Core Insights - Three new stocks from the Sci-Tech Innovation Board are set to be issued, with a total expected fundraising of 7.163 billion yuan [1][2][3] Group 1: Company Summaries - **Angruiwei**: - Issuance date: December 5, 2025 - Total shares to be issued: 24.8829 million - Online issuance: 3.9810 million shares - Issuance price: 83.06 yuan - Single account subscription limit: 3,500 shares - Required market value: 35,000 yuan - Focus: Integrated circuit design in RF and analog fields, recognized as a national-level "little giant" enterprise - 2023 and 2024 net profit: -450 million yuan and -64.7092 million yuan, with year-on-year changes of -55.28% and 85.62% respectively [1] - **Muxi Co., Ltd.**: - Issuance date: December 5, 2025 - Total shares to be issued: 40.10 million - Online issuance: 6.4160 million shares - Issuance price: 104.66 yuan - Single account subscription limit: 6,000 shares - Required market value: 60,000 yuan - Focus: Development of high-performance GPU chips and computing platforms for AI training, inference, and general computing - 2023 and 2024 net profit: -871 million yuan and -1.409 billion yuan, with year-on-year changes of -12.12% and -61.72% respectively [2] - **Youxun Co., Ltd.**: - Issuance date: December 8, 2025 - Total shares to be issued: 20.00 million - Online issuance: 4.8000 million shares - Expected fundraising: 900 million yuan - Focus: Research, design, and sales of optical communication front-end transceiver chips, recognized as a national-level manufacturing champion - 2023 and 2024 net profit: 72.0835 million yuan and 77.8664 million yuan, with year-on-year changes of -11.44% and 8.02% respectively [3]

Core Points - C Muxi-U (688802) experienced a significant increase of 692.95% on its first trading day, with a turnover rate of 84.72% and a transaction volume of 11.259 billion yuan [1] - The stock's first-day margin trading saw a buy amount of 0.962 billion yuan, accounting for 8.55% of the total trading volume, with a latest margin balance of 0.805 billion yuan, representing 5.35% of the circulating market value [1] - The company specializes in the research, design, and sales of full-stack GPU products for artificial intelligence training and reasoning, general computing, and graphics rendering, along with providing supporting software stacks and computing platforms [1] Fund Flow Analysis - On its debut, C Muxi-U attracted a net inflow of 1.786 billion yuan from major funds, with a net inflow of 4.459 billion yuan from large orders and a net outflow of 2.673 billion yuan from larger orders [1]

Core Viewpoint - The debut of Muxi Co., Ltd. on the STAR Market marks a significant milestone as the "second domestic GPU stock," with an impressive opening price surge and record-breaking gains for investors [1][7]. Company Overview - Muxi Co., Ltd. was founded by three senior AMD scientists and focuses on the research, design, and sales of high-performance GPU chips and computing platforms, primarily for artificial intelligence training, inference, general computing, and graphics rendering [12]. - The company is currently in a loss-making state, with projected revenues of 0.4264 million yuan, 53.0212 million yuan, and 743 million yuan from 2022 to 2024, while net losses are expected to be 777 million yuan, 871 million yuan, and 1.409 billion yuan during the same period [12]. Market Performance - Muxi Co., Ltd. debuted at an issuance price of 104.66 yuan per share, opening with a 568.83% increase, reaching a peak of 895 yuan per share, and closing at 806.01 yuan, resulting in a single-day increase of 692.95% and a market capitalization exceeding 330 billion yuan [1][7]. - Investors who successfully subscribed to the shares saw significant profits, with a potential gain of 351,000 yuan at the closing price and over 395,170 yuan if sold at the peak price, setting a record for the highest profit from a new stock in A-shares history [3][8]. Notable Investors - Notable investors include private equity mogul Ge Weidong, who holds a 6.73% stake in Muxi Co., Ltd. through personal and Chaos Investment, with an investment totaling approximately 4 billion yuan and a potential market value exceeding 24 billion yuan at peak prices [4][10]. - The shareholder list also includes prominent venture capital firms such as Sequoia China and Matrix Partners, as well as state-owned investment funds [5][10].

