Core Viewpoint - Muxi Co., Ltd., the second domestic GPU company, is set to debut on the STAR Market, entering the growth tier due to its unprofitability at the time of listing [1]. Group 1: IPO Details - Muxi's IPO price is set at 104.66 CNY per share, corresponding to a market capitalization of approximately 41.874 billion CNY and a price-to-sales ratio of 56.35 times [3]. - The company plans to raise funds primarily for projects related to high-performance general-purpose GPU development, AI inference GPU development, and GPU technology research for emerging applications [3]. - Muxi will issue 40.1 million shares, accounting for 10.02% of the total share capital post-issue, with a net fundraising amount expected to be 3.899 billion CNY, slightly below the initial target of 3.904 billion CNY [3]. Group 2: Market Performance Expectations - If market sentiment mirrors the first-day performance of Moer Thread, which saw an opening increase of approximately 468.78% (closing up 425.46%), Muxi's stock price could reach around 595 CNY, potentially yielding a profit of nearly 250,000 CNY for investors holding one lot (500 shares) [3]. - Based on the average first-day increase of 218.92% for the 14 new stocks listed this year, Muxi's stock price could reach approximately 333.78 CNY, resulting in a profit of about 114,600 CNY for one lot [3]. Group 3: Comparison with Moer Thread - Muxi's price-to-sales ratio is only half that of Moer Thread, which had a ratio of 122.51 times at its IPO [4]. - Muxi's initial subscription rate was 0.02223023%, which increased to 0.03348913% after the allocation mechanism was activated, indicating a higher difficulty in obtaining shares compared to Moer Thread's final rate of 0.03635054% [5]. Group 4: Company Background - Founded in September 2020, Muxi's team primarily consists of former AMD employees, including CEO Chen Weiliang, who was the global GPU SoC design head at AMD, and other key figures with significant experience in GPU technology [5].

Core Viewpoint - The article discusses the upcoming IPO of domestic GPU company Muxi Co., which is set to be listed on the STAR Market despite not being profitable, thus entering the growth tier of the market [1]. Summary by Sections IPO Details - Muxi Co. is expected to have a significant opening price, potentially reaching around 595 CNY per share if market sentiment mirrors that of a previous IPO, with a first-day increase of approximately 468.78% [3]. - The company has set its IPO price at 104.66 CNY per share, leading to a market capitalization of about 41.874 billion CNY and a price-to-sales ratio of 56.35 times [3]. - The IPO aims to raise funds primarily for the development and industrialization of new high-performance general-purpose GPUs, AI inference GPUs, and GPU technology for emerging applications [3]. Market Comparison - Muxi Co.'s price-to-sales ratio is significantly lower than that of a comparable company, Moer Thread, which had a ratio of 122.51 times during its IPO [4]. - The initial subscription rate for Muxi Co. was 0.02223023%, which increased to 0.03348913% after the allocation mechanism was activated, indicating a high demand for shares [4]. Company Background - Muxi Co. was founded in September 2020, with a team primarily composed of former AMD employees, including CEO Chen Weiliang, who previously led GPU design at AMD [5]. - The company has released two key chips, the N100 and C500, with the latter being the main product currently in circulation [6]. Market Trends - The article notes that the new stock market remains active, with several high-performing stocks listed this year, including Muxi Co. and others in the semiconductor sector [6].

Group 1 - The core viewpoint of the article discusses the potential stock performance of Muxi Co., Ltd. (沐曦股份) following its IPO, comparing it to the significant first-day gains of Moer Thread (摩尔线程) [3][4] - Muxi Co., Ltd. raised approximately 3.899 billion yuan in net funds from its IPO, slightly below the planned 3.904 billion yuan, with a market capitalization of about 41.874 billion yuan and a price-to-sales ratio of 56.35 times [3][4] - The company issued 40.1 million shares at a price of 104.66 yuan per share, representing 10.02% of the total share capital post-issue [3][5] Group 2 - Muxi Co., Ltd. is the second A-share company to issue shares at over 100 yuan this year, following Moer Thread [5] - The initial subscription rate for Muxi Co., Ltd. was 0.02223023%, which increased to 0.03348913% after the allocation mechanism was activated, indicating a highly competitive environment for investors [5][6] - The company was founded in September 2020, with a team primarily composed of former AMD employees, including its CEO and chief architects [6] Group 3 - Muxi Co., Ltd. plans to invest the raised funds into projects focused on the development and industrialization of high-performance general-purpose GPUs and AI inference GPUs [3] - The stock market has shown continued interest in new IPOs, with Muxi Co., Ltd. being among the notable high-priced stocks listed this year [7] - The article highlights the performance of other newly listed stocks, indicating a trend of significant first-day gains in the market [7][9]

