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].

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].