - Kunlun Core's latest financing round has seen participation from various investors, including Shanghe Momentum Capital and Shanzheng Investment, with the latter confirming their involvement just a day before the announcement by Shanghe [1]. - The company has undergone six rounds of financing since its establishment, with Baidu remaining the largest shareholder, though its stake has been diluted from 76.17% to 67.49% [4][6]. IPO Context - The financing is taking place against the backdrop of a surge in domestic GPU and AI chip companies preparing for IPOs, with nearly ten companies expected to file for listings soon, collectively referred to as the "Chinese Nvidia" [6][9]. - The current market conditions have made it difficult for GPU projects to attract investment, with many investors expressing reluctance to invest in the GPU sector due to significant losses reported by existing companies [7][9]. Product Development and Market Position - Kunlun Core, which originated from Baidu's smart chip division, has launched its first and second-generation chips, with plans for a third-generation chip (P800) set for release in 2025 [11]. - The company has achieved a notable milestone by creating a fully self-developed 30,000-card cluster capable of training large models, which is a significant achievement in the domestic market [11][13]. Competitive Landscape - In terms of performance, Kunlun Core's P800 ranks among the top in the domestic market, but it still lags behind some competitors like Birun's BR100, which boasts superior specifications [18][19]. - According to IDC, Kunlun Core ranks second in the domestic AI accelerator card market, although the accuracy of this data has been questioned by industry insiders [19][20]. Production Capacity and Future Outlook - The production capacity required to meet the projected demand for Kunlun Core's products is substantial, with estimates suggesting that 1,400 wafers would be needed to achieve the anticipated output [20]. - The upcoming regulatory changes may impact the production capacity of domestic AI chip companies, making it crucial for them to secure sufficient manufacturing resources to maintain their market positions [21].

Core Viewpoint - A Chinese AI chip startup, Muxi Integration, is accelerating its breakthrough in the GPU market, traditionally dominated by Nvidia, with significant revenue growth projected from 420,000 yuan in 2022 to 740 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [1] Company Overview - Muxi Integration was founded four years ago and is focused on domestic AI computing capabilities during a critical period for localization [1] - The company has a leadership team with backgrounds from AMD and HiSilicon, indicating a blend of expertise in GPU technology [2] Product Development - Muxi Integration has launched several GPU products, including the Xisi N series for AI inference, the Xiyun C series for training and general computing, and the upcoming Xicai G series for graphics rendering [3] - The company has achieved commercial application of its GPU products across various sectors, with over 25,000 units sold [3] Financial Performance - Despite significant revenue growth, Muxi Integration has reported cumulative losses exceeding 3 billion yuan over the past three years, with projected net losses of 770 million yuan, 870 million yuan, and 1.41 billion yuan from 2022 to 2024 [3][4] Market Context - The GPU market is characterized by a duopoly led by Nvidia and AMD, with Muxi Integration facing intense competition from both domestic and international players [5][7] - The company aims to leverage its upcoming IPO to secure funding for new GPU development projects [4] Competitive Landscape - Muxi Integration competes with other domestic firms like Moore Threads, Biren Technology, and Suirian Technology, which are also developing GPU technologies [7][8] - The domestic GPU industry is expected to undergo significant restructuring due to limited market capacity and increasing competition [8] Strategic Outlook - The rapid deployment of AI inference applications presents a growth opportunity for domestic GPU companies, although challenges remain regarding profitability and market expansion [8]

Stock Performance - Several stocks related to deep-sea technology have shown significant gains, with Deepwater Haina leading at 20.00% increase, followed by other companies like Zhenhua Heavy Industry at 10.00% and Shenkai Co. at 10.01% [2][3][4] - In the photovoltaic sector, stocks such as Yao Pi Glass and Euro Crystal Technology have also performed well, with increases of 9.93% and 10.02% respectively [5][6] - The steel industry has seen a turnaround, with companies like Liugang Co. and Chongqing Steel achieving gains of 10.08% and 10.16% respectively [7][8] Industry Trends - The photovoltaic glass industry is experiencing a collective production cut of 30% starting from July, which is expected to reduce domestic glass output to approximately 45GW [4] - The nuclear power sector is gaining attention due to a significant agreement between Alphabet and a fusion energy company, marking a milestone in commercial power procurement [10] - The wind power sector is projected to grow rapidly, with offshore wind capacity expected to exceed 230GW globally by 2030, positioning China's deep-sea projects as key growth points [18] Emerging Opportunities - The innovative drug sector is supported by new measures from the National Healthcare Security Administration, which aims to include innovative drugs in basic medical insurance [16][17] - The sugar substitute market is expanding, with the approval of a new production company for allulose sugar, indicating potential growth in this niche [14][15] - The military industry is expected to see an increase in orders, reversing a downward trend, which could lead to positive growth in the second half of the year [20][21]

