炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 作者丨吴佳楠 编辑丨朱益民 国产GPU公司迎来IPO融资热潮。 1月2日，壁仞科技（6082.HK）上市首日盘中一度涨近120%，成为"港股GPU第一股"。 上个月，号称"国产GPU第一股"的摩尔线程（688795.SH）上市首日股价涨超4倍，12月11日收盘股价超 900元/股，远超发行价114.28元/股。 激情燃烧的高估值迎来"折扣"，背后是GPU创新叙事的商业化现实难题，还需突破。 另一家GPU公司——沐曦股份（688802.SH）2025年12月17日上市首日，投资者中一签浮盈最高逼近40 万元，刷新近十年A股上市首日单签盈利纪录。 然而，资本狂追热捧的背后却是故事另一面，GPU公司股票市值大幅回落。 摩尔线程、沐曦股份上市之日狂飙后，目前已经大幅回调近40%，分别自最高价回落约37%、35%。壁 仞科技上市首日最终收涨不超过80%，总市值不到千亿港元，只有摩尔、沐曦市值的三分之一左右。 短短一月内，"国产GPU四小龙"其中的摩尔线程、沐曦股份、壁仞科技都先后走向了公开市场融资，并 在资本市场创下数项新的纪录。 2025年12 ...

编辑｜泽南 近日，刚刚 IPO 的国产 GPU 公司沐曦股份，完成了自上市后的首个重大技术发布。 该公司旗下的 MXMACA 软件栈（MACA）正式发布了全新版本 3.3.0.X，沐曦发布了一份 23 页的技术报告，机器之心围绕该报告对 MACA 进行解读。 在全自主硬件体系的支撑下，沐曦已经构建起「全栈软件」体系，其对于提升计算引擎的效率起到了关键作用。同时，新一代 MACA 宣告了沐曦软件生态 的一次重要跨越，它的核心理念，是如何让国产 GPU 真正「用起来」。 GPU 生态适配的「万能接口」 MACA（MetaX Accelerated Computing Architecture）被定义为「异构计算软件栈核心计算平台、引擎、运维工具和规范化操作范本」，内置了全套自 研工具链，涵盖编译器、性能分析工具、格式转换组件等，可实现多语言支持、算子自动优化与跨框架平滑适配。 它面向沐曦的曦云 C 系列、曦思 N 系列 GPU 研发，其定位是连接沐曦自研 GPU 硬件与上层应用生态的关键纽带。 MACA 承担着连接硬件算力单元与上层应用生态的纽带作用。据介绍，它覆盖了 AI 芯片工作流程的底层驱动、用户态接口、编 ...

Core Viewpoint - The article provides an overview of recent IPO activities across Hong Kong, the US, and A-shares, highlighting several companies preparing for their public listings and their respective market positions. Group 1: Muxi Integrated Circuit - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, with the stock code "688802" [3] - Founded in 2020, Muxi is a leading domestic high-performance general-purpose GPU product company, focusing on the research, design, and sales of GPUs for AI training, inference, general computing, and graphics rendering [3] - Muxi's GPU products have achieved cumulative sales of over 25,000 units by the end of March 2025, with a revenue compound growth rate of 4074.52% over the past three years, and revenue of 915 million yuan in the first half of this year [5] Group 2: Woan Robotics - Woan Robotics (Shenzhen) Co., Ltd. plans to officially list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6600" [7] - The company aims to become the "first stock of AI-embodied household robots," with an IPO market valuation between 14 billion and 18 billion HKD, raising up to 1.8 billion HKD [8] - Woan Robotics is recognized as the only company globally to comprehensively layout AI-embodied household robot systems, holding an 11.9% market share in the sector by 2024 [10] Group 3: Xunce Technology - Xunce Technology plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3317," marking it as the first company in China's AI data sector to complete an IPO [12] - The company aims to raise up to 1.2375 billion HKD through its IPO, with a focus on real-time data infrastructure and analysis solutions [12] - Xunce Technology's real-time data solutions are noted for their speed and consistency, optimizing business efficiency and flexibility [14] Group 4: InSilico Medicine - InSilico Medicine plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "3696," aiming to raise up to 2.3 billion HKD [16] - The company is recognized as the largest biotech IPO in Hong Kong this year, with a focus on AI-driven drug development across various industries [17] - InSilico's core asset, Rentosertib, is a first-in-class candidate drug for idiopathic pulmonary fibrosis, showcasing the company's innovative capabilities [18] Group 5: Linqingxuan - Linqingxuan Cosmetics Group plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "2657," aiming to raise over 1 billion HKD [21] - The company is positioned as the leading high-end domestic skincare brand in China, with a complete product matrix in anti-wrinkle and firming skincare [22] - Linqingxuan ranks first among all domestic high-end skincare brands in China by retail revenue in 2024 [22] Group 6: 51WORLD - 51WORLD plans to list on the Hong Kong Stock Exchange on December 30, 2025, with the stock code "6651," aiming to become the "first stock of Physical AI" [24] - The company has established a comprehensive technology capability in Physical AI, with products applied in various industries globally [24] - 51WORLD's revenue has shown significant growth, with a 63.6% increase in the first half of this year compared to the same period last year [26] Group 7: Qingsong Health Group - Qingsong Health Group plans to list on the Hong Kong Stock Exchange on December 23, 2025, with the stock code "2661," aiming to raise over 600 million HKD [28] - The company operates as a one-stop digital health and insurance service platform, covering various health-related services [28] - Qingsong Health Group's revenue has grown significantly, with an 84.7% increase in the first half of this year compared to the previous year [29] Group 8: Biran Technology - Biran Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general intelligent computing solutions [31] - The company has shown strong growth potential, with significant sales agreements in place and a focus on AI data centers and telecommunications [32] Group 9: Zhipu Technology - Zhipu Technology has passed the hearing for its listing on the Hong Kong Stock Exchange, aiming to become the "first stock of global large models" [35] - The company has achieved significant revenue growth, with a compound annual growth rate of 130% from 2022 to 2024 [36] Group 10: Tiandu Intelligent Chip - Tiandu Intelligent Chip has passed the hearing for its listing on the Hong Kong Stock Exchange, focusing on general-purpose GPU chips [38] - The company has seen a significant increase in customer numbers and product shipments, reflecting strong market recognition [39]

