Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone in the domestic GPU sector as one of the "dual leaders" in the industry [1] Group 1: Listing and Market Performance - Muxi shares were issued at a price of 104.66 yuan per share, making it the second highest IPO price this year [1] - The company issued 40.1 million A-shares, with approximately 18.14 million shares circulating initially, representing only 4.53% of the total share capital [2] - On the first trading day, the opening price reached 700 yuan per share, reflecting a nearly 569% increase, and the stock price peaked at 895 yuan, over 755% higher than the issue price, with a market capitalization exceeding 350 billion yuan [2] Group 2: Business Overview - Founded in 2020, Muxi is positioned to capitalize on the surge in global AI computing demand and the push for domestic high-performance computing [2] - The company has developed multiple product lines, including the AI-specific accelerator chip Xisi N series, general-purpose computing chip Xiyun C series, and graphics rendering chip Xicai G series, with the Xiyun C500 series being the main revenue source [2] Group 3: Financial Performance - Muxi has not yet achieved profitability, with revenues for 2022, 2023, 2024, and Q1 2025 projected at 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan respectively [3] - The net profits attributable to the parent company for the same periods are projected to be -777 million yuan, -871 million yuan, -1.409 billion yuan, and -233 million yuan, indicating ongoing losses [3] - The company anticipates reaching breakeven at the earliest by 2026, with cumulative R&D expenses amounting to approximately 2.466 billion yuan from 2022 to March 2025 [3] Group 4: Investor Participation - The IPO attracted significant interest, with 269 offline investors and 7,719 strategic placement participants, resulting in a total offline subscription amount of 57.169 billion shares and a subscription multiple of 2,228 times [4] - The strategic placement included notable investors such as the National Artificial Intelligence Industry Investment Fund, with 10 strategic investors collectively allocated 760,540 shares, accounting for 18.97% of the total issuance [4] - A total of 200 public and private fund institutions participated in the offline placement, with an aggregate allocation amount of approximately 1.44 billion yuan [5]

不过，沐曦尚未盈利。2022年~2024年及今年前三个月，沐曦营收分别为42.64万元、5302.12万元、7.43亿元和3.2亿元，净利润分别为-7.77亿元、-8.71亿 元、-14.09亿元和-2.33亿元。2022年~2024年，沐曦累计亏损超32亿元。 今年上半年，沐曦营收9.15亿元，同比增长404.51%，亏损1.86亿元，仍未扭亏。沐曦预计，今年前九个月营收12亿元~12.6亿元，同比增长437.36%至 464.23%，亏损3亿元~3.8亿元，同比有所减亏。 就尚未盈利的原因，沐曦提到国内GPU芯片市场长期被国外巨头垄断，国产GPU芯片渗透率低，公司智算推理GPU芯片曦思N100系列等仍处于销售规模 爬坡期，以及因实施股权激励而确认了较大金额的股份支付费用。沐曦提醒，截至今年3月末，公司合并报表未分配利润-10.48亿元，预计上市后账面累 计未弥补亏损将持续存在。该公司预计，达到盈亏平衡点的时间最早为2026年。 按发行价计算，私募大佬葛卫东直接持有沐曦股份市值约15.01亿元，葛卫东实际控制的混沌投资持股市值约13.19亿元，红杉资本旗下的红杉瀚辰、红杉 雅恒合计持股市值约15.77亿元， ...

Core Viewpoint - The article discusses the recent IPO of GPU manufacturer Muxi Co., Ltd. (688802.SH) on the STAR Market, highlighting its significant stock price surge and the financial performance of the company, which remains unprofitable despite substantial revenue growth [3][6]. Company Overview - Muxi Co., Ltd. is a leading developer of high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD. The company claims its GPU performance ranks among the top tier domestically, with cumulative sales exceeding 25,000 units [5]. IPO Details - Muxi's IPO price was set at 104.66 CNY per share, resulting in a market capitalization of 41.874 billion CNY. The stock price surged by 567.88% on the opening day, reaching 699 CNY per share and a market cap of 279.7 billion CNY, allowing investors to gain approximately 297,000 CNY per share [3][4]. Financial Performance - Muxi reported revenues of 426,400 CNY in 2022, 53.0212 million CNY in 2023, 743 million CNY in the first three months of 2024, and 320 million CNY in the first quarter of 2024. The net losses were 777 million CNY, 871 million CNY, 1.409 billion CNY, and 233 million CNY respectively, with cumulative losses exceeding 3.2 billion CNY from 2022 to 2024 [6]. - In the first half of 2024, Muxi's revenue reached 915 million CNY, a year-on-year increase of 404.51%, but it still reported a loss of 186 million CNY. The company expects revenues of 1.2 billion to 1.26 billion CNY for the first nine months of 2024, reflecting a year-on-year growth of 437.36% to 464.23%, with anticipated losses of 300 million to 380 million CNY [6]. Market Position and Competition - Muxi acknowledges that the domestic GPU chip market has been dominated by foreign giants, resulting in low penetration rates for domestic products. The company is in the process of scaling its sales for its AI inference GPU chip series, which is still in the early stages of market adoption [6][7]. - According to Bernstein Research, Muxi is projected to hold approximately 1% market share in the Chinese AI chip market by 2024, indicating a competitive landscape that is still evolving [7].

