Core Viewpoint - The investment in the startup Moore Threads by Heertai has significantly boosted the company's stock price, with a nearly twofold increase over the year following the investment, highlighting the potential of domestic GPU companies in China [3][25]. Group 1: Investment and Market Performance - Heertai participated in the early investment rounds of Moore Threads, which has now completed its IPO counseling and is expected to become the "first domestic GPU stock" [3][25]. - Moore Threads' stock experienced rapid growth, achieving three consecutive daily limits and prompting a stock price increase of nearly 100% within a year [3]. - The valuation of Moore Threads reached 29.845 billion yuan before its IPO, with 82 shareholders, while Muxi Co. had a valuation of 21.071 billion yuan with 124 shareholders [25]. Group 2: Company Background and Leadership - Moore Threads was founded in June 2020 and quickly became a unicorn, raising tens of billions in its Pre-A round within just a few months [8]. - The founder, Zhang Jianzhong, has a strong background in the GPU industry, having worked at NVIDIA for 14 years, significantly increasing NVIDIA's market share in China [6][7]. - The leadership team of Moore Threads has extensive experience in the GPU sector, with many members previously employed at NVIDIA [12][21]. Group 3: Product Development and Market Strategy - Moore Threads aims to become the "Chinese version of NVIDIA," offering a full range of GPU products for both consumer and enterprise markets [28]. - The company has launched several generations of GPU architecture chips and plans to release its own "CUDA" architecture named "MUSA," which is compatible with NVIDIA's ecosystem [32][36]. - Muxi Co. focuses on AI training and inference, with a product matrix that includes various GPU products for different applications [28]. Group 4: Financial Performance and Projections - Moore Threads reported a compound annual growth rate of 208.44% in revenue from 2022 to 2024, with revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan respectively [32]. - Muxi Co. expects a revenue increase of 437.36% to 464.23% for the first nine months of the current year and aims to achieve breakeven by 2026 [35]. - Both companies are currently in a high-investment phase, with R&D expense ratios of 310% for Moore Threads and 121% for Muxi Co., indicating they are in a cash-burning stage [39]. Group 5: Market Challenges and Customer Dependency - Both companies face significant challenges in competing with established players like NVIDIA and AMD, with Moore Threads currently holding less than 1% market share in the domestic GPU market [36]. - Moore Threads relies heavily on a few major customers, with the top five contributing 98.29% of its revenue, indicating a high customer concentration risk [37]. - The companies are positioned in a high-demand market for GPUs, particularly in the AI sector, but they must navigate the challenges of high investment and dependency on a limited customer base [39][40].

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Muxi Technology, highlighting its position as a contender for the title of "first domestic GPU stock" alongside other companies in the sector [3][10]. Company Development - Muxi Technology was established five years ago and has achieved a valuation exceeding 21 billion yuan, with total financing surpassing 10 billion yuan from various investors [4][11]. - The company has developed a strong technical team with nearly 20 years of experience in high-performance GPU product development, leading to the successful launch of multiple GPU products [8][9]. Market Context - The increasing importance of domestic GPUs has been driven by intensified Sino-U.S. technological competition, leading to a surge in the domestic GPU market [8]. - Muxi Technology is part of a group of companies known as the "four little dragons" of domestic GPUs, which includes Suiruan Technology, Biran Technology, and Moer Thread [8][10]. Financial Performance - Muxi Technology's revenue over the past 39 months has exceeded 1.1 billion yuan, while the company has incurred a net loss of nearly 3.3 billion yuan [10]. - The company has sold over 25,000 GPU units, indicating a strong market presence [10]. Investment and Financing - The company has attracted significant investment from notable firms such as Sequoia China, IDG Capital, and Lenovo Capital, among others [4][12][15]. - Muxi Technology completed multiple rounds of financing, with the latest round raising over 7.2 billion yuan, further increasing its valuation [15][16]. Shareholder Gains - Prior to its official listing, some shareholders have already realized profits through share transfers, with notable gains reported by investors [18][19]. - The article notes that investor enthusiasm for Muxi Technology has positively impacted the stock prices of related companies [20].

