Core Viewpoint - The company, Muxi Co., Ltd., has rapidly gained attention in the GPU market, achieving a market capitalization exceeding 300 billion yuan shortly after its IPO, despite currently operating at a loss [2][8]. Company Overview - Muxi Co., Ltd. was founded by Chen Weiliang, a former AMD executive, who aimed to fill the gap in the domestic GPU market [3][4]. - The company has positioned itself as the "Chinese version of AMD," focusing on high-performance general-purpose GPU computing [2][3]. Financial Performance - On its first trading day, Muxi's stock price surged nearly 7 times, closing at 829.90 yuan per share, and later settled at 715.6 yuan, still reflecting a nearly 6-fold increase from the issue price [2][8]. - For the first three quarters of 2025, Muxi reported revenues of 1.236 billion yuan, with a net loss of 346 million yuan, marking a 55.79% reduction in losses year-on-year [2][7]. Product Development - Muxi's first intelligent computing inference chip, Xisi N100, was successfully mass-produced in April 2023, marking a significant milestone in the company's journey [6]. - The company launched the Xiyun C500 series in 2024, which significantly improved its market competitiveness, contributing to 97.87% of revenue in the first quarter of 2025 [7]. Market Strategy - Muxi has chosen to focus on the B-end data center market rather than the competitive consumer graphics card market, adopting a "compatibility + self-research" technology route [4][6]. - The company has engaged in extensive fundraising efforts, attracting over 120 institutional investors prior to its IPO [8]. Future Outlook - Muxi has set a target to achieve breakeven by 2026, acknowledging the capital and technology-intensive nature of the GPU industry [9].

Core Viewpoint - The recent IPOs of domestic GPU companies, specifically Moore Threads and Nuxi, have created significant wealth, with Nuxi's stock price soaring 568.83% on its first day, reaching a market capitalization of 280 billion yuan. This has raised questions about the sustainability of such rapid growth and the competitive landscape in the domestic GPU market [1][2]. Company Overview - Nuxi was founded in September 2020 by Chen Weiliang, who has extensive experience at AMD, and its product line includes three main series: the N series for AI inference, the C series for training and general computing, and the G series for graphics rendering, which is still in development [2][3]. - Moore Threads, often referred to as the "domestic NVIDIA," has a different background, with its founder Zhang Jianzhong having worked at NVIDIA for 14 years, influencing its technology strategy [8][10]. Product Strategy - Nuxi's strategy focuses on a clear product line, starting with inference chips, followed by training chips, and eventually graphics rendering capabilities. This approach has led to rapid revenue growth, with projections indicating a compound annual growth rate of 4074.52% from 2022 to 2024 [5][6]. - Moore Threads employs a dual strategy targeting both consumer (To C) and business (To B) markets, with a diverse product range that includes high-performance chips for various applications [16][17]. Financial Performance - Nuxi's revenue surged from 426,400 yuan in 2022 to an estimated 7.43 billion yuan in 2024, but it has also faced significant losses, with cumulative losses exceeding 3 billion yuan from 2022 to 2024 [5][6]. - Moore Threads is also expected to face similar financial challenges, with projections indicating it may not achieve profitability until 2027 [5][20]. Market Position and Competition - Nuxi's products are primarily deployed in national computing platforms and industry-leading enterprises, with a heavy reliance on its C500 series, which is expected to contribute 98% of its revenue in 2024 [6][18]. - In contrast, Moore Threads has a broader market approach, but both companies face significant competition from NVIDIA, which maintains a substantial performance lead in the GPU market [20][23]. Future Outlook - The ongoing competition between Nuxi and Moore Threads raises questions about who will emerge as the next successful player in the domestic GPU market, especially as both companies strive to overcome the performance gap with NVIDIA [1][20]. - The entry of other players like Baidu's Kunlun Chip, which is expected to have a significant revenue advantage, adds further complexity to the competitive landscape [26][27].