| 末尾位数 | 中签号码 | | --- | --- | | 末"4"位数 | 6116, 1116, 8507 | | 末"5"位数 | 54574, 04574, 35184 | | 末"6"位数 | 831158, 581158, 331158, 081158 | | 末"7"位数 | 9707263, 8457263, 7207263, 5957263, 4707263, 3457263, 2207263, | | | 0957263 | | 末"8"位数 | 26620185, 15168131, 41428254, 18468983, 24059508 | 此次沐曦股份打新热情高涨，12月7日，沐曦股份公告，本次网上发行有效申购户数达517.52万户，有效申购股数288.62亿 股，网上发行初步中签率仅为0.02223023%，启动回拨机制后最终中签率为0.03348913%，比摩尔线程的0.03635054%还要 低。 此外，参与沐曦股份网下打新的机构投资者规模也超过了摩尔线程。12月3日晚间，沐曦股份公告显示，此次沐曦股份询价 共收到288家网下投资者管理的7962个配售对象的初步询价报价信 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the initial public offering (IPO) registration application of Muxi Integrated Circuit (Shanghai) Co., Ltd., allowing it to list on the STAR Market [1][3]. Company Overview - Muxi Integrated Circuit (Shanghai) Co., Ltd. focuses on the research, design, and sales of high-performance GPU chips and computing platforms, primarily for artificial intelligence training and inference, general computing, and graphics rendering [10][11]. - The company has developed a series of GPU products, including the Xisi N100 series and Xiyun C500 series, which are set to be mass-produced in 2023 and 2024, respectively [7]. Financial Performance - Muxi has not yet achieved profitability, with reported revenues of CNY 426,400 (approximately 0.042 million) in 2022, CNY 53.02 million in 2023, CNY 743.07 million in 2024, and CNY 320.41 million in Q1 2025, totaling approximately CNY 1.117 billion over nearly 13 quarters [6][14]. - The net losses for the same periods were CNY -776.97 million, CNY -871.16 million, CNY -1.41 billion, and CNY -232.51 million, with cumulative losses nearing CNY 3.29 billion [6][14]. - In the first half of 2025, the company reported a revenue of CNY 914.93 million, a year-on-year increase of 404.51%, while the net loss was reduced by 63.74% to CNY -185.89 million [7]. Market Context - The IPO process for Muxi has accelerated, taking only 116 days from application to approval, reflecting a trend among major GPU startups in China, such as Muxi and Moer Technology, which are challenging NVIDIA's market dominance [5][9]. - The company has attracted significant investment from well-known institutions, with a post-financing valuation reaching CNY 21.071 billion [9]. Investment and Development Plans - The funds raised from the IPO will be allocated to various projects, including the development and industrialization of new high-performance general-purpose GPUs and AI inference GPUs, with a total investment of approximately CNY 500.92 million [15][16].

Core Viewpoint - The article discusses the rapid growth and upcoming IPO of Muxi Technology, highlighting its position as a contender for the title of "first domestic GPU stock" alongside other companies in the sector [3][10]. Company Development - Muxi Technology was established five years ago and has achieved a valuation exceeding 21 billion yuan, with total financing surpassing 10 billion yuan from various investors [4][11]. - The company has developed a strong technical team with nearly 20 years of experience in high-performance GPU product development, leading to the successful launch of multiple GPU products [8][9]. Market Context - The increasing importance of domestic GPUs has been driven by intensified Sino-U.S. technological competition, leading to a surge in the domestic GPU market [8]. - Muxi Technology is part of a group of companies known as the "four little dragons" of domestic GPUs, which includes Suiruan Technology, Biran Technology, and Moer Thread [8][10]. Financial Performance - Muxi Technology's revenue over the past 39 months has exceeded 1.1 billion yuan, while the company has incurred a net loss of nearly 3.3 billion yuan [10]. - The company has sold over 25,000 GPU units, indicating a strong market presence [10]. Investment and Financing - The company has attracted significant investment from notable firms such as Sequoia China, IDG Capital, and Lenovo Capital, among others [4][12][15]. - Muxi Technology completed multiple rounds of financing, with the latest round raising over 7.2 billion yuan, further increasing its valuation [15][16]. Shareholder Gains - Prior to its official listing, some shareholders have already realized profits through share transfers, with notable gains reported by investors [18][19]. - The article notes that investor enthusiasm for Muxi Technology has positively impacted the stock prices of related companies [20].

