今天沐曦股份（下文简称"沐曦"）正式在上海证券交易所科创板挂牌上市。这是继摩尔线程之后，"国产GPU四小龙"（摩尔线程、沐曦股份、壁仞科技和 燧原科技）中第二家成功上市的企业。 2020年11月，沐曦宣布完成近亿元天使轮融资，这轮融资由和利资本领投并协助发起设立。 但故事的起点，要追溯到更早的年份。 数据显示，沐曦发行价104.66元/股，发行4010万股，占总股本大约10%，发行市值419亿元。上市首日，沐曦股份以700元/股开盘，高开568.83%，超过了 摩尔线程上市首日的开盘价，盘中最高价一度达到895元/股。截至本日收盘，沐曦股份报829.9元/股，较发行价涨692.95%，总市值达到3320.43亿元。 沐曦股份敲钟现场，图片来源：沐曦 对于早期的投资人而言，沐曦的上市不仅是一次财务回报的兑现，也是一次关于"时间价值"的深刻验证。 昨晚，在沐曦上市前的晚宴上，沐曦创始人陈维良握着光速中国、心资本创始人韩彦的手说："感谢一路支持，实属不易。"作为沐曦A轮的投资人，韩彦 也很动情地对陈维良说："是我们一起坚持下来了。" 在半导体这个投入巨大、周期漫长、不确定性极高的赛道里，能够陪跑至此，本身就是一种稀 ...

一个选择与陪伴的故事。 作者｜王艺 编辑｜王博 今天沐曦股份（下文简称"沐曦"）正式在上海证券交易所科创板挂牌上市。这是继摩尔线程之后，"国产GPU四小龙"（摩尔线程、沐曦股份、壁仞科技和 燧原科技）中第二家成功上市的企业。 数据显示，沐曦发行价104.66元/股，发行4010万股，占总股本大约10%，发行市值419亿元。上市首日，沐曦股份以700元/股开盘，高开568.83%，超过了 摩尔线程上市首日的开盘价，盘中最高价一度达到895元/股。截至本日收盘，沐曦股份报829.9元/股，较发行价涨692.95%，总市值达到3320.43亿元。 沐曦股份敲钟现场，图片来源：沐曦 对于早期的投资人而言，沐曦的上市不仅是一次财务回报的兑现，也是一次关于"时间价值"的深刻验证。 昨晚，在沐曦上市前的晚宴上，沐曦创始人陈维良握着光速中国、心资本创始人韩彦的手说："感谢一路支持，实属不易。"作为沐曦A轮的投资人，韩彦 也很动情地对陈维良说："是我们一起坚持下来了。" 在半导体这个投入巨大、周期漫长、不确定性极高的赛道里，能够陪跑至此，本身就是一种稀缺的胜利。 然而，2010~2015年，随着腾讯、阿里、美团等互联网公司的相 ...

就在这种情绪之中，沐曦集成电路（上海）股份有限公司（以下简称"沐曦股份"）走到了科创板门口。 这家公司成立于2020年，核心团队来自AMD，没有选择"全面对标英伟达"的全功能GPU路线，而是押注通用GPU （GPGPU），从推理切入，再走向训推一体，试图在工艺受限、生态被垄断的现实条件下，搭建一条更强调自主IP、软 件兼容性和集群能力的技术路径。 从结果看，沐曦股份已经跑出了罕见的商业化速度：截至2025年3月底，其GPU产品累计销量超过2.5万颗，训推一体芯 片收入在一年内成为绝对主力，营业收入从2022年的不足50万元增长至2024年的7.43亿元。但另一面也同样清晰，高强 度研发投入、尚未盈利的财务现实，以及一条注定漫长的GPU产业周期。 当资本已经开始为"国产GPU"计时，沐曦股份所代表的，其实并不只是一家即将上市的公司，而是国产GPU正在走向分 岔口的一种选择：不追求最快兑现的故事，而是押注一条更慢、也更难的长期路径。 一、为什么是现在：国产GPU走到必须被验证的时间点 国产GPU公司密集冲刺资本市场，并不是偶然。从产业节奏看，这是多重外部变量在同一时间叠加后的结果。 首先，是算力需求结构的变化。 ...

