Core Viewpoint - The domestic GPU industry is experiencing a capital frenzy as several companies prepare for IPOs, with significant market valuations and investor enthusiasm, despite the underlying financial challenges and losses faced by these companies [2][3][10]. Group 1: IPO and Market Performance - Moer Technology became the first domestic GPU stock on the Sci-Tech Innovation Board, opening at 650 CNY per share, a 468.78% increase from its issue price of 114.28 CNY, with a market cap exceeding 300 billion CNY [2]. - Muxi Co. also listed on the Sci-Tech Innovation Board, seeing an opening surge of over 568%, with its market cap quickly surpassing 300 billion CNY [2]. - On the same day as Muxi's listing, Birun Technology passed the Hong Kong Stock Exchange hearing, positioning itself to become the first GPU stock in Hong Kong [2]. Group 2: Financial Performance and Challenges - Moer Technology, Muxi Co., and Birun Technology are currently operating at a loss, with Moer reporting a loss of 724 million CNY in the first three quarters of 2025, Muxi at 346 million CNY, and Birun at 1.601 billion CNY in the first half of the year [3]. - In comparison, Nvidia's revenue for a single quarter in 2025 exceeded 30 billion USD, while domestic GPU companies' revenues are only in the range of several hundred million to a few billion CNY [3]. Group 3: Market Drivers and Trends - The IPO wave of domestic GPU companies is driven by a growing demand for computing power, a need for domestic alternatives, and a shift in capital investment logic [3][6]. - The demand for computing power has surged since the global AI model boom initiated by ChatGPT in 2023, with predictions indicating that China's total computing power will reach 3442.89 EFLOPs by 2029, growing at a compound annual growth rate of 40% [5]. Group 4: Competitive Landscape and Differentiation - The four leading domestic GPU companies, referred to as the "Four Little Dragons," are pursuing differentiated paths in technology, product positioning, and application scenarios [7]. - Moer Technology focuses on a full-featured GPU similar to Nvidia, while Muxi Co. specializes in AI computing GPUs, and Birun Technology emphasizes extreme computing power with its BR100 chip [8][9]. Group 5: Future Outlook - The domestic GPU industry is expected to face challenges in competing with Nvidia's established ecosystem, but there are structural opportunities for growth supported by national policies and a rich landscape of AI application scenarios in China [10][11]. - The future of domestic GPUs will depend on their ability to develop core technologies, production capabilities, and clear commercialization paths, with a focus on ecosystem service and scenario adaptation [12][13].

◎记者 严晓菲 这种看似矛盾的现象，源于各方对国产GPU市场广阔前景的共识。据国际数据公司（IDC）预测，到 2029年，中国加速服务器市场规模将超过千亿美元。交银国际研报认为，国产算力芯片行业未来将呈现 百花齐放态势，技术上取得长足进步，包括晶圆代工、存储器、半导体设备等在内的国产算力产业链有 望持续受益。 12月以来，国产GPU领域的两位主要玩家——摩尔线程和沐曦股份，先后叩开了资本市场的大门。这两 家成立均仅5年的公司，正以超预期的市场表现，点燃投资者的巨大热情。 沐曦股份上市首日便坐上A股史上"最赚钱新股"的宝座，股价一度飙涨到逼近900元/股，总市值也已突 破3300亿元。在此之前，摩尔线程在上市后短短几个交易日内，股价最高涨到941.08元/股。 在这两家公司的背后，是两份密密麻麻的出资方名单：沐曦股份股东超过120家，摩尔线程股东超过80 家。在这场从"非共识"到"共识"的转变中，这些"耐心资本"为何能如此守得住寂寞？ 高光时刻： 亏损与高估值反差折射广阔前景 在国产GPU的高光时刻，难以无视的是这两家公司依旧严峻的财务现实。根据招股书，它们都仍处于持 续亏损的状态。 沐曦股份2022至2024 ...