Core Insights - The semiconductor industry is crucial for national digital economy security and competitiveness, with a focus on self-reliance and technological independence [1][3] - Muxi Integrated Circuit (Shanghai) Co., Ltd. is a leader in the domestic high-performance general-purpose GPU sector, aligning with national strategic goals and playing a key role in breaking overseas technology monopolies [3][4] Industry Context - The 20th National Congress emphasized accelerating high-level technological self-reliance, with the Sci-Tech Innovation Board providing a green channel for tech companies to access capital markets [3] - The Sci-Tech Innovation Board has introduced differentiated listing standards for hard tech companies, allowing those with a projected market value of at least 3 billion yuan and recent revenue of no less than 300 million yuan to list, which suits the GPU industry's characteristics of high R&D investment and long return cycles [4] Company Performance - Muxi's projected revenue for 2024 is 743 million yuan, with the latest external equity financing valuing the company at 21.071 billion yuan [4] - The company has invested heavily in R&D, with expenditures of 648 million yuan, 699 million yuan, and 901 million yuan from 2022 to 2024, totaling over 2.2 billion yuan, which is 282.11% of its cumulative revenue during the same period [5] - Muxi has developed a full product matrix covering intelligent computing inference, training integration, and graphics rendering, with its self-developed C500 series GPU chips achieving domestic leadership in performance [4][5] Technological Advancements - Muxi has achieved significant breakthroughs in technology and product development, with a core team possessing top-tier GPU expertise [6][7] - The company has developed proprietary technologies such as MetaXLink for high-speed interconnects, enhancing the performance of large-scale computing clusters [7] - Muxi's products have been deployed in key sectors including education, finance, transportation, and energy, demonstrating their applicability in high-end computing scenarios [7][9] Supply Chain Strategy - Muxi is proactively building a domestic supply chain to mitigate risks associated with global semiconductor uncertainties, having established stable partnerships with domestic foundries and packaging/testing facilities [8] - The company plans to further reduce reliance on foreign supply chains with its new generation of training and inference chips [8] Market Position and Future Outlook - Muxi holds approximately 1% market share in China's AI chip market and is one of the few domestic GPU manufacturers to achieve commercial applications of thousand-card clusters [10] - The company aims to expand its market share by leveraging established channels and technological advantages, aligning with national strategies for AI empowerment across various industries [10] - Muxi's development is recognized as strategically significant for the upgrade of the domestic GPU industry and the broader semiconductor sector, contributing to high-quality development of the digital economy [10][11]

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has received approval for its IPO application, indicating compliance with issuance and listing conditions, despite facing challenges such as competition and ongoing losses [2][3]. Company Overview - Muxi is a key player in developing high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD [3]. - The company has sold over 25,000 GPUs and has applications in various AI public computing platforms and commercial intelligent computing centers [3]. Financial Performance - Muxi reported a revenue of 915 million yuan in the first half of the year, a year-on-year increase of 404.51%, but still incurred a loss of 186 million yuan [4]. - For the first nine months of the year, Muxi expects revenue between 1.2 billion and 1.26 billion yuan, reflecting a growth of 437.36% to 464.23%, with anticipated losses of 300 million to 380 million yuan [4]. - Cumulative losses from 2022 to 2024 exceeded 3.2 billion yuan, with the company not expected to reach breakeven until at least 2026 [4][5]. Market Position - Muxi holds a market share of approximately 1% in the domestic AI chip market, which is projected to grow significantly from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029 [7][8]. - The domestic AI chip market is currently dominated by international giants like NVIDIA and AMD, with Muxi facing significant competition [7][8]. Customer Concentration - Muxi's revenue is highly dependent on a single product, the Xiyun C500 series, which accounted for over 97% of its main business revenue in recent periods [5]. - The company has a high customer concentration, with 88.35% of revenue in the first quarter coming from its top five customers [5][6]. Shareholder Structure - Muxi has a diverse shareholder base with 124 shareholders, the largest being Shanghai Jiaomai with 13.3% ownership [9][10]. - Notable investors include Ge Weidong and his firm Chaos Investment, holding 7.48%, and various venture capital firms [10].

