报告期内，随着公司产品及服务获得下游客户的广泛认可与持续采购，公司GPU产品出货量显著增长， 带动收入规模较上年同期实现显著增加。 智通财经APP讯，沐曦股份(688802.SH)披露2025年年度业绩快报，公司实现营业总收入16.44亿元，较 上年同期增长121.26%;实现归属于母公司所有者的净亏损7.81亿元，相对收窄;实现归属于母公司所有者 的扣除非经常性损益的净亏损8.22亿元;基本每股亏损2.42元。 ...

营收增长主要系报告期内，公司产品及服务获得下游客户的广泛认可与持续采购，公司GPU产品出货量 显著增长，带动收入规模较上年同期实现显著增加。 利润较上年同期亏损收窄，主要系报告期内营业收入较上年同期大幅增长，以及公司股份支付费用较上 年同期有所减少，该项因素对公司利润产生正向影响，降低公司亏损幅度，使得公司经营业绩呈现减亏 向好的发展态势。 责编:陶纪燕 | 审核:李震 | 监审:古筝 【大河财立方消息】2月27日，沐曦集成电路（上海）股份有限公司（简称沐曦股份）发布上市以来的 首份业绩快报。 2025年沐曦股份实现营业总收入16.44亿元，较上年同期增长121.26%。归属于母公司所有者的净利润 为-7.81亿元，较上年同期亏损收窄44.53%。 | 人民币万元 | | --- | | 单位: | | 项目 | 本报告期 | 上年同期 | 增减变动幅度 | | --- | --- | --- | --- | | | | | (%) | | 营业总收入 | 164,408.55 | 74.307.16 | 121.26 | | 营业利润 | -75.971.58 | -140.348.23 | 不适用 | | ...

Core Viewpoint - The company, Muxi Integrated Circuit (Shanghai) Co., Ltd., anticipates significant revenue growth for the fiscal year 2025, despite projecting a net loss for the same period [2][3]. Revenue Forecast - The company expects to achieve an operating revenue of between 160,000.00 million and 170,000.00 million yuan for the fiscal year 2025, representing a growth of 115.32% to 128.78% compared to the previous year [2][3]. Net Profit Forecast - The net profit attributable to the parent company's owners is projected to incur a loss of between 65,000.00 million and 79,800.00 million yuan, which indicates a reduction in losses by 43.36% to 53.86% compared to the previous year [3][4]. - The net profit attributable to the parent company's owners, excluding non-recurring gains and losses, is expected to show a loss of between 70,000.00 million and 83,500.00 million yuan, with a reduction in losses of 20.01% to 32.94% compared to the previous year [3][4]. Previous Year Performance - For the fiscal year 2024, the company reported an operating revenue of 74,307.16 million yuan and a net profit attributable to the parent company's owners of -140,887.94 million yuan [4]. Strategic Focus - The company has consistently focused on breakthroughs in GPU product technology, leveraging its R&D capabilities to build a competitive GPU product system that supports various applications, including general computing and AI training [4][5]. - The company is implementing a "1+6+X" development strategy to enhance its market position in the high-performance GPU industry and promote the integration of AI technology across various sectors [5].

Core Viewpoint - The company, Muxi Co., Ltd. (688802.SH), anticipates a net loss for the year 2025, with losses expected to range from 650 million to 798 million yuan, representing a reduction in losses of 43.36% to 53.86% compared to the previous year [1] Group 1: Financial Performance - The projected operating revenue for 2025 is estimated to be between 1.6 billion and 1.7 billion yuan, indicating a growth of 115.32% to 128.78% year-on-year [1] - The reduction in share-based payment expenses compared to the previous year positively impacted the company's profits, contributing to a decrease in the loss margin and indicating an improving operational performance [2] Group 2: Strategic Focus and Market Position - The company has consistently focused on breakthroughs in core GPU technology, iterative upgrades, and industrialization since its establishment, leveraging its R&D strength and technical barriers to build a competitive GPU product system [1] - The company adheres to a "1+6+X" development strategy, enhancing market expansion efforts to improve its market position and influence in the high-performance GPU industry [1] - The products and services have gained widespread recognition and continuous procurement from downstream customers due to superior product performance and a comprehensive software ecosystem [1]

Core Viewpoint - The company, Muxi Co., Ltd. (688802.SH), anticipates a net loss for the fiscal year 2025, with losses projected between 650 million to 798 million yuan, representing a reduction in losses of 43.36% to 53.86% compared to the previous year [1] Group 1: Financial Performance - The expected operating revenue for 2025 is projected to be between 1.6 billion to 1.7 billion yuan, indicating a growth of 115.32% to 128.78% year-on-year [1] - The reduction in share-based payment expenses compared to the previous year positively impacted the company's profits, contributing to a decrease in the loss margin and indicating an improving operational performance [2] Group 2: Strategic Focus and Market Position - The company has consistently focused on breakthroughs in core GPU technology, iterative upgrades, and industrialization since its establishment, leveraging its R&D strength and technical barriers to build a competitive GPU product system [1] - The company adheres to a "1+6+X" development strategy, enhancing market expansion efforts to improve its market position and influence in the high-performance GPU industry [1] - The products and services have gained widespread recognition and continuous procurement from downstream customers due to superior product performance and a comprehensive software ecosystem [1]

