18 December 2025 | 2:14AM HKT Equity Research China Semis: MetaX (688802.SS) mgmt. call takeaways: Leading local GPU, featuring in-house IP and full-stack solution for efficient We talked to MetaX's (688802.SS, Not Covered) management recently. MetaX is the local supplier of GPU for AI inferencing and training. Key discussions were around MetaX's in-house developed GPU IPs, full-stack solutions, and industry-specific AI scenarios. Overall, management sees the rising computing power demand in the China marke ...

Chinese artificial intelligence chip designer MetaX Integrated Circuits will make its trading debut in Shanghai on Wednesday, according to a filing late on Monday, more than a week after industry peer Moore Threads Technology's stellar listing on the city's Star Market. Founded in Shanghai in September 2020 by former engineers at Advanced Micro Devices, MetaX priced its initial public offering at 104.66 yuan per share, which was expected to raise 4.2 billion yuan (US$596 million) from the sale of 40.1 mil ...

Core Viewpoint - The domestic GPU industry is experiencing a wave of IPOs, driven by continuous investment in AI infrastructure and the increasing importance of self-sufficiency strategies, with companies like Moer Thread and Muxi Co., Ltd. leading the way [1][2] Group 1: Industry Trends - The surge in IPOs among AI chip companies, particularly GPUs, reflects the explosive demand for AI computing power and the acceleration of domestic alternatives [2] - Major companies like Google are significantly increasing their computing capacity, with a goal to double it every six months and achieve a thousandfold increase in four to five years [3] - The global computing market is entering a phase of unprecedented supply-demand imbalance, with domestic breakthroughs in chips, AI servers, and computing clusters supporting self-sufficiency [4] Group 2: Company Developments - Muxi Co., Ltd.'s first fully domestic general-purpose GPU, the C600, is designed to replace Nvidia's H20, showcasing the potential for domestic products in high-end AI computing scenarios [4] - Lenovo Group is a key player in the AI server market, with a projected global revenue ranking of third by Q1 2025 and a market share exceeding 35% in China [6] - Lenovo's collaboration with Muxi Co., Ltd. and Moer Thread has led to significant product and channel partnerships, enhancing its position in the rapidly growing AI computing market [7][10] Group 3: Investment Insights - Lenovo Group has successfully invested in all four companies of the "domestic GPU four dragons," demonstrating a high success rate in technology investments [11] - The company has invested in over 300 innovative tech firms, with a notable IPO success rate, indicating its strong investment strategy and market insight [11][13] - Lenovo's investment logic is rooted in its "hard technology" DNA, allowing it to identify and capitalize on investment opportunities in the AI sector early on [14] Group 4: Strategic Collaborations - Lenovo's partnerships with invested companies focus on resource sharing, technology co-development, and market expansion, enhancing both Lenovo's and its partners' capabilities [15][17] - The company has established a comprehensive support system for startups, enabling them to benefit from shared resources and collaborative technology development [17][18] - This "dual empowerment" strategy differentiates Lenovo from other firms that only engage in financial investments, providing a unique competitive advantage in the AI industry [19][21]

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].