Core Viewpoint - The successful IPO application of Shanghai Muxi Integrated Circuit Co., Ltd. marks a significant advancement in China's high-performance GPU sector, reflecting strong market confidence in domestic GPU development [1][3]. Group 1: Company Progress - Muxi's IPO application was approved by the Shanghai Stock Exchange's Sci-Tech Innovation Board, indicating a successful evaluation of its business model, technical strength, and development prospects [3]. - The company plans to raise funds for advanced GPU chip and system research and development, as well as for upgrading and industrializing general GPU chip technology [3]. - Muxi has achieved a remarkable sales milestone of over 25,000 GPU chips, demonstrating its ability to transition from design to large-scale commercial application [6][7]. Group 2: Technical Team - The company boasts a strong technical team led by founder and CEO Chen Weiliang, who has extensive experience at AMD, enhancing Muxi's understanding of GPU development [4]. - The dual CTOs, Peng Li and Yang Jian, bring significant expertise from AMD and Huawei HiSilicon, contributing to Muxi's competitive edge in GPU technology [4][5]. - The team's background in leading international and domestic chip companies has been crucial in establishing Muxi's credibility in the market [5]. Group 3: Market Position and Strategy - Muxi's entry into the national AI computing power platforms and partnerships with major telecom operators like China Mobile and China Telecom highlight its competitive capabilities in demanding environments [6]. - The current global AI boom and restrictions on high-end chip supplies from international leaders create a valuable opportunity for Muxi to capture market share [10]. - The company faces challenges in closing the performance gap with established players and must invest in software development and ecosystem building to gain developer trust [10]. Group 4: Investment and Support - Notable investor Ge Weidong holds a significant stake in Muxi, reflecting strong backing from top-tier capital and confidence in the company's technology and future [8]. - The shareholder list includes state-owned enterprises and leading venture capital firms, ensuring alignment with national strategies and market vitality [8][9]. - The combined support from state and private capital positions Muxi favorably for future growth and development [8]. Group 5: Conclusion and Future Outlook - Muxi's IPO approval is a milestone for the company and aligns with national strategies to develop high-end computing power chips [11]. - The convergence of corporate breakthroughs and policy support indicates a strong commitment to achieving self-sufficiency in computing power amid the AI era [11][12]. - Despite ongoing challenges, the direction for high-end chip development in China is clear, with a focus on accelerated research and application [12].

Core Viewpoint - The A-share market is increasingly embracing hard technology and high-growth companies, with a number of unicorn enterprises valued over 10 billion accelerating towards IPOs in 2025 [1] Group 1: Company Developments - Supercom Communication has seen its stock price surge following the news of its deep partnership with domestic GPU leader Muxi Co., which is currently undergoing the second round of inquiries for its IPO on the Sci-Tech Innovation Board [1] - In 2023, Supercom Communication became the "national general agent for specific industries" for Muxi Co., marking a significant shift towards computing power solutions [1] - The partnership has led to Supercom securing the rights to access Muxi's GPU chips and the capability for bulk delivery, focusing on key sectors such as government and finance [1] Group 2: Financial Performance - In the first half of 2025, Supercom Communication reported a net profit attributable to shareholders of 72.09 million, a year-on-year increase of 155.26%, with revenue growth of 96.37% [7] - The company’s operating cash flow turned positive, indicating a significant improvement in financial quality [7] - The primary driver for the profit increase was identified as the completion of bulk deliveries as the national general agent for Muxi's GPU chips, alongside the successful acceptance of computing power construction projects [7] Group 3: Strategic Partnerships - Supercom Communication and Muxi Co. established a joint venture, Xunxi Intelligent Technology Co., with Supercom holding a 56% controlling stake, further solidifying their partnership [3] - The registered capital of Xunxi Intelligent is 60 million, positioning it as a core platform for the computing power equipment industry chain, covering chip technology services and server production [5] - The collaboration has also led to joint investments in other technology companies, creating a shared interest community [5]