科创板IPO进程持续推进，国产GPU企业沐曦集成电路（上海）股份有限公司（下称"沐曦股份"）10月 24日成功过会。该公司以210亿元估值和39.04亿元募资计划申请上市，致力于在英伟达占据主导的芯片 领域推进国产化替代。 招股书显示，公司营收从2022年的42.64万元增长至2024年的7.43亿元，年复合增长率不俗。与此同时， 公司持续投入研发，报告期内各期（2022年度、2023年度、2024年度、2025年第一季度）研发费用分别 为6.48亿元、6.99亿元、9.00亿元、2.18亿元，累计研发支出约24.65亿元。 C600正进行功能测试 招股书显示，沐曦股份主要收入来源为核心产品训推一体芯片曦云C500系列的销售。2024年2月正式量 产的训推一体芯片曦云C500系列，在2024年量产年实现了7.22亿元收入，占当年主营业务收入的 97.28%。2025年一季度，该系列产品收入占比进一步提升，成为公司当前主要收入来源。 业绩方面，2022年度至2025年一季度，沐曦股份营业收入分别为42.64万元、5,302.12万元、7.43亿元、 3.2亿元，进步飞快。 相比之下，英伟达2025财年的营业收入 ...

Core Insights - Muxi Co., Ltd. is facing significant challenges as it prepares for its IPO on the STAR Market, highlighted by a cumulative loss of 3.29 billion yuan over three years and a reliance on a single product for over 97% of its revenue [1][2]. Financial Performance - The company has exhibited a "high investment, high loss" financial profile, with cumulative losses reaching 3.29 billion yuan from 2022 to Q1 2025, peaking at 1.409 billion yuan in 2024 [2]. - Revenue surged from 426,400 yuan in 2022 to 743 million yuan in 2024, yet this revenue only accounted for 53% of the losses incurred during the same period [2]. - Operating cash flow has been persistently negative, with a total outflow of 4.51 billion yuan from 2022 to Q1 2025, including a single-year outflow of 2.148 billion yuan in 2024 [2]. Product Dependency and Pricing Power - Muxi's revenue structure is heavily dependent on the Xiyun C500 series, which constituted 97.87% of total revenue in Q1 2025, a sharp increase from 30.09% in 2023 [3]. - The average selling price of the GPU boards has declined from 56,900 yuan to 38,900 yuan from 2023 to Q1 2025, representing a 31.6% drop, indicating a lack of pricing power in a competitive market [3]. - The company faces significant product iteration pressures, with new chip designs taking 2-3 years to develop, while AI model technologies evolve every 3-6 months [3]. Competitive Landscape - Muxi operates in a highly competitive environment dominated by NVIDIA, which held a 70% market share in China's AI chip market in 2024 [4]. - Despite U.S. export controls creating opportunities for domestic GPU manufacturers, NVIDIA's tailored H20 chip for the Chinese market poses a threat to local firms [4]. - Domestic competition is fierce, with Muxi competing against other local players like Haiguang Information and Moore Threads, all vying for a limited market share [4]. Customer Concentration and Technology Sources - The company has a high customer concentration, with the top five customers accounting for 88.35% of sales in Q1 2025, raising concerns about revenue independence [5]. - The core technology team includes members with backgrounds at AMD, a direct competitor, which could pose potential risks in terms of intellectual property disputes [5]. Industry Challenges and Muxi's Path Forward - Muxi's struggles reflect broader challenges faced by domestic GPU companies, including how to achieve a commercial breakthrough amid technological lag and weak ecosystems [6]. - The company plans to leverage CUDA compatibility to reduce user migration costs, but building a robust software ecosystem is a long-term endeavor [6]. - The upcoming IPO aims to raise 3.9 billion yuan primarily for new chip development, but the high failure rate in chip R&D raises questions about the effectiveness of these investments [6].

