沐曦股份此次 IPO 拟募资 39.04 亿元，主要投向新型高性能通用 GPU 研发及产业化、新一代人工智能 推理 GPU 研发及产业化等项目，凸显我国在高端芯片领域实现自主可控的坚定决心。 沐曦股份于 2020 年 9 月 14 日在上海成立，聚焦全栈高性能 GPU 芯片及计算平台研发，目标成为具备 国际竞争力的 GPU 企业。沐曦股份由陈维良、彭莉、杨建三位 AMD 资深华人科学家联合创立，且均 曾在 AMD 担任要职。 创始人陈维良博士拥有 20 余年芯片研发经验，带领团队主导并完成多款高性能 GPU 产品的流片和量 产。联合创始人彭莉女士是芯片架构资深专家，曾作为主架构师完成了多款高端复杂的 GPU 芯片设 计。联合创始人杨建博士是三维图形与高性能计算生态领域资深专家，拥有丰富的 GPU 芯片设计及软 件生态开发经验。 10 月 24 日，国内高性能通用 GPU 产品领军企业沐曦集成电路（上海）股份有限公司（简称「沐曦股 份」）IPO 申请成功通过上交所科创板上市委会议审议。这家成立仅五年的 GPU 企业，承载着实现国 家算力基础设施自主可控的重要使命。 在二十届四中全会谋划「十五五」规划的关键时点， ...

该公司今年 6 月 30 日提交上市申请，划发行不超过 4010.00 万股 A 股普通股，拟募集资金 39.04 亿元。募资主要用于三个项目，分别是"新型高性能通用 GPU 研发及产业化项目"、"新一代人工智能推理 GPU 研发及产业化项目"和"面向前沿领域及新兴应用场景的高性能 GPU 技术研发项目"。 IT之家 10 月 19 日消息，据上交所公告，上海证券交易所上市审核委员会定于 2025 年 10 月 24 日召开 2025 年第 46 次上市审核委员会审议会议，将审议发 行人沐曦集成电路（上海）股份有限公司（首发）。 公开信息显示，沐曦集成电路（上海）股份有限公司于 2020 年 9 月在上海成立，致力于打造全栈 GPU 芯片产品，推出曦思 N 系列 GPU 产品用于智算推 理，曦云 C 系列 GPU 产品用于通用计算，以及曦彩 G 系列 GPU 产品用于图形渲染。 目前正在研发中的下一代旗舰产品 C700 于 2025 年 4 月立项，目前正处于软硬件购置和产品设计开发阶段，芯片的核心设计、功能验证已大部分完成，正 在进行更深入的性能调优。该产品号称在计算能力、存储能力、通信能力及能效比等方面进 ...

Investment Rating - The report maintains a "Recommended" rating for the industry, indicating a positive outlook for investment opportunities [7]. Core Insights - The listing process for domestic GPU companies, represented by Muxi Co. and Moer Thread, is accelerating, marking a significant capital leap for the domestic GPU industry. This is expected to enhance the technological capabilities and competitiveness of domestic GPU products, narrowing the gap with international standards [2][3]. - Muxi Co. has a substantial order backlog of 1.43 billion yuan as of September 5, 2025, primarily from existing clients and new large orders, indicating strong demand for its products [3]. - Moer Thread's KUAE 2 product supports high-efficiency AI model training and is currently in the customer customization phase, showcasing the company's commitment to advancing its technology [4]. Summary by Sections Muxi Co. - Muxi Co. has successfully passed the second round of inquiries, with a significant reduction in the number of questions from 14 to 3, indicating a smoother path to listing [2]. - The company is actively expanding its client base among internet companies and operators, with expectations to secure its first order by the end of 2025 [3]. - The C600 chip has successfully completed initial testing and is expected to enter risk production by the end of 2025, complementing the existing C500 series [3]. Moer Thread - Moer Thread's KUAE 2 is designed for high-performance AI applications and is currently in the customization stage for clients, with plans for standardized sales in the future [4]. - The company emphasizes collaboration with domestic foundries to achieve products that meet international flagship standards, indicating a focus on quality and competitiveness [8]. Investment Recommendations - The report suggests that as Muxi Co. accelerates its IPO process, related companies in the supply chain are likely to benefit significantly. The trend of domestic computing power is expected to solidify, with specific companies recommended for attention, including Chipone Technology, SMIC, and Hua Hong Semiconductor [8].