10月24日，上交所官网显示，沐曦股份成功闯关科创板IPO，作为"国产GPU四小龙"之一，沐曦股份必 将成为资本市场国产算力赛道的重要标的。 沐曦股份是一家什么样的公司？ 沐曦股份（沐曦集成电路(上海)股份有限公司）成立于2020年9月，总部位于上海自贸区，是专注于全 栈高性能GPU芯片及计算平台研发的高科技企业。 2025年6月其递交科创板上市申请，10月进入上市委审议阶段，短短5年便迈向资本市场，背后是硬实力 与行业机遇的双重驱动。 在全球AI算力供应链不确定性加剧的背景下，国产替代已从"可选项"变为"必答题"。沐曦GPU产品矩阵 覆盖推理、训推一体及图形渲染，旗舰曦云C600已实现设计-制造-封测全国产闭环，性能对标英伟达 A100等国际旗舰。 联想作为全球服务器出货量前三的厂商，拥有成熟的供应链、渠道及行业客户资源。双方软硬协同，不 仅解决了国产GPU"好用"的问题，更打通了"用好"的最后一公里。据IDC数据，2025年中国AI服务器市 场规模预计将突破500亿元，国产化率不足20%，替代空间巨大。联想借沐曦之"芯"，强化自身服务器 产品差异化竞争力，有望在这一轮AI基建周期中抢占更多份额。 2.业务 ...

10月24日，上交所官网显示，沐曦股份成功闯关科创板IPO，作为"国产GPU四小龙"之一，沐曦股份必 将成为资本市场国产算力赛道的重要标的。 沐曦股份(沐曦集成电路(上海)股份有限公司)成立于2020年9月，总部位于上海自贸区，是专注于全栈高 性能GPU芯片及计算平台研发的高科技企业。 2025年6月其递交科创板上市申请，10月进入上市委审议阶段，短短5年便迈向资本市场，背后是硬实力 与行业机遇的双重驱动。 1、股东阵容豪华 沐曦股份股东架构极具看点，涵盖私募大佬葛卫东及旗下混沌投资，还有经纬创投、红杉中国、和利资 本等头部投资机构。 据招股书显示，本次发行后，葛卫东与混沌投资合计持股比例达7.48%，机构背书为企业发展提供强支 撑。经纬投资紧随其后，合计持股5.13%；红杉资本也闪现股东名单，合计持股4.19%，东方富海、中 金私募、联想等紧随其后。 值得指出的是，联想集团成为沐曦概念股中最具产业纵深的"硬科技红利"分享者。数据显示，联想中小 和联想海河合计持股354.29万股，持股比例为0.98%，而联想对沐曦的押注始于2021年A轮融资，彼时 国产GPU尚处"概念期"，联想创投即果断出手，成为其最早一批 ...

Core Insights - The successful IPO of domestic GPU unicorn Muxi Co., Ltd. on the Sci-Tech Innovation Board marks a significant milestone in the domestic computing power sector, with a planned fundraising of 3.904 billion yuan and a post-IPO valuation of 21 billion yuan [1] Group 1: Company Overview - Muxi's product matrix includes inference, training-inference integration, and graphics rendering, with its flagship product, the Xiyun C600, achieving a fully domestic closed loop in design, manufacturing, and testing, competing with international leaders like NVIDIA's A100 [2] - Lenovo Group, as an early strategic investor, holds nearly 1% of Muxi's shares and has collaborated on the "DeepSeek AI all-in-one machine," achieving rapid delivery and significant market penetration across various industries [1][2] Group 2: Market Context - The uncertainty in the global AI computing power supply chain has shifted domestic alternatives from an option to a necessity, with the Chinese AI server market expected to exceed 50 billion yuan by 2025, while the domestic replacement rate remains below 20%, indicating substantial growth potential [2] - Lenovo's collaboration with Muxi enhances its server product differentiation and positions the company to capture a larger share in the upcoming AI infrastructure cycle [2] Group 3: Investment Landscape - Other A-share companies associated with Muxi include Chunzong Technology, Zhongke Lanyun, Runtu Co., Ltd., and Youkede, each holding minor stakes in Muxi [3][4][5][6][7][8] - Lenovo stands out as the only company achieving a three-dimensional synergy of equity, products, and channels, enhancing its ability to capitalize on the domestic GPU capabilities and enjoy the benefits of domestic substitution [8]

Core Insights - The successful IPO of domestic GPU unicorn Muxi Co., Ltd. on the Sci-Tech Innovation Board marks a significant milestone in the domestic computing power sector, with a planned fundraising of 3.904 billion yuan and a post-IPO valuation of 21 billion yuan [1] - Lenovo Group, an early strategic investor, holds nearly 1% of Muxi's shares and has collaborated on the "DeepSeek integrated machine," positioning itself as a key player in the domestic AI computing power market [1][2] - The partnership between Lenovo and Muxi has evolved from financial investment to product collaboration, resulting in rapid delivery and significant market penetration across various industries [1][2] Company and Industry Summary - Muxi's GPU product matrix includes inference, training-inference integration, and graphics rendering, with its flagship product, the Xiyun C600, achieving a fully domestic closed loop in design, manufacturing, and testing, rivaling international products like NVIDIA's A100 [2] - Lenovo, as one of the top three global server vendors, leverages its mature supply chain and industry resources to enhance the usability of domestic GPUs, addressing the last-mile challenges in deployment [2] - The Chinese AI server market is projected to exceed 50 billion yuan by 2025, with a current domestic replacement rate below 20%, indicating substantial growth potential for domestic products [2] - Other A-share companies associated with Muxi include Chunzong Technology, Zhongke Lanyun, Runtu Co., Ltd., YK Cloud, and Shengyuan Environmental Protection, but Lenovo stands out for its comprehensive engagement through equity, products, and channels [3][4][5][6][7][8] - Lenovo's four-year investment in Muxi has not only yielded significant equity appreciation but has also integrated Muxi's GPU capabilities into its own product competitiveness, positioning it to benefit from the domestic replacement trend [8]