又有一家GPU芯片公司即将登陆科创板。 | 11月26日晚间，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。 | | --- | | 发行人基本情况 | | | | | --- | --- | --- | --- | | 公司全称 | 沐曦集成电路(上 | 证券简称 | 沐曦股份 | | 海)股份有限公司 | | | | | 证券代码/ | 688802 | 网上申购代码 | 787802 | | 网下申购代码 | | | | | 网下申购简称 | 沐曦股份 | 网上申购简称 | 沐曦申购 | | 所属行业名称 | 计算机、通信和其他 | 所属行业代码 | C39 | | 电子设备制造业 | | | | | 本次发行基本情况 | | | | | 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 | | | 的投资者询价配售与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(股) ...

Core Viewpoint - A new GPU chip company, Muxi Co., Ltd., is set to launch an IPO on the Sci-Tech Innovation Board, reflecting ongoing support for high-tech, unprofitable enterprises in China [1][4]. Company Basic Information - Company Name: Muxi Integrated Circuit (Shanghai) Co., Ltd. [2] - Stock Code: 688802 [2] - Industry: Computer, Communication, and Other Electronic Equipment Manufacturing [2] - Total Shares Before Issuance: 360 million [2] - Proposed Issuance Quantity: 40.1 million shares [2] - Post-Issuance Total Shares: 400.1 million [2] - Initial Strategic Placement Quantity: 8.02 million shares [2] Issuance Details - Total funds to be raised: 3.904 billion yuan [4] - Use of proceeds: Development of new high-performance general-purpose GPU projects and AI inference GPU projects [4]. - Initial inquiry date: December 2, 2025 [3]. - Subscription date: December 5, 2025 [3]. Financial Performance - Revenue growth from 2022 to 2024: 426,400 yuan, 53.0212 million yuan, and 743 million yuan, with a compound annual growth rate of 4074.52% [5]. - Revenue for the first half of 2025 reached 915 million yuan, a year-on-year increase of 404.51% [5]. - Expected revenue growth for January to September 2025: 437.36% to 464.23% [5]. - Latest order amount as of September 5, 2025: 1.43 billion yuan [5]. Market Position and Product Development - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms for AI computing and graphics rendering [4]. - Cumulative GPU product sales exceeded 25,000 units, with applications in various AI public computing platforms and commercial intelligent computing centers [4].

Group 1 - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration application of Moore Threads Intelligent Technology (Beijing) Co., Ltd. for listing on the STAR Market [1] - The founding team of Moore Threads has a strong background with NVIDIA, and the founder Zhang Jianzhong previously served as NVIDIA's global vice president and general manager for Greater China, indicating significant industry experience [1][2] - Moore Threads has made advancements in key areas of AI chip applications, including chip architecture design, software ecosystem compatibility with CUDA, and cluster communication capabilities, addressing bottlenecks in AI chip applications [1] Group 2 - Other domestic GPU companies such as Birun, Muxi, and Suiyuan have also submitted prospectuses or completed listing guidance, indicating a shift of domestic computing power from "laboratory" to "capital market" [1][2] - The domestic AI computing power sector is entering a growth phase, with leading companies like Haiguang Information and Cambricon reporting significant performance increases in their Q3 2025 reports, and maintaining a high growth trend for the year [1] - As of September 5, 2025, Moore Threads is negotiating expected orders worth approximately 2.004 billion yuan, with over 1.7 billion yuan in project contracts in the AI intelligent computing field [1]

Core Viewpoint - Muxi Technology is set to undergo its IPO review on October 24, 2023, following the approval of another domestic GPU company, Moore Threads, on September 26, 2023 [2] Company Overview - Muxi Technology, established in 2020, focuses on the research, design, and sales of full-stack GPU products for AI training, inference, general computing, and graphics rendering [2] - The company aims to raise 3.904 billion yuan through its IPO to fund various GPU development projects [2] Financial Performance - Muxi Technology has not yet achieved profitability, with projected net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan for the years 2022 to 2024, respectively [3] - For the first nine months of 2023, the company anticipates a net loss between 300 million yuan and 380 million yuan [3] - Revenue is expected to grow significantly from 426,400 yuan in 2022 to 740 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [4] Market Position and Orders - As of September 5, 2025, Muxi Technology has orders totaling 1.43 billion yuan, primarily for the Xiyun C500 series [4] - The company’s founding team has a strong background, with members previously holding senior positions at AMD, a leading global GPU company [4] Industry Context - The IPO progress of domestic GPU manufacturers is supported by favorable policies, including measures from the China Securities Regulatory Commission to facilitate the listing of unprofitable tech companies on the Sci-Tech Innovation Board [5] - The GPU market is projected to remain robust, with IDC forecasting that GPUs will account for 80% of the global AI chip market by 2025 [5] - The global GPU market size is expected to grow from 25.4 billion USD in 2020 to 246.5 billion USD by 2028, with a compound annual growth rate of 32.82% [5]

