Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking it as a significant player in the domestic GPU market following Moore Threads [1][2] Company Overview - Founded in September 2020, Muxi is a major player in China's high-performance general-purpose GPU market, focusing on the independent development of full-stack high-performance GPU chips and computing platforms [2] - The founding team consists of three Chinese technical experts from AMD, with each core member having around 20 years of experience in GPU design and mass production [2] - The company's founder, Chen Weiliang, and his associates hold 22.94% of the shares, with Chen being the actual controller of the company [2] Financial Performance - As of March 2025, Muxi's cumulative GPU product sales exceeded 25,000 units, with a backlog order amounting to 1.43 billion yuan, primarily from the Xiyun C series boards [2] - The company is currently in a loss-making phase, with reported revenues of 426,400 yuan, 53.02 million yuan, and 74.3 million yuan for the years 2022 to 2024, respectively, and net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan, indicating a trend of increasing losses [2] - For the first nine months of 2025, Muxi reported revenues of 1.236 billion yuan and a net loss of 346 million yuan [2] - The company's cash flow has been negative from 2022 to 2024, with a cumulative outflow exceeding 3.8 billion yuan, and a cash flow of -902 million yuan for the first nine months of 2025, totaling over 4.7 billion yuan in losses [2] Market Response - On its first trading day, Muxi's stock price surged to 700 yuan per share, representing an increase of over 568% from the issue price of 104.66 yuan per share, and reached 820 yuan per share, marking a total market capitalization of 328.1 billion yuan [1] - The strong market interest is reflected in the subscription data, with 5.1752 million valid subscription accounts and a total of 28.862 billion shares subscribed, resulting in a low winning rate of 0.03348913% [1]