上周三，沐曦股份登陆科创板，开盘暴涨超568%，市值瞬间突破3000亿元。1.9万股民集体狂欢，因为中一签就能暴赚30万，这要比前几天上市的摩尔线 程还要夸张。当下，两家公司市值合计超6000亿元，整个资本市场洋溢着一股近乎狂热的乐观气息。 更令人兴奋的是，就在沐曦上市的同一天，壁仞科技传来港股IPO已通过聆讯的消息，最快2026年初挂牌。这相当于给了前两次没赶上的投资者第三次机 会，国产GPU板块即将掀起新一轮高潮。中国GPU的春天，似乎终于来了。 但冷静下来看，这场国产GPU的狂欢，似乎只有投资者赚得盆满钵满。 根据招股书中披露的财务状况显示，摩尔线程、沐曦、壁仞目前均处于大额亏损状态。其中，摩尔线程2025年前三季度亏损7.24亿，沐曦为3.46亿，壁仞 在今年上半年亏损为16.01亿。更重要的是，目前三家公司都处在加大研发的阶段，商业化也都刚刚起步，根本不存在短期盈利的可能。 可在投资者眼中，这点亏损根本不算事。 因为三家公司的GPU可是AI时代的硬通货。从2023年大模型热潮爆发以来，全球算力供不应求。最大受益者英伟达在每个报告期都赚爆，成为人类历史 上市值最高的公司。各大投行打着计算器，接连给国产 ...

Core Viewpoint - The company, Muxi Co., Ltd., has rapidly gained attention in the GPU market, achieving a market capitalization exceeding 300 billion yuan shortly after its IPO, despite currently operating at a loss [2][8]. Company Overview - Muxi Co., Ltd. was founded by Chen Weiliang, a former AMD executive, who aimed to fill the gap in the domestic GPU market [3][4]. - The company has positioned itself as the "Chinese version of AMD," focusing on high-performance general-purpose GPU computing [2][3]. Financial Performance - On its first trading day, Muxi's stock price surged nearly 7 times, closing at 829.90 yuan per share, and later settled at 715.6 yuan, still reflecting a nearly 6-fold increase from the issue price [2][8]. - For the first three quarters of 2025, Muxi reported revenues of 1.236 billion yuan, with a net loss of 346 million yuan, marking a 55.79% reduction in losses year-on-year [2][7]. Product Development - Muxi's first intelligent computing inference chip, Xisi N100, was successfully mass-produced in April 2023, marking a significant milestone in the company's journey [6]. - The company launched the Xiyun C500 series in 2024, which significantly improved its market competitiveness, contributing to 97.87% of revenue in the first quarter of 2025 [7]. Market Strategy - Muxi has chosen to focus on the B-end data center market rather than the competitive consumer graphics card market, adopting a "compatibility + self-research" technology route [4][6]. - The company has engaged in extensive fundraising efforts, attracting over 120 institutional investors prior to its IPO [8]. Future Outlook - Muxi has set a target to achieve breakeven by 2026, acknowledging the capital and technology-intensive nature of the GPU industry [9].

▲ 戳蓝 色字关注我们！ "凡所为，臻于至善。"—— 英特尔创始人 戈登・摩尔 昨天晚上刷朋友圈，发现做投资的朋友们全都在晒沐曦股份的打新收益 —— 中一签最高能赚 40 万！ 这个数字是什么概念？很多人一年的收入也就这个水平。 但我今天想跟大家聊的，不是这个造富神话，而是它背后那些 90% 的人都没看懂的门道。 你知道吗？ 就在沐曦昨天上市的同一天，MiniMax 和智谱 AI 双双通过了港交所聆讯要争夺 "全球大模型第一股" 的称号。 而今天壁仞科技也通过了港交所聆讯，即将成为 "港股国产 GPU 第一股"； 也就是说，沐曦的营收确实比摩尔高，但也就是 2-3 倍的差距。 可市值呢？沐曦现在 3320 亿，摩尔线程大概 2400 亿左右。 这个估值是怎么撑起来的？ 前段时间我在一个投资人聚会上，听到有人说 "现在投国产 GPU 就是闭着眼睛赚钱"。 当时我就没忍住问了一句：沐曦的核心技术壁垒是什么呀？它跟摩尔线程、壁仞科技的本质差异化是什么？ 对方愣了半天，说 "反正就是对标英伟达嘛"。 这是巧合吗？当然不是。 今天给大家拆解一下这波 AI 公司 IPO 扎堆背后的真实逻辑。 一、3320 亿市值的谜题： ...

