据公司招股书，沐曦股份是国内高性能GPU产品的主要领军企业之一。公司致力于自主研发全栈高性能GPU芯片及计算平台，主营业务是 研发、设计和销售应用于人工智能训练和推理、通用计算与图形渲染领域的全栈GPU产品，并围绕GPU芯片提供配套的软件栈与计算平 台。 公司主要产品全面覆盖人工智能计算、通用计算和图形渲染三大领域，已先后推出了用于智算推理的曦思N系列GPU、用于训推一体和通用 计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列GPU。 沐曦股份本次募集资金用于投资"新型高性能通用GPU研发及产业化项目"、"新一代人工智能推理GPU研发及产业化项目"和"面向前沿领域 及新兴应用场景的高性能GPU技术研发项目"。 招股书显示，沐曦股份尚未实现盈利。2022年至2024年，公司营业收入分别为42.64万元、5302.12万元、7.4亿元，实现归属于母公司所 有者的净利润分别为-7.77亿元、-8.71亿元、-14.09亿元。今年一季度，公司实现营业收入和净利润分别为3.2亿元，-2.33亿元。 六、发行人报告期主要财务数据及财务指标 沐曦股份今日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， ...

Core Viewpoint - The company, Muxi Co., Ltd. (688802.SH), plans to issue 40.1 million shares in its initial public offering (IPO), with a strategic placement of 8.02 million shares, representing 20% of the total issuance, aimed at enhancing its capabilities in high-performance GPU chip development and related software ecosystems [1][2]. Group 1: Company Overview - The company focuses on the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [1]. - It has developed a unique GPU product system and an open software ecosystem, providing high-efficiency computing support for cloud computing across various industries, including education, finance, transportation, energy, healthcare, and entertainment [1][2]. - The company is one of the few in China that has mastered the technology for high-performance GPU chip development, design, and mass production, overcoming technical bottlenecks in the field [1]. Group 2: Product Development - The company's main products cover three areas: artificial intelligence computing, general computing, and graphics rendering, with recent launches including the Xisi N series GPU for intelligent inference and the Xiyun C series GPU for integrated training and general computing [2]. - The GPU products are based on self-developed GPU IP and a unified architecture, demonstrating strong core competitiveness in versatility, single-card performance, cluster performance, stability, and ecosystem compatibility [2]. Group 3: Financial Performance and Projections - The company reported net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan for the years 2022 to 2024, respectively [3]. - For 2025, the company expects to achieve revenue between 1.5 billion yuan and 1.98 billion yuan, representing a growth of 101.86% to 166.46% compared to 2024, with a projected net loss reduction of 45.84% to 62.59% [3]. - The funds raised from the IPO will be allocated to new high-performance GPU research and industrialization projects, as well as the development of next-generation AI inference GPUs, totaling an intended use of 3.904 billion yuan [3].

Group 1 - General Motors has ordered thousands of suppliers to eliminate Chinese components from their supply chains, aiming to complete this by 2027 [5][6] - Alibaba has secretly launched the "Qianwen" project to develop a personal AI assistant app, competing directly with ChatGPT [8] - Apple has reached an agreement with Tencent to take a 15% commission from WeChat mini-games, potentially earning 9 billion yuan annually [9][10] - Domestic GPU company Muxi has received approval for its IPO on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan [10][11] - Tencent reported a Q3 profit of 63.13 billion yuan, with employee numbers exceeding 115,000 [15][16] Group 2 - Faraday Future announced it will adopt Tesla's NACS charging standard for its future models, allowing access to over 28,000 Tesla Superchargers [13][14] - Transsion Holdings plans to issue H-shares and list on the Hong Kong Stock Exchange, despite a 3.33% revenue decline in the first three quarters of the year [15] - The Ministry of Public Security in China is proposing new safety standards for vehicles, including limiting acceleration to under 5 seconds [19][20] - The Chinese government is mandating the use of domestic AI chips in cloud services, prioritizing Huawei's Ascend series [24][25] - Baidu's CEO stated that the majority of search results are now generated by AI, with a significant increase in rich media content [26] Group 3 - Microsoft CEO Satya Nadella revealed that the company has access to all research data from OpenAI's chip development [33][34] - Synopsys announced a layoff of about 2,000 employees as part of a restructuring plan to focus on AI chip design [35][36] - AMD's CEO Lisa Su expressed confidence in the company's growth, aiming to capture a significant share of the AI market currently dominated by NVIDIA [42][43] - Toyota plans to invest up to $10 billion in the U.S. over the next five years, marking a significant increase in its historical investment [45][46]

