Core Viewpoint - The IPO applications of domestic GPU chip companies Moore Threads and Muxi have been accepted by the Shanghai Stock Exchange, aiming to raise 80 billion yuan and 39.04 billion yuan respectively, indicating progress in their IPO processes amidst competition in the AI chip sector [1] Company Overview: Moore Threads - Moore Threads was established in October 2020 and has a workforce of 1,126 as of the end of 2024 [2] - The actual controller, Zhang Jianzhong, holds 11.06% of the shares directly and controls 36.36% through holding platforms [2] - The company plans to use the IPO funds for R&D of AI training and inference chips, graphics chips, and AI SoC chips, as well as to supplement working capital [4] - Moore Threads has chosen the second set of listing standards on the Sci-Tech Innovation Board, with an expected market value of no less than 1.5 billion yuan [4] - The company’s revenue is projected to grow from 0.46 billion yuan in 2022 to 4.38 billion yuan in 2024, with a compound annual growth rate (CAGR) of 208.44% [5] - Despite rapid revenue growth, the company reported net losses of approximately 1.84 billion yuan, 1.67 billion yuan, and 1.49 billion yuan from 2022 to 2024 [5][6] - Moore Threads anticipates achieving profitability by 2027 based on future product sales and cost forecasts [6] - The company has established four product lines, with AI computing products contributing 77.63% of revenue in 2024 [6] - The gross margin for its products in 2024 is 70.71%, with AI computing and professional graphics acceleration products having higher margins [7] - The company faces risks related to high customer concentration, with the top five customers contributing over 80% of revenue from 2022 to 2024 [7] Company Overview: Muxi - Muxi was founded in September 2020 and has a workforce of 870 as of March 2023 [8] - The founder, Chen Weiliang, has nearly 20 years of experience in GPU chip design and controls 22.94% of the voting rights [8][9] - Muxi aims to raise funds for the R&D of high-performance general-purpose GPU chips and AI inference GPU chips [9] - The company has chosen the fourth set of listing standards on the Sci-Tech Innovation Board, with an expected market value of no less than 3 billion yuan [9] - Muxi's revenue is projected to grow from 0.424 million yuan in 2022 to 7.43 billion yuan in 2024, with a staggering CAGR of 4,074.52% [9] - The revenue heavily relies on the C500 series training and inference chip, which accounted for 97.28% of revenue in 2024 [9][10] - Muxi's gross margin for 2024 is 53.43%, with the training and inference GPU board having a margin of 56.21% [13] - The company reported net losses of approximately 0.777 billion yuan, 0.871 billion yuan, and 1.409 billion yuan from 2022 to 2025 [13][14] - Muxi also faces high customer concentration risks, with the top five customers contributing 71.09% and 88.35% of revenue in 2024 and the first three months of 2025, respectively [11]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has officially submitted its IPO application to the Shanghai Stock Exchange, focusing on the development of high-performance GPU chips and computing platforms for AI training, general computing, and graphics rendering [1][2] Company Overview - Muxi specializes in the research, design, and sales of full-stack GPU products, and has developed core technologies in GPU IP, GPU SoC, high-speed interconnects, and GPU software [1][2] - The company has successfully overcome technical bottlenecks in high-performance GPU chip and computing platform development, positioning itself among the few domestic companies with advanced process capabilities [1] Product Offering - Muxi's main products include the Xisi N series GPU for AI inference, the Xiyun C series GPU for integrated training and general computing, and the upcoming Xicai G series GPU for graphics rendering [1][2] - The GPU products are based on self-developed GPU IP and a unified computing and rendering architecture, demonstrating strong competitiveness in generality, single-card performance, cluster performance, stability, ecosystem compatibility, and migration efficiency [2] Financial Performance - Muxi's projected revenues for 2022, 2023, and 2024 are 426,400 yuan, 5.3 million yuan, and 74.3 million yuan, respectively, with net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan, totaling a loss of 3.058 billion yuan [2] IPO Details - The company aims to raise 3.9 billion yuan through its IPO to fund projects related to new high-performance general-purpose GPU development, next-generation AI inference GPU development, and high-performance GPU technology research for emerging applications [2]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has submitted its IPO application to the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for its operations in the GPU market focused on AI training and inference, general computing, and graphics rendering [1][2]. Group 1: Business Overview - The company specializes in the research, design, and