12月15日，证监会国际合作司披露了关于上海壁仞科技股份有限公司(以下简称"壁仞科技")境外发行上市及境内未上市股份"全 流通"备案通知书。 根据备案通知书，壁仞科技拟发行不超过372458000股境外上市普通股并在香港联合交易所上市。该公司57名股东拟将所持合计 873272024股境内未上市股份转为境外上市股份，并在香港联合交易所上市流通。 壁仞科技是"国产GPU四小龙"中唯一选择港股"全流通"上市的企业。而在此之前，该公司曾于2024年9月在上海证监局办理科创 板IPO辅导备案。以通用GPU为核心 壁仞科技由前商汤科技总裁张文于2019年创立。 在"国产GPU四小龙"中，壁仞科技与沐曦股份均选择了通用GPU(GPGPU)技术路线：壁仞更专注于高端云端大算力GPGPU，沐 曦布局了更全栈的通用计算与图形渲染融合产品。 2022年，壁仞科技发布其首款通用GPU芯片BR100。BR100采用7nm制程，创新性应用Chiplet与2.5D CoWoS封装技术，将两颗计 算核心封在一块硅Interposer上，其16位浮点算力达到1000T以上、8位定点算力达到2000T以上，在当时创造了全球算力纪录。 值得一提 ...

Core Viewpoint - The debut of Moer Technology, the first domestic GPU company listed on the Sci-Tech Innovation Board, was marked by a volatile stock price, initially soaring before experiencing a rapid decline, highlighting investor sentiment and market dynamics [1][3]. Group 1: Stock Performance and Market Reaction - Moer Technology's initial public offering (IPO) price was set at 114.28 yuan per share, with the opening price skyrocketing to 650 yuan, representing a 468.78% increase from the issue price [1]. - The stock reached an intraday high of 688 yuan, allowing investors who subscribed for 500 shares to realize a profit exceeding 280,000 yuan, making it the most profitable new stock of the year [1]. - By the end of the trading day, the stock price settled at 585 yuan, reflecting a 412% increase, with a total market capitalization of approximately 274.5 billion yuan [1]. Group 2: Subscription and Demand - The subscription for Moer Technology was exceptionally high, with 4.8266 million valid online applications and a total of 46.217 billion shares applied for, resulting in a subscription multiple of 4,126.49 times [1][3]. - The offline institutional participation was also robust, with 267 investors and 7,555 allocation targets, achieving a subscription multiple of 1,572 times [1]. Group 3: Financial Performance and Growth - Moer Technology's revenue is projected to grow from 46.088 million yuan in 2022 to 438 million yuan in 2024, and further to 702 million yuan in the first half of 2025, indicating rapid growth [4]. - Approximately 80% of Moer Technology's revenue is derived from AI computing products, while other segments like graphics rendering and consumer GPUs are still in early development stages [5]. - Despite revenue growth, the company reported significant net losses of 1.84 billion yuan in 2022, 1.673 billion yuan in 2023, and 1.492 billion yuan in 2024, totaling over 5 billion yuan in losses [6]. Group 4: Market Position and Competitive Landscape - Moer Technology is positioned as a leader in the domestic GPU market, but faces challenges in terms of financial structure, product ecosystem maturity, and market acceptance [3][20]. - The company’s technology path is closely associated with its founders' backgrounds at NVIDIA, influencing its decision to pursue a full-featured general-purpose GPU route rather than specialized ASIC designs [10]. - The competitive landscape includes other domestic players like Nuxi, which is also preparing for an IPO, highlighting the growing interest and competition in the domestic GPU sector [17]. Group 5: Future Prospects and Challenges - The domestic AI chip market is expected to grow significantly, with projections indicating an increase from 142.5 billion yuan in 2024 to 1.34 trillion yuan by 2029, presenting opportunities for Moer Technology [8]. - However, the company must overcome substantial gaps in technology performance and market share compared to established players like NVIDIA, which holds over 80% of the global GPU market [20]. - Moer Technology's customer concentration is high, with over 98% of revenue coming from its top five clients, indicating potential risks in revenue stability [20].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to enter the listing review committee for its Sci-Tech Innovation Board IPO on October 24, following the earlier approval of another domestic GPU company, Moore Threads [2] Company Overview - Muxi's main AI chip product is the Xiyun C500 series, which accounts for over 90% of its revenue [2] - As of September 5, 2025, Muxi reported an order backlog of 1.43 billion yuan (approximately 0.2 billion USD), primarily from the Xiyun C500 series [2] - The company launched the Xiyun C600 GPU chip at the World Artificial Intelligence Conference in late July, with mass production expected to begin by the end of 2025 [2] Market Position - Muxi estimates its market share in China's AI chip sector to be around 1% in 2024, based on sales and computing power metrics [2] - The company is currently testing products and negotiating with two unnamed internet companies, with potential orders expected in 2025 [3] Revenue Growth - Muxi's revenue surged from 424,000 yuan (approximately 0.06 million USD) in 2022 to 743 million yuan (approximately 0.1 billion USD) in 2024, reflecting a compound annual growth rate of 4074.52% [4] - For the first half of 2025, Muxi's revenue reached 915 million yuan (approximately 0.13 billion USD), a year-on-year increase of 404.51% [4] - The company anticipates a revenue growth of 437.36% to 464.23% for the first nine months of 2025 [4] Profitability - From 2022 to the first half of 2025, Muxi reported a total net loss of approximately 3.2 billion yuan (approximately 0.45 billion USD) [4] - The net loss for the first half of 2025 was about 186 million yuan (approximately 0.03 billion USD), a reduction of 63.74% year-on-year, attributed to a significant increase in shipment volume [4] Client Relationships - Muxi's second-largest client, Shanghai Yuanlu Jiaji Information Technology Co., Ltd., accounted for 28.39% of its revenue in the first quarter of 2025, raising regulatory concerns about potential related-party transactions [5] - Muxi is on the short list for centralized procurement by China Telecom and is actively participating in procurement projects with China Mobile and China Unicom [4] Competitive Landscape - Muxi faces competition from other domestic GPU companies, particularly those backed by major internet firms, which have advantages in integrating ASIC chips into business scenarios [4][5] - Other notable domestic AI chip companies, such as Suiruan Technology and Birun Technology, have not yet completed their IPO guidance, despite starting the process earlier than Muxi and Moore Threads [5][6]