Core Viewpoint - Nanjing's Mu Xi Co., Ltd. has successfully listed on the Sci-Tech Innovation Board, becoming the second domestic GPU company to go public in A-shares, with its stock price soaring nearly 7 times on the first day, closing at 829.9 yuan per share and a total market value exceeding 330 billion yuan, highlighting the fertile ground for tech innovation in Nanjing [1] Group 1: Company Overview - Mu Xi Co., Ltd. is a leading domestic high-performance general-purpose GPU manufacturer, focusing on the independent research and development of full-stack high-performance GPU chips and computing platforms [1] - The company has achieved large-scale application in over 10 intelligent computing clusters in China and is one of the few GPU suppliers to commercialize "thousand-card clusters" [1] - The first domestically produced general-purpose GPU, Xi Yun C600, was recently launched in Nanjing, filling a gap in the high-end GPU application field in China [1] Group 2: Government Support and Investment - Nanjing's government investment fund has invested a total of 700 million yuan in Mu Xi Co., Ltd. since November 2020, operating in a market-oriented manner without government intervention in investment decisions [2] - The city has established 153 sub-funds aimed at early, small, long-term, and hard-tech investments, promoting deep integration of technological and industrial innovation, leading to the listing of 11 local companies including Mu Xi Co., Ltd. [2] - The government has created a supportive environment for tech innovation, providing comprehensive support in finance, policy, talent, and services, which has significantly contributed to the success of local enterprises [1][2] Group 3: Other Local Companies and Innovations - Haojing Cloud Computing Technology Co., Ltd. focuses on AI and has developed an enterprise AI operating system that integrates large model capabilities into business processes, serving over 18 billion terminal users globally [2] - Ying Shi Innovation Technology Co., Ltd., a global leader in panoramic cameras, has established an innovation center in Nanjing, leveraging local talent and resources to focus on AI imaging algorithms and VR/AR technologies [3] - The company Out the Door Innovation Technology Co., Ltd. has expanded its operations nationwide from Nanjing, benefiting from comprehensive support in talent introduction and project application [4]

Core Insights - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2023, marking a significant milestone for the company [1] - Muxi is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the research, design, and sales of GPUs for AI training and inference, general computing, and graphics rendering [1] - The funds raised from the IPO will be directed towards new high-performance GPU R&D and industrialization projects, as well as AI inference GPU projects, to strengthen the company's technological foundation and market position [1] Company Overview - Muxi possesses a rare and stable world-class technical team in China, having accumulated core software technologies and achieved breakthroughs in high-performance GPU technology since its establishment in 2020 [2] - The company has developed a fully domestic supply chain for its GPU products, with cumulative sales exceeding 25,000 units by the end of March 2025 [2] - Muxi's MXMACA software stack, based on self-developed instruction sets and GPU parallel computing engines, provides a comprehensive toolchain for cloud AI developers, integrating mainstream algorithm frameworks and libraries [2] Financial Performance - Muxi has experienced a remarkable revenue compound annual growth rate (CAGR) of 4074.52% over the past three years, with revenue reaching 915 million yuan in the first half of 2025, surpassing the total revenue for 2024 [3] - The company currently has an order backlog of 1.43 billion yuan, indicating strong demand and rapid growth [3] Strategic Initiatives - Muxi is constructing a "1+6+X" ecosystem and business layout, leveraging its GPU product system and open software ecosystem to provide efficient computing support for various industries, including finance, healthcare, energy, education, transportation, and entertainment [3] - The company's GPU products have been deployed in multiple national AI public computing platforms and commercial intelligent computing centers, making it one of the few suppliers to achieve large-scale commercial applications of "thousand-card clusters" [3]

