Core Viewpoint - The article discusses the valuation and potential risks associated with the GPU company Muxi Integrated Circuit, which has a post-financing valuation of 21 billion yuan and is seeking to raise 3.904 billion yuan through its IPO. The focus is on whether the company's high valuation is justified or merely an illusion based on its financial performance and product dependency [2][28]. Group 1: Revenue Dependency and Risks - Muxi's revenue is heavily reliant on a single product, with over 97% of its income coming from one source, raising concerns about sustainability [3][7]. - The company reported a compound annual growth rate (CAGR) of 4074% from 2022 to 2024, with expectations for 2025 revenue to exceed 1 billion yuan, but this optimism is tempered by product structure issues [5][7]. - The revenue from Muxi's IP licensing business saw a dramatic decline of 95% from 2023 to 2024, indicating instability in its revenue streams [7][19]. Group 2: Customer Base and Related Transactions - Muxi's top five customers are also its shareholders, leading to potential conflicts of interest and questions about the sustainability of these relationships [10][15]. - The company’s major clients include Shanghai Yuanlu Jiajia Information Technology Co., which has a significant stake in Muxi, raising concerns about the nature of their transactions [11][15]. - The revenue contribution from major clients is substantial, with the top client contributing nearly 40% of the revenue in the first quarter of 2025, but the long-term stability of these relationships remains uncertain [16][18]. Group 3: Supply Chain and Product Development - Muxi is transitioning to a domestic supply chain for its new GPU products, which may introduce performance and cost challenges compared to its current suppliers [21][24]. - The upcoming C600 GPU is expected to have advanced features, but the acceptance of new products by customers is uncertain due to potential adaptation costs [22][26]. - The company aims to achieve breakeven by 2026, indicating a strategic shift in operations and product offerings to enhance competitiveness in the market [27][28].

" 寒武纪市值是待上市公司估值的十倍以上，该如何进行合理定 价？ " 作者丨 包永刚 编辑丨 王亚峰 据了解，上述几家AI芯片上市公司， 摩尔线程估值约为255亿元，天数智芯估值未达到200亿元，另外两 家公司的估值都超过200亿元。 多轮、大额融资实际上也是几家AI芯片上市公司辅导过程中需重点解决的问题。 摩尔线程的上市辅导工作完成报告中都提到，"由于公司历经多轮融资，引入了较多外部机构投资者，获 取股东穿透核查资料的工作量较大。"沐曦集成电路的报告中提到，"辅导初期，辅导对象初步确定募集资 金主要投向和投资金额，拟根据实际情况和研发计划进一步明确具体募集资金使用安排。" 不过，两家公司都按计划完成了上市辅导工作。沐曦集成电路此前给投资人的信息是，预计2025年第二季 度提交上市申请。 但上市的定价将充满博弈。国内AI芯片公司最好的参照是在2020年成功上市的寒武纪，最近一年多寒武纪 股价持续上涨，今年1月8日，寒武纪市值首次突破3000亿元，2月份，寒武纪股价最高达到818.87元/每 股，市值超过3400亿创下纪录。不过近期寒武纪股价有所回落，6月23日收盘，其市值为2371.15亿。 过去一周，摩尔线 ...

（原标题：激增！重大转变） 对于下周A股市场的潜力板块，投资者看好的科技板块环比上涨10个百分点至42%，上涨最为明显。 本周（6月3日至6日），A股成交规模继续维持在1万亿元以上。指数单边上行。沪指累计上涨1.13%， 深证成指上涨1.42%，创业板指上涨2.32%，沪深300指数上涨0.88%。 25个申万行业指数上涨。通信板块涨幅居首，为5.27%；有色金属、电子板块涨幅随后，分别为 3.74%、3.6%；另有计算机、基础化工、传媒、轻工制造、社会服务等板块涨幅在2%以上。 资金流向方面，本周主力净流出292.62亿元，医药生物净流出金额最大，为63.29亿元；国防军工、计算 机、机械设备、汽车净流出额均在30亿元以上。电力设备、煤炭、电子、通信净流入额居前，依次为 8.03亿元、8.23亿元、10.08亿元、26.32亿元。 从盈亏情况来看，本周六成以上受访者表示"赚到了钱"。其中，58%属于"盈利10%以内"，较上期大幅 增长23个百分点；盈利10%以上的占比6%左右。"亏损10%以内"的受访者占比25%，较上期减少13个百 分点；亏损10%以上的占比11%。 55%受访者认为下周大盘站上3400点 ...