Core Insights - The article highlights the significant rise of China's computing power sector, marked by the recent IPOs of companies like Moore Threads and Muxi, which have collectively reached a market value exceeding 1.6 trillion yuan [1][3] - Lenovo Ventures has emerged as a key player in this sector, successfully investing in four major companies: Cambricon, Haiguang Information, Moore Threads, and Muxi, showcasing its strategic foresight in the computing power landscape [3][4] Investment Strategy - Lenovo Ventures began its investment journey in the computing power sector in 2017, focusing on AI computing as a critical component of future technological advancements, despite the sector being largely overlooked at the time [4][5] - The firm has a systematic approach to investment, conducting in-depth research annually to identify emerging trends and opportunities in the industry [7][8] Notable Investments - Cambricon, a pioneer in AI-specific chip design, has seen its market value soar to over 600 billion yuan, validating Lenovo Ventures' early investment decision [4][5] - Haiguang Information, recognized for its capabilities in high-end CPU and GPU development, has also experienced significant growth, with its stock price increasing over sevenfold since its IPO [5][6] - Moore Threads and Muxi were identified and invested in during their early stages, reflecting Lenovo Ventures' commitment to supporting domestic GPU development [5][7] Ecosystem Development - Lenovo Ventures has created a complementary ecosystem among its portfolio companies, enhancing their market validation and operational efficiency through collaboration with Lenovo Group [10][11] - The firm emphasizes the importance of synergy between its investments and Lenovo's core business, aiming to integrate innovative technologies into its product offerings [10][12] Future Outlook - Lenovo Ventures is focused on disruptive computing architectures, including technologies like quantum computing and RISC-V, positioning itself to capitalize on the next wave of technological advancements [11][12] - The firm aims to remain at the forefront of the computing revolution, recognizing the evolving nature of computing and its implications for various industries [11][13]

Core Viewpoint - The article highlights the emergence of a "computing power landscape" in China, marked by significant IPOs and the rise of key players in the AI chip sector, particularly focusing on the investments made by Lenovo Ventures in companies like Cambricon, Haiguang Information, Moer Technology, and Muxi, collectively valued over 1.6 trillion yuan [2][4]. Investment Strategy - Lenovo Ventures has uniquely positioned itself by investing in four major companies in the computing power sector, which is a rare achievement among investment firms [4]. - The firm began its investments in the computing power space in 2017, recognizing the potential for exponential growth in computing demand driven by AI applications [5][6]. Key Investments - Cambricon was identified as a pioneer in AI-specific chip design, leading to Lenovo Ventures' participation in all four rounds of its funding, resulting in a peak market valuation of over 600 billion yuan [6]. - Haiguang Information was another strategic investment, noted for its dual capabilities in high-end CPU and GPU development, with its stock price increasing over sevenfold since its IPO [6][7]. - In 2021, Lenovo Ventures invested in Moer Technology and Muxi, both of which were in the early stages of GPU development, anticipating a surge in demand for computing power [7][9]. Ecosystem Development - Lenovo Ventures has created a complementary technology matrix among its portfolio companies, with each focusing on different aspects of computing power: Cambricon on AI chips, Haiguang on x86 compatibility, Moer on full-function GPUs, and Muxi on data center GPUs [10]. - The firm emphasizes a research-driven investment approach, conducting extensive industry research annually to identify emerging trends and opportunities [10]. Future Directions - Lenovo Ventures is exploring further investments in cutting-edge technologies such as quantum computing, RISC-V, and brain-like computing, which are seen as pivotal for the next wave of technological advancement [14][16]. - The firm believes that the integration of advanced computing architectures and AI terminals will reshape industry dynamics and societal structures [14][15].

Core Viewpoint - Muxi Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, opening with a 568% increase, reaching a stock price of 700 yuan and a total market value of 280 billion yuan, with a single contract profit of nearly 300,000 yuan, while the issue price was 104.66 yuan per share [1] Company Overview - Muxi Co., Ltd. is a leading domestic enterprise in high-performance general-purpose GPU products, becoming the second domestic GPU company to list on the A-share market after Moore Threads [1] - The company focuses on the independent research and development of full-stack high-performance GPU chips and computing platforms, primarily engaged in the R&D, design, and sales of full-stack GPU products for AI training and inference, general computing, and graphics rendering [1] - Muxi has established a unique GPU product system and an independent open software ecosystem, providing high-efficiency and versatile computing power support for cloud computing, and is a significant force in promoting the autonomous and controllable infrastructure for intelligent computing in various industries [1] Investment and Financing - Muxi has completed over 10 rounds of financing, with a strong shareholder base including the founding team, national funds, top VC firms, local state-owned assets, and industrial capital [2] - Key VC investors include Sequoia China and Matrix Partners, with Sequoia holding approximately 4.19% and Matrix holding 5.13% through multiple associated funds [2] - Lenovo Group, as an early strategic investor, holds nearly 1% of Muxi's shares and has collaborated on the "DeepSeek integrated machine," positioning itself in the domestic AI computing core sector [2] Product Development and Market Position - Muxi and Lenovo launched the "DeepSeek domestic AI integrated machine," achieving rapid delivery and significant market penetration across various core industries [3] - Muxi's GPU product matrix includes inference, training, 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 [3] - The collaboration between Muxi and Lenovo enhances the usability of domestic GPUs and addresses the final mile in application, leveraging Lenovo's established supply chain and customer resources [3] Industry Outlook - The ongoing investment in AI infrastructure and the increasing importance of autonomous and controllable strategies are expected to drive the expansion of domestic computing power supply, with Muxi and Moore Threads leading the way [4] - This trend presents long-term investment opportunities in the capital market and promotes the development of the upstream and downstream of the industry chain [4]