Core Viewpoint - The recent performance of Muxi Co., a leading domestic GPU company, has drawn attention, with its stock price experiencing a decline after a significant initial surge following its market debut [1][3]. Company Performance - Muxi Co. opened at 782.03 CNY per share on December 18, down 5.77% from its previous close of 829.00 CNY, resulting in a market capitalization of approximately 313.3 billion CNY [1][2]. - On its debut day, December 17, Muxi Co. achieved a remarkable single-day increase of 692.95%, closing at 829.90 CNY per share, with a total market value of 3320.43 billion CNY [3]. - The company has not yet turned a profit but is on a path to significantly reduce its losses, with a reported net loss of 3.46 billion CNY for the first three quarters of 2025, a 55.79% reduction year-on-year [5][8]. Product and Revenue Growth - Muxi Co.'s core product, the Xiyun C500 series, has seen substantial growth, contributing to a revenue increase of 453.52% year-on-year, reaching 1.236 billion CNY for the first nine months of 2025 [8][9]. - The Xiyun C500 series accounted for 30.09% of the company's revenue in 2023, with projections indicating this will rise to 97.28% in early 2025 [9]. Market Position and Competition - Muxi Co. is positioned in the GPU market, focusing on general-purpose and unified GPU computing architectures, and is competing against established players like NVIDIA, which holds a 70% market share in China's AI chip market [15]. - The company aims to capture a larger share of the AI accelerator market, currently estimated at about 1% for 2024, indicating significant growth potential [15]. Strategic Initiatives - Muxi Co. is actively developing a domestic supply chain for its next-generation Xiyun C600 chip, expected to be delivered in October 2024, which will enhance its production capabilities and technological independence [10][12]. - The company is also expanding its customer base, focusing on partnerships with major internet companies and telecommunications operators, with ongoing discussions and product testing expected to lead to orders in 2025 [18]. Future Outlook - Muxi Co. anticipates achieving annual revenues between 1.5 billion CNY and 1.98 billion CNY for 2025, representing a year-on-year growth of 101.86% to 166.46%, despite projected losses of 5.27 billion CNY to 7.63 billion CNY [12]. - The company is well-positioned to leverage the growing demand for AI inference and training solutions, with a focus on enhancing its software ecosystem to support rapid deployment of applications on its GPU products [15][16].

Core Viewpoint - The article discusses the recent performance and market position of Muxi Co., a leading domestic GPU company, highlighting its stock fluctuations, financial results, and competitive landscape in the AI chip market. Group 1: Stock Performance and Market Entry - Muxi Co. opened lower on December 18, with its stock price dropping 5.77% to 782 CNY per share after a significant debut on December 17, where it achieved a 692.95% increase, closing at 829.9 CNY per share and a market capitalization of 3320.43 billion CNY [1][3]. - The company set a record for the most profitable new stock, with investors potentially earning around 395,200 CNY for a single lot of shares [3]. Group 2: Financial Performance and Growth - Muxi Co. is still in a loss-making state but has shown significant improvement, with a revenue of 1.236 billion CNY for the first three quarters of 2025, marking a 453.52% year-on-year increase [8]. - The net loss for the same period was 346 million CNY, a reduction of 55.79% compared to the previous year [8]. - The company anticipates a total revenue of 1.5 billion to 1.98 billion CNY for the year, representing a year-on-year growth of 101.86% to 166.46% [11]. Group 3: Product Development and Market Position - Muxi Co. focuses on GPU technology, with its flagship product, the Xiyun C500 series, contributing significantly to its revenue, accounting for 30.09% in 2023 and projected to reach 97.28% by the first quarter of 2025 [8]. - The company is developing the next-generation Xiyun C600 chip, which is expected to be delivered in October 2024, and aims to establish a fully domestic supply chain [10]. Group 4: Competitive Landscape and Market Share - Muxi Co. currently holds approximately 1% of the AI accelerator market in China, indicating substantial growth potential [13]. - The company has developed a software ecosystem compatible with over 6000 CUDA applications, enhancing its competitive edge in the market [13]. - Muxi Co. is actively engaging with major internet companies and telecom operators to expand its customer base and has secured orders worth 1.43 billion CNY as of September 5 [14][15]. Group 5: Challenges and Future Outlook - Despite the positive growth trajectory, Muxi Co. faces challenges, including ongoing losses and the need to establish a robust ecosystem for its general-purpose GPU chips [5][6]. - The potential re-entry of NVIDIA's H200 chip into the Chinese market raises concerns about competition, although it is noted that the current focus of Muxi Co. is on inference applications, which may not directly compete with NVIDIA's offerings [16].