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering registration of Mu Xi Integrated Circuit (Shanghai) Co., Ltd., allowing the company to list on the STAR Market [1] Company Overview - Mu Xi focuses on the independent research and development of high-performance GPU chips and computing platforms, providing foundational computing power for national AI public computing platforms, operator intelligent computing platforms, and commercial intelligent computing centers [1] - The company targets various industry applications, including education and research, finance, transportation, energy, healthcare, and entertainment [1] - Main products include the Xisi N series GPU for intelligent computing inference, the Xiyun C series GPU for training and general computing, and the upcoming Xicai G series GPU for graphic rendering [1] Financial Performance - Mu Xi has not yet achieved profitability, with revenues of 0.53 million yuan, 74.3 million yuan, and 91.5 million yuan from 2023 to the first half of 2025, and net losses of -871 million yuan, -1.409 billion yuan, and -186 million yuan during the same period [1] - The company plans to raise 3.904 billion yuan to invest in projects related to the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [1]

权威精选 11月13日晚，摩尔线程披露首次公开发行股票并在科创板上市招股意向书。据悉，公司首次公开发行股票初步询价日为11月19日，申购日为11月24日。 同时，另一家国产GPU企业科创板IPO注册获批。11月13日，证监会网站显示，证监会于11月12日同意沐曦股份首次公开发行股票的注册申请。上交所网 站显示，沐曦股份科创板IPO已注册生效。 摩尔线程 拟公开发行股份7000万股 据介绍，摩尔线程股票简称为"摩尔线程"，扩位简称为"摩尔线程"，股票代码为"688795"。 本次发行采用战略配售、网下发行与网上发行相结合的方式进行。战略配售、初步询价及网上、网下发行由保荐人（主承销商）负责组织；战略配售在保 荐人（主承销商）处进行，初步询价及网下发行通过上交所互联网交易平台实施；网上发行通过上交所交易系统进行。 | 本次发行重要日期 | | | | | --- | --- | --- | --- | | 初步询价日及起止 | 2025 年 11 月 19 日 | 发行公告刊登日 | 2025 年 11 月 21 日 | | 时间 | (T-3 日) 9:30-15:00 | | (T-1日) | | 网下申购日 ...

11月13日，从证监会官网获悉，证监会同意沐曦集成电路(上海)股份有限公司(简称"沐曦股份")首次公 开发行股票并在科创板上市的注册申请。公司拟募集资金39.04亿元，用于投资"新型高性能通用GPU研 发及产业化项目""新一代人工智能推理GPU研发及产业化项目"和"面向前沿领域及新兴应用场景的高性 能GPU技术研发项目"。 公开信息显示，沐曦股份致力于自主研发全栈高性能GPU芯片及计算平台，持续为国家人工智能公共算 力平台、运营商智算平台、商业化智算中心等提供基础算力底座，主要产品包括用于智算推理的曦思N 系列GPU、用于训推一体和通用计算的曦云C系列GPU，以及正在研发用于图形渲染的曦彩G系列 GPU。 中电港：表示沐曦股份作为公司国产授权代理品牌之一，目前的合作为GPU产品业务。 东港股份：主要业务分为印刷类业务，覆合类业务和技术服务类业务，控股子公司北京瑞宏与沐曦股份 有战略合作关系。 *免责声明：文章内容仅供参考，不构成投资建议 *风险提示：股市有风险，入市需谨慎 民生证券认为，沐曦股份和摩尔线程作为国产GPU领军者，不断打破海外算力的垄断，加速突围，持续 看好国内算力芯片的快速发展，也密切关注其对供 ...

Group 1: IPO Details of Moer Thread - Moer Thread plans to issue 70 million shares, accounting for approximately 14.89% of the total share capital post-IPO, which will total 470.028217 million shares [2][4] - The IPO will utilize a combination of strategic placement, offline issuance, and online issuance, with the lead underwriter responsible for organizing the process [2] - The initial strategic placement will consist of 14 million shares, representing 20% of the total issuance, with the final number subject to adjustment based on relevant principles [4] Group 2: Important Dates for Moer Thread IPO - The preliminary inquiry date is set for November 19, 2025, with the issuance announcement on November 21, 2025 [3] - Both offline and online subscription dates are scheduled for November 24, 2025, with payment deadlines on November 26, 2025 [3] Group 3: Moer Thread's Financial Status - As of the IPO prospectus announcement date, Moer Thread has not yet achieved profitability and will be classified under the Sci-Tech Innovation Board's growth tier if it remains unprofitable at the time of listing [4] Group 4: IPO Approval of Muxi Co., Ltd. - Muxi Co., Ltd. has received approval from the China Securities Regulatory Commission for its IPO, with the registration effective as of November 13, 2025 [5][6] Group 5: Muxi Co., Ltd. Business Overview - Muxi Co., Ltd. specializes in the research, design, and sales of full-stack GPU products for artificial intelligence training, general computing, and graphics rendering [8] - The company has sold over 25,000 GPU units as of March 2025, with applications in various AI public computing platforms and commercial centers [8] Group 6: Muxi Co., Ltd. Financial Projections - Muxi Co., Ltd. aims to raise 3.904 billion yuan through its IPO to fund projects related to high-performance GPUs and AI inference technology [8] - The company reported revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, 743 million yuan in 2024, and 320 million yuan in Q1 2025, with net losses reported for each year [8] Group 7: R&D and Ownership Structure of Muxi Co., Ltd. - Muxi Co., Ltd. has invested 2.247 billion yuan in R&D over the past three years, representing 282.11% of its cumulative revenue during that period [9] - The founder controls 22.94% of the voting rights, with significant backing from various venture capital firms and indirect investments from listed companies [9]