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 Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, positioning itself as a significant player in the domestic computing power sector as one of the "Four Little Dragons" of domestic GPUs [1][2] Company Overview - Muxi Co., Ltd. (Muxi Integrated Circuit (Shanghai) Co., Ltd.) was established in September 2020 and is headquartered in the Shanghai Free Trade Zone, focusing on the research and development of full-stack high-performance GPU chips and computing platforms [2] - The company submitted its application for listing on the Sci-Tech Innovation Board in June 2025 and entered the review stage in October, demonstrating rapid growth and industry opportunities within five years [2] Shareholder Structure - Muxi's shareholder structure includes prominent investors such as Ge Weidong and his Chaos Investment, as well as leading investment institutions like Matrix Partners China and Sequoia Capital China [3] - After this issuance, Ge Weidong and Chaos Investment hold a combined stake of 7.48%, while Matrix Partners holds 5.13% and Sequoia Capital holds 4.19% [3] - Lenovo Group has become a significant player in Muxi's ecosystem, having invested since the A-round financing in 2021, and has collaborated with Muxi to launch the "DeepSeek Domestic AI Integrated Machine" [3] Market Context - The uncertainty in the global AI computing power supply chain has made domestic alternatives a necessity, with Muxi's GPU product matrix covering inference, training, and graphics rendering [4] - Muxi's flagship product, the Xiyun C600, has achieved a fully domestic closed loop in design, manufacturing, and testing, competing with international leaders like NVIDIA's A100 [4] - The Chinese AI server market is projected to exceed 50 billion yuan by 2025, with a domestic replacement rate of less than 20%, indicating significant growth potential [4] Business Layout - Muxi focuses on three main areas: AI training and inference, general computing, and graphics rendering, creating an integrated system of "chips + software + platforms" [5] - Core products include high-performance GPU chips, supported by the MXMACA software stack and computing platform, with applications across key industries such as education, finance, transportation, energy, healthcare, and entertainment [5] Financial Performance - Financial data shows that Muxi's revenue surged from 426,400 yuan in 2022 to 743 million yuan in 2024, with a compound annual growth rate of 4074.52% [6] - As of September 5, 2025, Muxi has an order backlog of 1.43 billion yuan, nearly double its total revenue for 2024 [6] Beneficiary Stocks Post-IPO - Companies like Supercom (603322) directly hold an 8% stake in Muxi and have established a joint venture for GPU server production, leading to a projected net profit increase of 130%-219% in the first half of 2025 [8] - Other companies such as Zhongke Lanyun (688332) and Zhongshan Public Utilities (000685) have indirect stakes and potential synergies with Muxi, enhancing their market positions [9]

Core Viewpoint - Muxi Co., Ltd. has successfully passed the IPO review for the Sci-Tech Innovation Board, positioning itself as a significant player in the domestic GPU market, often referred to as one of the "four little dragons" of domestic GPUs [1][2] Company Overview - Muxi Co., Ltd. (Muxi Integrated Circuit (Shanghai) Co., Ltd.) was established in September 2020 and is headquartered in the Shanghai Free Trade Zone, focusing on the research and development of high-performance GPU chips and computing platforms [2] - The company submitted its IPO application in June 2025 and entered the review stage in October, marking a rapid ascent to the capital market within five years, driven by both strong capabilities and industry opportunities [2] Shareholder Structure - Muxi's shareholder structure includes prominent investors such as Ge Weidong and his Chaos Investment, along with leading investment institutions like Matrix Partners China and Sequoia Capital China [3] - After the IPO, Ge Weidong and Chaos Investment will hold a combined 7.48% stake, while Matrix Partners holds 5.13% and Sequoia Capital holds 4.19% [3] - Lenovo Group has become a key strategic partner, holding 0.98% of shares, and has been involved since the A-round financing in 2021, contributing to the development of the "DeepSeek" AI integrated machine [3] Market Context - In the context of increasing uncertainty in the global AI computing supply chain, domestic alternatives have shifted from being optional to essential [4] - Muxi's GPU product matrix includes inference, training, and graphics rendering, with its flagship product, the Xiyun C600, achieving a fully domestic closed loop in design, manufacturing, and testing, competing with international products like NVIDIA's A100 [4] - The Chinese AI server market is projected to exceed 50 billion yuan by 2025, with a domestic replacement rate of less than 20%, indicating significant growth potential [4] Business Layout - Muxi focuses on three main areas: AI training and inference, general computing, and graphics rendering, creating an integrated system of "chips + software + platforms" [5] - Core products include high-performance GPU chips, supported by the MXMACA software stack and computing platforms, with applications spanning key industries such as education, finance, transportation, energy, healthcare, and entertainment [5] Financial Performance - Financial data shows that Muxi's revenue surged from 426,400 yuan in 2022 to 743 million yuan in 2024, representing a compound annual growth rate of 4074.52% [6] - As of September 5, 2025, Muxi has an order backlog of 1.43 billion yuan, nearly double its total revenue for 2024 [6] Beneficiary Stocks Post-IPO - Companies like ChaoXun Communication hold an 8% stake in Muxi and have established a joint venture for GPU server production, leading to a projected net profit increase of 130%-219% in the first half of 2025 [8] - Other companies such as Lenovo Group and Guanghui New Network are also positioned to benefit from Muxi's growth through various collaborative efforts and product integrations [8][9]

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]