Core Insights - The domestic GPU sector is experiencing significant investor enthusiasm, highlighted by the successful IPOs of two major players, Moore Threads and Muxi Co., which have both shown remarkable market performance despite ongoing financial losses [1][2] Group 1: Company Performance - Muxi Co. achieved a market valuation exceeding 330 billion yuan on its first trading day, with stock prices soaring close to 900 yuan per share, while Moore Threads reached a peak of 941.08 yuan per share shortly after its IPO [1][2] - Both companies are currently facing substantial financial challenges, with Muxi Co.'s revenue projected to rise from 426,400 yuan in 2022 to 743 million yuan in 2024, yet net losses are expected to increase from 776 million yuan to 1.403 billion yuan during the same period [1][2] - Moore Threads anticipates a cumulative net loss exceeding 5.2 billion yuan from 2022 to 2024, with R&D expenses amounting to 3.809 billion yuan, which is 6.25 times its projected revenue [1][2] Group 2: Market Expectations - The high valuations of both companies stem from a consensus on the vast potential of the domestic GPU market, with IDC predicting that China's accelerated server market will exceed 100 billion USD by 2029 [2] - Research from Jiangyin International suggests that the domestic computing chip industry is expected to flourish, benefiting from advancements across various segments, including wafer foundry and semiconductor equipment [2] Group 3: Investment Landscape - Both companies have attracted significant "patient capital," with Muxi Co. having over 120 shareholders and Moore Threads more than 80, including top-tier venture capital firms and state-owned funds [3][4] - Notable investors include major insurance funds and prominent venture capital firms, indicating a strong belief in the long-term potential of these companies [4][5] Group 4: Technological Development - The transition from R&D to commercial application in the GPU sector typically requires extensive investment over many years, with both companies demonstrating rapid growth in product development [6] - Moore Threads has launched several GPU architectures since its first chip in 2021, while Muxi Co. has begun mass production of its main product, the Xiyun C500, which is expected to contribute significantly to its revenue [6] Group 5: Future Outlook - Analysts predict that domestic companies like Moore Threads and Muxi Co. will accelerate their development in the computing chip sector, supported by strong policy guidance [7] - Despite the promising outlook, challenges remain, including the high R&D costs and the need for rigorous technical validation to enter key industry markets [7]

