2025年9月24日，中国信息通信研究院华东分院与行业领先的AI网络全栈式互联产品及解决 方案提供商——奇异摩尔联合举办的"聚力向芯 算涌无界 Networking for AI"生态沙龙活动 在上海浦东成功举办。 活动围绕"国产AI算力产业链实现闭环"这一主题，邀请AI算力产业链上下游企业及技术专家，包 括中国移动、财跃星辰、腾讯云、沐曦、新华三、中科创星、无问芯穹、后摩智能、中昊芯英等行 业头部及明星企业。内容覆盖从算力芯片到算法模型再到算力服务的全链条环节，展现了国产AI 从技术突破到生态构建的整体进展，也标志着中国在科技自主化道路上的坚实脚步。 "聚力向芯 算涌无界 Networking for AI" 生态沙龙活动 在开场致辞环节，中国信通院华东分院总工程师陈俊琰表示，"在国家战略指引和地方政策推动 下，上海智能算力产业已形成'基础夯实、创新活跃、场景丰富'的良好态势。面向上海要实现智能 算力产业高质量发展，他提出了三点建议：一是强化技术创新协同，突破核心瓶颈。二是完善算力 调度体系，提升配置效率。三是深化场景融合应用，赋能实体经济。中国信通院华东分院将继续发 挥'国家高端专业智库、产业创新发展平台 ...

Investment Rating - The report indicates a strong investment outlook for the domestic GPU industry, particularly highlighting the leadership of Mu Xi in the general-purpose GPU sector [3]. Core Insights - The GPU market in China is expected to grow significantly, with an estimated market size of approximately 1,000 billion yuan for GPUs and 425 billion yuan for other AI chips by 2024 [3][8]. - Domestic internet giants are increasing capital expenditures, with Alibaba planning to invest over 380 billion yuan in AI computing centers and data centers over the next three years [3][10]. - Mu Xi is positioned as a leading domestic high-performance general-purpose GPU company, with a self-developed architecture that is compatible with CUDA [3][18]. Summary by Sections 1. GPU Industry - The GPU industry is gradually establishing a domestic computing and AI model ecosystem, with significant growth in the market size of accelerated chips [4][9]. - By 2024, the domestic accelerated chip market is projected to exceed 270 million units, with local brands accounting for over 82 million units shipped [3][8]. 2. Mu Xi Co., Ltd. - Mu Xi has developed a comprehensive product matrix covering AI computing, general computing, and graphics rendering, with notable products including the Xi Yun C500 and C550 series GPUs [3][38]. - The company has achieved a revenue CAGR of 4075% from 2022 to 2024, with 2024 revenue reaching 743 million yuan [31][35]. - Mu Xi's team comprises industry veterans with backgrounds from AMD, enhancing its technological capabilities [27][30]. 3. Key Investment Targets - The report identifies several key investment targets in the GPU sector, including Cambrian, Haiguang Information, and Mu Xi itself, as well as advanced process-related companies like SMIC and Hua Hong Semiconductor [3][5].

Core Viewpoint - The article discusses the recent response from Muxi Co., Ltd. regarding the inquiry letter for its initial public offering and listing on the Sci-Tech Innovation Board, focusing on its product offerings, market competition, and financial performance. Product and Market Competition - Muxi's products are categorized into training and inference integrated series (GPU boards, GPU servers), intelligent computing inference series (GPU boards), IP licensing, and others, with significant revenue fluctuations across different product types [1][3] - The company has delivered nine intelligent computing clusters, catering to various customer needs, including integrated servers and workstations [1] - The global GPU market is dominated by Nvidia and AMD, with domestic competitors including Huawei HiSilicon, Suiruan Technology, and Kunlun Core, which focus on specialized computing architecture [1] - Muxi's competitive position against international and domestic leaders is not sufficiently detailed in the prospectus [1] Financial Performance and Product Structure - Muxi's revenue from the training and inference integrated series has significantly increased, with the revenue share rising from 30.09% in 2023 to 97.87% in Q1 2025, while the intelligent computing inference series has dropped from 100% to 1.25% during the same period [12][14] - The main revenue sources are the Xiyun C500 series products, which have gained substantial market recognition due to their performance and alignment with industry needs [15][16] - The company has focused its resources on flagship products, which is a common strategy among industry peers like Nvidia, where flagship products dominate revenue streams [18] Product Development and Market Trends - Muxi was established in 2020 with a clear focus on AI training and inference chips, aligning with the growing market demand for such products [10][14] - The company has successfully launched the Xiyun C500 series, which competes with Nvidia's A100 in performance, and has been well-received in various industry applications [15][16] - The GPU chip development cycle is long and capital-intensive, making the concentration on flagship products a strategic choice for Muxi [17] Competitive Landscape and Challenges - The domestic GPU market faces challenges such as competition from international giants, high customer service standards, and a relatively weak software ecosystem [22][23][24] - Muxi's products are positioned to meet the increasing demand for high-performance GPUs in AI applications, particularly in the context of geopolitical tensions and the push for domestic alternatives [15][26] - The company has established partnerships with various sectors, enhancing its market presence and brand recognition [27][28]

