12月25日举行的第七届人民网内容科技论坛上，沐曦股份研发副总裁黄向军展示了国产高性能GPU的最 新进展。他在发言中表示，沐曦致力于打造世界一流的GPU芯片及计算平台，努力成为数字经济的算力 基石，并已在关键技术上取得系列突破。黄向军介绍，经过五年左右技术积累，沐曦完成了到产品矩阵 落地的跨越式发展，已打造自研的完整产品线，明确三大产品系列：曦思（N系列）主要为推理产品； 曦云（C系列）主打训推一体产品；此外还有曦彩（G系列），做图形渲染的产品线。目前，曦思与曦 云系列产品已进入规模量产阶段。谈及技术路线选择，黄向军强调了"通用性"这一核心理念。他解释， 由于芯片研发长周期与软件快速迭代之间存在天然不匹配，且高性能GPU主要应用于多任务、多负载的 数据中心场景，因此必须确保芯片具备足够的通用性以适应未来多样化的计算需求。（人民网） ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to go public on the STAR Market, with its A-share stock code being "688802" and a total share capital of 40.01 million shares [1][3]. Group 1: IPO Details - The company’s initial public offering (IPO) application was accepted by the Shanghai Stock Exchange on June 30, 2025, taking a total of 170 days to officially list [3]. - Muxi will issue 40.10 million shares at a price of 104.66 yuan per share, raising approximately 4.197 billion yuan, making it the second-highest IPO price on the STAR Market this year [3]. Group 2: Fund Utilization - The funds raised will primarily be allocated to projects focused on the research and industrialization of new high-performance general-purpose GPUs, AI inference GPUs, and high-performance GPU technology for emerging applications [3]. Group 3: Company Overview and Product Development - Founded in 2020, Muxi specializes in the research, design, and sales of high-performance GPU chips and computing platforms, with product lines including the Xisi N series for intelligent computing inference, the Xiyun C series for general computing, and the upcoming Xicai G series for graphics rendering [3]. - The latest flagship product, the Xiyun C600 series, is positioned between NVIDIA's A100 and H100 in terms of performance, with risk mass production expected by the end of this year and formal mass production in the first half of 2026 [3]. Group 4: Financial Performance - Muxi's revenue has shown rapid growth, with figures of 426,400 yuan in 2022, 53.02 million yuan in 2023, and 743 million yuan in 2024. The revenue for the first half of 2025 reached 915 million yuan, surpassing the total revenue for 2024 [4]. - The company reported a total profit of -183 million yuan and a net profit of -186 million yuan for the first half of 2025, with a reduction in losses exceeding 60% compared to the same period last year [4]. - For the full year of 2025, Muxi expects revenue to reach between 1.5 billion yuan and 1.98 billion yuan, representing an increase of 101.86% to 166.46% compared to 2024, with a reduction in net profit losses between 45.84% and 62.59% [4].

Core Viewpoint - Muxi Co., Ltd. is set to launch its initial public offering (IPO) on the Sci-Tech Innovation Board, with a total issuance of 40.1 million shares, aiming to raise funds for the development of high-performance GPU products and related technologies [1][3]. Group 1: IPO Details - The company plans to issue 40.1 million shares, with an initial strategic placement of 8.02 million shares [1]. - The pricing mechanism includes offline inquiries to determine the issue price, with no cumulative bidding for offline subscriptions [2]. - The total share capital before the issuance is 36 million shares, and the issuance will account for 10.02% of the total post-issue share capital [2]. Group 2: Financial Performance - Muxi Co., Ltd. has not yet achieved profitability, with projected revenues of 426,400 yuan, 53.02 million yuan, and 740 million yuan for the years 2022, 2023, and 2024 respectively, and net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan for the same years [3][5]. - As of Q1 2025, the company reported revenues of 320 million yuan and a net loss of 233 million yuan [3]. - The total assets as of March 31, 2025, are approximately 1.046 billion yuan, with a debt-to-asset ratio of 8.30% [4]. Group 3: Product and Market Focus - Muxi Co., Ltd. specializes in high-performance GPU products, focusing on artificial intelligence training, general computing, and graphics rendering [3]. - The company has launched several GPU series, including the Xisi N series for inference and the Xiyun C series for training and general computing, with ongoing development of the Xicai G series for graphics rendering [3]. - The funds raised from the IPO will be allocated to projects aimed at developing new high-performance general-purpose GPUs and AI inference GPUs [3].

Investment Rating - The report assigns an "Accumulate" rating to the company [1] Core Views - The company has made significant investments in high-performance GPU technology through its 37.88% stake in Shanghai Lishuan, which is focused on developing scalable graphics rendering GPU chips [5] - The company's revenue for the first half of 2025 reached 343 million yuan, representing a year-on-year increase of 28.81%, with the second quarter showing a revenue of 201 million yuan, up 25.43% year-on-year and 41.11% quarter-on-quarter [4][6] - The semiconductor market is gradually recovering, driven by demand recovery in industrial markets and AI applications, leading to improved sales prices and profitability for the company's main products [6] Company Overview - The latest closing price of the company's stock is 100.02 yuan, with a total market capitalization of 44.2 billion yuan [3] - The company has a debt-to-asset ratio of 4.6% and a current P/E ratio of -263.21 [3] Financial Projections - Revenue projections for 2025-2027 are estimated at 858 million yuan, 1.121 billion yuan, and 1.406 billion yuan respectively, with a gradual recovery in profits expected [9] - The company is expected to achieve a net profit of 86 million yuan by 2027, indicating a significant turnaround from previous losses [9] Product Development - The company has successfully launched its first self-developed GPU chip "7G100" and is currently in the process of customer sampling and mass production [5] - Continuous updates and iterations in storage technology are being pursued, including the mass production of 1xnm flash memory products and ongoing development of SLC NAND Flash and NOR Flash products [7][8]