| 是否有其他战略配 | 분 | | | | --- | --- | --- | --- | | 售安排 | | | | | | | 本次发行重要日期 | | | 初步询价日及起止 | 2025 年 12月 2 日 | 发行公告刊登日 | 2025 年 12月 4日 | | 时间 | (T-3 日) 9:30-15:00 | | (T-1日) | | 网下申购日及起止 时间 | 2025年12月5日(T 日) 9:30-15:00 | 网上申购日及起止 时间 | 2025年12月5日(T 日) 9:30-11:30, 13: | | | | | 00-15:00 | | 网下缴款日及截止 | 2025 年 12月9日 | 网上缴款日及截止 | 2025 年 12月 9 日 | | 时间 | (T+2 日) 16:00 | 时间 | (T+2日)日终 | | | | 备注:截至招股意向书公告日,沐曦股份尚未盈利。如上市时仍未盈利,自上市之日起 | | | 将纳入科创成长层。 | | | | 11月13日，证监会官网显示，11月12日，证监会已同意沐曦集成电路（上海）股份有限公司（以下简 称：沐曦股份或沐曦）首次 ...

沐曦股份启动科创板IPO发行程序，"国产GPU第一股"争夺战进入冲刺阶段。 国产GPU芯片厂商沐曦股份IPO进程再提速，将于12月5日正式申购。公司拟发行4010万股，募资39.04 亿元投向三大GPU项目研发，其新一代C700系列产品性能对标英伟达H100。 沐曦股份11月26日发布首次公开发行股票并在科创板上市发行安排及初步询价公告。本次发行网上申购 代码787802，初步询价日为12月2日，申购日为12月5日，初始战略配售数量802万股。 | 发行方式 | 本次发行采用向参与战略配售的投资者定向配售、网下向符合条件 的投资者询价配售和网上向持有上海市场非限售 A 股股份和非限售 | | | | --- | --- | --- | --- | | 存托凭证市值的社会公众投资者定价发行相结合的方式进行 | | | | | 定价方式 | 网下初步询价确定发行价格,网下不再进行累计投标询价 | | | | 发行前总股本(万股) 36,000.00 | | 拟发行数量(万股) | 4.010.00 | | 预计新股发行数量 4,010.00 | | 预计老股转让数量 | 0.00 | | (万股) | | (万股 ...

又一国产GPU龙头来了！ 11月26日，沐曦股份发布首次公开发行股票并在科创板上市发行安排及初步询价公告，本次发行拟发行 数量4010万股，初始战略配售数量802万股，网上申购代码787802，初步询价日2025年12月2日，申购日 2025年12月5日。 截至报告期末，沐曦股份GPU产品累计销量超过25000颗，产品相继应用部署于10余个智算集群，算力 网络覆盖国家人工智能公共算力平台、运营商智算平台和商业化智算中心。 根据招股书上会稿，沐曦股份拟募资39.04亿元，拟投向"新型高性能通用GPU研发及产业化项目""新一 代人工智能推理GPU研发及产业化项目"和"面向前沿领域及新兴应用场景的高性能GPU技术研发项 目"，均系围绕公司主营业务投向科技创新领域。 党的二十届四中全会明确提出"加快高水平科技自立自强，引领发展新质生产力"，这一导向在科创板制 度优化中得到充分体现，科创板针对未盈利但技术突破显著的硬科技企业予以制度保障。 据了解，科创板高效推进国产GPU企业的IPO进程，这契合"十五五"规划进一步聚焦集成电路等关键领 域，提出全面实施"人工智能+"行动的精神，是资本市场与国家产业布局深入融合的重要表现 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) registration application of Muxi Integrated Circuit (Shanghai) Co., Ltd., allowing it to list on the STAR Market [1][3]. Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. focuses on the research, design, and sales of high-performance GPU chips and computing platforms, primarily for artificial intelligence training and inference, general computing, and graphics rendering [10][11]. - The company has developed a series of GPU products, including the Xisi N100 series and Xiyun C500 series, which are set to be mass-produced in 2023 and 2024, respectively [7]. Financial Performance - Muxi has not yet achieved profitability, with reported revenues of CNY 426,400 (approximately 0.042 million) in 2022, CNY 53.02 million in 2023, CNY 743.07 million in 2024, and CNY 320.41 million in Q1 2025, totaling approximately CNY 1.117 billion over nearly 13 quarters [6][14]. - The net losses for the same periods were CNY -776.97 million, CNY -871.16 million, CNY -1.41 billion, and CNY -232.51 million, with cumulative losses nearing CNY 3.29 billion [6][14]. - In the first half of 2025, the company reported a revenue of CNY 914.93 million, a year-on-year increase of 404.51%, while the net loss was reduced by 63.74% to CNY -185.89 million [7]. Market Context - The IPO process for Muxi has accelerated, taking only 116 days from application to approval, reflecting a trend among major GPU startups in China, such as Muxi and Moer Technology, which are challenging NVIDIA's market dominance [5][9]. - The company has attracted significant investment from well-known institutions, with a post-financing valuation reaching CNY 21.071 billion [9]. Investment and Development Plans - The funds raised from the IPO will be allocated to various projects, including the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs, with a total investment of approximately CNY 500.92 million [15][16].

