瑞晟智能 20251224 摘要 瑞晟智能与木兮实验室合作紧密，代理关系稳定，五洛生产基地已启动 服务器生产，湖南和永州等地订单进入收尾阶段，并参与成立全国消防 算力实验室，巩固算力业务地位。 瑞晟智能计划与木兮在宁波建沐曦集成电路生态中心及 GPU 服务器生产 基地，5,000 台服务器已运转，预计明年两条产线满负荷运行，年产值 超 25 亿元，并积极落实订单，加强人才储备，支持国产 GPU 和算力中 心建设。 瑞晟智能收购五洛智慧 25%股份成第一大股东，正洽谈进一步控股并表， 目标持股 50%。五洛智慧作为木兮最高级别代理商，享有定制白卡和低 成本优势，其服务器工厂预计明年 6 月满负荷，产值超 25 亿元。 五络智慧是木兮最大全品类代理商，占木兮代理份额 30%，预计明年订 单总额不低于 50 亿元，新订单持续增长，老订单持续履行，新工厂试 生产一个月已实现 1.2 亿元工业产值。 五络智慧基于木兮 GPU 打造不同客户群体机器，制造端利润空间预计 15%-25%，多余部分投入生态建设。公司与木兮联合开发双精度 X201 卡，是国内唯二用于训练的双精度卡之一。 Q&A 瑞晟智能在 2025 年第三季度 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to go public on the STAR Market, aiming to raise 3.904 billion yuan for the development of high-performance GPUs and AI inference GPUs [1][4]. Company Overview - Muxi was established in September 2020, focusing on the independent development of high-performance GPU chips and computing platforms. The core team has over ten years of experience in GPU R&D and mass production [3]. - The CEO, Chen Weiliang, holds a 22.94% stake, making him the actual controller of the company. Notable investors include the National Team and prominent venture capital firms [3]. Financial Performance - Muxi's revenue has seen exponential growth, with projected revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [4]. - Despite revenue growth, Muxi is currently operating at a loss, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, and -1.409 billion yuan in 2024. The cumulative undistributed profits reached -1.048 billion yuan by March 2025 [4]. Market Position and Competition - Muxi is expected to become the second domestic GPU company listed on the A-share market, following Moer Thread [2]. - The global GPU market is dominated by Nvidia and AMD, with Muxi holding approximately 1% of the Chinese AI chip market share in 2024 [6]. - The company faces significant competition from established players and emerging domestic firms, necessitating rapid technological advancement and commercialization capabilities [6]. Product Development - Muxi has launched products for AI training, inference, and general computing, with the C500 being the main product currently shipped. The next-generation C600 chip is expected to support advanced training capabilities [5]. - The revenue structure indicates that the integrated training and inference GPU boards are the primary drivers of growth, contributing 68.99% of the main business revenue in 2024 [5]. Industry Trends - The surge in demand for computing power driven by AI models and the push for domestic alternatives are benefiting Muxi's growth trajectory [4]. - Other domestic GPU companies are also in the process of going public, indicating a competitive landscape in the sector [7][8].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to launch its IPO on the Sci-Tech Innovation Board, aiming to raise 3.904 billion yuan for the development of high-performance GPUs and AI inference technologies [1][5]. Company Overview - Muxi was established in September 2020, focusing on the independent development of high-performance GPU chips and computing platforms. The core team has over ten years of experience in GPU development, with notable figures from AMD [5]. - The CEO, Chen Weiliang, holds a 22.94% stake, making him the actual controller of the company. Significant investors include state-owned enterprises and prominent venture capital firms [5][6]. Financial Performance - Muxi's revenue has seen exponential growth, with projected revenues of 15 billion to 19.8 billion yuan in 2025, representing a year-on-year increase of 101.86% to 166.46% [6]. - Despite the revenue growth, the company has reported net losses from 2022 to 2024, with cumulative losses reaching 1.048 billion yuan by March 2025 [6][7]. Product Line and Market Position - Muxi has launched products for AI training and inference, with the C500 GPU being a key product. The next-generation C600 chip is expected to support advanced training capabilities [7]. - The company currently holds about 1% market share in China's AI chip market, facing competition from established players like NVIDIA and AMD [7]. IPO and Market Context - Muxi's IPO follows the recent listing of another domestic GPU company, Moore Threads, which is seen as the first domestic GPU stock. The competitive landscape includes several other companies also pursuing IPOs [9][10]. - The market for domestic GPUs is gaining traction due to increasing demand for computing power driven by AI models, but challenges remain due to competition and the need for rapid technological advancement [7][9].