Core Viewpoint - The article discusses the upcoming IPO of Muxi Integrated Circuit (Shanghai) Co., Ltd., highlighting its business focus on high-performance GPU chips and the potential impact on the semiconductor industry [3][6]. Company Overview - Muxi Integrated Circuit was established in September 2020 in Shanghai and has subsidiaries and R&D centers in multiple cities including Beijing, Nanjing, and Shenzhen [5]. - The company specializes in providing full-stack GPU chips and solutions for heterogeneous computing, applicable in various advanced fields such as smart cities, cloud computing, and the metaverse [5]. Financial Information - Muxi Integrated Circuit's latest external financing valued the company at 21.071 billion yuan [6]. - The company plans to issue up to 40.1 million A-shares to raise 3.904 billion yuan, with significant allocations for R&D projects in high-performance GPUs and AI inference GPUs [6]. - For the fiscal year 2024, Muxi Integrated Circuit reported revenues of 743 million yuan and a loss of 1.409 billion yuan, primarily from sales of its Xiyun C500 series chips [7]. Shareholding Structure - The founder, Chen Weiliang, controls 22.94% of the voting rights, making him the actual controller of the company [8]. - Notable investors include prominent private equity figures and firms such as Ge Weidong, Matrix Partners, and Sequoia Capital [9]. Indirect Shareholders - Several listed companies are indirect shareholders of Muxi Integrated Circuit, including Guangxi Media, which holds shares through another company, and Zhongshan Public Utilities, which has made early investments [10][11]. - Other companies like Shibei Gaoxin and Guomai Culture have also indicated indirect investments through media industry funds [12].

又一家知名半导体企业IPO上会在即。 上交所上市审核委员会10月17日公告，定于2025年10月24日召开2025年第46次上市审核委员会审议会 议，审议沐曦集成电路（上海）股份有限公司（下称"沐曦集成电路"）首发事项。 官网显示，沐曦集成电路于2020年9月成立于上海，并在北京、南京、成都、杭州、深圳、武汉和长沙 等地建立了全资子公司暨研发中心。公司的核心成员平均拥有近20年高性能GPU产品端到端研发经验。 沐曦集成电路致力于为异构计算提供全栈GPU芯片及解决方案，可广泛应用于智算、智慧城市、云计 算、自动驾驶、数字孪生、元宇宙等前沿领域，为数字经济发展提供算力支撑。 据公司招股书（上会稿），沐曦集成电路表示，最近一次外部股权融资对应的投后估值为210.71亿元。 沐曦集成电路计划发行不超过4010万股A股普通股，拟募集资金39.04亿元。其中，24.59亿元将用于新 型高性能通用GPU研发及产业化项目，4.53亿元将用于新一代人工智能推理GPU研发及产业化项目， 9.91亿元将用于面向前沿领域及新兴应用场景的高性能GPU技术研发项目。 截至招股书签署日，沐曦集成电路创始人陈维良合计控制公司22.94%的股 ...

Core Viewpoint - A well-known semiconductor company, Muxi Integrated Circuit (Shanghai) Co., Ltd., is set to undergo an IPO review on October 24, 2025, with a post-financing valuation of 21.071 billion yuan [1][3]. Company Overview - Muxi Integrated Circuit was established in September 2020 in Shanghai and has subsidiaries and R&D centers in multiple cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [3]. - The company focuses on providing full-stack GPU chips and solutions for heterogeneous computing, applicable in advanced fields such as intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [3]. Financial Information - The company plans to issue no more than 40.1 million A-shares, aiming to raise 3.904 billion yuan [3]. - The allocation of raised funds includes 2.459 billion yuan for the development and industrialization of new high-performance general-purpose GPUs, 453 million yuan for the development of next-generation AI inference GPUs, and 991 million yuan for high-performance GPU technology R&D for emerging applications [3]. - In 2024, Muxi Integrated Circuit reported revenues of 743 million yuan and a loss of 1.409 billion yuan, with the main revenue source being the sales of the Xiyun C500 series training and inference integrated chips [3]. Shareholder Information - The founder, Chen Weiliang, controls 22.94% of the voting rights, making him the actual controller of the company [4]. - Notable investors include private equity mogul Ge Weidong, Chaos Investment, Matrix Partners, and Sequoia Capital [4]. - Several listed companies are indirect shareholders, including Guangxi Media, which holds a minor stake through an investment in Anhui Technology, and Zhongshan Public Utilities, which has made early investments in Muxi Integrated Circuit [4][5][6][7][8].