Core Insights - Muxi Integrated Circuit Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, marking a significant milestone for unprofitable hard-tech companies in China [1] - The company aims to raise 3.904 billion yuan for technology innovation projects, with a projected revenue growth from 426,400 yuan in 2022 to 743 million yuan in 2024, representing a growth rate of 4074.52% [1] Company Overview - Muxi focuses on the research and design of full-stack GPU products, with proprietary intellectual property [1] - The flagship GPU series, Xiyun C500, has entered mass production, contributing to the company's revenue growth [1] - The company has sold over 25,000 GPU units, which are utilized in more than ten intelligent computing clusters [1] Financial Projections - As of September 5, the company has an order backlog of 1.43 billion yuan, nearly double its projected revenue for 2024 [1] - The company anticipates reaching breakeven by 2026 [1] Market Context - Muxi's IPO approval follows the recent approval of domestic GPU manufacturer Moore Threads, which took 88 days from application to approval [1] - Other companies like Suiruan Technology and Biran Technology are currently in the listing guidance phase, indicating a competitive landscape for domestic GPU manufacturers [1] Shareholder Composition - The shareholder list includes notable institutions, with Chaos Investment, led by prominent investor Ge Weidong, holding 7.48% of the shares, second only to the controlling shareholder [1] - Other investors include well-known venture capital firms such as Matrix Partners, Helix Capital, and Sequoia Capital [1]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has received approval for its IPO application, indicating compliance with issuance and listing conditions, despite facing challenges such as competition and ongoing losses [2][3]. Company Overview - Muxi is a key player in developing high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD [3]. - The company has sold over 25,000 GPUs and has applications in various AI public computing platforms and commercial intelligent computing centers [3]. Financial Performance - Muxi reported a revenue of 915 million yuan in the first half of the year, a year-on-year increase of 404.51%, but still incurred a loss of 186 million yuan [4]. - For the first nine months of the year, Muxi expects revenue between 1.2 billion and 1.26 billion yuan, reflecting a growth of 437.36% to 464.23%, with anticipated losses of 300 million to 380 million yuan [4]. - Cumulative losses from 2022 to 2024 exceeded 3.2 billion yuan, with the company not expected to reach breakeven until at least 2026 [4][5]. Market Position - Muxi holds a market share of approximately 1% in the domestic AI chip market, which is projected to grow significantly from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029 [7][8]. - The domestic AI chip market is currently dominated by international giants like NVIDIA and AMD, with Muxi facing significant competition [7][8]. Customer Concentration - Muxi's revenue is highly dependent on a single product, the Xiyun C500 series, which accounted for over 97% of its main business revenue in recent periods [5]. - The company has a high customer concentration, with 88.35% of revenue in the first quarter coming from its top five customers [5][6]. Shareholder Structure - Muxi has a diverse shareholder base with 124 shareholders, the largest being Shanghai Jiaomai with 13.3% ownership [9][10]. - Notable investors include Ge Weidong and his firm Chaos Investment, holding 7.48%, and various venture capital firms [10].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully passed the listing review for the Sci-Tech Innovation Board, marking a significant step in its IPO process, as the demand for computing power continues to drive the digital economy [1][2]. Company Overview - Founded in September 2020 by former AMD China executive Chen Weiliang, Muxi is a leading domestic high-performance general-purpose GPU company, focusing on the development of full-stack GPU chips and computing platforms [2][4]. - The company has developed various product lines, including the Xisi series for intelligent computing inference, the Xiyun series for general computing, and the Xicai series for graphics rendering, addressing the high efficiency and versatility needs of computing power [2][4]. Financial Performance - Muxi's revenue is projected to grow from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52%, despite net losses exceeding 3 billion yuan over the same period [4]. - The flagship Xiyun C500 series GPU chip is expected to account for 97.28% of the company's revenue in 2024, increasing to 97.87% in the first quarter of 2025 [4]. Market Position and Trends - The global demand for AI computing power is expanding rapidly, with estimates suggesting a 750-fold increase every two years, and the Chinese cloud AI chip market is expected to exceed $48 billion by 2027, with domestic GPU replacement rates projected to exceed 80% [5][10]. - Muxi is positioned to capture approximately 