Core Viewpoint - The company Muxi is a leading developer of high-performance general-purpose GPU products in China, but it has not yet achieved profitability despite significant revenue growth and substantial investments from major private equity firms [1][2]. Financial Performance - Muxi's revenue for 2022, 2023, and the first quarter of 2024 was reported at 42.64 million, 530.21 million, and 743 million respectively, with a projected revenue of 9.15 billion for the first half of 2024, reflecting a year-on-year growth of 404.51% [1][2]. - The company incurred net losses of 7.77 billion, 8.71 billion, and 14.09 billion for the years 2022, 2023, and the first quarter of 2024, with a total cumulative loss exceeding 32 billion from 2022 to 2024 [1][2]. - Muxi expects to generate revenue between 12 billion and 12.6 billion for the first nine months of 2024, with a projected loss of 3 billion to 3.8 billion, indicating a reduction in losses compared to previous periods [2]. Market Position and Competition - Muxi's GPU products are reported to be among the top tier in China, with cumulative sales exceeding 25,000 units [1]. - The company faces challenges in achieving profitability due to the dominance of foreign giants in the domestic GPU chip market and low penetration rates of domestic products [2]. - Muxi anticipates reaching a breakeven point by 2026, while its market share in the Chinese AI chip market is estimated to be around 1% in 2024 [2].

Group 1 - The core viewpoint of the article highlights that Muxi Co., Ltd. (688802.SH) officially listed on December 17, experiencing a significant first-day surge of nearly 750%, with a peak price of 895 CNY per share, making it the "king of new listings" this year [2] - Muxi Co., Ltd. is a leading enterprise in high-performance general-purpose GPU products in China, focusing on the research and development of full-stack high-performance GPU chips and computing platforms for AI training, inference, general computing, and graphics rendering [2] - The company has launched several GPU products, including the Xisi N series for intelligent inference and the Xiyun C series for integrated training and general computing, with the Xicai G series for graphics rendering currently under development [2] Group 2 - Despite impressive revenue growth, Muxi Co., Ltd. is still in a phase of significant investment and has reported substantial cumulative losses, with net profits of approximately -777 million CNY, -871 million CNY, -1.409 billion CNY, and -233 million CNY for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [3] - The AI chip industry, as noted by Zheshang Securities, is characterized by high R&D difficulty, large investments, and long cycles, with current leading trends still dominated by overseas manufacturers [3] - Muxi Co., Ltd. acknowledges in its prospectus that while some products have achieved mass production, entering key industry clients requires rigorous technical validation and ecosystem adaptation, and the current revenue is insufficient to cover high R&D and operational costs [3]

Core Viewpoint - The domestic GPU company, Muxi Co., has officially listed on the STAR Market, achieving a significant opening increase of 568.83% on its first trading day, with a market capitalization reaching 280.1 billion yuan [1]. Company Overview - Muxi Co. is recognized as a leading enterprise in China's high-performance general-purpose GPU products, focusing on the independent research and development of high-performance GPU chips and computing platforms for various advanced fields [6][7]. - The company aims to provide high-efficiency and versatile computing power support for artificial intelligence computing, general computing, and graphic rendering [6]. Financial Performance - Muxi Co. reported revenues of 426,400 yuan in 2022, projected to grow to 530.21 million yuan in 2023, and 743 million yuan in 2024. However, the company is expected to incur net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan for the same years respectively [6][7]. - In the first quarter of 2025, the company achieved a revenue of 320 million yuan with a net loss of 233 million yuan [7]. Fundraising and Investment Plans - The funds raised from the IPO will be allocated to projects focused on the research and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [7]. Market Sentiment and Future Outlook - The enthusiasm of investors for new technology stocks, particularly in the GPU sector, may depend on several factors, including the supply rhythm of IPOs, policy adjustments, and the fundamental performance of companies [7]. - The competitive landscape of the domestic GPU market will be crucial in determining the long-term investment value of Muxi Co. [7].

Core Viewpoint - Muxi Co., Ltd. has successfully listed on the STAR Market, achieving a significant opening increase of 568%, with a market capitalization reaching 280.1 billion yuan, resulting in a profit of nearly 300,000 yuan per subscription [1] Group 1: Company Overview - Muxi Co., Ltd. is recognized as a leading domestic high-performance general-purpose GPU manufacturer, focusing on the independent development of high-performance GPU chips and computing platforms [2] - The company has established a comprehensive product matrix, including the Xisi N series GPUs for intelligent inference scenarios, the Xiyun C series GPUs for training and general computing, and the Xicai G series GPUs currently under development for graphics rendering [2] Group 2: Financial Details - The public offering raised a total of 4.197 billion yuan, with a net amount of 3.899 billion yuan after deducting issuance costs of 298 million yuan (excluding VAT) [2] - The issuance price was set at 104.66 yuan per share, leading to a post-issuance market value of 41.874 billion yuan, with a static price-to-sales ratio of 56.35 times, which is lower than the average level of comparable companies in the industry [1]