Core Viewpoint - The article highlights the positive developments for domestic GPU companies, particularly Muxi Integrated Circuit (Shanghai) Co., Ltd., as it prepares for its IPO on the Sci-Tech Innovation Board, benefiting from supportive regulatory policies aimed at fostering high-tech enterprises despite their current unprofitability [1][3]. Group 1: Regulatory Environment - The China Securities Regulatory Commission (CSRC) has implemented reforms to enhance the capital market's support for high-tech companies, including the introduction of the "16 Articles for Innovation" and "8 Articles for the Sci-Tech Innovation Board" [2]. - The regulatory body has shown clear policy support for early-stage tech companies that, while not yet profitable, possess strong technological capabilities and market potential [3]. Group 2: Market Dynamics - The global GPU market is characterized by an oligopolistic structure, with NVIDIA holding over 80% market share, indicating high entry barriers for new competitors [5]. - The rapid adoption of AI applications is driving demand for computing chips, with the domestic accelerated computing server market projected to reach approximately $22.1 billion in 2024, with GPUs dominating this segment [5]. Group 3: Company Performance and Strategy - Muxi's primary focus is on general-purpose GPUs for data centers, which represent the highest value density in the industry. NVIDIA's data center revenue reached $115.19 billion in fiscal 2025, accounting for 88% of its total revenue [6]. - Muxi has reported a compound annual growth rate of 4074.52% over the past three years, with revenue for the first half of 2025 reaching approximately $900 million, surpassing the total revenue for 2024 [8]. - Despite being in a loss-making position, Muxi's net loss for the first half of 2025 was approximately $186 million, a 63.74% reduction year-on-year, primarily due to high R&D expenditures [8].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is preparing for its IPO on the Shanghai Stock Exchange's Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for various GPU development projects, amidst scrutiny regarding its revenue and customer base [1][3]. Group 1: Financial Performance - Muxi's revenue for the first half of 2025 is approximately 900 million yuan, with an order backlog of about 1.14 billion yuan as of August 31, 2025 [3][4]. - The company reported rapid revenue growth, with revenues of approximately 426,400 yuan in 2022, 53.02 million yuan in 2023, and 743 million yuan in 2024, marking a 13-fold increase from 2023 to 2024 [9][10]. - As of March 31, 2025, Muxi's total assets reached approximately 1.046 billion yuan, with a net loss of about 232.51 million yuan for the first quarter of 2025 [10][12]. Group 2: R&D and Personnel Changes - The number of R&D personnel decreased from 706 at the end of 2024 to 652 by March 31, 2025, primarily due to employee turnover and internal restructuring [4][5]. - Muxi's R&D personnel count rebounded to 670 by August 31, 2025, but remains below the previous year's level [5]. - The company emphasizes that the reduction in R&D staff is part of normal human resource management and has not adversely affected its R&D capabilities [5][6]. Group 3: Market Position and Competition - Muxi holds a mere 1% market share in the domestic GPU market, indicating significant growth potential, especially in the AI computing sector [4][12]. - The company faces competition from domestic peers such as Moore Threads and other established firms in the GPU and ASIC chip design sectors [6][11]. Group 4: Executive Team and Corporate Structure - Several executives at Muxi have backgrounds from AMD, enhancing the company's expertise in GPU technology [6][7]. - Muxi was established in September 2020 and transitioned to a joint-stock company in January 2025, with a registered capital of 360 million yuan [7][8]. Group 5: Stock Options and Incentives - Muxi has implemented multiple employee stock option plans, with significant stock payment expenses recorded in recent years, aimed at retaining talent and incentivizing performance [14][15]. - The company plans to continue stock option programs, which may lead to increased expenses impacting financial performance [14][15].