sales of full-stack GPU products, with applications in AI computing, general computing, and graphics rendering [1]. - Muxi has launched several GPU series, including the Xisi N series for AI inference, the Xiyun C series for integrated training and general computing, and the upcoming Xicai G series for graphics rendering [1]. - The company is one of the few GPU suppliers to achieve large-scale commercial applications with thousands of GPU clusters, successfully supporting significant models like the 128B MoE [1][2]. Group 2: Market and Sales Strategy - Muxi's computing network spans various regions, including Beijing, Shanghai, and Hong Kong, and is expanding to more areas [2]. - The company's GPU products are applied across multiple industries, including education, finance, transportation, energy, healthcare, and entertainment, demonstrating strong competitive and delivery capabilities [2]. - The sales strategy combines direct sales and distribution, with the top five customers accounting for a significant portion of revenue: 91.58% in 2023, 71.09% in 2024, and 88.35% in the first quarter of 2025 [2]. Group 3: Financial Performance - The company reported revenues of approximately 426,400 yuan in 2022, 53.0212 million yuan in 2023, 743 million yuan in 2024, and 320 million yuan in the first quarter of 2025 [4]. - Net profits for the same periods were approximately -777,000,000 yuan, -871,000,000 yuan, -1.409 billion yuan, and -233 million yuan, respectively [4]. - Total assets increased significantly from 1.044 billion yuan in Q1 2025 to 104.474 million yuan in 2022, with a notable rise in asset-liability ratios [5].

Investment Rating - The report assigns an "Accumulate" rating to the company, indicating a forecasted stock price increase of 5% to 15% relative to the industry index over the next six months [4]. Core Insights - The company has achieved a significant turnaround in net profit for 2024, with a reported net profit of 123 million yuan, compared to a loss of 811 million yuan in 2023. This improvement is attributed to strategic adjustments and the divestment of its CNC machine tool business [2][10]. - The company's revenue for 2024 is projected to be 1.184 billion yuan, reflecting a year-on-year growth of 76.5%. The first quarter of 2025 shows continued strong performance with a revenue increase of 41.12% year-on-year [1][2]. - The GPU chip business is highlighted as a new growth area, with the company successfully entering the domestic GPU market through its subsidiary, Ruixin Tuxin, which has begun mass production of its BF2000 series GPU chips [9][10]. Financial Performance Summary - **Revenue**: The company expects revenues to grow from 671 million yuan in 2023 to 1.184 billion yuan in 2024, with a compound annual growth rate (CAGR) of 76.5% [1]. - **Net Profit**: The net profit is forecasted to improve from a loss of 811 million yuan in 2023 to a profit of 123 million yuan in 2024, with further increases expected in subsequent years [1][10]. - **Gross Margin**: The gross margin for 2024 is projected at 12.41%, up 5.42 percentage points year-on-year, while the first quarter of 2025 shows a gross margin of 27.64% [2]. - **Earnings Per Share (EPS)**: EPS is expected to rise from -0.80 yuan in 2023 to 0.12 yuan in 2024, with further growth anticipated in the following years [1][10]. Business Strategy and Developments - The company has successfully divested its CNC machine tool business, receiving 357 million yuan from the sale and recovering associated loans and dividends [3]. - The company is focusing on enhancing its product portfolio in the port machinery and photovoltaic sectors, with a strong order backlog of approximately 2 billion yuan as of the end of 2024 [3][10]. - The GPU chip segment is positioned to capitalize on the growing domestic market, with the company’s products already integrated into various applications across multiple industries [9][10].

Core Viewpoint - Dongxin Co., Ltd. has received the first batch of packaged G100 chips from Shanghai Lishuan, which have successfully completed major functional testing, indicating progress in the development of their first-generation GPU product [1] Group 1: Company Progress - On May 26, Dongxin Co., Ltd. announced the receipt of a notification from Shanghai Lishuan regarding the progress of the G100 chip [1] - The first batch of G100 chips was received by Shanghai Lishuan on May 24, and functional testing was initiated immediately [1] - As of May 25, the G100 chip has completed major functional testing, with results meeting expectations [1] Group 2: Future Plans - Shanghai Lishuan will continue with detailed and comprehensive performance testing and optimization of the G100 chip [1] - Based on the performance tuning results, Shanghai Lishuan plans to expedite the delivery of the product for testing to industry clients [1] - Dongxin Co., Ltd. indicates that further work remains, including complete functional testing, performance testing, and reliability testing for the G100 chip [1]