Group 1 - The core point of the article is that the China Securities Regulatory Commission has approved the initial public offering (IPO) application of Muxi Integrated Circuit (Shanghai) Co., Ltd. for listing on the Sci-Tech Innovation Board [1] Group 2 - Muxi Co. focuses on the independent research and development of full-stack high-performance GPU chips and computing platforms, providing foundational computing power for national AI public computing platforms, operator intelligent computing platforms, and commercial intelligent computing centers [4] - The company has major products including the Xisi N series GPU for intelligent computing inference, the Xiyun C series GPU for training and general computing, and the Xicai G series GPU for graphic rendering, which is currently under development [4] Group 3 - As of March 2025, Muxi Co. has sold over 25,000 GPU products, achieving large-scale applications in various national AI public computing platforms and commercial intelligent computing centers [5] - The company's revenue has seen significant growth, with revenues of 426,400 yuan, 53.02 million yuan, and 743 million yuan from 2022 to 2024, resulting in a compound annual growth rate of 4,074.52% over the last three years [5] - In the first half of 2025, Muxi Co. reported revenue of 915 million yuan, a year-on-year increase of 404.51%, and expects revenue growth of 437.36% to 464.23% from January to September 2025 [5] Group 4 - The company has invested a total of 2.247 billion yuan in research and development over the last three years, which accounts for 282.11% of its cumulative revenue during the same period [5] - As of March 2025, Muxi Co. has obtained a total of 255 domestic authorized patents, including 245 domestic invention patents [5] Group 5 - Muxi Co. plans to raise 3.904 billion yuan for investments in projects related to the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [5]

Core Viewpoint - The approval of the IPO registration for Muxi Integrated Circuit (Shanghai) Co., Ltd. marks a significant milestone for the company and the domestic GPU industry, indicating a new phase of development driven by capital markets and technological innovation [1][7]. Company Overview - Muxi Co. focuses on the independent research and development of high-performance GPU chips and computing platforms, targeting key areas such as AI training and inference, general computing, and graphics rendering [4]. - The company aims to provide high-performance GPU chips and related software stack and computing platform solutions, contributing to national technological advancement [4]. Market Position and Competitive Advantage - The GPU industry is characterized by high technical barriers and rapid iteration, necessitating strong R&D capabilities and continuous innovation [4]. - Muxi Co. is positioned to break foreign monopolies and promote industry autonomy, leveraging its advanced technology and strategic planning [4]. - The company has built a core R&D team with global vision and expertise in GPU technology and mass production [4]. Product Development - Muxi Co. has developed a comprehensive product system covering AI computing, general computing, and graphics rendering, including the Xisi N series for AI inference and the Xiyun C series for integrated training and general computing [5]. - The company is also developing the Xicai G series for graphics rendering, with products based on self-developed GPU IP and a unified architecture [5]. Financial Performance - Muxi Co. has experienced explosive growth, with revenue increasing from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% over three years [5]. - In the first half of 2025, the company achieved revenue of 915 million yuan, a year-on-year increase of 404.51%, with losses narrowing by 63.74%, indicating an emerging profitability trend [5]. Market Expansion - As of March 2025, Muxi Co. has sold over 25,000 GPUs, with clients including leading companies like H3C and Rockchip [6]. - By September 2025, the company had an order backlog of 1.43 billion yuan, nearly double its total revenue for 2024, providing strong support for future growth [6]. Industry Impact - The approval of the IPO is not only a milestone for Muxi Co. but also a reflection of the rise of the domestic GPU industry [7]. - With the support of capital markets, Muxi Co. plans to increase R&D investment and enhance its ecosystem, contributing to the autonomy of China's intelligent computing infrastructure [7].

Core Viewpoint - The China Securities Regulatory Commission has approved the initial public offering (IPO) registration of Muxi Integrated Circuit (Shanghai) Co., Ltd., which plans to raise 3.904 billion yuan on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1]. Group 1: Company Overview - Muxi Integrated Circuit specializes in the research, design, and sales of full-stack GPU products used in artificial intelligence training and inference, general computing, and graphics rendering [1]. - The company has launched several GPU product lines, including the Xisi N series for intelligent inference, the Xiyun C series for training and general computing, and is developing the Xicai G series for graphics rendering [1]. Group 2: Business Applications - Muxi Integrated Circuit is one of the few GPU suppliers that have achieved large-scale commercial applications of thousands of card clusters and is working on the implementation of ten thousand card clusters [1]. - The company has successfully supported the full pre-training of large models, such as the 128B MoE model, and has extensive compatibility with upstream and downstream ecosystems, including server hardware, operating systems, management platforms, mainstream AI frameworks, and major large models [1].