Core Viewpoint - The approval of Muxi Integrated Circuit (Shanghai) Co., Ltd. for its IPO on the Sci-Tech Innovation Board highlights the support of the domestic capital market for "hard technology" enterprises, particularly in the GPU sector [1][2]. Industry Overview - The GPU design industry has high technical barriers, requiring expertise across hardware architecture, IP/SoC chips, packaging, software architecture, and drivers, with a typical R&D to mass production cycle of 2-3 years [2]. - The global GPU market is characterized by a duopoly, with international firms holding a dominant position. The domestic accelerated computing server market is projected to reach $22.1 billion in 2024, with GPUs accounting for 69% of this market [2]. Company Development - Muxi focuses on the general GPU sector for data centers, which is the highest value segment of the industry chain. Its product, the Xiyun C500, is reported to match or exceed the performance of international competitors [3]. - The company has achieved significant sales milestones, with over 25,000 GPUs sold by March 2025, and has established applications in various AI public computing platforms across major cities [3]. - Financially, Muxi has demonstrated resilience with a compound annual growth rate of 4074.52% in revenue over the past three years, with projected revenue of approximately 900 million yuan in the first half of 2025, surpassing the total revenue for 2024 [3]. Order and Growth Potential - As of September 5, 2025, Muxi's order backlog reached 1.43 billion yuan, nearly double the total revenue for 2024, indicating strong future growth potential [4]. - The company anticipates achieving breakeven by 2026 as revenue scales up and operational efficiencies are realized [4]. Market Dynamics - The synergy between capital market reforms and the growth trajectory of Muxi illustrates a deep resonance with the hard technology sector, where supportive policies provide a conducive environment for long-term R&D [5]. - Muxi's ability to leverage institutional advantages for technological advancement and market expansion is crucial for its path to profitability and contributes to the domestic GPU localization process [5].

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights the upcoming IPO of Muxi Integrated Circuit (Shanghai) Co., Ltd., which aims to raise 3.904 billion yuan for GPU research and industrialization [4] - Muxi has made significant advancements with its domestic general-purpose GPU, the Xiyun C600, which is expected to enter risk production by the end of 2025 [5] - The company is actively expanding its customer base in the internet and telecommunications sectors, with a current order backlog of 1.43 billion yuan [6][8] Summary by Relevant Sections Industry Basic Situation - Closing index level is 5228.93, with a 52-week high of 5841.52 and a low of 3963.29 [1] Market Performance - Muxi's market share is currently around 1%, but it is expected to grow significantly due to the acceleration of domestic substitution trends [6] Investment Recommendations - The report suggests focusing on companies related to Muxi, including Yidu International Holdings, Ruisheng Intelligent, and others in the domestic computing power sector [9]

Core Viewpoint - The article emphasizes the supportive regulatory environment for hard technology companies, particularly in the GPU sector, highlighting the potential for growth and investment opportunities in this area due to recent policy changes and market dynamics [1][4]. Group 1: Regulatory Environment and Support - The China Securities Regulatory Commission (CSRC) has introduced measures such as the "16 Articles for Science and Technology Innovation" and "8 Articles for the Science and Technology Innovation Board," which enhance the capital market's acceptance of hard technology companies [1]. - The regulatory support is particularly aimed at unprofitable but technically strong science and technology enterprises, indicating a shift towards accommodating high R&D, long-cycle industries [1]. Group 2: Company Profile - Muxi Integrated Circuit - Muxi Integrated Circuit (Shanghai) Co., Ltd. focuses on general-purpose GPU chip development and has achieved technological breakthroughs in the AI chip sector, traditionally dominated by international firms [2]. - Despite currently being in a loss-making state, Muxi's significant R&D investments reflect its commitment to core technology and its strategic contribution to national computing infrastructure [2]. - As of September 5, 2025, Muxi has secured orders worth 1.43 billion yuan, providing a solid foundation for future growth [2][8]. Group 3: Market Dynamics and Demand - The GPU market is characterized by high technical barriers, with design processes typically taking 2-3 years and requiring substantial R&D investments [3]. - The global GPU market is dominated by a few players, with NVIDIA holding over 80% market share, indicating high entry barriers for new competitors [3]. - 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 accounting for 69% of this market [4]. Group 4: Financial Performance and Growth Trajectory - Muxi's revenue has shown rapid growth, with a compound annual growth rate of 4074.52% over the past three years, indicating successful commercialization of its products [7]. - The company aims to achieve breakeven by 2026, supported by a strong order backlog and anticipated revenue growth [8][9]. - Muxi's long-term technical accumulation is a core driver of its accelerated commercialization, with over 25,000 GPUs sold and applications across various intelligent computing clusters [7].