Core Viewpoint - The successful approval of Muxi Co., Ltd.'s Sci-Tech Innovation Board listing application marks a significant milestone in China's technology sector, with nearly 4 billion RMB in funding expected to flow into a company that has accumulated losses exceeding 3.2 billion RMB over the past three years [2][4]. Group 1: Company Background and Strategy - Muxi Co., Ltd. was founded in September 2020 by Chen Weiliang, a veteran with nearly 20 years of GPU design experience at AMD, along with other AMD alumni [5]. - The company has attracted significant investment from major venture capital firms and state-backed funds, indicating strong market interest [5]. - Muxi's ambitious development strategy, termed "1+6+X," focuses on establishing a foundational infrastructure for computing power and targeting six key industries, including education, finance, transportation, energy, healthcare, and entertainment [6][7]. Group 2: Financial Performance - Muxi's revenue has seen explosive growth, increasing from less than 500,000 RMB in 2022 to 743 million RMB in 2024, driven by the successful production and market promotion of its flagship product, the Xiyun C500 series [9]. - Despite the revenue growth, the company has reported cumulative losses exceeding 3.2 billion RMB, with a negative cash flow from operating activities that reached 2.148 billion RMB in 2024, highlighting a significant cash burn rate [9]. - The primary reasons for the losses include high expenditures on research and development, personnel costs, and strategic inventory buildup to secure scarce resources [9]. Group 3: Market Competition - Muxi faces intense competition in a crowded market, with global giants like NVIDIA and AMD, particularly NVIDIA's established CUDA ecosystem, posing significant challenges [10]. - Domestic competition includes Huawei's Ascend series chips and several well-funded startups like Biran Technology and Moer Thread, all vying for market share [10][11]. Group 4: Future Outlook - The successful IPO of Muxi signifies a shift from a preparatory phase to an acceleration phase for domestic high-performance GPU companies, reflecting national strategic support for key "hard tech" enterprises [13]. - The capital raised from the IPO will enable Muxi to invest in next-generation chip development, expand market reach, and attract top global talent, enhancing its competitive edge [13]. - Muxi has outlined a clear roadmap to profitability and plans to utilize domestic supply chains for future products, which will help mitigate external uncertainties and strengthen its integration within the domestic industry [14].