Core Points - The company Muxi Co., Ltd. has successfully listed on the STAR Market with a stock code of "688802", marking its entry as the "second domestic GPU stock" [1] - On its debut, Muxi's stock price surged nearly 7 times, reaching over 800 CNY per share, making it the third highest-priced stock in the A-share market [1] - The closing price on the first day was 829.90 CNY per share, with a total market capitalization of approximately 3320.43 billion CNY [1] Company Performance - Muxi's stock opened at 700.00 CNY per share, with an intraday high of 895 CNY, reflecting a maximum increase of 755.15% [1] - The total trading volume on the first day was 112.59 billion CNY, with a turnover rate of 84.72% [1] - Investors could earn a maximum profit of 39.52 million CNY per share based on the highest intraday price increase [1] IPO Details - The IPO raised approximately 41.97 billion CNY, primarily for the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [2] - The online subscription rate for Muxi's shares was 0.033489%, which is lower than that of another company, Moer Thread [2] - Over 200 public and private equity institutions participated in the offline subscription, collectively acquiring 1375.98 million shares [2] Revenue Growth - Muxi is projected to achieve a compound annual growth rate (CAGR) of 4074.52% in revenue from 2022 to 2024 [3] - The revenue growth is attributed to the mass application of the Xiyun C500 product, which began production in February of the previous year [3] - The products are being utilized in various AI public computing platforms and commercial intelligent computing centers across multiple countries [3]

Core Viewpoint - The article highlights the successful IPO of domestic GPU company Muxi Co., Ltd. on the STAR Market, reflecting the urgent demand for GPU localization in China, with a total fundraising of approximately 4.197 billion yuan [1]. Group 1: Market Demand and Growth - The AI and digitalization wave has elevated the strategic importance of GPUs, with the Chinese AI intelligent computing GPU market expected to grow from 14.286 billion yuan in 2020 to 99.672 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 62.5% [3]. - By 2029, the market is projected to exceed 1.03 trillion yuan, with GPU servers dominating 70% of the accelerated server market in China by 2024 [3]. - The global GPU market is currently dominated by international leaders, with NVIDIA holding a 66% market share in the Chinese AI accelerator market in 2024, indicating significant room for domestic manufacturers to grow [3]. Group 2: Muxi's Strategic Positioning - Muxi Co., Ltd. has targeted the high-value segment of the industry chain by focusing on general-purpose GPUs for data centers, aligning closely with the core business directions of leading international companies [4]. - The company has developed a complete self-controlled system from hardware design to software stack optimization, with its main product, the Xiyun C500, matching the performance of NVIDIA's A100 [4]. - Muxi's proprietary MetaXLink high-speed interconnect technology has achieved bandwidth performance comparable to NVIDIA's flagship H200 product, showcasing its competitive edge [4]. Group 3: R&D Investment and Team Expertise - Muxi has committed to substantial R&D investments, with expenditures of 648 million yuan, 699 million yuan, and 900 million yuan from 2022 to 2024, representing R&D revenue ratios of 151,857.63%, 1,317.63%, and 121.24% respectively [6]. - The founding team, with extensive experience from AMD, has a deep understanding of GPU architecture design and software ecosystem development, ensuring effective collaboration and strategic execution [7]. - As of March 2025, 74.94% of Muxi's workforce is dedicated to R&D, with a strong patent portfolio of 255 authorized patents, including 245 invention patents, establishing a solid technological barrier [7]. Group 4: Competitive Strategy and Market Position - Muxi has adopted a "asymmetric breakthrough" strategy, focusing on specific technology routes and vertical scenarios to build competitive advantages without direct confrontation with international giants [8]. - The company has developed a software stack, MXMACA®, that is compatible with over 6,000 CUDA open-source applications, facilitating rapid ecosystem development [8]. - Muxi's product matrix includes the Xiyun C series for training and inference, the Xisi N series for AI inference, and the Xicai G series for graphics rendering, strategically targeting the booming AI model training and intelligent computing center construction in China [9]. Group 5: Commercialization and Ecosystem Development - Muxi's core product, the Xiyun C500 series, began mass production in February 2024, with cumulative sales exceeding 25,000 units by March 2025, and revenue skyrocketing from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a CAGR of 4,074.52% [10]. - The company has established compatibility with major operating systems and AI frameworks, enhancing its competitive advantage and accelerating its market share growth [10]. - Muxi's rapid commercialization and ecosystem adaptation position it favorably against competitors, contributing to its sustained market share increase [10]. Group 6: Future Outlook - Muxi's "asymmetric breakthrough" approach is seen as a key driver for the overall advancement of China's GPU industry, aligning with national strategies for technological self-reliance [11]. - The successful IPO is expected to inject continuous R&D funding into the company, fostering collaborative development within the domestic GPU industry chain [12].

