Core Viewpoint - Moer Technology is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 5, 2025, marking a significant milestone for the company since its establishment in 2020 [1]. Company Overview - Moer Technology was founded in 2020 and began its IPO counseling in November 2024, completing the process in just 122 days, which is the shortest time for a company to go from application to approval on the Sci-Tech Innovation Board this year [1]. - The company is recognized as one of the few domestic GPU manufacturers capable of providing full computational precision support from FP8 to FP64 and is the first domestic GPU company to launch a DirectX12 graphics acceleration engine [1]. Financial Performance - The company has experienced rapid growth in revenue, with figures of 0.46 billion RMB in 2022, 1.24 billion RMB in 2023, and 4.38 billion RMB in 2024, representing year-on-year growth rates of 169.01% and 253.65% respectively. In the first three quarters of 2025, revenue reached 7.85 billion RMB, a year-on-year increase of 181.99% [1]. - Despite the revenue growth, the company has reported significant net losses, with losses of 18.94 billion RMB in 2022, 17.03 billion RMB in 2023, 16.18 billion RMB in 2024, and 7.24 billion RMB in the first three quarters of 2025, totaling 59.39 billion RMB over three years and nine months [2]. - Moer Technology anticipates that it may achieve consolidated profit by 2027 [2].

Core Viewpoint - The company, Muxi Co., Ltd. (688802.SH), plans to issue 40.1 million shares in its initial public offering (IPO), with a strategic placement of 8.02 million shares, representing 20% of the total issuance, aimed at enhancing its capabilities in high-performance GPU chip development and related software ecosystems [1][2]. Group 1: Company Overview - The company focuses on the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [1]. - It has developed a unique GPU product system and an open software ecosystem, providing high-efficiency computing support for cloud computing across various industries, including education, finance, transportation, energy, healthcare, and entertainment [1][2]. - The company is one of the few in China that has mastered the technology for high-performance GPU chip development, design, and mass production, overcoming technical bottlenecks in the field [1]. Group 2: Product Development - The company's main products cover three areas: artificial intelligence computing, general computing, and graphics rendering, with recent launches including the Xisi N series GPU for intelligent inference and the Xiyun C series GPU for integrated training and general computing [2]. - The GPU products are based on self-developed GPU IP and a unified architecture, demonstrating strong core competitiveness in versatility, single-card performance, cluster performance, stability, and ecosystem compatibility [2]. Group 3: Financial Performance and Projections - The company reported net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan for the years 2022 to 2024, respectively [3]. - For 2025, the company expects to achieve revenue between 1.5 billion yuan and 1.98 billion yuan, representing a growth of 101.86% to 166.46% compared to 2024, with a projected net loss reduction of 45.84% to 62.59% [3]. - The funds raised from the IPO will be allocated to new high-performance GPU research and industrialization projects, as well as the development of next-generation AI inference GPUs, totaling an intended use of 3.904 billion yuan [3].