从实验室到资本市场，沐曦股份的上市既是企业成长的注脚，更是国产GPU产业突围的缩影。当资本与 技术共振，中国高端芯片的自主之路或将迎来更广阔的想象空间。 值得关注的是，沐曦股份此次IPO共发行4010万股，占总股本的10.02%，扣除发行费用后募集资金净额 达38.99亿元。这笔资金将重点投向三大核心方向："新型高性能通用GPU研发及产业化""新一代人工智 能推理GPU研发及产业化"以及"面向前沿领域及新兴场景的高性能GPU技术研发"。这三大项目精准锚 定了当前算力需求最迫切的领域——从通用计算到AI推理，再到元宇宙、自动驾驶等新兴场景，直指 国产GPU"补短板、强长板"的关键环节。 12月17日，中国GPU赛道再迎里程碑时刻——继摩尔线程之后，国内第二家GPU企业沐曦股份正式登陆 资本市场。其上市首日表现堪称惊艳：以568.83%的涨幅高开，股价直冲700元，若投资者中一签（500 股），单签盈利可达29.77万元，市场热情可见一斑。截至发稿，其市值已飙升至2800亿元，成为A股半 导体板块的新焦点。 近年来，全球GPU市场长期被海外巨头垄断，国内企业在高端算力芯片领域面临"卡脖子"挑战。摩尔线 程与沐曦股 ...

Core Viewpoint - Shanghai Birun Technology Co., Ltd. (Birun Technology), a domestic GPU company, is progressing towards its IPO on the Hong Kong Stock Exchange, following the successful hearing update on December 17, 2023 [1][3]. Company Overview - Birun Technology was founded in 2019 and is recognized for developing high-performance general-purpose GPUs, aiming to create a self-developed high-performance GPU hardware and software ecosystem [3]. - The company has consistently recorded net losses since its inception, with primary revenue sources including product sales, support or extended warranty services, and rental income from intelligent computing clusters [3]. Financial Performance - Financial data shows that Birun Technology's revenue is projected to grow from 499,000 yuan in 2022 to 3.37 billion yuan in 2024, while net losses are expected to be 1.47 billion yuan, 1.74 billion yuan, and 1.54 billion yuan for the same years [3][5]. - The increase in revenue from 2022 to 2023 is attributed to the rise in income from the company's intelligent computing solutions, which began generating revenue in 2023 after the commercialization of specialized technology products in August 2022 [5]. Market Position - Birun Technology is part of a group of four domestic GPU companies, often referred to as the "Four Little Dragons of Domestic GPUs," alongside Moore Threads, Muxi Co., and Suiruan Technology, all of which are making progress in their respective IPO processes [6]. - If Birun Technology's IPO proceeds smoothly, it will become the first GPU stock in the Hong Kong market, filling a significant gap in the GPU sector [7].

Core Viewpoint - The debut of Muxi Technology has marked a significant moment in the domestic GPU market, with its stock price soaring over 700% on the first day of trading, reaching a market capitalization of 332 billion yuan, nearly rivaling that of Moer Technology [1][3]. Group 1: Company Overview - Muxi Technology, founded in September 2020 and headquartered in Shanghai, specializes in high-performance general-purpose GPU chips and solutions, targeting AI training, inference, data centers, and high-performance computing (HPC) [4]. - The founding team of Muxi consists of three former AMD scientists, indicating a strong background in GPU development [5]. Group 2: Market Context - The high valuation of Muxi, despite not being profitable and having a sales ratio exceeding 150 times, reflects a market shift towards domestic GPU companies amid increasing demand for computing power and changes in the global supply chain [3][12]. - The focus of the market has shifted from verifying the technical feasibility of domestic GPU firms to assessing their mass production capabilities and revenue generation [3]. Group 3: Financial Performance - Muxi's revenue has shown rapid growth, with figures of 426,000 yuan in 2022, 53.02 million yuan in 2023, and projected revenues of 743 million yuan in 2024, and 1.236 billion yuan in the first three quarters of 2025 [13][14]. - Despite this growth, the company is still operating at a loss, with a projected net loss of approximately 346 million yuan for the first three quarters of 2025 [14][16]. Group 4: Competitive Landscape - Muxi's strategy involves high compatibility with existing CUDA applications, which lowers the initial usage barrier for customers, while also indicating a reliance on existing programming paradigms [11]. - The company aims to achieve breakeven by 2026, earlier than Moer Technology's target of 2027, highlighting a competitive edge in commercializing its products [16]. Group 5: Future Outlook - The market is keenly observing which domestic GPU company can establish a sustainable business model and achieve profitability in the next 2-3 years, as the competition intensifies [18].