以下文章来源于妙投APP ，作者董必政 虎嗅旗下二级市场投研服务品牌，为您提供精选上市公司价值拆解，热门赛道产业链梳理 出品 | 妙投APP 资本市场正在力捧GPU的国产叙事。既然错过了上一个，这一个绝不能放过。 这一次，高光属于沐曦股份。 今天，沐曦股份登陆A股，首日高开568.83%，报700元，按开盘价计算，中一签可赚29.77万元。这 超过了摩尔线程的26.79万元，刷新了A股单签收益纪录。 截至12月17日中午收盘，沐曦的市值为3299亿、摩尔线程的市值为3330亿，寒武纪的市值为5391 亿。 对比3家国产英伟达的市值，妙投认为寒武纪总市值高于沐曦、摩尔线程的原因在于寒武纪的营收规 模最大且已经实现盈利，而沐曦、摩尔线程尚未盈利，市值相差不大。 不过，沐曦首日上市无涨跌幅限制，其市值波动容易受市场情绪的影响。 妙投APP . 此刻，我们必须穿透情绪的迷雾，去考量沐曦能否像摩尔、寒武纪那样，凭什么撑起即将到来的千 亿市值？ 作者 | 董必政 编辑 | 关雪菁 头图 | 沐曦 长期来看，它必须找到一条路，能够真正打穿英伟达的护城墙。 而眼下，沐曦选择的一条更加"识时务者为俊杰"的路线。 # 01 一、 ...

已量产：曦思N100（智算推理）、曦云C500（训推一体） 在研：曦云C600已于2025年7月回片点亮，官方定位对标英伟达H100 12月17日，沐曦集成电路（上海）股份有限公司（股票代码：688802） 成功在科创板上市。开盘表现 极为亮眼，股价高开568.8%，报700元，公司总市值一举突破2800亿元。以此计算，中一签（500股） 投资者首日盈利接近30万元，成为近期热门新股。 | | | A股迈入全面注册制以来, | | | 新股中签收益排行榜TOP10 | | | --- | --- | --- | --- | --- | --- | --- | | 100 | 证券名称 | 正券代码 | 市首日最高价 | 首发价格 | 中一条收益 | 首发上市日 | | | | | JI./ 版 | 元/股 | (以500脸计 | | | | 沐曦股份 | 688802. SH | 700 (开盘价) | 104. 66 | 297670 | 2025-12-17 | | 2 | 摩尔线程 | 688795. SH | ୧୫୫ | 114. 28 | 286860 | 2025-12-05 | | 3 | 长联 ...

国产GPU造富神话，一个一个更猛！ 12月17日，继摩尔线程之后，国产GPU第二股沐曦股份，也正式登陆科创板。其表现也远超人们预计， 比摩尔线程更为火爆。 上市首日就高开568.83%，股价直接从104.66元的发行价，飙到了700元，之后还在进一步飙涨，最高一 度触及895元，市值最高一度达到3580亿，超过了摩尔线程。 | 腾松 | | N 木 - U ⊙ 添加自选 | SH 688802 ■ Level1基础行情 ■上海交易所 ■科创版 | | | | 所属行业 ▼ 半导体 -0.74% > | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 824.50元 +719.84 +687.79% | | | | | | | | | | | | | 休市 12-17 11:30:00 北票时间 | | | | | | | | | | | | | 今开 | 700.00 | 看意 | | 895.00 | 成交量 | 12.89万手 | 息市值 ▼ | | 3299亿 重比 | | | | 昨 ...