Core Viewpoint - The article discusses the potential for Muxi Co., Ltd. to replicate the significant stock price surge seen with Moer Thread during its IPO, highlighting the high demand and market interest in new tech stocks, particularly in the GPU sector [2][6]. Group 1: IPO Performance and Market Sentiment - Muxi Co., Ltd. had an IPO price of 104.66 yuan per share, with a market capitalization of approximately 41.87 billion yuan and a price-to-sales ratio of 56.35 times [2]. - If Muxi replicates Moer Thread's first-day performance, which saw a 468.78% opening increase and a closing increase of 425.46%, its stock price could reach around 595 yuan, potentially yielding a profit of nearly 250,000 yuan for investors holding one lot (500 shares) [2]. - The average first-day increase for 14 new stocks listed on the Sci-Tech Innovation Board this year is 218.92%, suggesting Muxi's stock could reach approximately 333.78 yuan, resulting in a profit of about 114,600 yuan for one lot [2]. Group 2: Company Background and Product Development - Muxi was founded in September 2020, with a team primarily sourced from AMD, including CEO Chen Weiliang, who previously led GPU SoC design at AMD [4]. - The company plans to use the funds raised from its IPO for the development and industrialization of new high-performance general-purpose GPUs, next-generation AI inference GPUs, and high-performance GPU technology for emerging applications [2]. - Muxi has released the N100 chip for inference and the C500 chip for training and inference, with the C500 being the main product currently shipped [4]. Group 3: Market Dynamics and Competition - Muxi's IPO saw a subscription rate of 0.02223023% initially, which increased to 0.03348913% after the allocation mechanism was activated, indicating a competitive environment for investors [3]. - Compared to Moer Thread, which had a final subscription rate of 0.03635054%, Muxi's shares are perceived as even more difficult to acquire, enhancing the speculative interest in its post-IPO performance [3]. - The article notes that the new stock market remains active, with several high-performing stocks listed this year, including Muxi and Moer Thread, which have attracted significant investor attention [4].

Core Viewpoint - The IPO results of domestic GPU chip manufacturer Muxi Co., Ltd. show a low subscription rate of 0.03348913%, despite a significant first-day surge of 425.46% for a comparable company, Moer Thread [1][3]. Group 1: IPO Details - Muxi Co., Ltd. had a total of 19,331 winning numbers for its IPO, with each number allowing the purchase of 500 shares [1]. - The effective subscription number reached 5.1752 million, with a total of 28.862 billion shares applied for, leading to an initial subscription rate of 0.02223023% [1]. - The final subscription rate increased after the allocation mechanism was activated, contrasting with Moer Thread's final subscription rate of 0.03635054% [1][3]. Group 2: Financial Metrics - The IPO price was set at 104.66 yuan per share, corresponding to a market value of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times, which is half of Moer Thread's 122.51 times [2]. - Muxi Co., Ltd. plans to raise a net amount of 3.899 billion yuan after deducting issuance costs [2]. - The company aims to allocate funds primarily to three GPU R&D projects, focusing on high-performance general-purpose GPUs and AI inference GPUs [4]. Group 3: Market Position and Strategy - Muxi Co., Ltd. has surpassed recent GPU industry benchmarks in subscription enthusiasm, indicating strong market interest [3]. - The company is in a "three-step" strategic plan to transition from product advantages to market leadership, with a focus on cloud and edge computing markets [4]. - The next-generation cloud model inference chip Nx is a key development focus, designed to significantly reduce AI inference costs [5]. Group 4: Revenue and Profitability - Muxi Co., Ltd. has experienced explosive revenue growth, with revenues of 426,400 yuan in 2022, 53.0212 million yuan in 2023, and projected revenues of 743 million yuan in 2024, reflecting a compound annual growth rate of 4074.52% [6]. - Despite rapid revenue growth, the company faces profitability challenges, with cumulative losses exceeding 3.2 billion yuan from 2022 to 2025 [6][8]. - The company expects to reach breakeven by 2026, with a projected market share of approximately 1% in China's AI chip market by 2024 [6].

