从板块来看，锂矿概念走强，金圆股份4天2板，盛新锂能涨停。中信证券金属分析师刘宇飞认为，2025年储能政 策推动储能电池需求超预期增长，单车带电量提升以及以旧换新政策带动动力电池需求提高。预计全球储能及动 力电池景气度有望延续，锂盐需求料将继续超预期。 沐曦股份今日登陆上交所科创板，发行价为104.66元/股。上市首日股价大幅高开，盘中最高涨幅超过700%，触 及895元，最终收报824.5元，较发行价上涨687.8%，理论上一签最高或可盈利39.5万元，超越日前上市的摩尔线 程，成为A股全面注册制以来最赚钱新股。 今日早盘，A股市场沪指窄幅震荡，创业板指涨超1%。黄白二线分化明显，微盘股指数跌超1%。沪深两市半日 成交额1.02万亿，较上个交易日缩量987亿。盘面上热点快速轮动，全市场超3700只个股下跌。 沐曦股份成立于2020年9月，总部位于上海，是国内稀缺的"全栈GPU"设计与量产企业，主营高性能通用GPU芯 片及解决方案，产品广泛应用于AI智算、数据中心、云计算、自动驾驶等前沿领域。 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is preparing for its IPO, with a valuation of 21 billion yuan and plans to raise 3.904 billion yuan, attracting notable investors like Sequoia and Matrix Partners [3][10]. Financial Performance - The company has experienced a dramatic revenue increase, with a compound annual growth rate of 4074.52%, rising from 426,400 yuan in 2022 to 743 million yuan in 2024 [4]. - Despite high revenue growth, the company reported significant net losses, totaling 3.29 billion yuan over the same period, primarily due to high R&D expenses and stock incentive costs [4][5]. - As of March 31, 2025, the total assets reached approximately 1.046 billion yuan, with a debt ratio of 8.30% [5]. R&D and Technology - Muxi's R&D investment has been substantial, exceeding 120% of its revenue in 2024, with a focus on developing proprietary technologies [4][6]. - The company has launched the Xiyun C500 series, which has contributed 97.55% of its revenue in Q1 2025, and is working on the next-generation C700 product [7][8]. - Muxi holds 245 patents and has a workforce where 74.94% are R&D personnel, indicating a strong focus on innovation [9]. Market Position and Strategy - Muxi holds about 1% of the AI chip market share in China and is one of the few domestic manufacturers capable of commercializing large-scale GPU clusters [18]. - The company's strategy includes a "1+6+X" model, targeting various industries such as finance and healthcare [18]. Shareholder Composition - The pre-IPO valuation is 21 billion yuan, with significant stakes held by prominent investors, including Ge Weidong and Sequoia [10][11]. - The top ten shareholders collectively hold 44.83% of the company, indicating a concentrated ownership structure [13]. Customer Concentration and Accounts Receivable - The top five customers account for 88.35% of sales, raising concerns about customer concentration risk [14]. - Accounts receivable increased significantly, reflecting long payment cycles from clients in the intelligent computing center sector [14]. Cash Reserves and Future Plans - The company has improved its cash flow, with cash and cash equivalents reaching 16.2 billion yuan as of June 2025, following a 6.6 billion yuan equity financing [15]. - The funds raised will be allocated to the development of next-generation GPUs and inference chips, with a goal of achieving breakeven by 2026 [15]. Conclusion - Muxi's IPO journey highlights the challenges and opportunities in the domestic GPU market, with significant losses and customer dependencies juxtaposed against a high valuation and technological advancements [19][20].