Core Viewpoint - The IPO process of domestic GPU company Mu Xi Integrated Circuit (Shanghai) Co., Ltd. is progressing, with a valuation of 21 billion yuan and a fundraising plan of 3.904 billion yuan, aiming to promote domestic substitution in the chip sector dominated by Nvidia [1] Financial Performance - Mu Xi's revenue has grown from 426,400 yuan in 2022 to 743 million yuan in 2024, reflecting a strong compound annual growth rate [1] - The company's main revenue source is the Xiyun C500 series chip, which is expected to generate 722 million yuan in 2024, accounting for 97.28% of the main business revenue for that year [3] - Despite rapid revenue growth, Mu Xi has not yet achieved profitability, with cumulative losses reaching 3.29 billion yuan from 2022 to Q1 2025 [3][4] Research and Development - Mu Xi has invested significantly in R&D, with total expenditures of approximately 2.465 billion yuan from 2022 to Q1 2025 [1][4] - The company is developing new products, including the Xiyun C600 and C700 series chips, as well as the Xisi N and Xicai G series GPUs [5] Cash Flow Situation - The net cash flow from operating activities has been consistently negative, totaling a net outflow of 4.361 billion yuan [4] - The company anticipates reaching a breakeven point by 2026, with improved cash flow expected as sales scale up [4] Shareholder Structure - Mu Xi has several related shareholders holding over 5% of the company's shares, including Shanghai Xiji and Chaos Investment [7][8] - A significant customer, Shanghai Yuanlu Jiajia Information Technology Co., Ltd., also holds 0.55% of the company's shares and contributed 28.39% of the main business revenue in Q1 2025 [9][10] Market Position and Strategy - The company emphasizes its independent operation and claims no significant adverse impact from related parties, ensuring no major competition or unfair transactions with controlling shareholders [11]