Core Viewpoint - The capital market is currently favoring the narrative of domestic GPUs, with a focus on the recent listing of Muxi Co., which has achieved significant market attention and high initial returns for investors [2][30]. Group 1: Muxi Co. Listing and Market Performance - Muxi Co. debuted on the A-share market with an opening increase of 568.83%, reaching a price of 700 yuan, allowing investors to earn approximately 297,700 yuan per share [2]. - As of December 17, Muxi's market capitalization was 329.9 billion yuan, closely trailing behind other domestic GPU companies like Moer Thread and Cambrian [2]. - Muxi's first-day performance is notable as it has no price limit, making its market value susceptible to fluctuations driven by market sentiment [2]. Group 2: Competitive Landscape and CUDA Compatibility - The compatibility with NVIDIA's CUDA ecosystem is a critical issue for domestic chip manufacturers, as CUDA has become an industry standard [4][10]. - Muxi Co. has chosen a strategy of high compatibility with CUDA through its self-developed software stack, MXMACA, which aims to minimize user migration costs [20][21]. - The company has registered over 15,000 users for its MXMACA software stack since its open-source community launch on February 14, 2025, indicating a positive reception [20]. Group 3: Financial Performance and Profitability Outlook - Muxi's revenue surged from 430,000 yuan in 2022 to 1.236 billion yuan in the first three quarters of 2025, reflecting a significant compound annual growth rate [26]. - Despite not being profitable yet, Muxi anticipates achieving profitability by 2026, which is earlier than competitors like Moer Thread [26][35]. - The company’s core product, the Xiyun C500, has successfully completed its first batch of chips, with the next generation, the Xiyun C600, expected to enter mass production in early 2026 [29]. Group 4: Market Valuation and Future Potential - The capital market's valuation of Muxi is influenced by the narrative of becoming "China's NVIDIA," with potential market capitalization estimated at around 250 billion yuan based on comparisons with Moer Thread [33][36]. - If Muxi can demonstrate the commercial viability of its C600 product in 2026, its market value could significantly increase, potentially surpassing that of Moer Thread and Cambrian [36].

"国产GPU第二股"来了！沐曦股份今日登陆科创板，证券代码为"688802"。该股开盘价为700.00元/股， 涨幅为568.80%，总市值约2800.70亿元。按开盘价计算，中一签可赚29.77万元。 盘中最高触及895元/股，总市值一度超过3500亿元。据最高价计算，中一签（500股）新股可赚近40万 元，成为今年以来的"打新之王"。截至午盘，沐曦股份报824.50元/股，涨幅近687.8%，市值3299亿元。 公开资料显示，沐曦股份是国内高性能通用GPU产品的主要领军企业，公司主营业务为研发、设计和销 售应用于人工智能训练和推理、通用计算与图形渲染领域的全栈GPU产品。 截至目前，沐曦股份尚未盈利。2022年至2024年，沐曦股份归母净利润分别为-7.77亿元、-8.71亿 元、-14.09亿元。公司预计2025年全年实现营收15.0亿元至19.8亿元，较2024年增幅为101.86%至 166.46%，归母净利润-7.63亿元至-5.27亿元，较2024年减亏幅度为45.84%至62.59%。 沐曦股份表示，随着收入端的快速放量和规模效应逐步释放，公司有望在较短时间内达到盈亏平衡点。 根据公司给出的前 ...

将投中网设为"星标⭐"，第一时间收获最新推送 沐曦明牌，后发制人。 作者丨 曹玮钰 来源丨 投中网 沐曦的开盘，甚至比惊人的摩尔更惊人。 就在刚刚，沐曦高开700元/股，市值一度突破3500亿元，瞬间超越了12天前上市的摩尔线程。在二级市场，沐曦是股民追捧的"大肉签"，按104.66元/股 的发行价，打新中一签，盈利小40万元。 沐曦的上市，是一场巨大的奖励。一家足够硬核的科技企业，沐曦从成立到上市仅用了不可思议的短短5年，并且让100多家投资机构都拿到了不菲的回 报。 回头来看沐曦的融资故事，我们当然可以将其抽象成一组组数字，构成一幅"财富盛宴"的图景。比如，已知10亿估值的PreA轮投资，拿到现在已经翻 了280倍，就连今年初PreIPO轮，210亿的投后估值，不到一年时间就翻了13倍——这是极高的投资效率。 特定大环境的红利，选中并奖励了很多"时代之子"，沐曦正是其一。今天创下的又一堪称现象级的二级表现，同样是处在一个恰好的宏观节奏，恰好的 内外推力，和恰好的市场情绪之下的结果。 但事实是，战场远未结束。沐曦很少对外发声，如果你有耐心近距离去审视沐曦的每一轮融资，挑战总是多于追捧，蛰伏攻坚是持续的主线。 ...