已量产：曦思N100（智算推理）、曦云C500（训推一体） 在研：曦云C600已于2025年7月回片点亮，官方定位对标英伟达H100 12月17日，沐曦集成电路（上海）股份有限公司（股票代码：688802） 成功在科创板上市。开盘表现 极为亮眼，股价高开568.8%，报700元，公司总市值一举突破2800亿元。以此计算，中一签（500股） 投资者首日盈利接近30万元，成为近期热门新股。 | | | A股迈入全面注册制以来, | | | 新股中签收益排行榜TOP10 | | | --- | --- | --- | --- | --- | --- | --- | | 100 | 证券名称 | 正券代码 | 市首日最高价 | 首发价格 | 中一条收益 | 首发上市日 | | | | | JI./ 版 | 元/股 | (以500脸计 | | | | 沐曦股份 | 688802. SH | 700 (开盘价) | 104. 66 | 297670 | 2025-12-17 | | 2 | 摩尔线程 | 688795. SH | ୧୫୫ | 114. 28 | 286860 | 2025-12-05 | | 3 | 长联 ...

国产GPU造富神话，一个一个更猛！ 12月17日，继摩尔线程之后，国产GPU第二股沐曦股份，也正式登陆科创板。其表现也远超人们预计， 比摩尔线程更为火爆。 上市首日就高开568.83%，股价直接从104.66元的发行价，飙到了700元，之后还在进一步飙涨，最高一 度触及895元，市值最高一度达到3580亿，超过了摩尔线程。 | 腾松 | | N 木 - U ⊙ 添加自选 | SH 688802 ■ Level1基础行情 ■上海交易所 ■科创版 | | | | 所属行业 ▼ 半导体 -0.74% > | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 824.50元 +719.84 +687.79% | | | | | | | | | | | | | 休市 12-17 11:30:00 北票时间 | | | | | | | | | | | | | 今开 | 700.00 | 看意 | | 895.00 | 成交量 | 12.89万手 | 息市值 ▼ | | 3299亿 重比 | | | | 昨 ...

将投中网设为"星标⭐"，第一时间收获最新推送 沐曦明牌，后发制人。 作者丨 曹玮钰 来源丨 投中网 沐曦的开盘，甚至比惊人的摩尔更惊人。 就在刚刚，沐曦高开700元/股，市值一度突破3500亿元，瞬间超越了12天前上市的摩尔线程。在二级市场，沐曦是股民追捧的"大肉签"，按104.66元/股 的发行价，打新中一签，盈利小40万元。 沐曦的上市，是一场巨大的奖励。一家足够硬核的科技企业，沐曦从成立到上市仅用了不可思议的短短5年，并且让100多家投资机构都拿到了不菲的回 报。 回头来看沐曦的融资故事，我们当然可以将其抽象成一组组数字，构成一幅"财富盛宴"的图景。比如，已知10亿估值的PreA轮投资，拿到现在已经翻 了280倍，就连今年初PreIPO轮，210亿的投后估值，不到一年时间就翻了13倍——这是极高的投资效率。 特定大环境的红利，选中并奖励了很多"时代之子"，沐曦正是其一。今天创下的又一堪称现象级的二级表现，同样是处在一个恰好的宏观节奏，恰好的 内外推力，和恰好的市场情绪之下的结果。 但事实是，战场远未结束。沐曦很少对外发声，如果你有耐心近距离去审视沐曦的每一轮融资，挑战总是多于追捧，蛰伏攻坚是持续的主线。 ...