Core Viewpoint - The domestic GPU chip company, Muxi Co., has made significant strides by successfully listing on the capital market, achieving a remarkable single-day increase of 692.95% and a market capitalization of 332.04 billion yuan, marking a pivotal moment for domestic GPU chip capitalization [2][4]. Group 1: Company Performance - Muxi Co. achieved a record for the most profitable new stock, with investors potentially earning approximately 395,200 yuan per lot based on the peak price of 895 yuan per share [3]. - Despite facing challenges, Muxi Co. has shown continuous improvement in reducing losses, with a net profit loss of 346 million yuan for the first three quarters, a year-on-year reduction of 55.79% [8]. - The company's core product, the Xiyun C500 series, has become a significant revenue source, contributing 30.09% to total revenue in 2023, with projections of 97.28% and 97.87% for the first quarters of 2024 and 2025, respectively [8][10]. Group 2: Market Position and Competition - Muxi Co. is positioned in the GPU market, focusing on general-purpose and unified GPU computing architecture, with its products competing in performance metrics against NVIDIA's offerings [9]. - The company is expected to capture approximately 1% of the Chinese AI accelerator market in 2024, indicating substantial growth potential [12]. - The return of NVIDIA's H200 chip to the Chinese market raises questions about competitive dynamics, although current applications of H200 are primarily in large model training, which does not directly compete with Muxi's focus on inference scenarios [17][18]. Group 3: Strategic Development and Supply Chain - Muxi Co. has proactively built a domestic supply chain for its next-generation training and inference chip, the Xiyun C600, set for delivery in October 2024, ensuring core technology is self-controlled [10]. - The company has significantly increased its inventory levels to ensure stable raw material supply amid geopolitical tensions, with inventory rising from approximately 180 million yuan in 2022 to 777 million yuan by the end of 2024 [11]. - Muxi Co. is actively expanding its customer base, focusing on partnerships with major internet companies and telecommunications operators, with expectations of securing significant orders in 2025 [16].

Core Viewpoint - The domestic GPU chip company, Muxi Co., has made significant strides by successfully listing on the capital market, achieving a remarkable single-day increase of 692.95% and a market capitalization of 332.04 billion yuan, marking a pivotal moment for the domestic GPU industry [2][4]. Group 1: Company Performance - Muxi Co. achieved a record for the most profitable new stock, with investors potentially earning approximately 395,200 yuan per lot based on the peak price of 895 yuan per share [3]. - Despite facing challenges, Muxi Co. has shown continuous improvement in its financial performance, with a significant revenue increase of 453.52% year-on-year, reaching 1.236 billion yuan for the first three quarters of 2025 [8]. - The company reported a net loss of 346 million yuan for the first three quarters, a reduction of 55.79% compared to the previous year, indicating a positive trend in loss reduction [8]. Group 2: Product Development and Market Position - Muxi Co. focuses on the GPU market, with its flagship product, the Xiyun C500 series, contributing significantly to its revenue, accounting for 30.09% in 2023 and projected to reach 97.28% in early 2025 [8][10]. - The company is developing the next-generation Xiyun C600 chip, which is expected to be delivered in October 2024, and aims to establish a fully domestic supply chain for its production [10]. - Muxi Co. is positioned to capture a growing share of the AI accelerator market, with an estimated market share of approximately 1% in 2024, indicating substantial growth potential [13]. Group 3: Strategic Partnerships and Customer Base - Muxi Co. is actively expanding its customer base, focusing on partnerships with major internet companies and telecommunications operators, with ongoing discussions and testing expected to lead to orders in 2025 [17]. - The company has secured a significant order backlog of 1.43 billion yuan, primarily from its Xiyun C500 series, indicating strong demand from existing and new customers [16]. - Muxi Co. is recognized as one of the few domestic suppliers capable of large-scale commercial applications of GPU clusters, supporting various AI models and applications [16]. Group 4: Competitive Landscape and Market Dynamics - The return of NVIDIA's H200 chip to the Chinese market raises questions about potential competition, although it is primarily focused on large model training, which may not directly compete with Muxi Co.'s current offerings [19]. - The domestic AI chip market is evolving, with Muxi Co. and other companies like Moer Thread capitalizing on the growing demand for AI inference, suggesting a shift in market dynamics [19]. - The successful listing of Muxi Co. and Moer Thread reflects a broader trend of domestic GPU chip development, driven by technological independence and ecosystem building [19].