Core Viewpoint - The semiconductor industry is crucial for national digital economy security and competitiveness, with domestic companies like Muxi Integrated Circuit (Shanghai) Co., Ltd. playing a key role in breaking overseas technology monopolies and enhancing the domestic semiconductor supply chain [1][3]. Group 1: Company Overview - Muxi is a leader in the domestic high-performance general-purpose GPU sector, aligning with national strategic goals and contributing significantly to the domestic semiconductor industry [3]. - The company has developed a comprehensive product matrix covering intelligent computing inference, training integration, and graphics rendering, achieving domestic leadership in general-purpose GPU performance [4]. Group 2: Financial Performance - Muxi's revenue is projected to reach 743 million in 2024, with a compound annual growth rate of 4074.52% from 2022's revenue of 426,400 [7]. - The company has significantly increased its R&D investment, with expenditures of 648 million, 699 million, and 901 million from 2022 to 2024, totaling over 2.2 billion, which is 282.11% of its cumulative revenue during the same period [5]. Group 3: Market Position and Strategy - Muxi has achieved a 1% market share in China's AI chip market in 2024, positioning itself as one of the few domestic GPU manufacturers to commercialize thousand-card clusters [10]. - The company plans to expand its market share by implementing a "1+6+X" development strategy, focusing on six key industries and exploring emerging application scenarios, aligning with national initiatives to empower various sectors with AI [10]. Group 4: Technological Advancements - Muxi has made significant technological breakthroughs through its fully self-developed GPU products, including the MetaXLink high-speed interconnect technology, which enhances the performance of large-scale computing clusters [6]. - The company has established a self-sufficient supply chain, reducing reliance on foreign suppliers and ensuring stable material supply for its products [8]. Group 5: Long-term Impact - Muxi's development is not only commercially valuable but also strategically significant for the upgrade of the domestic GPU industry, contributing to the advancement of related technologies such as EDA tools and high-end memory [11]. - The company is recognized as a national-level "little giant" enterprise and a high-tech enterprise, participating in major national and provincial research projects, which will drive collaborative development across the domestic GPU industry chain [11].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has passed the IPO review by the Shanghai Stock Exchange, indicating compliance with issuance and listing conditions, despite facing challenges such as low market share and ongoing losses [3][4]. Company Overview - Muxi is a key player in developing high-performance general-purpose GPU products in China, with a founding team that previously worked at AMD [4]. - The company has sold over 25,000 GPUs and has achieved large-scale commercial applications in various AI computing platforms [4]. - Muxi plans to issue up to 40.1 million shares to raise approximately 3.904 billion yuan for new GPU development projects [4]. Financial Performance - Muxi reported revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in the first three months of 2024, with a net loss of 1.86 billion yuan in the first half of 2023 [4][5]. - The company has accumulated losses exceeding 3.2 billion yuan from 2022 to 2024, with a projected revenue of 1.2 billion to 1.26 billion yuan for the first nine months of 2023 [4][5]. - Muxi's cash flow from operating activities has been negative, with accounts receivable constituting a high percentage of revenue [5]. Market Position - Muxi holds a market share of approximately 1% in the domestic AI chip market, which is dominated by international giants like NVIDIA and AMD [8][10]. - The Chinese AI chip market is expected to grow significantly, from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029 [9][10]. - Muxi's main competitors include GPU chip design firms like Huagong Information and Tianshu Zhixin, as well as ASIC chip design companies like Huawei HiSilicon and Cambricon [10]. Customer Concentration - Muxi's revenue is heavily reliant on a single product line, with the C500 series accounting for over 97% of its main business revenue [6]. - The company has a high customer concentration, with 88.35% of revenue coming from its top five clients in the first three months of 2024 [6]. Shareholder Structure - Muxi has a diverse shareholder base with 124 shareholders, the largest being Shanghai Jiaomai with a 13.3% stake [11]. - Notable investors include Ge Weidong and his firm Chaos Investment, holding 7.48%, and various venture capital firms [11][12]. - Several listed companies have collaborated with Muxi, including Chuanxin Communication, which was its largest customer in the first three months of 2024 [12].