Core Viewpoint - N Muxi-U (688802) debuted today with a significant opening increase of 568.83%, closing with a total rise of 692.95%, indicating strong market interest and investor confidence in the company's offerings [2] Company Overview - The company specializes in the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, general computing, and graphics rendering [2] - It also provides a software stack and computing platform that supports its GPU chips [2] IPO Details - The total number of shares issued in this IPO was 40.10 million, with an online issuance of 9.67 million shares at a price of 104.66 yuan per share [2] - The final online subscription rate was 0.03348913%, and the total funds raised amounted to 4.197 billion yuan [2] - The raised funds will primarily be allocated to projects focused on the research and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [2] Market Performance - The stock closed at 829.90 yuan, with a first-day turnover rate of 84.72% [2]

Core Viewpoint - The debut of Muxi Co., Ltd. (688802) on the STAR Market marks a significant milestone as the "second domestic GPU stock," with a remarkable first-day stock price surge of 692.95% [1] Group 1: Stock Performance - Muxi Co., Ltd. opened at 700 CNY per share, reflecting a 568.83% increase from its issue price of 104.66 CNY [1] - The stock reached an intraday high of 895 CNY before closing at 829.9 CNY, making it the second highest closing price on the STAR Market, just behind Cambricon [1] - The company's market capitalization at closing was 332 billion CNY, ranking sixth on the STAR Market [1] Group 2: Investor Returns - Investors who purchased one lot of Muxi Co., Ltd. shares realized a floating profit of approximately 362,600 CNY on the first day of trading [1] - Muxi Co., Ltd. is noted as the most profitable new stock of the year, surpassing other recent listings such as Moore Threads and Angrui Micro, which had floating profits of 243,100 CNY and 66,500 CNY respectively [1] Group 3: Company Overview - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, primarily for artificial intelligence training, inference, general computing, and graphics rendering [1] - The company also provides a software stack and computing platform that supports its GPU products [1]

Core Points - Muxi Integrated Circuit (Shanghai) Co., Ltd. was listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, opening at 700.00 CNY and closing at 829.90 CNY, with a total market capitalization of 332.04 billion CNY [1] - The company focuses on the research, design, and sales of high-performance GPU chips and computing platforms, primarily for artificial intelligence training, inference, general computing, and graphics rendering [1] Shareholding Structure - Shanghai Jiaomai Enterprise Consulting Partnership holds 13.30% of the company's shares, making it the largest shareholder, while the actual controller, Chen Weiliang, collectively controls 22.94% of the shares [2] - Chen Weiliang has the nomination rights for more than half of the board members, excluding independent directors, indicating significant control over the company [2] IPO Details - Muxi's IPO involved the issuance of 40.10 million shares, accounting for 10.02% of the total share capital post-issuance, at a price of 104.66 CNY per share [2] - The total funds raised from the IPO amounted to 419.69 million CNY, with a net amount of 389.93 million CNY after deducting issuance costs [3][4] Fund Allocation - The raised funds will be allocated to several projects, including the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs, totaling 500.92 million CNY [4][6] - Specific allocations include 245.92 million CNY for new high-performance general-purpose GPU projects and 45.31 million CNY for new AI inference GPU projects [6]

Core Insights - Muxi Co., Ltd. (688802) debuted on the STAR Market on December 17, with its stock price opening 568.83% higher at 700 CNY per share, resulting in a total market capitalization of 280.1 billion CNY [1] - The company focuses on the independent research and development of full-stack high-performance GPU chips and computing platforms, primarily engaged in the R&D, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [1] - The stock was issued at a price of 104.66 CNY per share, indicating a significant profit potential for investors, with a single lot yielding a floating profit of 297,600 CNY at the opening price [1]

Core Viewpoint - Muxi Co., Ltd. (688802) has officially listed on the Shanghai Stock Exchange, focusing on the development of high-performance GPU chips and computing platforms for AI training, inference, and general computing applications [1][2]. Group 1: Company Overview - Muxi Co., Ltd. specializes in the research, design, and sales of full-stack GPU products, along with providing supporting software stacks and computing platforms [2]. - The largest shareholder, Shanghai Jiaomai Enterprise Consulting Partnership, holds 13.30% of the company's shares, while the actual controller, Chen Weiliang, collectively controls 22.94% of the shares through related entities [2]. Group 2: Financial Information - The total amount raised from the public offering is approximately 419.69 million yuan, with a net amount of about 389.93 million yuan after deducting issuance costs, which will be used for various GPU research and industrialization projects [3].