1% of the Chinese AI chip market in 2024, leveraging its technological advancements and delivery capabilities [5]. Strategic Initiatives - Muxi is pursuing a development strategy centered on a "single computing power base + six key industries + X emerging fields," aiming to integrate AI technology with various sectors such as finance, healthcare, and entertainment [6]. - The company has established partnerships with leading AI firms and research institutions to enhance its product offerings and expand its market reach [8]. Industry Dynamics - The domestic GPU sector is experiencing a capital frenzy, driven by policy support and the demand for domestic alternatives, with several companies, including Muxi, actively pursuing IPOs [9][10]. - The current market environment allows for high valuations despite ongoing losses, as investors are optimistic about the potential for domestic GPU companies to capture market share from established players like NVIDIA [10].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, indicating compliance with issuance and listing conditions, despite facing challenges such as low market share and ongoing losses [1][2]. Company Overview - Muxi is a key player in developing high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD [2]. - The company has sold over 25,000 GPUs and has applications in various AI public computing platforms and commercial intelligent computing centers [2]. Financial Performance - Muxi reported a revenue of 915 million yuan in the first half of the year, a year-on-year increase of 404.51%, but still incurred a loss of 186 million yuan [3]. - For the first nine months of the year, Muxi expects revenue between 1.2 billion and 1.26 billion yuan, reflecting a growth of 437.36% to 464.23%, with losses projected between 300 million and 380 million yuan [3]. - Cumulative losses from 2022 to 2024 exceeded 3.2 billion yuan, with the company not expected to reach breakeven until at least 2026 [3][4]. Market Position - Muxi holds a market share of approximately 1% in the domestic AI chip market, which is dominated by international giants like NVIDIA and AMD [7][8]. - The domestic AI chip market is projected to grow significantly, from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029 [7]. Customer Concentration - Muxi's revenue is highly dependent on a single product, the Xiyun C500 series, which accounted for over 97% of its main business revenue in recent periods [4]. - The company has a high customer concentration, with 88.35% of revenue in the first quarter coming from its top five customers [4]. Shareholder Structure - Muxi has a diverse shareholder base with 124 shareholders, where the largest shareholder holds 13.3% of the shares [9]. - Notable investors include well-known venture capital firms and public companies, indicating a mix of strategic and financial investors [9][10].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has received approval for its IPO application, indicating compliance with issuance and listing conditions, despite facing challenges such as low market share and ongoing losses [1][3]. Group 1: Company Overview - Muxi is a key player in developing high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD [3]. - The company has sold over 25,000 GPUs and has applications in various AI public computing platforms and commercial intelligent computing centers [3]. - Muxi plans to issue up to 40.1 million shares at a par value of 1 yuan, aiming to raise 3.904 billion yuan for new GPU development projects [3]. Group 2: Financial Performance - Muxi reported revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and projected revenues of 12 billion to 12.6 billion yuan for the first nine months of 2024, reflecting a year-on-year growth of 437.36% to 464.23% [3][4]. - The company incurred losses of 1.86 billion yuan in the first half of 2024, with cumulative losses exceeding 3.2 billion yuan for the year [3][4]. - Muxi's cash flow from operating activities has been negative, with accounts receivable representing a high percentage of revenue, indicating potential liquidity issues [4]. Group 3: Market Position and Competition - The domestic AI chip market is projected to grow significantly, with Muxi's market share estimated at around 1% in 2024, facing competition from established players like NVIDIA and AMD [6][7]. - The AI chip market in China is characterized by a duopoly led by NVIDIA and AMD, with Muxi acknowledging substantial gaps in technology and market presence compared to these international leaders [6][7]. - Muxi's revenue is heavily reliant on a single product line, with 97.28% of its revenue coming from the Xiyun C500 series in 2024 [5]. Group 4: Shareholder Structure and Partnerships - Muxi has a diverse shareholder base with 124 shareholders, the largest being Shanghai Jiaomai with 13.3% ownership, while the founding team holds a combined 22.94% [7]. - The company has established partnerships with several listed companies, including Chao Xun Communication, which was its largest customer in the first quarter of 2024 [8].