Group 1 - The company Jianxin Superconductor, listed on the Sci-Tech Innovation Board, has an issuance price of 18.58 yuan and a total market value of 2.337 billion yuan [2] - The company specializes in medical magnetic resonance imaging (MRI) equipment, superconducting magnets, and gradient coils, holding a 4.2% global market share in MRI superconducting magnet products [2] - Since 2015, the company has been a pioneer in the domestic market for zero-evaporation superconducting magnets, breaking the long-standing monopoly of European, American, and Japanese manufacturers [2] - The company has developed next-generation liquid helium-free superconducting magnets and 1.5T large-aperture superconducting magnets [2] Group 2 - The company Mucao Co., Ltd., also listed on the Sci-Tech Innovation Board, has an issuance price of 104.66 yuan and a total market value of 41.87 billion yuan [4] - The company is a leading domestic enterprise in high-performance general-purpose GPU products, gradually becoming one of the few companies with comprehensive mastery of general-purpose GPU system software research and core technology for mass production [4] - The new generation training and inference integrated chip, Xiyun C600, is expected to enter risk mass production by the end of 2025, with several internet companies already testing and adapting the product [4] - The company is also developing the Xicai G series GPUs for graphics rendering and other diverse fields [4]

Core Viewpoint - Muxi Co., Ltd. is set to be listed on the Sci-Tech Innovation Board on December 17, 2025, marking its entry into the domestic GPU market as a significant player [1][4]. Group 1: IPO Details - Muxi Co., Ltd. announced its IPO on December 15, 2025, with a public offering of 40.1 million shares at a price of 104.66 yuan per share, raising approximately 4.197 billion yuan [4]. - The company’s IPO application was accepted on June 30, 2025, and the time from acceptance to listing was about 170 days, indicating a rapid progression [4]. Group 2: Fund Utilization - The funds raised will be allocated to projects focused on the development and industrialization of new high-performance general-purpose GPUs, AI inference GPUs, and high-performance GPU technology for emerging applications [4]. Group 3: Company Overview - Founded in September 2020, Muxi Co., Ltd. is a leading enterprise in the domestic high-performance general-purpose GPU sector, focusing on the development of high-performance GPU chips and computing platforms for AI computing, general computing, and graphics rendering [4][5]. - The company has established a comprehensive product matrix, including the Xisi N series for AI inference, the Xiyun C series for training and general computing, and the Xicai G series for graphics rendering [5]. Group 4: Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, and 743 million yuan in 2024, achieving a compound annual growth rate of 4074.52% over the last three years [5]. - In the first three quarters of 2025, the company generated 1.236 billion yuan in revenue, a year-on-year increase of 453.52%, while reducing net losses by 55.79% to -346 million yuan [6]. Group 5: Product Development - The latest product, the Xiyun C600 series, is expected to enter risk mass production by the end of 2025, with full production anticipated in the first half of 2026 [6]. - The next-generation Xiyun C700 series, developed using domestic supply chains, aims to match the performance of NVIDIA's H100 and is expected to be taped out in the second half of 2026 [6].

Group 1 - The core viewpoint of the article is that Muxi Integrated Circuit (Shanghai) Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, marking a significant step in the implementation of the "1+6" reform initiative [1] - Muxi plans to raise 3.904 billion yuan, which will be allocated to projects focused on the research and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1] - The company is recognized as one of the leading enterprises in the domestic high-performance general-purpose GPU market, focusing on the independent development of a full-stack high-performance GPU chip and computing platform [1] Group 2 - Muxi's main business involves the research, design, and sales of full-stack GPU products used in AI training and inference, general computing, and graphics rendering [1] - The company also provides supporting software stacks and computing platforms around its GPU chips, enhancing its product offerings in the market [1]