沐曦股份此次发行价格为 104.66 元 / 股，对应市值约 418.74 亿元。本次上市共发行 4010 万股，占发行后总股本的 10.02%，扣除发行费用后预计募集资金 净额为 38.99 亿元，主要用于"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，沐曦集成电路（上海）股份有限公司于 2020 年 9 月在上海成立，致力于打造全栈 GPU 芯片产品，推出曦思 N 系列 GPU 产品用于智算推 理，曦云 C 系列 GPU 产品用于通用计算，以及曦彩 G 系列 GPU 产品用于图形渲染。 IT之家 12 月 17 日消息，继摩尔线程之后，国产 GPU 公司沐曦股份于今日上市（股票代码 688802），首日高开 568.83%，报 700 元，按开盘价计算，中一 签可赚 29.77 万元。截至IT之家发稿，沐曦股份的市值已经达到了 2800 亿元。 | N冰曦-U (688802) 科创版 ■ 团团 700.00 + 568.83% +595.34 202 | | | | | | - ...

作者｜冬梅 继摩尔线程 2025 年 12 月 5 日登陆科创板，并在首日经历股价暴涨之后，国产 GPU 行业迎来第二位重量级选手——沐曦集成电路（上海）股份有限公 司（以下简称"沐曦"）。 刚刚，沐曦正式登陆科创板，股票代码688802，截至发稿前，沐曦股价达到679元/股，估值破 2700 亿元。 | | | N沐慶-UO | | | | ■ 电脑版 U | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 688802 科创板 融 注 成 | | | | | | | 679.00 | 今开 | 700.00 最高 | | | 700.00 最低 | | 650.00 | | 548.77% | 574 34 125 | 16.60% 总手 | | | 3.01万 金额 | | 20.50亿 | | 总值 | 2716.68亿 流值 | 123.16亿 市盈 | 动 | C | -589.72 | | 重多 | | 关时 | 王日 | 日K | 周K | | 月K | 分钟 ▲ | | | 700.00 | | | 568.83% | 菱5 ...

IT之家 12 月 8 日消息，12 月 7 日，国产 GPU 厂商沐曦股份发布了在科创板上市网上发行申购情况及 中签率公告。 沐曦股份公告显示，本次网上发行有效申购户数为 517.52 万户，有效申购股数为 288.62 亿股，网上发 行初步中签率为 0.02223023%。因网上发行初步有效申购倍数约 4498.38 倍，超过 100 倍，决定启动回 拨机制，将 324.95 万股由网下回拨至网上。 回拨后，网下最终发行数量为 2282.91 万股，占扣除最终战略配售部分后本次发行数量的 70.26%，网 上最终发行数量为 966.55 万股，占扣除最终战略配售部分后本次发行数量的 29.74%，网上发行最终中 签率为 0.03348913%。 一、网上申购情况及网上发行初步中签率 根据上交所提供的数据,本次网上发行有效申购户数为5.175.152户,有效申 购股数为28,861,604.500股。网上发行初步中签率为0.02223023%。配号总数为 57,723.209个,号码范围为100.000.000.000-100.057.723.208。 二、回拨机制实施、发行结构及网上发行最终中签率 根据《 ...

Core Viewpoint - The investment in the startup Moore Threads by Heertai has significantly boosted the company's stock price, with a nearly twofold increase over the year following the investment, highlighting the potential of domestic GPU companies in China [3][25]. Group 1: Investment and Market Performance - Heertai participated in the early investment rounds of Moore Threads, which has now completed its IPO counseling and is expected to become the "first domestic GPU stock" [3][25]. - Moore Threads' stock experienced rapid growth, achieving three consecutive daily limits and prompting a stock price increase of nearly 100% within a year [3]. - The valuation of Moore Threads reached 29.845 billion yuan before its IPO, with 82 shareholders, while Muxi Co. had a valuation of 21.071 billion yuan with 124 shareholders [25]. Group 2: Company Background and Leadership - Moore Threads was founded in June 2020 and quickly became a unicorn, raising tens of billions in its Pre-A round within just a few months [8]. - The founder, Zhang Jianzhong, has a strong background in the GPU industry, having worked at NVIDIA for 14 years, significantly increasing NVIDIA's market share in China [6][7]. - The leadership team of Moore Threads has extensive experience in the GPU sector, with many members previously employed at NVIDIA [12][21]. Group 3: Product Development and Market Strategy - Moore Threads aims to become the "Chinese version of NVIDIA," offering a full range of GPU products for both consumer and enterprise markets [28]. - The company has launched several generations of GPU architecture chips and plans to release its own "CUDA" architecture named "MUSA," which is compatible with NVIDIA's ecosystem [32][36]. - Muxi Co. focuses on AI training and inference, with a product matrix that includes various GPU products for different applications [28]. Group 4: Financial Performance and Projections - Moore Threads reported a compound annual growth rate of 208.44% in revenue from 2022 to 2024, with revenues of 0.46 billion yuan, 1.24 billion yuan, and 4.38 billion yuan respectively [32]. - Muxi Co. expects a revenue increase of 437.36% to 464.23% for the first nine months of the current year and aims to achieve breakeven by 2026 [35]. - Both companies are currently in a high-investment phase, with R&D expense ratios of 310% for Moore Threads and 121% for Muxi Co., indicating they are in a cash-burning stage [39]. Group 5: Market Challenges and Customer Dependency - Both companies face significant challenges in competing with established players like NVIDIA and AMD, with Moore Threads currently holding less than 1% market share in the domestic GPU market [36]. - Moore Threads relies heavily on a few major customers, with the top five contributing 98.29% of its revenue, indicating a high customer concentration risk [37]. - The companies are positioned in a high-demand market for GPUs, particularly in the AI sector, but they must navigate the challenges of high investment and dependency on a limited customer base [39][40].

