Core Viewpoint - The company Muxi Integrated Circuit (Shanghai) Co., Ltd. is preparing for its IPO on the Shanghai Stock Exchange, aiming to raise 3.904 billion yuan to enhance research and development and industrialization efforts. The company has shown significant revenue growth but continues to report losses, with expectations to achieve breakeven by 2026 [1][3][14]. Financial Performance - For the first half of 2025, Muxi reported revenue of 91,493.10 thousand yuan, a year-on-year increase of 404.51%. The net loss narrowed to 18,589.33 thousand yuan, a reduction of 63.74% compared to the previous year [2][3]. - Historical revenue figures show a growth trajectory from 42.64 thousand yuan in 2022 to 74,307.16 thousand yuan in 2024, with net losses increasing from -77,696.52 thousand yuan in 2022 to -140,887.94 thousand yuan in 2024 [1][2]. Product Development and Market Position - Muxi's core products, including the Xiyun C500 series, are aimed at AI training and general computing, contributing over 70% of the company's revenue. The Xiyun C500 series is positioned to compete with NVIDIA's A100, showing competitive performance metrics [8][10]. - The company has faced challenges in penetrating the GPU market, which has been dominated by foreign giants, and is currently in the early stages of product development and market expansion [3][4]. R&D and Workforce - The company has a high R&D intensity, with a significant portion of its workforce dedicated to research and development. As of March 2025, Muxi employed 652 R&D personnel, although this number has fluctuated recently [12][13]. - Muxi's strategy includes continuous investment in R&D to maintain its competitive edge in the GPU industry, which is characterized by high technical barriers and capital intensity [4][14]. Regulatory Environment and Market Dynamics - The recent regulatory changes in China have created a more favorable environment for unprofitable tech companies to access capital markets, benefiting Muxi as it seeks to go public [14]. - The company is among several GPU firms racing to enter the capital market, indicating a growing interest in the domestic GPU sector [13].

上海证券交易所公告显示，上市审核委员会定于10月24日审议沐曦股份的首发申请。沐曦股份IPO计划发行不超过4010.00万股A股普通股，拟募集资 金39.04亿元，其保荐人为华泰联合证券有限责任公司。 沐曦股份上市募集资金用于投资"新型高性能通用GPU研发及产业化项目""新一代人工智能推理GPU研发及产业化项目"和"面向前沿领域及新兴应用场 景的高性能GPU技术研发项目"。 沐曦股份表示，本次募集资金到位及募投项目的顺利实施，将帮助发行人完成现有核心产品线的持续迭代升级，巩固行业领先地位，进一步扩大市场份 额，同时有利于增强发行人整体研发实力，丰富前沿技术储备，构筑竞争壁垒，为公司未来长期发展奠定坚实基础。 招股书显示，陈维良合计控制沐曦股份22.94%的股权，并且拥有公司董事会除独立董事之外半数以上成员提名权，为发行人实际控制人。公司主要股 东包括混沌投资及其一致行动人葛卫东、经纬创投、和利资本、红杉资本等一众明星投资机构。 沐曦股份称，从自身经营情况出发，结合产品市场空间、市场 份额及变动、客户复购和新客户验证及拓展情况，预计公司达 到盈亏平衡点的预期时间最早为2026年。 作者： 蔡越坤 封图：图虫创意 ...

每经记者｜胥帅 每经编辑｜文多 科创板大牛股东芯股份（688110.SH，股价118.00元，市值521.85亿元）要复牌了！ 9月2日晚间，披露了停牌核查结果公告的东芯股份热度上升，更有投资者激动地称其为"东伟达"。投资 者为何如此激动？原来，上市公司在披露复牌公告时，还披露了投资者关系活动记录表——和一般机构 调研不同，这次是上市公司主动邀请投资者的"反路演"。投资者关系活动记录表和复牌公告，均提到了 国产GPU（图形处理器）芯片。 《每日经济新闻》记者还注意到，公司之前披露的2025年半年报显示，赵建平、赵吉两大"牛散"进入了 公司前十大流通股东之列，而赵建平和近期热度很高的章建平是几乎同一时代的知名人物。 上海砺算发布首款自研GPU芯片 但尚未产生收入 9月2日晚间，科创板大牛股东芯股份披露停牌核查结果暨复牌的公告。 停牌前的7月29日至8月28日，公司股价累计涨幅为207.85%，市值达到了521.9亿元。8月公司股价累计 涨幅超过82%。 赵建平、赵吉两大"牛散"现身半年报 牛股停牌核查并不新鲜，然而东芯股份的复牌公告却在多个股票论坛中热度颇高。 投资者们还同时关注到了公司刚披露的投资者关系活动记 ...