继摩尔线程上市首日暴涨超 4 倍、点燃国产 GPU 赛道热情后，行业另一核心玩家沐曦股份即将接棒冲刺。公司公告确认，将于 12 月 17 日正式在上海证 券交易所科创板挂牌上市，股票代码为 688802，成为摩尔线程之后，国产 GPU "四小龙" 阵营中又一家登陆资本市场的企业，进一步推动国产高端芯片替 代进程。 目前，沐曦股份仍处于研发投入与市场拓展的关键阶段，尚未实现盈利，符合高科技芯片企业早期发展特征。财务数据显示，2022 年至 2024 年，公司净 利润分别为 - 7.77 亿元、-8.71 亿元、-14.09 亿元，2025 年 1-9 月净利润为 - 3.46 亿元，亏损主要用于核心技术研发与产品生态构建。不过值得关注的是， 公司营收已实现跨越式增长，2022 年至 2024 年营业收入从 42.64 万元飙升至 7.43 亿元，两年间同比增速均突破 10 倍，2025 年预计营收将进一步增长 101.86%-166.46%，亏损幅度有望显著收窄，商业化落地成效逐步显现。 沐曦股份已构建起覆盖人工智能计算、通用计算和图形渲染三大领域的完整产品线，形成 "曦思 N 系列 + 曦云 C 系列 + 曦 ...

Core Viewpoint - The article discusses the recent IPO filings of domestic GPU companies, Moer Thread and Muxi, highlighting the significant potential for domestic GPU manufacturers to replace foreign dominance in the market, especially in the context of geopolitical tensions and the AI revolution [1]. Company Overview - Moer Thread focuses on the research, design, and sales of GPUs and related products, aiming to provide computing acceleration platforms for high-performance computing fields such as AI and digital twins. The company has launched four generations of GPU architectures and has a diverse product matrix covering various application areas [2][3]. - Muxi is dedicated to the independent research and development of high-performance GPU chips and computing platforms, emphasizing technological innovation and a robust software ecosystem to support AI applications across multiple industries [8][32]. Financial Performance - Moer Thread's revenue has shown a growth trend, driven by a rich variety of products and deepened customer collaborations. However, the company has not yet achieved profitability, with significant operating losses reported [4][6][7]. - Muxi has experienced rapid revenue growth, with an average annual growth rate of 4074.52% over the past three years, although it has also not achieved profitability [10][12]. Employee Structure - As of the end of 2024, Moer Thread employs 1,126 people, with 78.69% in research and development roles, indicating a strong focus on innovation [2][3]. - Muxi has a similar emphasis on R&D, with 652 out of 870 employees dedicated to this area, representing 74.94% of its workforce [9]. Market Dynamics - The domestic GPU market has long been dominated by foreign giants, but there is a growing trend of domestic companies gaining market share through innovation and technology [1][7]. - Both companies face challenges in market penetration due to the high technical barriers and the need for ecosystem development, which requires time and investment [6][8]. Product Offerings - Moer Thread's product lines include AI computing products, professional graphics acceleration products, desktop graphics acceleration products, and intelligent SoC products, catering to various market needs [15][16]. - Muxi's product offerings focus on AI training and inference, general computing, and graphics rendering, with a strong emphasis on high-performance GPU solutions [8][32]. Technological Innovation - Moer Thread has developed the MUSA architecture, which integrates GPU hardware and software for high-performance computing, supporting various applications in AI, graphics processing, and scientific computing [20][21]. - Muxi has also made significant advancements in GPU technology, with a focus on creating a comprehensive ecosystem that supports AI applications across different sectors [32].