Core Viewpoint - A well-known semiconductor company, Muxi Integrated Circuit (Shanghai) Co., Ltd., is set to undergo an IPO review by the Shanghai Stock Exchange on October 24, 2025 [1] Company Overview - Muxi Integrated Circuit was established in September 2020 in Shanghai and has established wholly-owned subsidiaries and R&D centers in multiple cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [3] - The core team of the company has an average of nearly 20 years of end-to-end R&D experience in high-performance GPU products [3] - The company focuses on providing full-stack GPU chips and solutions for heterogeneous computing, applicable in advanced fields such as intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [3] Financial Information - The latest external equity financing corresponds to a post-investment valuation of 21.071 billion yuan [3] - Muxi Integrated Circuit plans to issue no more than 40.1 million A-shares, aiming to raise 3.904 billion yuan [3] - The funds will be allocated as follows: 2.459 billion yuan for the R&D and industrialization of new high-performance general-purpose GPUs, 453 million yuan for the R&D and industrialization of next-generation AI inference GPUs, and 991 million yuan for high-performance GPU technology R&D targeting advanced fields and emerging application scenarios [3] - For the fiscal year 2024, the company reported revenues of 743 million yuan and a loss of 1.409 billion yuan, with the main revenue source being the sales of the Xiyun C500 series training and inference integrated chips [3] Shareholding Structure - As of the signing date of the prospectus, the founder Chen Weiliang controls 22.94% of the voting rights of the company, making him the actual controller [4] - The shareholder list includes prominent investors such as private equity mogul Ge Weidong and his Chaos Investment, as well as firms like Matrix Partners, Helix Capital, and Sequoia Capital [5] - Notably, some listed companies are also "shadow shareholders" of Muxi Integrated Circuit, including Zhongshan Public Utilities, which has made early investments through a renewable energy fund [5]

Core Viewpoint - A well-known semiconductor company, Muxi Integrated Circuit (Shanghai) Co., Ltd., is set to undergo an IPO review by the Shanghai Stock Exchange on October 24, 2025, marking a significant step in its public offering process [1]. Company Overview - Muxi Integrated Circuit was established in September 2020 in Shanghai and has set up wholly-owned subsidiaries and R&D centers in several cities including Beijing, Nanjing, Chengdu, Hangzhou, Shenzhen, Wuhan, and Changsha [3]. - The core team of the company possesses nearly 20 years of end-to-end R&D experience in high-performance GPU products [3]. - The company focuses on providing full-stack GPU chips and solutions for heterogeneous computing, applicable in advanced fields such as intelligent computing, smart cities, cloud computing, autonomous driving, digital twins, and the metaverse [3]. Financial Information - According to the company's prospectus, the latest external equity financing corresponds to a post-investment valuation of 21.071 billion yuan [4]. - Muxi Integrated Circuit plans to issue no more than 40.1 million A-shares, aiming to raise 3.904 billion yuan. Of this, 2.459 billion yuan will be allocated for the R&D and industrialization of new high-performance general-purpose GPUs, 453 million yuan for the R&D and industrialization of next-generation AI inference GPUs, and 991 million yuan for R&D projects targeting advanced fields and emerging application scenarios [4]. - In 2024, the company's revenue is projected to be 743 million yuan, with a loss of 1.409 billion yuan. The primary revenue source is the sales of the Xiyun C500 series training and inference integrated chips [4]. Shareholder Information - As of the signing date of the prospectus, the founder Chen Weiliang controls 22.94% of the voting rights, making him the actual controller of the company [4]. - The shareholder list includes prominent investors such as private equity mogul Ge Weidong and his Chaos Investment, as well as Jingwei Venture Capital, Helix Capital, and Sequoia Capital [4]. Indirect Shareholders - Some listed companies are indirect shareholders of Muxi Integrated Circuit. For instance, Light Media holds shares through Anhui Technology, although the stake is minimal and will not significantly impact its operating performance [5]. - Zhongshan Public Utilities has made early investments in Muxi Integrated Circuit through a new energy fund, anticipating positive impacts from the IPO [6]. - Other companies like Runtong Co., Ltd. and Youfa Group have also reported indirect investments in Muxi Integrated Circuit, with varying ownership percentages [6].