Core Viewpoint - The article discusses the recent performance and market position of Muxi Co., a leading domestic GPU company, highlighting its stock fluctuations, financial results, and competitive landscape in the AI chip market. Group 1: Stock Performance and Market Entry - Muxi Co. opened lower on December 18, with its stock price dropping 5.77% to 782 CNY per share after a significant debut on December 17, where it achieved a 692.95% increase, closing at 829.9 CNY per share and a market capitalization of 3320.43 billion CNY [1][3]. - The company set a record for the most profitable new stock, with investors potentially earning around 395,200 CNY for a single lot of shares [3]. Group 2: Financial Performance and Growth - Muxi Co. is still in a loss-making state but has shown significant improvement, with a revenue of 1.236 billion CNY for the first three quarters of 2025, marking a 453.52% year-on-year increase [8]. - The net loss for the same period was 346 million CNY, a reduction of 55.79% compared to the previous year [8]. - The company anticipates a total revenue of 1.5 billion to 1.98 billion CNY for the year, representing a year-on-year growth of 101.86% to 166.46% [11]. Group 3: Product Development and Market Position - Muxi Co. focuses on GPU technology, with its flagship product, the Xiyun C500 series, contributing significantly to its revenue, accounting for 30.09% in 2023 and projected to reach 97.28% by the first quarter of 2025 [8]. - The company is developing the next-generation Xiyun C600 chip, which is expected to be delivered in October 2024, and aims to establish a fully domestic supply chain [10]. Group 4: Competitive Landscape and Market Share - Muxi Co. currently holds approximately 1% of the AI accelerator market in China, indicating substantial growth potential [13]. - The company has developed a software ecosystem compatible with over 6000 CUDA applications, enhancing its competitive edge in the market [13]. - Muxi Co. is actively engaging with major internet companies and telecom operators to expand its customer base and has secured orders worth 1.43 billion CNY as of September 5 [14][15]. Group 5: Challenges and Future Outlook - Despite the positive growth trajectory, Muxi Co. faces challenges, including ongoing losses and the need to establish a robust ecosystem for its general-purpose GPU chips [5][6]. - The potential re-entry of NVIDIA's H200 chip into the Chinese market raises concerns about competition, although it is noted that the current focus of Muxi Co. is on inference applications, which may not directly compete with NVIDIA's offerings [16].