Core Viewpoint - The newly listed company "Moore Threads" has created significant wealth effects, with both current and former secretaries of the board (known as "Dongmi") becoming billionaires due to their shareholdings following the company's IPO [6]. Group 1: Key Individuals and Their Holdings - Current Secretary - Xue Yansong holds an indirect shareholding of 0.3041%, valued at approximately 163 million RMB based on the company's post-IPO market capitalization of about 53.7 billion RMB [2]. - Former Secretary - Wang Dong holds an indirect shareholding of 4.8894%, valued at approximately 2.626 billion RMB under the same market conditions [2]. - Xue Yansong joined the company over two years ago and has been the financial head for more than a year, while Wang Dong is a co-founder who has been with the company since its inception in 2020 [2][9]. Group 2: Company Background and Market Position - Moore Threads is recognized as a potential "NVIDIA of China," focusing on GPU and related product development, design, and sales [6][29]. - The company has successfully launched four generations of GPU architectures, targeting high-performance computing fields such as AI and digital simulation [29]. - The company operates under a Fabless model, outsourcing manufacturing and assembly processes while focusing on R&D and design [31]. Group 3: Financial Performance and Future Plans - The company reported significant revenue growth, with a compound annual growth rate of 208.44% over the last three years [39]. - The company plans to use the funds raised from its IPO for various R&D projects, including AI training chips and graphics chips, to enhance its competitive position in the market [49][51]. - The company aims to become a leading GPU enterprise with international competitiveness, providing robust AI computing support for digital transformation across various industries [51].

New IPOs and Stock Offerings - Two new stocks are available for subscription: Angrui Microelectronics (688790.SH) and Muxi Co., Ltd. (688802.SH), with the listing of Moer Thread (688795.SH) [1][17] Angrui Microelectronics Overview - Angrui Microelectronics specializes in RF and analog integrated circuit design and is recognized as a national-level "little giant" enterprise [2] - The company focuses on the research, design, and sales of RF front-end chips, RF SoC chips, and other analog chips [2] - The planned fundraising amount is approximately 10.96 billion yuan, with 53.02% allocated to 5G RF front-end chip and module R&D and industrialization projects [4] Financial Metrics of Angrui Microelectronics - The issue price is set at 83.06 yuan per share, with an institutional offering price of 89.40 yuan per share [3] - The company's projected revenue for 2024 is 21.01 billion yuan, with RF front-end revenue accounting for 17.90 billion yuan [5] - The company ranks among the top three domestic RF front-end manufacturers based on revenue [5] Muxi Co., Ltd. Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the development of full-stack high-performance GPU chips and computing platforms [6] - The planned fundraising amount is approximately 24.59 billion yuan, with 63.00% allocated to new high-performance general-purpose GPU R&D and industrialization projects [10] Financial Metrics of Muxi Co., Ltd. - The issue price is set at 104.66 yuan per share, with an institutional offering price of 111.53 yuan per share [8] - The company's revenue structure shows a significant increase in the training and inference series GPU board revenue, which accounted for 97.55% of total revenue in Q1 2023 [13] Moer Thread Overview - Moer Thread is recognized as the "first domestic GPU stock" and aims to provide computing acceleration platforms for AI, digital twins, and high-performance computing [15] - The company has established deep cooperative relationships with operators, cloud service providers, AI companies, and research institutions [21] Financial Metrics of Moer Thread - The issue price is set at 114.28 yuan per share, with an institutional offering price of 121.33 yuan per share [18] - The planned fundraising amount includes 25.10 billion yuan for the new generation of AI training and inference integrated chip R&D project [20]

Group 1 - Sun Cable announced that its major shareholder, Xiangyu Group, plans to reduce its stake by up to 3% of the company's total shares, amounting to a maximum of 21.67 million shares [2][3] - As of the announcement, Xiangyu Group holds 101 million shares, representing 14.04% of the total shares, while its action partner holds 11.99 million shares, accounting for 1.66% [2] - The stock of Sun Cable has experienced a significant increase, achieving a market capitalization of over 6.8 billion yuan [2][5] Group 2 - Haike Xinyuan announced that its shareholder, Haike Xinyuan Asset Management Plan, intends to reduce its holdings by up to 5.57 million shares, which is 2.50% of the total shares, within three months after 15 trading days [3][4] - The shares to be reduced were part of a strategic allocation plan for employees during the company's initial public offering [4] - Haike Xinyuan's stock has seen a remarkable increase of over 400% since the beginning of the year [5] Group 3 - Anji Food reported that its price-to-earnings ratio is significantly higher than that of its industry peers, indicating potential risks of price correction [6] - Junya Technology highlighted that its PCB products, which can be used in humanoid robots, contribute less than 0.05% to its total revenue, suggesting limited impact on current performance [7] - Longzhou Co. warned investors about potential risks due to significant recent price increases and ongoing uncertainties regarding its subsidiary's operations and legal issues [7]

（来源：漫漫投资路） 周一有两只新股申购，为方便阅读先上结论：【沐曦股份给予积极申购、昂瑞微给予积极申购】 （注）：积极申购>建议申购>谨慎申购>放弃申购 风险提示：积极申购也不代表百分百赚钱，放弃申购也不代表就百分百亏钱，观点仅供参考 同时周五有一只可转债申购：普联转债申购，信用级别为A+，根据目前的数据测算申购普联转债预计盈利 概率为99%左右，推荐申购。 一、沐曦股份 科创板上市公司，发行价104.66元，公司尚未盈利，行业平均市盈率58.25倍，公司致力于自主研发全栈高 性能GPU芯片及计算平台，主营业务是研发、设计和销售应用于人工智能训练和推理、通用计算与图形渲 染领域的全栈GPU产品，并围绕 GPU 芯片提供配套的软件栈与计算平台。 公司始终专注于GPU 产品的技术创新和迭代升级，形成了独具优势的 GPU 产品体系和自主开放的软件生 态，持续为云端计算提供高能效、高通用性的算力支撑，推动人工智能赋能千行百业，重点布局了教科 研、金融、交通、能源、医疗健康、大文娱等行业应用场景，已成为推动我国智能算力基础设施自主可控 的重要力量。发行人始终以推动我国智能算力产业链自主可控为己任，长期聚焦和深耕 GP ...