Core Viewpoint - The successful IPO application of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. marks a significant milestone in the domestic GPU industry, with the potential to become a Chinese equivalent of NVIDIA, reflecting the growing interest and investment in high-performance GPU technology [4][10][18]. Company Overview - Mu Xi was founded in 2020 by Chen Weiliang, who previously worked at chip giant AMD for over a decade, along with two former colleagues. The company aims to address the gaps in China's integrated circuit industry, particularly in high-performance GPUs [6][7]. - The company has received backing from over 100 investors, indicating strong confidence in its potential [10][13]. Product Development - Mu Xi's main products include the Xisi N series GPUs for AI inference, the Xiyun C series GPUs for training and general computing, and the upcoming Xicai G series GPUs for graphics rendering. The company has delivered over 25,000 GPU units to date [9][11]. - The Xiyun C500 series, which competes with NVIDIA's A100/A800, is the primary revenue driver, with projected revenues of 15.47 million yuan, 721.73 million yuan, and 313.59 million yuan for 2023, 2024, and Q1 2025, respectively [11]. Financial Performance - Despite significant revenue growth, Mu Xi has yet to achieve profitability, with net losses of 77.7 million yuan, 87.1 million yuan, 1.4 billion yuan, and 232.5 million yuan for the years 2022 to Q1 2025 [12]. - The company anticipates reaching breakeven by 2026, highlighting the long-term investment nature of the semiconductor industry [12]. Market Context - The GPU market in China is rapidly evolving, with competitors like Moore Threads and others also pursuing IPOs, indicating a competitive landscape for high-performance computing solutions [16][17]. - The domestic market for accelerated computing servers is projected to reach $22.1 billion by 2024, with GPUs accounting for 69% of this market, underscoring the critical role of GPUs in AI and computing [17]. Investment Landscape - The investment community is keenly interested in Mu Xi, viewing it as a potential high-return opportunity akin to the success of Cambrian [14][18]. - The ongoing trend of domestic chip development is driven by the need for self-sufficiency in AI capabilities, with a consensus forming around the importance of domestic solutions in the face of global supply chain vulnerabilities [17][18].

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Muxi Technology, highlighting its position as a contender for the title of "first domestic GPU stock" alongside other companies in the sector [3][10]. Company Development - Muxi Technology was established five years ago and has achieved a valuation exceeding 21 billion yuan, with total financing surpassing 10 billion yuan from various investors [4][11]. - The company has developed a strong technical team with nearly 20 years of experience in high-performance GPU product development, leading to the successful launch of multiple GPU products [8][9]. Market Context - The increasing importance of domestic GPUs has been driven by intensified Sino-U.S. technological competition, leading to a surge in the domestic GPU market [8]. - Muxi Technology is part of a group of companies known as the "four little dragons" of domestic GPUs, which includes Suiruan Technology, Biran Technology, and Moer Thread [8][10]. Financial Performance - Muxi Technology's revenue over the past 39 months has exceeded 1.1 billion yuan, while the company has incurred a net loss of nearly 3.3 billion yuan [10]. - The company has sold over 25,000 GPU units, indicating a strong market presence [10]. Investment and Financing - The company has attracted significant investment from notable firms such as Sequoia China, IDG Capital, and Lenovo Capital, among others [4][12][15]. - Muxi Technology completed multiple rounds of financing, with the latest round raising over 7.2 billion yuan, further increasing its valuation [15][16]. Shareholder Gains - Prior to its official listing, some shareholders have already realized profits through share transfers, with notable gains reported by investors [18][19]. - The article notes that investor enthusiasm for Muxi Technology has positively impacted the stock prices of related companies [20].

Core Insights - The semiconductor industry is crucial for national digital economy security and competitiveness, with a focus on self-reliance and technological independence [1][3] - Muxi Integrated Circuit (Shanghai) Co., Ltd. is a leader in the domestic high-performance general-purpose GPU sector, aligning with national strategic goals and playing a key role in breaking overseas technology monopolies [3][4] Industry Context - The 20th National Congress emphasized accelerating high-level technological self-reliance, with the Sci-Tech Innovation Board providing a green channel for tech companies to access capital markets [3] - The Sci-Tech Innovation Board has introduced differentiated listing standards for hard tech companies, allowing those with a projected market value of at least 3 billion yuan and recent revenue of no less than 300 million yuan to list, which suits the GPU industry's characteristics of high R&D investment and long return cycles [4] Company Performance - Muxi's projected revenue for 2024 is 743 million yuan, with the latest external equity financing valuing the company at 21.071 billion yuan [4] - The company has invested heavily in R&D, with expenditures of 648 million yuan, 699 million yuan, and 901 million yuan from 2022 to 2024, totaling over 2.2 billion yuan, which is 282.11% of its cumulative revenue during the same period [5] - Muxi has developed a full product matrix covering intelligent computing inference, training integration, and graphics rendering, with its self-developed C500 series GPU chips achieving domestic leadership in performance [4][5] Technological Advancements - Muxi has achieved significant breakthroughs in technology and product development, with a core team possessing top-tier GPU expertise [6][7] - The company has developed proprietary technologies such as MetaXLink for high-speed interconnects, enhancing the performance of large-scale computing clusters [7] - Muxi's products have been deployed in key sectors including education, finance, transportation, and energy, demonstrating their applicability in high-end computing scenarios [7][9] Supply Chain Strategy - Muxi is proactively building a domestic supply chain to mitigate risks associated with global semiconductor uncertainties, having established stable partnerships with domestic foundries and packaging/testing facilities [8] - The company plans to further reduce reliance on foreign supply chains with its new generation of training and inference chips [8] Market Position and Future Outlook - Muxi holds approximately 1% market share in China's AI chip market and is one of the few domestic GPU manufacturers to achieve commercial applications of thousand-card clusters [10] - The company aims to expand its market share by leveraging established channels and technological advantages, aligning with national strategies for AI empowerment across various industries [10] - Muxi's development is recognized as strategically significant for the upgrade of the domestic GPU industry and the broader semiconductor sector, contributing to high-quality development of the digital economy [10][11]

