Core Viewpoint - The IPO of Muxi Co., Ltd. is highly anticipated, with significant interest from investors, as it is considered the "second domestic GPU stock" following the success of Moore Threads. Group 1: IPO Details - Muxi Co., Ltd. announced an effective subscription of 5.1752 million accounts and 28.862 billion shares for its online issuance, with a final subscription rate of 0.03348913% after the mechanism was activated [1] - The IPO price is set at 104.66 yuan per share, corresponding to a market value of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times [4] - The company plans to raise approximately 3.899 billion yuan after deducting issuance costs, slightly lower than the initial target of 3.904 billion yuan [4] Group 2: Market Comparison - Muxi's subscription rates are lower than those of Moore Threads, which had an initial subscription rate of 0.02423369% and a final rate of 0.03635054% [2][3] - The market response to Muxi is strong, with its subscription rate being among the lowest in recent semiconductor IPOs, indicating high demand [3] Group 3: Future Development and Strategy - The raised funds will primarily be allocated to the development of new high-performance general-purpose GPUs and AI inference GPUs, as well as advanced GPU technology for emerging applications [4][5] - The company aims to establish a strong market presence and brand reputation while maintaining a competitive edge in R&D, as stated by the CEO during a recent roadshow [4] Group 4: Financial Performance - Muxi's revenue from 2022 to 2024 shows a compound annual growth rate of 4074.52%, with revenues of 42.64 million yuan, 53.0212 million yuan, and 743 million yuan respectively [12] - The company has incurred significant R&D expenses totaling 2.247 billion yuan over three years, representing over 282% of its revenue [12] - Despite lower revenue compared to peers, Muxi's sales gross margin is comparable to industry averages, highlighting its strong profitability potential [12]

Core Insights - Moore Threads, a leading domestic GPU company, officially listed on the STAR Market, becoming one of the fastest semiconductor companies to go public since the implementation of the "registration system" [2] - The Futian Capital Operation Group, a state-owned capital operation platform funded by the Futian District government, has demonstrated its deep expertise in hard technology investment [2] Investment Highlights - Futian Capital has mobilized over 160 billion yuan in social capital since its establishment, managing 53 sub-funds and investing in over 4,000 companies, with over 90% of funds directed towards strategic emerging industries [2] - The group has incubated and supported 231 companies to go public, with a total market value exceeding 2 trillion yuan, and 45 companies have completed the review or submitted application materials [2] Key Companies in Focus - Moore Threads is recognized as China's leading full-function GPU company, with its self-developed MUSA architecture achieving performance close to international mainstream levels [2] - Muxi Technology, a high-performance general-purpose GPU leader, is set to become the second domestic GPU company to list on the STAR Market [3] - Changxin Storage is the only IDM company in mainland China to achieve large-scale production of DRAM chips, targeting a global market share of 8% by 2025 [3] - Chaogufen is a pioneer in global computing infrastructure, currently advancing towards an IPO [3] Strategic Approach - Futian Capital's success in nurturing new industry forces is attributed to its systematic ecological empowerment system, focusing on national strategies and providing comprehensive support throughout the investment lifecycle [3] - The group aims to continue its development logic of "capital serving technology, technology driving industry, and industry benefiting the region," fostering a pathway to national and global markets [3]