Core Viewpoint - The article highlights the significant milestone of domestic GPU company Muxi's IPO, reflecting the ambition and challenges of China's semiconductor industry in overcoming the "bottleneck" of computing power [6][9][36]. Company Overview - Muxi, founded in 2020 by three former AMD scientists, has rapidly evolved from a small office in Shanghai to a company with nearly 900 employees, successfully developing high-performance GPU chips [8][11]. - The company has launched several products, including the Xisi N100 and the Xiyun C500, which have become key revenue drivers, with the latter generating 7.22 billion yuan in 2024, accounting for 97.28% of its main business revenue [15][16]. Financial Performance - Muxi has not yet achieved profitability, with cumulative losses exceeding 3.2 billion yuan since its inception. The company anticipates reaching breakeven by 2026 [16][25]. - The revenue figures from 2022 to 2025 show a significant increase, with projected revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 7.4 billion yuan in 2024 [16]. Market Context - The domestic GPU market is experiencing explosive growth, with the market size expected to increase from approximately 14.29 billion yuan in 2020 to around 99.67 billion yuan in 2024 [36]. - The shift in procurement logic among industry clients has transformed domestic GPUs from optional to essential solutions, emphasizing the importance of usability and ecosystem maturity [36]. Investment Landscape - Muxi has attracted over 120 investors through multiple funding rounds, including prominent venture capital firms and state-owned funds, reflecting strong market confidence in its potential [20][22]. - The company completed its final pre-IPO funding round, raising over 7.2 billion yuan, leading to a post-investment valuation of 21.07 billion yuan [23][24]. Competitive Landscape - The article outlines three critical challenges for domestic GPU companies: architecture, cluster deployment, and time to market, emphasizing that success requires not just producing chips but also creating a robust ecosystem [29][30][31]. - The competition in the AI era is shifting from chip specifications to the effectiveness of large-scale deployments and operational stability [31][36]. Future Outlook - Muxi's IPO is seen as a starting point for a longer journey, with high expectations for continued technological leadership and market share growth [25][33]. - The company currently holds orders worth 1.43 billion yuan and is actively pursuing key clients in the internet and telecommunications sectors [25].

记者丨孙燕 编辑丨卜羽勤 12月5日，沐曦股份最新公告，公司股票将于2025年12月17日在上海证券交易所科创板上市。保荐人为华泰联合证券。 根据《上海证券交易所科创板上市公司自律监管指引第5号——科创成长层》，上市时未盈利的科创板公司，自上市之日起纳入科创成长层。截至本公告披 露日，沐曦股份尚未盈利，自上市之日起将纳入科创成长层。 继摩尔线程成为"国产GPU第一股"后，沐曦集成电路（上海）股份有限公司（以下简称"沐曦股份"）正向第二股发起最后冲刺。 沐曦股份的科创板IPO申请于6月30日获得受理，于10月24日获得上市委会议通过。11月12日，证监会已同意沐曦股份首次公开发行股票并于科创板上市的 注册申请。12月9日，网上、网下投资者的认购缴款工作全部结束。 摩尔线程登陆科创板后的股价狂飙，已将资本市场对国产GPU赛道的追捧推向高潮。接下去，头顶"国产GPU第二股""年内第二贵新股"双重头衔的沐曦股 份，能否再创资本狂欢？ 从推理AI芯片入局 打造"中国版AMD" GPU最初是为图形渲染设计的专用硬件，主要用于游戏、影视等领域的实时图像处理。 2020年，随着人工智能技术从"小模型+判别式"转向"大模型+生 ...