12月17日，继摩尔线程之后，又一家国产GPU巨头沐曦股份（股票代码688802）正式登陆科创板，首日 开盘即上演暴涨奇迹：高开568.83%报700元/股，按开盘价计算，中一签可斩获近30万元收益。截至发 稿，公司市值已飙升至2800亿元，资本市场对国产GPU的热情可见一斑。 沐曦股份发行价 104.66 元 / 股，对应市值约 418.74 亿元，发行 4010 万股（占发行后总股本 10.02%）；扣除发行费用后预计募资净额 38.99 亿元，将全部投入核心技术研发与产业化，聚焦新型高 性能通用 GPU、新一代 AI 推理 GPU 等项目，加速产品迭代与国产替代。 成立于 2020 年 9 月的沐曦股份，深耕全栈 GPU 芯片领域，拥有覆盖智算推理、通用计算、图形渲染的 曦思 N、曦云 C、曦彩 G 系列产品矩阵，可适配 AI 训练、数据中心等核心场景。主力产品曦云 C600 系列性能介于英伟达 A100 与 H100 之间，预计 2025 年底风险量产、2026 年上半年正式量产；下一代 C700 系列瞄准英伟达 H100，基于国产供应链打造，预计 2026 年下半年流片，技术突破潜力显著。 沐曦股份 ...

（文章来源：北京商报） 据了解，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，主营业务是研发、设计和销售应用 于人工智能训练和推理、通用计算与图形渲染领域的全栈GPU产品，并围绕GPU芯片提供配套的软件栈 与计算平台。公司股票发行价格104.66元/股。 经计算，若投资者中一签沐曦股份，在收盘位置浮盈约36.26万元。值得一提的是，沐曦股份也系年内 最赚钱新股。若按上市首日收盘价计算，在其之后，摩尔线程以每签浮盈约24.31万元位列第二，昂瑞 微每签浮盈约6.65万元位列第三位。 北京商报讯（记者马换换王蔓蕾）A股"国产GPU第二股"来了！12月17日，沐曦股份（688802）登陆科 创板上市，当日，公司股价大幅收涨692.95%，收于829.9元/股。若按收盘价计算，投资者中一签沐曦 股份浮盈超36万元，成为年内最赚钱新股。 交易行情显示，上市首日，沐曦股份股价高开568.83%，开于700元/股。开盘后公司股价全天保持高位 震荡态势，盘中一度触及895元/股高点。截至当日收盘，公司股价大幅收涨692.95%，报829.9元/股，收 盘价仅次于寒武纪位列科创板第二；公司收盘市值为3320亿元，位列科 ...

已量产：曦思N100（智算推理）、曦云C500（训推一体） 在研：曦云C600已于2025年7月回片点亮，官方定位对标英伟达H100 12月17日，沐曦集成电路（上海）股份有限公司（股票代码：688802） 成功在科创板上市。开盘表现 极为亮眼，股价高开568.8%，报700元，公司总市值一举突破2800亿元。以此计算，中一签（500股） 投资者首日盈利接近30万元，成为近期热门新股。 | | | A股迈入全面注册制以来, | | | 新股中签收益排行榜TOP10 | | | --- | --- | --- | --- | --- | --- | --- | | 100 | 证券名称 | 正券代码 | 市首日最高价 | 首发价格 | 中一条收益 | 首发上市日 | | | | | JI./ 版 | 元/股 | (以500脸计 | | | | 沐曦股份 | 688802. SH | 700 (开盘价) | 104. 66 | 297670 | 2025-12-17 | | 2 | 摩尔线程 | 688795. SH | ୧୫୫ | 114. 28 | 286860 | 2025-12-05 | | 3 | 长联 ...

Core Insights - Muxi Co., Ltd. has officially listed on the A-share market on December 17, 2023, with an issue price of 104.66 yuan per share, becoming the "second domestic GPU stock" and "the second most expensive new stock of the year" [1] - On its first trading day, the stock price surged, reaching a maximum increase of over 750%, peaking at 895 yuan, with a market capitalization exceeding 350 billion yuan [1] - The stock's initial subscription rate was significantly lower than that of its competitor, Moer Technology, indicating a higher difficulty in obtaining shares [1] Subscription and Allocation - The offline allocation of Muxi Co., Ltd. was heavily concentrated among Class A institutions, which accounted for 85.83% of the total effective subscription amount, with a final allocation share of 98.04% of the offline issuance total [2] - Among the top institutional investors, Yifangda received 1.94 million shares (approximately 203 million yuan), followed by Southern Fund with 1.86 million shares (approximately 195 million yuan) [2] Company Background and Financials - Muxi Co., Ltd. was founded in September 2020 and is a rare "full-stack GPU" design and production company in China, focusing on high-performance general-purpose GPU chips and solutions [3] - The company has reported losses since its inception, with projected revenues of 426,400 yuan, 53.02 million yuan, and 743 million yuan for 2022 to 2024, while net losses are expected to be 777 million yuan, 871 million yuan, and 1.409 billion yuan respectively [3] - As of the first three quarters of 2025, the company achieved a revenue of 1.236 billion yuan but still reported a net loss of 346 million yuan [3]