Core Points - The core viewpoint of the article is that the domestic GPU manufacturer, Mu Xi Integrated Circuit (Shanghai) Co., Ltd., has received approval from the listing committee for its IPO on the Sci-Tech Innovation Board [1] Group 1: Company Overview - Mu Xi Integrated Circuit (Shanghai) Co., Ltd. was established in September 2020 and focuses on developing a full-stack GPU chip product line [4] - The company has launched several GPU product series, including the Xi Si N series for intelligent computing inference, the Xi Yun C series for general computing, and the Xi Cai G series for graphics rendering [4] Group 2: IPO Details - The company plans to raise 3.904 billion yuan through its IPO, which will be used for the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [3][6] - The IPO application was submitted on June 30, 2025, with plans to issue no more than 40.1 million A-shares [6] Group 3: Financial Performance - The reported operating revenues for Mu Xi from 2022 to the first quarter of 2025 were 426,400 yuan, 53.0212 million yuan, 740 million yuan, and 320 million yuan, respectively [7] - The net profits attributable to the parent company during the same period were -780 million yuan, -870 million yuan, -1.4 billion yuan, and -230 million yuan [7]

Core Viewpoint - The recent IPO applications of domestic GPU companies, Moore Threads and Muxi Integrated Circuit, have reignited discussions about the challenges and potential of the domestic GPU industry, particularly regarding the high costs and the need for substantial investment to achieve profitability [1][3][4][5]. Group 1: IPO Developments - Both Moore Threads and Muxi Integrated Circuit have had their IPO applications accepted by the Shanghai Stock Exchange, marking a significant step for the domestic GPU sector [1][3]. - Muxi plans to raise 3.9 billion yuan, while Moore Threads aims to raise 8 billion yuan through their IPOs [4][5]. Group 2: Financial Performance - Muxi's projected net losses from 2022 to 2024 are 777 million yuan, 871 million yuan, and 1.4 billion yuan, with R&D expenditures of 647.8 million yuan, 699 million yuan, and 900 million yuan respectively [4]. - Moore Threads anticipates net losses of 1.84 billion yuan, 1.673 billion yuan, and 1.492 billion yuan over the same period, with R&D costs of 1.116 billion yuan, 1.334 billion yuan, and 1.359 billion yuan [5]. - Despite the losses, both companies are seeing revenue growth, with Muxi's revenue projected to reach 743 million yuan by 2024, and Moore Threads expecting 438 million yuan in the same year [7][9]. Group 3: Market Dynamics - The domestic GPU market is characterized by high competition, with various players adopting different strategies, including those aligned with NVIDIA and AMD technologies [12][14]. - The GPU industry is heavily reliant on R&D investments, with companies needing to continue funding their development efforts to remain competitive [21][22]. Group 4: Future Prospects - The AI sector is identified as a significant growth area for GPUs, with the market for AI chips in China projected to grow substantially, indicating a promising future for domestic GPU manufacturers [25][26]. - The competitive landscape is expected to undergo consolidation, as many players vie for market share, suggesting that mergers and acquisitions may become more common [26][27].

Core Insights - The domestic GPU industry in China is experiencing a significant push towards IPOs, with companies like Moore Threads and Muxi Integrated Circuit completing their listing guidance, indicating a growing interest and investment in the sector [1][2] - The global GPU market is projected to reach $105 billion by 2025, with a compound annual growth rate (CAGR) of 32.8%, highlighting the increasing demand for GPU technology, particularly in AI and high-performance computing [2] - The current surge in domestic GPU companies seeking to go public is partly driven by U.S. restrictions on high-end AI chip supplies to China, coupled with a rapid increase in domestic computing power demand [2] Company Summaries - Moore Threads, founded in October 2020, focuses on the design of full-function GPU chips and related products, with a valuation of 25.5 billion yuan, ranking 261st on the 2024 Global Unicorn List [1] - Muxi Integrated Circuit, established in September 2020, aims to provide a full-stack GPU chip and solutions for heterogeneous computing, with various product lines targeting different computing needs [1] - The launch of DeepSeek-R1 is expected to lower the performance requirements for GPU chips in model training and inference, presenting significant opportunities for domestic GPU companies that have previously lagged in performance [3]