第二产业特别是高端制造业的稳定支撑作用依然关键。 即将到来的2026年，是"十五五"规划开局之年。 中国宏观经济论坛（CMF）日前发布的《中国宏观经济分析与预测报告》（下称《报告》）显示，2025年中国经济奋力寻求突 破，基本实现预期发展目标。未来五年，中国经济将保持中高速增长，但也面临出口回落、投资降速、房地产风险可能外溢等 风险挑战。 虽然仍然面临不少挑战，但《报告》称，中国经济平稳运行发展面临三大新机遇，即"十五五"规划的开启和适度超前布局将打 开全新增长空间、更加积极的财政政策和宽松的货币政策蓄势待发、微观市场主体将在宏观经济回暖基础上迸发新的活力。这 三大上行机遇将共同助力2026年中国经济稳中有进、回升向好。 具体到工业经济形势，《报告》指出，今年以来，工业生产保持强劲态势。企业效益在曲折中改善，亏损面减小，产能利用率 不足制约投资扩张动力。清理拖欠企业账款取得成效，产成品库存积压问题也得到一定缓解。 "值得注意的是，近年来第二产业贡献率呈现企稳回升迹象。"《报告》称。 工业生产顶压前行 今年以来，尽管国际环境复杂严峻，国内市场竞争压力上升，但更加积极有为的宏观政策有力实施，支持实体经济发展力度加 ...

该公司成立于2015年6月，注册资本约2.3亿人民币，经营范围含电池制造、电池销售、汽车零部件及配件制造、机动车修理和维护、普通货物仓储服务、货 物进出口等。股东信息显示，该公司由奇瑞汽车旗下芜湖埃科泰克动力总成有限公司全资持股。 松果财经讯，天眼查工商信息显示，近日，芜湖奇达动力电池系统有限公司发生工商变更，瞿国峰卸任法定代表人、董事长，由李中兵接任法定代表人，张 国忠接任董事长，同时，多位高管发生变更。 | | 草公司 都在用的 商业查询 工具 | 直老板 童关系 音风险 | | | | --- | --- | --- | --- | --- | | | 国家中小企业发展子基金旗下机构 | 芜湖奇达动力电池系统有限公司 | × 天眼一下 一 应用 ▼ | | | 基本信息 71 | 法律诉讼 1 | 经营风险 | 经营信息 427 公司发展 24 | | | 工商信息 ● | | | | | | VIP 工商信息 历史工商信息 | | | | | | 企业名称 | 芜湖奇达动力电池系统有限公司 | | | | | 法定代表人 | 李中兵 猛关联企业 20 41 | 登记状态 ② | 存续 | 天 | | ...

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 - The article discusses the initial public offering (IPO) of Muxi Co., Ltd. (沐曦股份), highlighting its issuance price and market positioning within the GPU industry in China [1][3]. Company Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, set to become the second domestic GPU company listed on the A-share market after Moer Thread [3]. - The company focuses on the research, design, and sales of full-stack GPU products used in artificial intelligence training, general computing, and graphics rendering [3][4]. IPO Details - The IPO price is set at 104.66 yuan per share, with a market capitalization of approximately 41.874 billion yuan upon listing [1]. - The 2024 diluted static price-to-sales ratio is 56.35 times, which is lower than the average of comparable companies in the industry [1][2]. Product and Technology - Muxi's product range includes 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 [4]. - The company's GPUs are based on self-developed GPU IP and a unified GPU computing and rendering architecture, showcasing strong core competitiveness in performance and stability [4]. Market Position and Strategy - The company has established a comprehensive ecosystem and commercial layout, collaborating with various sectors including education, finance, transportation, energy, healthcare, and entertainment [5]. - Muxi's GPU products have been deployed in over ten intelligent computing clusters, covering major cities and extending to more regions [5]. Financial Performance - The company reported revenues of 426,400 yuan, 5.3 million yuan, and 74.3 million yuan for the years 2022 to 2024, respectively, with net losses of 77.7 million yuan, 87.1 million yuan, and 140.9 million yuan during the same period [5].

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 - Muxi Co., Ltd. plans to issue 40.1 million shares at a price of 104.66 yuan per share, aiming to raise approximately 3.904 billion yuan for various GPU development projects [1][4]. Company Overview - The full name of the issuer is Muxi Integrated Circuit (Shanghai) Co., Ltd., with the stock code 688802 and public offering code 787802 [2][5]. - The company focuses on the research and development of high-performance GPU chips and computing platforms, targeting applications in various industries such as education, finance, transportation, energy, healthcare, and entertainment [3][6]. Financial Performance - Muxi's revenue for the years 2022, 2023, and 2024 was 426,400 yuan, 53.0212 million yuan, and 743 million yuan, respectively, indicating a compound annual growth rate of 4,074.52% over the last three years [3][6]. - For the first nine months of 2025, the company reported a revenue of 1.236 billion yuan, reflecting a year-on-year growth of 453.52% [3][6]. Fundraising Purpose - The funds raised from the share issuance will be allocated to projects including the development and industrialization of new high-performance general-purpose GPUs, AI inference GPUs, and high-performance GPU technology for emerging applications [2][5].