Group 1 - The article highlights the support from the Ministry of Industry and Information Technology for domestic GPU development, indicating a competitive landscape among local companies in the GPU sector [1] - Moores Threads is developing the MTT S80, a full-featured GPU capable of running major games, with a Pre-IPO valuation of 25.5 billion [1] - Jingjia Micro is positioned as a key player with its JM9 GPU nearing the performance of GTX 1050, and a significant market share in government and financial sectors [1] - Birran Technology's BR100 GPU boasts three times the computing power of international flagship products, positioning it as a leader in domestic alternatives despite being listed by the US [2] - Muxi Integration has successfully delivered the Xiyun C500 GPU, with plans for the C600 to support FP8 and CUDA compatibility, marking it as a major player in domestic scaling [3] - Lishuan Technology is set to launch a 6nm GPU in 2025 that will outperform RTX 4060, focusing on digital twins and out-of-order rendering [4] - Haiguang Information stands out as the only company with both CPU and GPU capabilities, forming a unique ecosystem with products widely used in various sectors [5] Group 2 - The article notes that while domestic GPUs may struggle to catch up with established players like NVIDIA, AMD, and Intel in the short term, there is potential for significant growth in the long term, similar to the evolution seen in the home appliance and automotive industries [5]

Core Viewpoint - The A-share market has shown strong performance, with significant gains in the technology sector, particularly in AI chip companies like Cambrian and Hygon, which have seen stock price surges of over 20% and 300% respectively, raising the valuation ceiling for AI chip stocks in the STAR Market [1] Group 1: Company Performance - Muxi Co., Ltd. has reported continuous losses from 2022 to Q1 2025, with cumulative losses reaching 3.29 billion yuan, indicating a trend of increasing losses year over year [2] - The company has invested heavily in R&D, totaling 2.466 billion yuan, which is 2.2 times its total revenue of 1.116 billion yuan during the same period, alongside significant stock-based compensation expenses of 602 million yuan [2] - Operating cash flow has been negative across all periods, with a total outflow of 4.361 billion yuan, highlighting ongoing cash flow challenges [2] Group 2: Debt and Liquidity Issues - By the end of 2024, Muxi's total interest-bearing debt is projected to rise to 2.291 billion yuan, with short-term debt at 517 million yuan and long-term debt at 1.774 billion yuan, indicating a concerning debt structure [2] - As of Q1 2025, the company's total debt decreased to 432 million yuan, but the proportion of short-term debt surged to 92%, with 398 million yuan needing to be repaid within nine months [3] - The company faces significant repayment pressure, with cash reserves of only 123 million yuan, much of which is earmarked for operational expenses, leading to concerns about liquidity risk [4]

Core Viewpoint - The article discusses the valuation and potential risks associated with the GPU company Muxi Integrated Circuit, which has a post-financing valuation of 21 billion yuan and is seeking to raise 3.904 billion yuan through its IPO. The focus is on whether the company's high valuation is justified or merely an illusion based on its financial performance and product dependency [2][28]. Group 1: Revenue Dependency and Risks - Muxi's revenue is heavily reliant on a single product, with over 97% of its income coming from one source, raising concerns about sustainability [3][7]. - The company reported a compound annual growth rate (CAGR) of 4074% from 2022 to 2024, with expectations for 2025 revenue to exceed 1 billion yuan, but this optimism is tempered by product structure issues [5][7]. - The revenue from Muxi's IP licensing business saw a dramatic decline of 95% from 2023 to 2024, indicating instability in its revenue streams [7][19]. Group 2: Customer Base and Related Transactions - Muxi's top five customers are also its shareholders, leading to potential conflicts of interest and questions about the sustainability of these relationships [10][15]. - The company’s major clients include Shanghai Yuanlu Jiajia Information Technology Co., which has a significant stake in Muxi, raising concerns about the nature of their transactions [11][15]. - The revenue contribution from major clients is substantial, with the top client contributing nearly 40% of the revenue in the first quarter of 2025, but the long-term stability of these relationships remains uncertain [16][18]. Group 3: Supply Chain and Product Development - Muxi is transitioning to a domestic supply chain for its new GPU products, which may introduce performance and cost challenges compared to its current suppliers [21][24]. - The upcoming C600 GPU is expected to have advanced features, but the acceptance of new products by customers is uncertain due to potential adaptation costs [22][26]. - The company aims to achieve breakeven by 2026, indicating a strategic shift in operations and product offerings to enhance competitiveness in the market [27][28].