以下文章来源于雷达Finance ，作者X编辑 雷达Finance . 遨游广袤的财富世界。 事实上，头顶"国产GPU第二股"光环的沐曦股份，并非等闲之辈。这家成立于2020年的企业，核心团队中的不少成员均出身于AMD等国际知名芯片 企业。 而成立短短几年时间，沐曦股份便斩获多轮融资。 去年12月，沐曦股份在科创板鸣锣上市。 上市初期，沐曦股份一度备受资本市场追捧。不过，截至3月6日收盘，沐曦股份的股价较高点已跌去四成。 此外，进一步剖析公司披露的招股材料及业绩相关公告可以发现，沐曦股份还面临巨额研发持续"吞噬"利润、产品结构较为单一、客户集中度较高等 挑战。 01 业绩持续亏损，押宝物理AI企业 3月4日晚间，沐曦股份发布2026年第一季度业绩预告的自愿性披露公告。 公告显示，今年第一季度，沐曦股份预计实现营业收入4亿元至6亿元，同比增长24.84%至87.26%。 在登陆科创板不足半年后，市值超2000亿的沐曦股份发布最新的业绩预告。 根据公司发布的业绩预告，作为备受行业内外瞩目的国产GPU芯片巨头，沐曦股份预计在今年第一季度录得营收4亿元至6亿元。 在盈利状况方面，沐曦股份预计第一季度实现归母净利润亏损 ...

Core Viewpoint - The IPO process of domestic GPU company Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is progressing, with a valuation of 21 billion yuan and a fundraising plan of 3.904 billion yuan, aiming to promote domestic substitution in the chip sector dominated by Nvidia [1] Financial Performance - Mu Xi's revenue has grown from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a strong compound annual growth rate [1] - The company's main revenue source is the Xiyun C500 series chip, which is expected to generate 722 million yuan in 2024, accounting for 97.28% of the main business revenue for that year [3] - Despite rapid revenue growth, Mu Xi has not yet achieved profitability, with cumulative losses reaching 3.29 billion yuan from 2022 to Q1 2025 [3][4] Research and Development - Mu Xi has invested significantly in R&D, with total expenditures of approximately 2.465 billion yuan from 2022 to Q1 2025 [1][4] - The company is developing new products, including the Xiyun C600 and C700 series chips, as well as the Xisi N and Xicai G series GPUs [5] Cash Flow Situation - The net cash flow from operating activities has been consistently negative, totaling a net outflow of 4.361 billion yuan [4] - The company anticipates reaching a breakeven point by 2026, with improved cash flow expected as sales scale up [4] Shareholder Structure - Mu Xi has several related shareholders holding over 5% of the company's shares, including Shanghai Xiji and Chaos Investment [7][8] - A significant customer, Shanghai Yuanlu Jiajia Information Technology Co., Ltd., also holds 0.55% of the company's shares and contributed 28.39% of the main business revenue in Q1 2025 [9][10] Market Position and Strategy - The company emphasizes its independent operation and claims no significant adverse impact from related parties, ensuring no major competition or unfair transactions with controlling shareholders [11]