Core Viewpoint - The recent IPOs of domestic GPU companies, specifically Moore Threads and Nuxi, have created significant wealth, with Nuxi's stock price soaring 568.83% on its first day, reaching a market capitalization of 280 billion yuan. This has raised questions about the sustainability of such rapid growth and the competitive landscape in the domestic GPU market [1][2]. Company Overview - Nuxi was founded in September 2020 by Chen Weiliang, who has extensive experience at AMD, and its product line includes three main series: the N series for AI inference, the C series for training and general computing, and the G series for graphics rendering, which is still in development [2][3]. - Moore Threads, often referred to as the "domestic NVIDIA," has a different background, with its founder Zhang Jianzhong having worked at NVIDIA for 14 years, influencing its technology strategy [8][10]. Product Strategy - Nuxi's strategy focuses on a clear product line, starting with inference chips, followed by training chips, and eventually graphics rendering capabilities. This approach has led to rapid revenue growth, with projections indicating a compound annual growth rate of 4074.52% from 2022 to 2024 [5][6]. - Moore Threads employs a dual strategy targeting both consumer (To C) and business (To B) markets, with a diverse product range that includes high-performance chips for various applications [16][17]. Financial Performance - Nuxi's revenue surged from 426,400 yuan in 2022 to an estimated 7.43 billion yuan in 2024, but it has also faced significant losses, with cumulative losses exceeding 3 billion yuan from 2022 to 2024 [5][6]. - Moore Threads is also expected to face similar financial challenges, with projections indicating it may not achieve profitability until 2027 [5][20]. Market Position and Competition - Nuxi's products are primarily deployed in national computing platforms and industry-leading enterprises, with a heavy reliance on its C500 series, which is expected to contribute 98% of its revenue in 2024 [6][18]. - In contrast, Moore Threads has a broader market approach, but both companies face significant competition from NVIDIA, which maintains a substantial performance lead in the GPU market [20][23]. Future Outlook - The ongoing competition between Nuxi and Moore Threads raises questions about who will emerge as the next successful player in the domestic GPU market, especially as both companies strive to overcome the performance gap with NVIDIA [1][20]. - The entry of other players like Baidu's Kunlun Chip, which is expected to have a significant revenue advantage, adds further complexity to the competitive landscape [26][27].

Core Viewpoint - The article discusses the remarkable debut of Muxi Technology on the stock market, highlighting its stock price surge and the implications for the domestic GPU industry, particularly in the context of AI and computing power demand. Group 1: Stock Market Performance - On its first trading day, Muxi Technology's stock price soared over 700%, reaching a peak of 895 yuan, resulting in a single contract profit of nearly 400,000 yuan, setting a new record for new stocks under the comprehensive registration system [1] - By the end of trading, Muxi Technology closed at 829.9 yuan, up 693%, with a turnover rate of 84.72% and a total market value of 332 billion yuan, approaching the market value of the recently listed Moer Technology [2] Group 2: Market Valuation and Industry Context - The high valuation of Muxi Technology, despite not yet being profitable and its core products still in the early stages of scaling, raises questions about how the capital market perceives the value of domestic GPU companies [4] - The demand for computing power has been growing steadily over the past two years, with significant investments from government and enterprise sectors in AI training, inference, and intelligent computing centers [5] Group 3: Company Background and Leadership - Muxi Technology was founded in September 2020 in Shanghai, focusing on high-performance general-purpose GPU chips and solutions, primarily targeting AI training and inference, data centers, and high-performance computing [8] - The founding team consists of three senior scientists with extensive backgrounds at AMD, which may influence the company's focus on engineering implementation and commercialization efficiency [9][10] Group 4: Product Development and Revenue Growth - Muxi Technology has disclosed scalable revenue, with significant growth from 426,000 yuan in 2022 to 530.2 million yuan in 2023, and projected revenues of 743 million yuan in 2024 and 1.236 billion yuan in the first three quarters of 2025 [24] - The company has completed multiple generations of GPU tape-out and mass production, with the C500 series already generating revenue in AI training and inference applications [23] Group 5: Competitive Landscape and Future Outlook - Muxi Technology aims to achieve breakeven by 2026, earlier than Moer Technology's projected breakeven in 2027, indicating a potentially faster path to profitability [27] - The article emphasizes that while both Muxi and Moer have received high initial valuations, the true measure of success will depend on who can establish a sustainable business model for domestic GPUs in the next 2-3 years [30][31]