Core Viewpoint - The company Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully passed the IPO review on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan with a valuation of 21 billion yuan, focusing on domestic GPU market replacement against Nvidia's dominance [2]. Financial Performance - Muxi's revenue has shown significant growth, increasing from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a strong compound annual growth rate [2]. - The company reported revenues of 42.64 million yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan from 2022 to the first quarter of 2025, indicating rapid progress [3]. - Despite revenue growth, Muxi has not yet achieved profitability, with cumulative net losses reaching 3.29 billion yuan from 2022 to the first quarter of 2025 [4]. Research and Development - Muxi has invested heavily in R&D, with expenditures of 648 million yuan, 699 million yuan, 900 million yuan, and 218 million yuan for the years 2022 to the first quarter of 2025, totaling approximately 2.465 billion yuan [2][4]. - The company is developing new products, including the next-generation training and inference chips, with the C600 series already in functional testing and the C700 series in the design phase [5]. Customer Base and Shareholders - Muxi's main revenue source is the sales of its core product, the Xiyun C500 series chip, which is expected to generate 722 million yuan in 2024, accounting for 97.28% of the company's revenue that year [3]. - The company has several significant shareholders, including strategic investors who are also key customers, raising concerns about the dependency on these relationships for revenue [6][8]. - The second-largest customer, Shanghai Yuanlu Jia Technology Co., Ltd., holds 0.55% of Muxi's shares and contributed 91 million yuan in sales, representing 28.39% of the company's revenue in the first quarter of 2025 [8][9]. Market Position and Future Outlook - Muxi aims to achieve breakeven by 2026, with expectations of improved profitability and cash flow as sales scale up [4]. - The company emphasizes its independent operations and claims no significant adverse impacts from its relationships with major shareholders [10].

Core Viewpoint - The article highlights the significant progress of domestic GPU companies, particularly Moore Threads and Muxi, as they both received acceptance for their IPO applications, marking a historic moment for the domestic GPU industry [1][2]. Group 1: Company Profiles - Moore Threads was founded by Zhang Jianzhong, a former NVIDIA executive, who established a complete GPU ecosystem in China during his 15 years at NVIDIA [2][5]. - Muxi's founding team has a strong background in AMD, with key members having extensive experience in GPU design and architecture [5][6]. - Both companies aim to break the monopoly of international giants in the high-performance GPU market, despite their different strategic focuses [9]. Group 2: Product Development and Market Strategy - Moore Threads targets both data center (B-end) and consumer gaming graphics card (C-end) markets, aiming to create a comprehensive ecosystem [3][10]. - Muxi focuses primarily on the data center market, starting with general-purpose computing (GPGPU) and gradually expanding into graphics rendering [7][17]. - Moore Threads has developed the MUSA architecture, which supports AI computing, graphics rendering, and physical simulation on a single chip, making it the only domestic company to fully compete with NVIDIA [10][13]. Group 3: Financial Performance and R&D Investment - Both companies are investing heavily in R&D, with Moore Threads' R&D investment accounting for 626.03% of its revenue over the past three years, totaling 3.8 billion yuan, while Muxi's R&D investment is 282.11% of its revenue, totaling 2.2 billion yuan [25][21]. - Muxi's revenue has shown remarkable growth, with a compound annual growth rate of 4074.52% from 2022 to 2024, while Moore Threads also experienced a significant growth rate of 208.44% during the same period [28][30]. - Both companies are improving their gross margins, with Moore Threads increasing from 18.08% in 2022 to 36.60% in 2024, and Muxi achieving a gross margin of 62.88% in 2023 [32][32]. Group 4: Market Challenges and Future Outlook - The domestic GPU industry faces challenges, particularly in software ecosystems, where NVIDIA has a significant advantage with its CUDA platform [37]. - Both companies are working to build their developer ecosystems, with Moore Threads offering a software stack that allows for easier migration from CUDA, and Muxi supporting major frameworks like PyTorch and PaddlePaddle [37]. - Despite high R&D costs leading to losses, both companies are showing strong revenue growth and potential for future success in the GPU market [21][33].