Core Viewpoint - The IPO of Muxi Co., Ltd. has generated significant interest, with a low final winning rate of 0.03348913%, indicating high demand for its shares in the market [4][6]. Group 1: IPO Details - Muxi Co., Ltd. announced its IPO on December 8, with a total of 19,331 winning numbers, allowing each winner to subscribe for 500 shares [1]. - The IPO price was set at 104.66 yuan per share, corresponding to a market capitalization of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times [7]. - The company plans to issue 40.1 million shares, accounting for 10.02% of the total share capital post-issue, with net fundraising expected to be 3.899 billion yuan [7]. Group 2: Market Comparison - Muxi's initial winning rate is lower than that of another GPU manufacturer, Moore Threads, which had a final winning rate of 0.03635054% [6]. - The fundraising amount for Muxi is slightly lower than the previously planned 3.904 billion yuan, while Moore Threads raised 7.576 billion yuan with a higher price-to-sales ratio of 122.51 times [7]. Group 3: Company Strategy and Future Plans - The funds raised will primarily be allocated to the development of new high-performance general-purpose GPUs and AI inference GPUs, as well as advanced GPU technology for emerging applications [7][8]. - The company aims to establish a strong market presence by maintaining a competitive edge in R&D and building a reputable brand [7]. - Muxi Co., Ltd. is focusing on the cloud and edge computing markets, with plans to develop next-generation chips designed for generative AI inference [8]. Group 4: Financial Performance - Muxi's revenue for 2022, 2023, and projected 2024 are 426,400 yuan, 53.0212 million yuan, and 743 million yuan respectively, showing a compound annual growth rate of 4,074.52% [14]. - The company expects to achieve breakeven by 2026, with a significant year-on-year revenue growth of 453.52% in the first nine months of 2025, reaching 1.236 billion yuan [14]. - Muxi's sales gross margin is comparable to industry averages, indicating strong profitability potential despite lower revenue compared to peers [14].

Core Viewpoint - The IPO of Muxi Co., Ltd. has generated significant interest, with a low subscription rate indicating high demand for its shares, which may lead to substantial price appreciation post-listing [1][4][6]. Group 1: IPO Details - Muxi Co., Ltd. announced its IPO lottery results on December 8, with a total of 19,331 winning numbers, each allowing the purchase of 500 shares [1]. - The effective number of subscription accounts reached 5.1752 million, with a total of 28.862 billion shares applied for, resulting in an initial subscription rate of 0.02223023% and a final rate of 0.03348913% after the mechanism was activated [3][6]. - The IPO price was set at 104.66 yuan per share, corresponding to a market capitalization of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times [6][7]. Group 2: Comparison with Competitors - Muxi's subscription rates were lower than those of another GPU manufacturer, Moore Threads, which had an initial subscription rate of 0.02423369% and a final rate of 0.03635054% [6][7]. - Muxi's market valuation and price-to-sales ratio are significantly lower than Moore Threads, which had a price of 114.28 yuan per share and a price-to-sales ratio of 122.51 times [7][10]. Group 3: Future Prospects and Strategy - The funds raised from the IPO, estimated at 3.899 billion yuan after expenses, will primarily be allocated to the development of high-performance GPUs and AI inference chips [7][8]. - The company aims to establish a strong market presence by focusing on R&D and building a reputable brand, as stated by the CEO during a recent roadshow [7][8]. - Muxi Co., Ltd. plans to target the cloud and edge computing markets, with upcoming products designed to reduce AI inference costs significantly [8][11]. Group 4: Financial Performance - Muxi Co., Ltd. reported revenues of 426,400 yuan, 53.0212 million yuan, and 743 million yuan for the years 2022, 2023, and 2024, respectively, reflecting a compound annual growth rate of 4074.52% [12]. - The company expects to reach breakeven by 2026, with a revenue of 1.236 billion yuan for the first nine months of 2025, marking a year-on-year growth of 453.52% [12].

Core Viewpoint - The IPO of Muxi Co., Ltd. is highly anticipated, with significant interest from investors, as it is considered the "second domestic GPU stock" following the success of Moore Threads. Group 1: IPO Details - Muxi Co., Ltd. announced an effective subscription of 5.1752 million accounts and 28.862 billion shares for its online issuance, with a final subscription rate of 0.03348913% after the mechanism was activated [1] - The IPO price is set at 104.66 yuan per share, corresponding to a market value of approximately 41.874 billion yuan and a price-to-sales ratio of 56.35 times [4] - The company plans to raise approximately 3.899 billion yuan after deducting issuance costs, slightly lower than the initial target of 3.904 billion yuan [4] Group 2: Market Comparison - Muxi's subscription rates are lower than those of Moore Threads, which had an initial subscription rate of 0.02423369% and a final rate of 0.03635054% [2][3] - The market response to Muxi is strong, with its subscription rate being among the lowest in recent semiconductor IPOs, indicating high demand [3] Group 3: Future Development and Strategy - The raised funds will primarily be allocated to the development of new high-performance general-purpose GPUs and AI inference GPUs, as well as advanced GPU technology for emerging applications [4][5] - The company aims to establish a strong market presence and brand reputation while maintaining a competitive edge in R&D, as stated by the CEO during a recent roadshow [4] Group 4: Financial Performance - Muxi's revenue from 2022 to 2024 shows a compound annual growth rate of 4074.52%, with revenues of 42.64 million yuan, 53.0212 million yuan, and 743 million yuan respectively [12] - The company has incurred significant R&D expenses totaling 2.247 billion yuan over three years, representing over 282% of its revenue [12] - Despite lower revenue compared to peers, Muxi's sales gross margin is comparable to industry averages, highlighting its strong profitability potential [12]