Core Viewpoint - The article discusses the rapid development and IPO plans of four leading domestic GPU companies in China, collectively referred to as the "Chinese Nvidia," highlighting their growth, investment backing, and the competitive landscape against international giants like Nvidia [4][11]. Group 1: Industry Overview - The domestic GPU sector has seen significant growth, with the four leading companies—Mole Thread, Muxi Co., Wallran Technology, and Suiruan Technology—advancing towards IPOs [4][6]. - These companies have collectively attracted over a hundred billion yuan in investments from more than a hundred investment institutions, indicating strong investor confidence in the sector [4][14]. Group 2: Company Development - The four domestic GPU companies emerged around 2018, driven by the increasing importance of domestic technology amid US-China competition [5]. - Each company has a unique focus: Mole Thread aims to develop a full-function GPU for AI and high-performance computing, while Muxi Co. specializes in high-performance GPU chips and computing platforms [8][9]. - Wallran Technology focuses on original general computing systems, and Suiruan Technology targets cloud computing products for AI [8]. Group 3: Financial Performance - Mole Thread has launched four generations of GPU architectures, generating over 600 million yuan in revenue over three years, while Muxi Co. has achieved over 1.1 billion yuan in revenue in 39 months [9][10]. - Despite revenue growth, all four companies are currently operating at a loss, with projections for 2024 revenue ranging from 200 million to 1.4 billion yuan, and none expected to be profitable [10][12]. Group 4: Investment and Valuation - The rapid financing of these companies has been notable, with Wallran Technology raising over 4.7 billion yuan in less than two years, and Mole Thread achieving a pre-IPO valuation exceeding 24.6 billion yuan [14][16]. - As of now, the valuations of these companies are significant, with Mole Thread valued at 31 billion yuan, Suiruan Technology at 20.5 billion yuan, and Wallran Technology at 16 billion yuan [16]. Group 5: IPO Prospects - The recent announcement by the China Securities Regulatory Commission to restart the fifth set of listing standards for unprofitable companies is expected to accelerate the IPO process for these domestic GPU firms [16].

Core Viewpoint - The acceptance of IPO applications from two domestic GPU companies, Moer Technology and Muxi Co., marks a new phase for the domestic GPU industry, transitioning from technological challenges to capital empowerment, which strengthens the confidence in the "Chinese chip" strategy [3][4]. Company Summaries - Moer Technology, founded in 2020, focuses on developing full-function GPUs for high-performance computing fields such as AI and digital twins. The company aims to raise approximately 8 billion yuan through its IPO to invest in various AI and graphics chip projects [4][6]. - Muxi Co., also established in 2020, specializes in developing and selling full-stack GPU products for AI training and inference, as well as general computing and graphics rendering. The company plans to raise 3.904 billion yuan for new high-performance GPU projects [6][7]. Financial Performance - Moer Technology's revenue is projected to grow from 46 million yuan in 2022 to 438 million yuan in 2024, with a compound annual growth rate (CAGR) of 208.44%. The company has invested a total of 3.81 billion yuan in R&D over the past three years [4][10]. - Muxi Co.'s revenue is expected to increase from 426,400 yuan in 2022 to 740 million yuan in 2024, with an impressive CAGR of 4074.52%. The company has invested 2.23 billion yuan in R&D during the same period [7][10]. Market Context - The global GPU market is currently dominated by Nvidia and AMD, creating a significant barrier for domestic companies. The competition is shifting from performance to ecosystem collaboration and resilience [9][12]. - The Chinese GPU market is witnessing a surge in IPO activities, with several companies, including Moer Technology and Muxi Co., leading the charge. The competition for the title of "first domestic GPU stock" is intensifying [8][9]. Regulatory Environment - The recent policies from the China Securities Regulatory Commission (CSRC) support the listing of unprofitable technology companies on the STAR Market, facilitating the IPO process for companies like Moer Technology and Muxi Co. [10][11]. - The CSRC's measures aim to enhance the inclusivity and adaptability of the STAR Market, allowing for a broader range of technology firms to access capital [11][12]. Future Outlook - The GPU market is projected to maintain a significant share of the AI chip market, with expectations of reaching a market size of 246.5 billion USD by 2028, growing at a CAGR of 32.82% [11][12]. - The competition among domestic GPU manufacturers is expected to evolve, focusing on innovation in computing architecture, software ecosystem development, and customized solutions for specific applications [9][12].