Core Viewpoint - Muxi Co., Ltd. officially listed on the Sci-Tech Innovation Board on December 17, with an initial offering price of 104.66 yuan per share, experiencing a significant price surge on its first trading day, reaching a peak increase of over 700% to 895 yuan, and closing at 829.9 yuan [1] Company Performance - The company has made notable advancements in the development of domestic high-end GPUs, which has garnered significant attention in the capital market [1] - Muxi Co., Ltd. has established a comprehensive GPU IP system based on three major product series: Xiyun, Xisi, and Xicai [1] Future Plans - The company plans to further open-source the MXMACA software stack, aiming to create world-class GPU chips and computing platforms [1] - The CTO and co-founder, Peng Li, emphasized the complexity of GPU development, which requires a large team and precision in execution to avoid failures [1]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking it as a significant player in the domestic GPU market following Moore Threads [1][2] Company Overview - Founded in September 2020, Muxi is a major player in China's high-performance general-purpose GPU market, focusing on the independent development of full-stack high-performance GPU chips and computing platforms [2] - The founding team consists of three Chinese technical experts from AMD, with each core member having around 20 years of experience in GPU design and mass production [2] - The company's founder, Chen Weiliang, and his associates hold 22.94% of the shares, with Chen being the actual controller of the company [2] Financial Performance - As of March 2025, Muxi's cumulative GPU product sales exceeded 25,000 units, with a backlog order amounting to 1.43 billion yuan, primarily from the Xiyun C series boards [2] - The company is currently in a loss-making phase, with reported revenues of 426,400 yuan, 53.02 million yuan, and 74.3 million yuan for the years 2022 to 2024, respectively, and net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan, indicating a trend of increasing losses [2] - For the first nine months of 2025, Muxi reported revenues of 1.236 billion yuan and a net loss of 346 million yuan [2] - The company's cash flow has been negative from 2022 to 2024, with a cumulative outflow exceeding 3.8 billion yuan, and a cash flow of -902 million yuan for the first nine months of 2025, totaling over 4.7 billion yuan in losses [2] Market Response - On its first trading day, Muxi's stock price surged to 700 yuan per share, representing an increase of over 568% from the issue price of 104.66 yuan per share, and reached 820 yuan per share, marking a total market capitalization of 328.1 billion yuan [1] - The strong market interest is reflected in the subscription data, with 5.1752 million valid subscription accounts and a total of 28.862 billion shares subscribed, resulting in a low winning rate of 0.03348913% [1]

Group 1 - The core viewpoint of the article highlights the successful IPO of Mu Xi Co., Ltd. (688802.SH), which saw its stock price surge by 568% on the first day of trading, reaching a peak increase of 616.61% to 750 HKD, resulting in a total market capitalization of 300 billion HKD [1] - Mu Xi Co., Ltd. specializes in the research and development of high-performance GPU chips and computing platforms, with products including the Xisi N series GPU for intelligent computing inference, the Xiyun C series GPU for training and general computing, and the upcoming Xicai G series GPU for graphics rendering [1] - The funds raised from the IPO will primarily be allocated to projects focused on the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1] - The IPO price was set at 104.66 CNY per share, corresponding to a market value of approximately 41.874 billion CNY and a price-to-sales ratio of 56.35 times, making it the second A-share stock to debut above 100 CNY this year, following Mo Er Thread's 114.28 CNY [1]

责任编辑：栎树 沐曦股份此次发行价格为104.66元/股，对应市值约为418.74亿元，市销率为56.35倍。从首发价格来 看，沐曦股份本次发行价格是年内A股第二只首发百元股，仅次于摩尔线程114.28元/股的首发价格。 股票频道更多独家策划、专家专栏，免费查阅>> 12月17日，国产GPU第二股沐曦股份-U(688802.SH)今日首日上市高开568%，盘中进一步拉升，一度涨 616.61%至750港元，总市值达3000亿元，单签盈利超32万元。 公司主要从事自主研发全栈高性能GPU芯片及计算平台，产品包括用于智算推理的曦思N系列GPU、用 于训推一体和通用计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列GPU。此次IPO，沐 曦股份募集资金主要投向"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"。 ...

Core Viewpoint - The stock of Muxi Co., Ltd. opened at a high of 568%, reaching a price of 700 yuan, resulting in a market capitalization exceeding 280 billion yuan, with a potential profit of 297,700 yuan per share for investors [1]. Group 1 - Muxi Co., Ltd. has a total A-share capital of 40.01 million shares, with 18.14 million shares set to be traded starting December 17, 2025 [2]. - The company specializes in the independent research and development of high-performance GPU chips and computing platforms, including the Xisi N series GPUs for intelligent computing inference, the Xiyun C series GPUs for training and general computing, and the upcoming Xicai G series GPUs for graphic rendering [3].