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to go public on the STAR Market, aiming to raise 3.904 billion yuan for the development of high-performance GPUs and AI inference GPUs, potentially becoming the second domestic GPU company listed in A-shares after Moore Threads [1][4]. Group 1: Company Overview - Muxi was established in September 2020, focusing on the independent development of high-performance GPU chips and computing platforms, with a core team having over ten years of experience in GPU R&D and mass production [4]. - The company is backed by notable investors, including the state-owned China Structural Adjustment Fund and prominent venture capital firms like Sequoia Capital and Matrix Partners [5]. - Muxi's valuation reached 21.071 billion yuan following a funding round in February 2025 [5]. Group 2: Financial Performance - Muxi's revenue has seen exponential growth, with figures of 426,400 yuan in 2022, 53.0212 million yuan in 2023, and an expected 743 million yuan in 2024, resulting in a compound annual growth rate of 4074.52% [5]. - The company anticipates a revenue of 1.5 billion to 1.98 billion yuan in 2025, representing a year-on-year growth of 101.86% to 166.46%, which is nearly a 3518-fold increase compared to 2022 [5]. - Despite the revenue growth, Muxi reported net losses of 777 million yuan, 871 million yuan, and 1.409 billion yuan from 2022 to 2024, with cumulative undistributed profits of -1.048 billion yuan as of March 2025 [6]. Group 3: Market Position and Competition - The global GPU market is dominated by Nvidia and AMD, with Muxi holding approximately 1% of the AI chip market in China as of 2024 [7]. - The company faces significant competition from established players and emerging domestic firms, which may challenge its technological advancement and commercialization capabilities [7]. Group 4: Product Development - Muxi has launched products for AI training, inference, and general computing, with the Xisi N series GPU entering mass production in April 2023 and the core Xiyun C series GPU expected to launch in February 2024 [6]. - The training and inference GPU series is projected to generate 512 million yuan in sales in 2024, accounting for 68.99% of the company's main business revenue [6].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is set to launch its IPO on the STAR Market, aiming to raise 3.904 billion yuan for the development of high-performance GPUs and AI inference technologies [1][4]. Company Overview - Muxi was established in September 2020, focusing on the independent development of high-performance GPU chips and computing platforms. The core team has extensive experience in GPU development, with key figures previously working at AMD [3]. - The CEO, Chen Weiliang, holds a 22.94% stake, and the company has attracted significant investments from notable entities, including the National Team and Sequoia Capital [3]. Financial Performance - Muxi's revenue has seen exponential growth, with projected revenues of 42.64 million yuan in 2022, 530.21 million yuan in 2023, and 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [4][5]. - Despite the revenue growth, Muxi is currently operating at a loss, with net profits of -777 million yuan in 2022, -871 million yuan in 2023, and -1.409 billion yuan in 2024 [5]. Market Position and Competition - Muxi's product line includes AI training and inference GPUs, with the C500 being the main product. The company has sold over 25,000 GPU units to date [6]. - The global GPU market is dominated by NVIDIA and AMD, with Muxi holding approximately 1% market share in China's AI chip market as of 2024 [6]. Industry Context - Muxi is part of a competitive landscape with several other domestic GPU companies also pursuing IPOs, including Moer Thread and Suiruan Technology, indicating a rush in the domestic GPU sector [7][8]. - Other notable companies like Birran Technology and Glanfi are also in the process of seeking listings, highlighting the growing interest and investment in the domestic GPU market [8][9].