Core Viewpoint - The newly listed company, Muxi Co., is expected to perform well in the market, similar to its peer, Moer Thread, due to its high issuance price and fundraising amount, alongside strong revenue growth in the GPU sector [1][4][6]. Company Overview - Muxi Co. is a rare full-stack GPU manufacturer in China, focusing on the research, design, and sales of GPU products for AI training, inference, general computing, and graphics rendering [1][2]. - The company has a strong core team, with founders coming from AMD, and is one of the few in China with comprehensive capabilities in high-performance GPU chip development and production [2]. Industry Insights - The global GPU market is projected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, with a compound annual growth rate (CAGR) of 35.19% [2]. - The Chinese GPU market is expected to reach approximately 107.3 billion yuan in 2024, reflecting a year-on-year growth of 32.96% [2]. Financial Performance - Muxi Co. reported revenues of 426,400 yuan in 2022, 5.3 million yuan in 2023, and 74.3 million yuan in 2024, with significant year-on-year growth rates of 12,334.60% and 1,301.46% respectively [3]. - The company is currently operating at a loss, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, and projected -1.4 billion yuan in 2024 [3]. IPO Details - Muxi Co. issued 40.1 million shares and raised approximately 4.1969 billion yuan, with funds allocated to three key projects, including high-performance GPU development [3][5]. - The company's price-to-sales ratio (TTM) is 23.84, significantly lower than the average of comparable companies at 140.34 [5]. Market Sentiment - The recent trend in the new stock market shows an average first-day increase of 348.19% for newly listed stocks, with Muxi Co. expected to achieve a similar performance [4][6]. - The high issuance price of 104.66 yuan per share places Muxi Co. among the higher-priced stocks in the Sci-Tech Innovation Board, which may influence its market performance [5][6].

Core Viewpoint - The newly listed company, Muxi Co., is expected to perform well in the market, similar to its peer, Moer Thread, due to its high issuance price and fundraising amount, alongside strong revenue growth in the GPU sector [1][4]. Company Overview - Muxi Co. is a rare domestic full-stack GPU manufacturer, focusing on the research, design, and sales of full-stack GPU products for AI training, inference, general computing, and graphics rendering [1][2]. - The company has a strong core team, with founders having backgrounds from AMD, and is one of the few in China mastering the core technologies of general GPU architecture and high-performance GPU chip design [2]. Industry Insights - The global GPU market is projected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, with a compound annual growth rate (CAGR) of 35.19% [2]. - The Chinese GPU market is expected to reach approximately 107.3 billion yuan in 2024, reflecting a year-on-year growth of 32.96% [2]. Financial Performance - Muxi Co. reported revenues of 426,400 yuan in 2022, 5.3 million yuan in 2023, and 74.3 million yuan in 2024, with significant year-on-year growth rates of 12,334.60% and 1,301.46% respectively [3]. - The company is currently operating at a loss, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, and -1.409 billion yuan in 2024 [3]. IPO Details - Muxi Co. raised approximately 4.1969 billion yuan through its IPO, with funds allocated to three key projects, including the development of high-performance general GPUs and AI inference GPUs [3][4]. - The issuance price of Muxi Co. is set at 104.66 yuan per share, which is considered high within the Sci-Tech Innovation Board context [4][5]. Market Sentiment - The recent trend in the new stock market shows an average first-day increase of 348.19% for newly listed stocks, indicating a favorable market sentiment for Muxi Co. [4][5]. - The average first-day increase for the last ten newly listed stocks on the Sci-Tech Innovation Board was 212.32%, suggesting potential for Muxi Co. to achieve similar performance [5][6].