Core Viewpoint - The IPO process for domestic GPU chip companies is accelerating, with Moore Threads successfully entering the review stage shortly after filing its prospectus, while Muxi Co. is also progressing through inquiries, indicating a growing market for AI computing products [1][3]. Financial Performance - Moore Threads is projected to achieve significant revenue growth in 2024, with expected revenues of 438 million yuan, and a continued reduction in net losses to 1.492 billion yuan. By the first half of 2025, revenues are anticipated to reach 702 million yuan, marking a 238.71% year-on-year increase and a 203.44% quarter-on-quarter increase, with net losses improving to 271 million yuan, a decrease of 56.02% year-on-year and 69.07% quarter-on-quarter [4][5][6]. Revenue Structure - In 2023, Moore Threads' core revenue primarily came from professional graphics acceleration products, with major clients including Baidu and JD.com. By 2025, AI computing products are expected to account for nearly 80% of revenue, reflecting a 218.19% increase [6][7]. Product Development - Moore Threads has released several generations of GPU architecture, with the latest, "Pinghu," aimed at AI computing. The company has seen a significant improvement in gross margins, from -70.08% in 2022 to 70.71% in 2024, driven by higher performance and pricing of newer products [7][8]. Market Expansion - The customer base for Moore Threads has shifted from early markets to AI computing centers and enterprises, with ongoing negotiations for contracts exceeding 1.7 billion yuan in the AI computing sector, indicating a strong demand for domestic chips [11][12]. Industry Trends - The domestic AI chip industry is witnessing rapid growth, with companies like Moore Threads and Muxi Co. leading the charge. The market is increasingly focused on AI computing, with significant orders and contracts expected to drive future revenues [10][18]. Ecosystem Development - The establishment of collaborative ecosystems is crucial for the growth of domestic AI chip manufacturers. Initiatives like the OISA ecosystem and partnerships with major telecom operators are aimed at enhancing interoperability and performance of AI chips [16][17].

Core Viewpoint - The article highlights the rapid acceleration of the IPO process for domestic GPU chip companies, particularly focusing on Moore Threads and Muxi Co., which are expected to see significant revenue growth in 2024 and beyond, driven by the increasing demand for AI computing products and services [3][5][20]. Financial Performance - Moore Threads is projected to achieve a substantial revenue increase in 2024, with expected revenues of 438 million yuan, and a continued improvement in net losses, which are anticipated to decrease to 271 million yuan in the first half of 2025, reflecting a year-on-year decline of 56.02% [5][6]. - Muxi Co. is expected to report a staggering 1354.9% year-on-year revenue growth in 2024, reaching 742 million yuan, although it will still face significant net losses of 1.409 billion yuan [9][12]. Market Dynamics - Both companies are experiencing a shift in their customer base from traditional sectors to AI computing centers and major internet companies, indicating a broader market acceptance of domestic AI chips [8][15]. - The domestic AI chip industry is witnessing a collaborative ecosystem being built, with companies like Moore Threads and Muxi Co. contributing significantly to the development of AI computing capabilities [18][20]. Product Development and Innovation - Moore Threads has introduced several generations of GPU architecture, with the latest "Pinghu" chip expected to enhance performance significantly, contributing to a projected gross margin increase from -70.08% in 2022 to 70.71% in 2024 [7][8]. - Muxi Co. is focusing on its training and inference series, with GPU boards accounting for 68.99% of its total revenue in 2024, indicating a strong market position in AI chip solutions [9][12]. Order Backlog and Future Prospects - Moore Threads has a substantial order pipeline, with over 1.7 billion yuan in project contracts under negotiation, expected to be fulfilled in the first half of 2025 [13][14]. - Muxi Co. has reported an order backlog of 1.43 billion yuan, primarily from its Xiyun C500 series boards, with significant contributions from repeat orders and new clients [14][15]. Industry Collaboration and Standards - The article discusses the importance of industry collaboration, with initiatives like the OISA ecosystem being developed to enhance interoperability and performance of AI chips, which is crucial for the future of AI infrastructure in China [18][19]. - Both companies are actively participating in standard-setting and ecosystem-building efforts, which are essential for the growth and competitiveness of the domestic AI chip industry [19][20].