Core Viewpoint - The listing of Moores Threads on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, signifies a recognition of domestic computing chip enterprises in the capital market and injects new momentum into the GPU industry [1][2]. Group 1: Company Overview - Moores Threads, established in June 2020, focuses on the research, design, and sales of full-function GPU chips, including data center-level and desktop-level GPUs, along with related software systems [2]. - The company's self-developed MUSA architecture integrates four engines for AI computing acceleration and graphics rendering, with products like the MTT S4000 intelligent computing accelerator card supporting training of large models with hundreds of billions of parameters [2]. Group 2: Financial Performance - Revenue is projected to grow from 124 million yuan in 2023 to 438 million yuan in 2024, with 702 million yuan achieved in the first half of 2025 [2]. - The company has not yet achieved profitability, with net losses reported at -1.894 billion yuan, -1.703 billion yuan, and -1.618 billion yuan for the years 2022, 2023, and 2024, respectively [2]. Group 3: Fundraising and Use of Proceeds - The IPO will raise approximately 8 billion yuan through the issuance of 70 million new shares at a price of 114.28 yuan per share, with 20% allocated for strategic placement [1][2]. - The raised funds will primarily be directed towards three major chip R&D projects and to supplement working capital, including the development of next-generation AI training and inference chips, graphics chips, and AI SoC chips [2]. Group 4: Market Response and Trading Conditions - The initial subscription for the online issuance saw a high demand with a subscription multiple of 4126.49 times, resulting in a final issuance of 16.8 million shares and a low winning rate of 0.03635054% [1]. - Following the listing, there will be no price fluctuation limits for the first five trading days, and the initial circulating shares will be only 29.38 million, representing 6.25% of the total share capital, indicating potential liquidity risks [3]. Group 5: Industry Implications - The listing opens a direct financing channel for the domestic GPU industry, but the company's future growth will depend on technological breakthroughs and successful commercialization to address competitive and profitability challenges [3].

Core Points - Muxi Co., Ltd. announced its initial public offering (IPO) and listing on the Sci-Tech Innovation Board, setting the issue price at 104.66 yuan per share [1] - The company aims to raise approximately 39 billion yuan for its fundraising projects, with total expected funds of 41.97 billion yuan from the issuance of 4.01 million new shares [1] - After deducting issuance costs of 298 million yuan (excluding VAT), the net fundraising amount is projected to be 38.99 billion yuan [1] Company Overview - Muxi Co., Ltd. is a leading enterprise in the domestic high-performance general-purpose GPU market, focusing on the independent research and development of full-stack high-performance GPU chips and computing platforms [3] - The company's main business includes the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, as well as general computing and graphics rendering [3] Issuance Details - The total number of shares issued is 4.01 million, which represents 10.02% of the total share capital post-issuance [2] - The pricing mechanism for the issuance was determined through offline initial inquiry, with no further bidding for offline investors [2] - The strategic placement of shares accounts for 760.54 million shares, which is a significant portion of the total issuance [2]

Core Viewpoint - Muxi Co., Ltd. is set to issue shares at a price of 104.66 yuan per share, aiming to raise approximately 39 billion yuan for its projects, with a total expected fundraising amount of 41.97 billion yuan after deducting issuance costs [1][2]. Company Basic Information - The full name of the issuer is Muxi Integrated Circuit (Shanghai), and it is listed under the stock code 688802 [2]. - The company specializes in high-performance general-purpose GPU products, focusing on the research, design, and sales of GPU chips and computing platforms for artificial intelligence training, inference, general computing, and graphics rendering [3]. Issuance Details - The total number of new shares to be issued is 4,010,000 shares, which represents 10.02% of the total share capital post-issuance [2]. - The expected net fundraising amount after deducting issuance costs is approximately 38.99 billion yuan [1]. - The issuance price is determined through offline inquiry and is not higher than the lowest value after excluding the highest bids [2][3]. Financial Metrics - The issuance price corresponds to a price-to-sales ratio of 56.35 times based on the projected revenue for 2024 [2]. - The industry price-to-earnings ratio is noted to be 58.25 times, indicating the company's valuation relative to its peers [2].

Core Viewpoint - The approval of the IPO registration for Mu Xi Integrated Circuit (Shanghai) Co., Ltd. marks a significant milestone for domestic GPU companies in China, following the successful IPO of Moore Threads on the Sci-Tech Innovation Board [1] Company Overview - Mu Xi Co. focuses on the independent research and development of high-performance GPU chips and computing platforms, with its main business involving the R&D, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [1] - The company also provides supporting software stacks and computing platforms around its GPU chips [1] IPO Details - The IPO application for Mu Xi Co. was accepted on June 30, 2025, and it entered the inquiry stage on July 19, 2025 [1] - The company received approval on October 24, 2025, and submitted its registration on the same day [1] - The company aims to raise approximately 3.904 billion yuan, which will be allocated to the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1]

Core Points - The core viewpoint of the article is that the domestic GPU manufacturer, Mu Xi Integrated Circuit (Shanghai) Co., Ltd., has received approval from the listing committee for its IPO on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Mu Xi Integrated Circuit (Shanghai) Co., Ltd. was established in September 2020 and focuses on developing a full-stack GPU chip product line [4] - The company has launched several GPU product series, including the Xi Si N series for intelligent computing inference, the Xi Yun C series for general computing, and the Xi Cai G series for graphics rendering [4] Group 2: IPO Details - The company plans to raise 3.904 billion yuan through its IPO, which will be used for the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [3][6] - The IPO application was submitted on June 30, 2025, with plans to issue no more than 40.1 million A-shares [6] Group 3: Financial Performance - The reported operating revenues for Mu Xi from 2022 to the first quarter of 2025 were 426,400 yuan, 53.0212 million yuan, 740 million yuan, and 320 million yuan, respectively [7] - The net profits attributable to the parent company during the same period were -780 million yuan, -870 million yuan, -1.4 billion yuan, and -230 million yuan [7]