Core Viewpoint - Muxi Co., Ltd. (688802) is set to launch its initial public offering (IPO) on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for the development of three major GPU projects, positioning itself in the competitive landscape of domestic GPU manufacturers [2][3]. Group 1: IPO Details - The company plans to issue 40.1 million shares, with an initial strategic placement of 8.02 million shares, and the online subscription code is 787802 [2]. - The preliminary inquiry date is set for December 2, 2025, and the subscription date is December 5, 2025 [2]. Group 2: Company Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the independent research and development of high-performance GPU chips and computing platforms [3][4]. - The company aims to provide foundational computing power for various sectors, including artificial intelligence, finance, transportation, energy, healthcare, and entertainment [3]. Group 3: Market Position and Performance - Muxi's flagship product, the Xiyun C series GPU chip, is based on fully self-developed GPU IP, instruction set, and architecture, achieving domestic leadership in various performance metrics [4]. - As of the reporting period, Muxi has sold over 25,000 GPU units, with applications in multiple national AI computing power platforms and commercial intelligent computing centers [4]. Group 4: Financial Performance - The company has not yet achieved profitability, with revenues of 53 million yuan, 743 million yuan, and 915 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 [6]. - Muxi anticipates reaching breakeven by 2026, with cumulative R&D investments of 2.247 billion yuan from 2022 to 2024, representing 282.11% of its revenue [6]. Group 5: Industry Context - The GPU chip industry is characterized by high capital and technology intensity, with significant barriers to entry and substantial R&D investments [7]. - Muxi is positioned as a key player in the "domestic substitution" trend, supported by prominent investors like Sequoia Capital and Matrix Partners, as the industry transitions from "technology validation" to "scale application" [7].

ZA0o 科创板投资风险提示 本次发行股票拟在科创板上市，科创板公司具有研发投入大、经营风险 高、业绩不稳定、退市风险高等特点，投资者面临较大的市场风险。投资者 应充分了解科创板的投资风险及本公司所披露的风险因素，审慎作出投资决 定。 沐曦集成电路（上海）股份有限公司 MetaX Integrated Circuits (Shanghai) Co., Ltd. （中国（上海）自由贸易试验区郭守敬路 498 号 8 幢 19 号楼 3 层） 首次公开发行股票并在科创板上市 招股意向书 （深圳市前海深港合作区南山街道桂湾五路128号前海深港基金小镇B7栋401） 保荐人（主承销商） 沐曦集成电路（上海）股份有限公司 招股意向书 中国证监会、交易所对本次发行所作的任何决定或意见，均不表明其对发 行人注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》规定，股票依法发行后，发行人经营与收益的变化，由发行 人自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担 股票 ...

Core Viewpoint - Muxi Co., Ltd., a leading domestic high-performance general-purpose GPU company, has successfully passed the IPO review by the Shanghai Stock Exchange [1][3]. Company Overview - Muxi Co., Ltd. focuses on the independent research and development of high-performance GPU chips and computing platforms, providing foundational computing power for various sectors including AI public computing platforms, operator intelligent computing platforms, and commercial intelligent computing centers [3]. - The company aims to enhance domestic computing power infrastructure, which has been heavily reliant on foreign giants, especially in the context of geopolitical tensions and the new AI revolution [3]. Product and Market Position - Muxi's flagship product, the Xiyun C series training and inference integrated GPU chip, is based on fully self-developed GPU IP, instruction set, and architecture, achieving domestic leadership in terms of versatility, single-card performance, cluster performance, stability, ecosystem compatibility, and migration efficiency [3]. - As of the reporting period, Muxi has sold over 25,000 GPU units, with applications in various AI public computing platforms and commercial intelligent computing centers [3]. Market Share and Financial Performance - According to Bernstein Research, Muxi holds approximately 1% market share in China's AI chip market for 2024 [4]. - The company has not yet achieved profitability, with revenues of 0.53 billion, 7.43 billion, and 9.15 billion CNY from 2023 to the first half of 2025, and net losses of -8.71 billion, -14.09 billion, and -1.86 billion CNY during the same period [4]. Challenges and Future Plans - Muxi faces challenges such as low penetration of domestic GPU chips, technical standard adaptation, and user habit migration, which hinder market expansion [5]. - The company plans to raise 3.904 billion CNY through its IPO to invest in new high-performance general-purpose GPU research and industrialization projects, aligning with national industrial policies and its development strategy [5].