Core Viewpoint - The company Muxi Co., Ltd. (688802.SH) successfully listed on the STAR Market on December 17, with an initial offering price of 104.66 yuan per share, resulting in a market capitalization of 41.874 billion yuan. The stock price surged by 567.88% on the first day, reaching 699 yuan per share and a market cap of 279.7 billion yuan, providing investors with a profit of 297,000 yuan per share [1] Company Overview - Muxi is a leading developer of high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD. The company's GPU performance is claimed to be among the top tier domestically, with cumulative sales exceeding 25,000 units [2][3] Financial Performance - Muxi has not yet achieved profitability, reporting revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, 743 million yuan in the first three months of 2024, and 320 million yuan in the first quarter of 2024. The net losses for the same periods were -777 million yuan, -871 million yuan, -1.409 billion yuan, and -233 million yuan, totaling over 3.2 billion yuan in cumulative losses from 2022 to 2024 [4] - In the first half of this year, Muxi's revenue reached 915 million yuan, a year-on-year increase of 404.51%, with a loss of 186 million yuan. The company expects revenues of 1.2 billion to 1.26 billion yuan for the first nine months of the year, reflecting a year-on-year growth of 437.36% to 464.23%, with losses projected between 300 million and 380 million yuan [4] Market Position and Competition - The domestic GPU chip market has been dominated by foreign giants, resulting in low penetration rates for domestic products. Muxi's products, such as the Xisi N100 series, are still in the early stages of market adoption. The company anticipates reaching a breakeven point no earlier than 2026 [4] - The competitive landscape in the domestic AI chip market is intensifying, with Muxi estimating a market share of approximately 1% in 2024 based on sales figures and IDC data [5]