Core Insights - Muxi Integrated Circuit Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, marking a significant milestone for unprofitable hard-tech companies in China [1] - The company aims to raise 3.904 billion yuan for technology innovation projects, with a projected revenue growth from 426,400 yuan in 2022 to 743 million yuan in 2024, representing a growth rate of 4074.52% [1] Company Overview - Muxi focuses on the research and design of full-stack GPU products, with proprietary intellectual property [1] - The flagship GPU series, Xiyun C500, has entered mass production, contributing to the company's revenue growth [1] - The company has sold over 25,000 GPU units, which are utilized in more than ten intelligent computing clusters [1] Financial Projections - As of September 5, the company has an order backlog of 1.43 billion yuan, nearly double its projected revenue for 2024 [1] - The company anticipates reaching breakeven by 2026 [1] Market Context - Muxi's IPO approval follows the recent approval of domestic GPU manufacturer Moore Threads, which took 88 days from application to approval [1] - Other companies like Suiruan Technology and Biran Technology are currently in the listing guidance phase, indicating a competitive landscape for domestic GPU manufacturers [1] Shareholder Composition - The shareholder list includes notable institutions, with Chaos Investment, led by prominent investor Ge Weidong, holding 7.48% of the shares, second only to the controlling shareholder [1] - Other investors include well-known venture capital firms such as Matrix Partners, Helix Capital, and Sequoia Capital [1]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has received approval for its IPO application, indicating compliance with issuance and listing conditions, despite facing challenges such as competition and ongoing losses [2][3]. Company Overview - Muxi is a key player in developing high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD [3]. - The company has sold over 25,000 GPUs and has applications in various AI public computing platforms and commercial intelligent computing centers [3]. Financial Performance - Muxi reported a revenue of 915 million yuan in the first half of the year, a year-on-year increase of 404.51%, but still incurred a loss of 186 million yuan [4]. - For the first nine months of the year, Muxi expects revenue between 1.2 billion and 1.26 billion yuan, reflecting a growth of 437.36% to 464.23%, with anticipated losses of 300 million to 380 million yuan [4]. - Cumulative losses from 2022 to 2024 exceeded 3.2 billion yuan, with the company not expected to reach breakeven until at least 2026 [4][5]. Market Position - Muxi holds a market share of approximately 1% in the domestic AI chip market, which is projected to grow significantly from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029 [7][8]. - The domestic AI chip market is currently dominated by international giants like NVIDIA and AMD, with Muxi facing significant competition [7][8]. Customer Concentration - Muxi's revenue is highly dependent on a single product, the Xiyun C500 series, which accounted for over 97% of its main business revenue in recent periods [5]. - The company has a high customer concentration, with 88.35% of revenue in the first quarter coming from its top five customers [5][6]. Shareholder Structure - Muxi has a diverse shareholder base with 124 shareholders, the largest being Shanghai Jiaomai with 13.3% ownership [9][10]. - Notable investors include Ge Weidong and his firm Chaos Investment, holding 7.48%, and various venture capital firms [10].