Core Viewpoint - The GPU manufacturer Muxi Co., Ltd. (688802.SH) was listed on the STAR Market on December 17, with an initial offering price of 104.66 CNY per share, leading to a market capitalization of 41.874 billion CNY. The stock price surged by 567.88% to reach 699 CNY per share, resulting in a market cap of 279.7 billion CNY, with investors earning approximately 297,000 CNY per share [2][3]. Company Performance - Muxi reported revenues of 426,400 CNY in 2022, 53.0212 million CNY in 2023, and projected revenues of 743 million CNY and 320 million CNY for the first three months of 2024. The company has incurred net losses of 777 million CNY, 871 million CNY, 1.409 billion CNY, and 233 million CNY for the respective periods [4][5]. - For the first half of this year, Muxi's revenue was 915 million CNY, reflecting a year-on-year growth of 404.51%, but it still reported a loss of 186 million CNY. The company anticipates revenues of 1.2 billion to 1.26 billion CNY for the first nine months of the year, indicating a year-on-year growth of 437.36% to 464.23%, with expected losses of 300 million to 380 million CNY [4][6]. Market Position and Competition - Muxi is recognized as a leading developer of high-performance general-purpose GPU products in China, with a cumulative sales volume of over 25,000 units. However, the company has not yet achieved profitability [4][5]. - The domestic GPU chip market has been dominated by foreign giants, resulting in low penetration rates for domestic products. Muxi's N100 series of intelligent computing inference GPUs are still in the early stages of sales growth [5][6]. - Muxi's market share in the Chinese AI chip market is projected to be around 1% in 2024, amidst increasing competition and a rising trend in the penetration rate of domestic AI chip brands [6].

Core Viewpoint - The company Muxi Co., Ltd. (688802.SH) successfully listed on the STAR Market on December 17, with an initial offering price of 104.66 yuan per share, resulting in a market capitalization of 41.874 billion yuan. The stock price surged by 567.88% on the first day, reaching 699 yuan per share and a market cap of 279.7 billion yuan, providing investors with a profit of 297,000 yuan per share [1] Company Overview - Muxi is a leading developer of high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD. The company's GPU performance is claimed to be among the top tier domestically, with cumulative sales exceeding 25,000 units [2][3] Financial Performance - Muxi has not yet achieved profitability, reporting revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, 743 million yuan in the first three months of 2024, and 320 million yuan in the first quarter of 2024. The net losses for the same periods were -777 million yuan, -871 million yuan, -1.409 billion yuan, and -233 million yuan, totaling over 3.2 billion yuan in cumulative losses from 2022 to 2024 [4] - In the first half of this year, Muxi's revenue reached 915 million yuan, a year-on-year increase of 404.51%, with a loss of 186 million yuan. The company expects revenues of 1.2 billion to 1.26 billion yuan for the first nine months of the year, reflecting a year-on-year growth of 437.36% to 464.23%, with losses projected between 300 million and 380 million yuan [4] Market Position and Competition - The domestic GPU chip market has been dominated by foreign giants, resulting in low penetration rates for domestic products. Muxi's products, such as the Xisi N100 series, are still in the early stages of market adoption. The company anticipates reaching a breakeven point no earlier than 2026 [4] - The competitive landscape in the domestic AI chip market is intensifying, with Muxi estimating a market share of approximately 1% in 2024 based on sales figures and IDC data [5]