Core Viewpoint - The listing of Muxi Integrated Circuit (Shanghai) Co., Ltd. represents a significant moment for domestic GPUs, highlighting a shift in the narrative around these technologies in the capital market, driven by increasing demand for computing power, accelerated domestic substitution, and the expansion of generative AI [2][3] Group 1: Current Market Context - The surge in demand for computing power is driven by the explosion of generative AI, leading to a clear segmentation in the computing power market, with high-end training markets dominated by Nvidia and a growing space for domestic GPUs in inference and mid-tier applications [5] - External pressures on the supply side, particularly restrictions on high-performance AI chip exports, have amplified the demand for sustainable computing power in China, creating opportunities for domestic GPUs [6] - The development stage of domestic GPU companies has evolved, with a shift from merely proving feasibility to focusing on marketability and integration into real-world computing scenarios [7][8] Group 2: Muxi's Strategic Choices - Muxi has opted for a general-purpose GPU (GPGPU) approach rather than a full-featured GPU model, focusing on AI and high-performance computing rather than trying to cover all functionalities in a single chip [9] - The company aims to maximize computing efficiency through self-developed core GPU IP, addressing the limitations of manufacturing processes and advanced technologies [10] - Muxi's product evolution follows a clear logic, starting with inference chips and expanding into a full-stack product matrix that includes training and inference integration, inference computing, and graphics rendering [11] Group 3: Commercialization and Financial Reality - Muxi has demonstrated remarkable commercialization speed, with revenues growing from 0.4264 million yuan in 2022 to 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [13] - Despite this growth, the company has not yet achieved profitability, with significant R&D investments amounting to 648 million yuan, 699 million yuan, and 901 million yuan over the past three years, representing 282.11% of total revenue during that period [14][15] - The company anticipates reaching a breakeven point by 2026, indicating that capital must be patient for a complete technology and market validation cycle [16] Group 4: Industry Perspective - The domestic GPU market is projected to grow to approximately 107.3 billion yuan in 2024, with a year-on-year increase of 32.96%, yet there remains a gap compared to developed countries [17] - Muxi's listing is not seen as a victory but as a starting point for further development, as the company seeks to establish a sustainable path in a market long dominated by Nvidia [17]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, marking its entry as the second domestic GPU company after Moore Threads [1][2]. Group 1: Company Overview - Muxi was founded in 2020 by former AMD employees, capitalizing on the shift in AI technology towards large models and generative AI [2]. - The company focuses on developing AI chips, particularly targeting the inference segment of AI applications, with its first inference chip, Xisi N100, delivered in January 2022 and mass-produced in April 2023 [2][3]. - Muxi aims to create a "Chinese version of AMD" by developing general-purpose GPUs (GPGPU) that emphasize AI and high-performance computing capabilities [4][6]. Group 2: Product Development - Muxi has launched several GPU products, including the Xisi N series for inference and the Xiyun C series for training and inference integration, with the Xiyun C500 officially mass-produced in February 2024 [7][11]. - The company is also developing the next-generation Xiyun C600 series and the Xisi N series for rendering, aiming to cover AI computing, general computing, and graphics rendering [11][12]. Group 3: Market Position and Financial Performance - Muxi's GPU products have achieved cumulative sales of over 25,000 units by March 2025, with applications in various AI public computing platforms [3]. - The company reported significant revenue growth, with revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and projected revenues of 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% over three years [18]. - Despite rapid revenue growth, Muxi has not yet achieved profitability, with net losses of 7.77 billion yuan in 2022, 8.71 billion yuan in 2023, and 14.09 billion yuan in 2024, totaling over 30 billion yuan in losses [20]. Group 4: Investment and Future Outlook - Muxi plans to use the funds raised from its IPO for the research and industrialization of new high-performance general-purpose GPUs and AI inference GPUs [11][12]. - The company expects to reach a breakeven point by 2026, driven by the increasing commercialization of its core products [17][20]. - Muxi's market share in the Chinese AI accelerator market is approximately 1%, positioning it among the leading domestic GPU manufacturers [24].

（原标题：沐曦股份冲刺"国产GPU第二股" 技术成色能否支撑资本估值？） 继摩尔线程成为"国产GPU第一股"后，沐曦集成电路（上海）股份有限公司（以下简称"沐曦股份"）正 向第二股发起最后冲刺。 沐曦股份的科创板IPO申请于6月30日获得受理，于10月24日获得上市委会议通过。11月12日，证监会 已同意沐曦股份首次公开发行股票并于科创板上市的注册申请。12月9日，网上、网下投资者的认购缴 款工作全部结束。目前，沐曦股份正处于上市前的最后准备阶段。 摩尔线程登陆科创板后的股价狂飙，已将资本市场对国产GPU赛道的追捧推向高潮。接下去，头顶"国 产GPU第二股""年内第二贵新股"双重头衔的沐曦股份，能否再创资本狂欢？ 从推理AI芯片入局 2020年，随着人工智能技术从"小模型+判别式"转向"大模型+生成式"，陈维良、彭莉等踏准鼓点，离开 AMD创立了沐曦。 彼时在全球范围内，AI芯片已经基本形成了由英伟达（NVIDIA）和超威半导体（AMD）组成的"一超 一强"寡头垄断格局。 然而在中国，受到美国高性能AI芯片出口管制与国内自主可控市场发展等因素影响，国产AI芯片公司 迎来黄金发展期：2019年壁仞科技成立，20 ...