Core Insights - The company, Muxi Integrated Circuit (Shanghai) Co., Ltd., forecasts a significant revenue increase for 2025, projecting between 1.6 billion to 1.7 billion yuan, which represents a year-on-year growth of 115.32% to 128.78% from 743 million yuan in the previous year [1][4] - Despite the impressive revenue growth, the company anticipates a net loss for 2025, estimated between 650 million to 798 million yuan, although this marks a substantial reduction of 43.36% to 53.86% compared to the previous year's loss [1][4] Financial Performance - The revenue surge is attributed to enhanced product competitiveness and strategic market initiatives, indicating a successful acceleration in product commercialization [5] - The company expects a net loss of 700 million to 835 million yuan after excluding non-recurring gains and losses, which is a narrowing of 20.01% to 32.94% from a loss of 1.044 billion yuan in 2024 [4][6] - The reduction in share-based payment expenses positively impacted the profit margins, suggesting that operational profitability improvements may take longer to realize [6] Market Position and Strategy - Muxi Integrated Circuit has developed a comprehensive GPU product system that covers various scenarios, including general computing and AI inference training, supported by a robust software ecosystem [5] - The company is implementing a "1+6+X" development strategy to enhance its market position in the high-performance GPU sector and promote the integration of AI technology across industries [5] - The acknowledgment of "sustained procurement" from downstream clients indicates potential breakthroughs in securing substantial orders, which is crucial for validating the company's business model in a market dominated by giants like Nvidia [5] Ongoing Challenges - The forecasted net loss of at least 650 million yuan for 2025 highlights the inherent challenges in the chip design industry, particularly in the advanced GPU sector, characterized by high capital investment and long return cycles [6] - The company recognizes that while there are positive growth signals, core operational profitability improvements will require more time due to high R&D costs, wafer fabrication expenses, talent expenditures, and intense market competition [6]

Group 1 - The company, Muxi Co., Ltd., expects a net loss attributable to shareholders of the parent company for the fiscal year 2025, estimated between 650 million to 798 million yuan, which represents a reduction in loss of approximately 611 million to 759 million yuan compared to the same period last year, narrowing the loss by 43.36% to 53.86% [1] - The primary reason for the performance change is the company's focus on core technological breakthroughs, iterative upgrades, and industrialization of GPU products since its establishment, leveraging its long-term R&D strength and technical barriers to build a competitive GPU product system [1] - The company has developed a software ecosystem that is compatible with mainstream ecosystems, self-controllable, and open for sharing, continuously providing high-efficiency and high-general-purpose computing power support for cloud computing [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1280） 根據該協議，上海繪流的年度採購業績指標為當年向沐曦股份採購2,000顆GPU產 品。依據當前市場價值估算，此年度採購框架對應的潛在業務規模約為人民幣 2億 元。該業績目標的達成情況將是評估雙方合作持續性的重要依據。 本公司認為，訂立該協議標誌著本集團業務發展的重要里程碑。通過此次合作，本 集團正式進軍國產AI算力硬件市場，實現向「軟硬一體」綜合解決方案提供商的戰略 轉型。本次合作將整合沐曦股份的高性能國產GPU芯片技術與本集團的市場開拓能 力，形成「繪流牌」國產AI服務器整體解決方案，為互聯網大型企業、智算中心、科 研機構及高算力需求商業企業提供訓練與推理一體化的國產化替代選擇。此外，該 協議賦予的「領先渠道經銷商」身份及項目報備保護機制，為本集團在競爭激烈的市 場中建立了獨特的先發優勢和渠道壁壘。進軍國產高端硬件領域，有望為本集團開 闢新的、可 ...

Industry Overview - The GPU product market has significant growth potential, particularly in the rapidly developing artificial intelligence (AI) computing sector [2] - The company is projected to capture approximately 1% of the domestic AI chip market share in 2024, benefiting from the accelerating trend of domestic substitution [2] Company Performance - The company has demonstrated strong technical advantages and product competitiveness, leading to widespread application of its products across major downstream industries in AI [2] - There is a continuous repurchase from existing customers and ongoing acquisition of new clients, contributing to rapid revenue growth [2] - The company has a robust order backlog and ample potential business opportunities, indicating a healthy growth trajectory [2] Business Strategy - The company is focusing on various types of computing power base customers while actively expanding into internet and telecommunications sectors, which has started to yield positive results [2] - The internet and telecommunications sectors are expected to become significant growth drivers for the company's future business [2]

Core Viewpoint - The company, Muxi Co., has demonstrated its industry-leading capabilities in high bandwidth and multi-card interconnection, positioning itself as a key player in the AI computing sector [2] Group 1: Technology and Innovation - The company has developed the MetaXLink high-speed interconnection technology, which overcomes traditional PCIe bus limitations in bandwidth and latency, achieving interconnection bandwidth performance comparable to H200 [2] - The GPU products of the company can support various interconnection topologies and supernode architectures, catering to diverse needs from small to large-scale training [2] - The company has effectively balanced computing power, interconnection communication, and software ecosystem, enabling its GPU products to perform robustly in actual intelligent computing cluster operations [2] Group 2: Market Position and Applications - The company's GPU products are capable of executing massive parameter model distributed training tasks stably and without interruption, providing critical technical support for complex AI tasks [2] - The products support the construction of heterogeneous fusion computing clusters, allowing for elastic expansion and helping downstream customers optimize existing resources during the domestic substitution process [2] - The solutions provided by the company enhance the overall computing power efficiency and offer optimization plans for expanding existing intelligent computing clusters [2]