沐曦股份首日上市暴涨。 今天（12月17日）上午，A股市场主要指数涨跌互现，创业板整体走强。 今天A股市场有一只新股上市，为被市场称为"国产GPU第二股"的沐曦股份，其股价盘中一度达到895元/股，若按照此价格计算， 投资者中一签沐曦股份新股浮盈接近40万元，达39.5万元，超过此前摩尔线程创造的年内新股上市首日单签最高浮盈纪录。 创业板整体走强 今天上午，A股市场主要指数涨跌互现，截至上午收盘，上证指数涨0.17%，深证成指涨0.83%，创业板指涨1.21%。 此外，传媒、基础化工、交通运输等板块涨幅居前；国防军工、环保、农林牧渔等板块跌幅居前。 概念板块方面，锂矿概念、CPO概念等板块涨幅居前。 沐曦股份刷新年内新股首日单签浮盈纪录 今天A股市场有一只新股上市，为被市场称为"国产GPU第二股"的沐曦股份。 上午开盘沐曦股份报700元/股，盘中最高达到895元/股，若按照此价格计算，投资者中一签沐曦股份新股浮盈接近40万元，达39.5 万元，超过此前摩尔线程创造的年内新股上市首日单签最高浮盈纪录。截至上午收盘，沐曦股份报824.5元/股，涨幅达687.79%， 总市值超过3000亿元。 主要行业板块和赛道方 ...

Group 1 - The core viewpoint of the news is that Muxi Co., Ltd., the "second domestic GPU stock," has officially listed on the Sci-Tech Innovation Board, achieving a significant opening increase of 568.83% on its first trading day [1][3]. - On the first day of trading, Muxi's stock price reached 700 yuan per share, resulting in a market capitalization of 280.1 billion yuan [1]. - The company's initial public offering (IPO) price was set at 104.66 yuan per share, leading to a profit of approximately 298,000 yuan for a single subscription of 500 shares [1]. Group 2 - Muxi Co., Ltd. announced that it will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, and the company has not yet achieved profitability [3]. - The company's revenue figures for the years 2022 to 2024 are reported as 426,400 yuan, 53.0212 million yuan, and 743 million yuan, respectively, indicating a compound annual growth rate (CAGR) of 4,074.52% over the last three years [5]. - For the period from January to September 2025, Muxi's revenue experienced a year-on-year growth of 453.52%, reaching 1.236 billion yuan, with projections indicating that the company may reach breakeven by 2026 [5].

Core Viewpoint - The article highlights the significant market debut of Muxi Co., which saw its stock price surge over 700%, indicating strong investor interest and potential in the semiconductor sector, particularly in GPU technology [2][3]. Group 1: Company Overview - Muxi Co. was established in 2020 and is headquartered in Shanghai, with R&D centers in multiple cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [5]. - The company positions itself as a "full-stack GPU chip and system solution provider," covering GPU architecture design, IP, SoC design, software stack, and system-level delivery [6]. Group 2: Financial Performance - Muxi's initial public offering (IPO) price was 104.66 yuan per share, with a total issuance of 40.1 million shares, raising approximately 4.197 billion yuan [5]. - As of the latest update, Muxi's market capitalization reached around 329.9 billion yuan, reflecting a significant increase in value post-IPO [3]. Group 3: Use of Proceeds - The funds raised from the IPO are allocated as follows: approximately 2.459 billion yuan for the development and industrialization of new high-performance general-purpose GPUs, about 453 million yuan for the development of next-generation AI inference GPUs, and around 991 million yuan for cutting-edge high-performance GPU technology [5]. Group 4: Team and Expertise - The core founding team has a notable background from AMD, with extensive experience in GPU design and engineering, which is crucial for Muxi's product development and market strategy [8]. - The CEO, Chen Weiliang, has over 20 years of experience in the GPU field and previously held senior positions at AMD, contributing to Muxi's strategic direction and governance [8].