Group 1 - The company Muxi Integrated Circuit (Shanghai) Co., Ltd. will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with the stock code 688802 and an initial public offering (IPO) price of 104.66 yuan per share [1] - The company plans to issue 40.1 million new shares in its IPO, aiming to raise 3.904 billion yuan for various GPU research and development projects [7] - The company has reported revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, 743.0716 million yuan in 2024, and 320.4153 million yuan for the first quarter of 2025, with net profits attributable to the parent company showing significant losses in 2022 and 2024 [6] Group 2 - Muxi Integrated Circuit was established in September 2020 and focuses on developing a full-stack GPU chip product line, including the Xisi N series for intelligent computing inference, the Xiyun C series for general computing, and the Xicai G series for graphics rendering [7] - The company has not yet achieved profitability, with net losses reported at -77.6965 million yuan in 2022, 87.1158 million yuan in 2023, -140.8879 million yuan in 2024, and -23.2512 million yuan for the first quarter of 2025 [6]

Core Viewpoint - The domestic GPU industry is set to welcome a new A-share listed company, Mu Xi Integrated Circuit (Shanghai) Co., Ltd., following the success of Moore Threads [1] Group 1: IPO Details - Mu Xi's online issuance received significant market attention, with over 5.17 million valid subscription accounts and approximately 28.86 billion shares subscribed [1] - The initial lottery rate for the online issuance was only 0.0222%, which increased to 0.0335% after the implementation of a callback mechanism [1] - The issuance price was set at 104.66 yuan per share, leading to an estimated market capitalization of approximately 41.87 billion yuan upon listing, with total fundraising expected to reach 4.197 billion yuan [1] Group 2: Company Background - Established in September 2020 in Shanghai, Mu Xi has set up wholly-owned subsidiaries and R&D centers in multiple cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [3] - The company boasts a well-rounded team with an average of nearly 20 years of experience in end-to-end R&D of high-performance GPU products, having led the development and mass production of over ten mainstream high-performance GPU products [3] Group 3: Product Offerings - Mu Xi is focused on providing a full-stack GPU chip and solutions for heterogeneous computing, applicable in advanced fields such as intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [3] - The company has developed a range of GPU products, 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, all designed to meet high efficiency and versatility requirements [4] - All products utilize fully self-developed core GPU IP with proprietary instruction sets and architectures, supported by a complete software stack (MXMACA), positioning them as foundational elements for digital economy development and industry digitalization and intelligent transformation under the "dual carbon" context [4]

Core Insights - The Shanghai Stock Exchange will hold a listing review meeting for Muxi Integrated Circuit (Shanghai) Co., Ltd. on October 24, 2025, for its initial public offering [1] - Muxi Integrated Circuit was established in September 2020 and focuses on developing a full-stack GPU chip product line, including the Xisi N series for intelligent computing, the Xiyun C series for general computing, and the Xicai G series for graphics rendering [1] Product Development - The Xiyun C series is the company's flagship product aimed at intelligent computing and general computing, with the C500 model designed to compete with NVIDIA's A100 GPU [3] - The C600 model, based on advanced domestic processes, was initiated in February 2024 and is expected to enter risk production by the end of 2025 after successful functionality tests [3] - The next-generation flagship product, C700, was initiated in April 2025 and is currently in the design and development phase, with significant progress in core design and performance optimization [3] Financial Information - Muxi submitted its IPO application on June 30, 2023, aiming to issue up to 40.10 million A shares to raise approximately 3.904 billion yuan [5] - The funds will be allocated to three main projects: high-performance general GPU R&D, next-generation AI inference GPU R&D, and GPU technology R&D for emerging applications [5] - Financial results show revenues of 426,400 yuan in 2022, 53.02 million yuan in 2023, 740 million yuan in Q1 2024, and 320 million yuan in Q1 2025, with net losses of 780 million yuan, 870 million yuan, 1.4 billion yuan, and 230 million yuan respectively [5]