Investment Rating - The report maintains a "Buy" rating for the company [6][10]. Core Views - The company reported a significant increase in net profit and revenue for the first nine months of 2025, driven by the demand from AI data centers, achieving a revenue of 1.068 billion RMB and a net profit of 680 million RMB, representing year-on-year growth of 28% and 65% respectively [6]. - The company is positioned as a leading supplier of data center switches in the internet industry, benefiting from increased capital expenditures from clients and ongoing improvements in operational efficiency [6][9]. - The report anticipates that major internet companies will begin a new round of bidding for data center equipment in 2026, which will further solidify the company's market share [9]. Financial Performance - The company achieved a gross margin of 34.08% in the first nine months of 2025, a slight decrease of 1.42 percentage points year-on-year, attributed to increased competition and cost-cutting demands from clients [8]. - The report forecasts revenue growth for the upcoming years, with projected revenues of 11.699 billion RMB in 2024, 15.153 billion RMB in 2025, and 18.670 billion RMB in 2026, reflecting growth rates of 1.36%, 29.52%, and 23.21% respectively [5]. - The net profit attributable to the parent company is expected to reach 574.08 million RMB in 2024, 1.202 billion RMB in 2025, and 1.735 billion RMB in 2026, with growth rates of 43.09%, 109.36%, and 44.36% respectively [5]. Market Position - The company holds a market share of 20.2% in the Ethernet switch market and 25.6% in the data center switch market, ranking third in China [7]. - The company has maintained its position as the top supplier of 200G/400G data center switches for 14 consecutive quarters [7]. Future Outlook - The report highlights the expected increase in capital expenditures from major internet firms, with ByteDance and Alibaba projected to invest 160 billion RMB and 120 billion RMB respectively in 2025 [9]. - The company has launched a new stock incentive plan to enhance internal operations and motivation among employees [9].

Core Viewpoint - Yidu International (00259) has seen a significant increase in stock price, rising over 8% and currently trading at 5.03 HKD with a transaction volume of 7.5896 million HKD. This surge is linked to the upcoming listing meeting of Muxi Technology on October 24, which is recognized as one of the "Four Little Dragons" of domestic GPUs in China [1] Group 1: Company Developments - Muxi Technology is a leading manufacturer of high-performance general-purpose GPUs in China, planning to raise funds for the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and GPU technology for emerging applications [1] - Hong Kong Suanfeng Information Co., Ltd., a wholly-owned subsidiary of Yidu International, has invested in Muxi and other companies, and serves as the general agent for Muxi in Hong Kong [1] Group 2: Operational Insights - Suanfeng Information has collaborated with Muxi to launch the Xiyun C550 Shanghai Cube 128 card cabinet and operates several computing power clusters based on Muxi chips, with a cumulative operational scale exceeding 3,000 cards [1] - The first computing power cluster, "Harvest No. 1," is located at the UCloud Qingpu Data Center [1]

私募排排网数据显示，截至9月底，有业绩显示的基金经理共2729位，合计管理5405只私募基金产品(含重复项)，合计管理规模约为4870.52亿 元，今年来收益均值高达27.78%，显著跑赢同期大盘。 这2729位私募基金经理中，硕士学历占比近五成(48.92%)，共1335位；博士、博士后学历的基金经理分别有214位、7位。此外，从业经验在20 年以上的共有445位基金经理，占比为16.31%，从业经验上在30年以上仅有86人，占比3.15%。 从所在私募规模来看，10-20亿私募旗下有产品业绩显示的基金经理共322位，他们管理的664只产品今年来收益均值高达30.30%，整体表现较为 领先；百亿私募旗下有产品业绩显示的基金经理共138位，他们管理的660只产品，合计规模为1338.18亿元，今年来收益均值达29.43%。 | | | 不同规模具金经理今年来收益概 | | | | --- | --- | --- | --- | --- | | 私募排排网公众号 | Q | 数据来源: 私募管理人 (经托管复核) /托管人, 整理自私募排排网, 截至2025年9月底。 | | | | 公司规模 | 有业绩展示的 ...