Core Viewpoint - The recent listing of Mu Xi Integrated Circuit (Shanghai) Co., Ltd. on the STAR Market, with a first-day increase of nearly 700% and a market capitalization exceeding 330 billion yuan, indicates strong market confidence in the company and its potential in the domestic GPU sector [1][2]. Group 1: Company Overview - Mu Xi is one of the few domestic companies committed to a fully self-developed high-performance GPU path, achieving significant progress in technology development and commercial application within five years [1][2]. - The founding team, with nearly 20 years of experience in GPU and integrated circuit design, has a proven track record in high-performance chip mass production, which enhances the company's competitive edge [2][3]. Group 2: Product Development - The company has established a clear GPU product matrix, including the "Xi Si N series," "Xi Yun C series," and "Xi Cai G series," targeting various AI computing and graphics rendering scenarios [3][4]. - The Xi Yun C series is designed for cloud computing, while the Xi Si N series focuses on AI inference, and the Xi Cai G series is aimed at graphics processing [3]. Group 3: Commercialization Progress - Mu Xi's commercialization is accelerating, with over 25,000 GPU products sold and deployed in more than ten intelligent computing clusters, marking it as one of the few suppliers achieving large-scale commercial applications in China [5][6]. - The company reported a compound annual growth rate of 4074.52% in revenue from 2022 to 2024, with a projected revenue of 1.5 billion to 1.98 billion yuan for 2025, indicating a significant growth trajectory [5][6]. Group 4: Revenue Structure and Software Ecosystem - In 2024, over 97% of the company's revenue came from its integrated training and inference products, highlighting its successful penetration into high-end markets [6][7]. - The MXMACA software stack supports over 6,000 CUDA applications, facilitating a developer ecosystem with over 150,000 registered users and 13 million API calls, which enhances the company's software capabilities [6][7]. Group 5: Research and Development - Mu Xi's R&D expenses reached 901 million yuan in 2024, accounting for 121.24% of its revenue, reflecting a strong commitment to innovation [7]. - The company holds 245 invention patents and has developed the MetaXLink high-speed interconnect technology, positioning it competitively in terms of performance and scalability [7]. Group 6: Market Demand and Future Outlook - The demand for intelligent computing centers in China is projected to grow significantly, with a forecasted resource demand of 9,480 MW by 2027, driven by the rapid evolution of AI models [7][8]. - Mu Xi's full-stack self-research capabilities and experience in cluster-level delivery are expected to secure a significant position in the domestic high-end GPU market [8].

Core Viewpoint - The recent performance of Muxi Co., a leading domestic GPU company, has drawn attention, with its stock price experiencing a decline after a significant initial surge following its market debut [1][3]. Company Performance - Muxi Co. opened at 782.03 CNY per share on December 18, down 5.77% from its previous close of 829.00 CNY, resulting in a market capitalization of approximately 313.3 billion CNY [1][2]. - On its debut day, December 17, Muxi Co. achieved a remarkable single-day increase of 692.95%, closing at 829.90 CNY per share, with a total market value of 3320.43 billion CNY [3]. - The company has not yet turned a profit but is on a path to significantly reduce its losses, with a reported net loss of 3.46 billion CNY for the first three quarters of 2025, a 55.79% reduction year-on-year [5][8]. Product and Revenue Growth - Muxi Co.'s core product, the Xiyun C500 series, has seen substantial growth, contributing to a revenue increase of 453.52% year-on-year, reaching 1.236 billion CNY for the first nine months of 2025 [8][9]. - The Xiyun C500 series accounted for 30.09% of the company's revenue in 2023, with projections indicating this will rise to 97.28% in early 2025 [9]. Market Position and Competition - Muxi Co. is positioned in the GPU market, focusing on general-purpose and unified GPU computing architectures, and is competing against established players like NVIDIA, which holds a 70% market share in China's AI chip market [15]. - The company aims to capture a larger share of the AI accelerator market, currently estimated at about 1% for 2024, indicating significant growth potential [15]. Strategic Initiatives - Muxi Co. is actively developing a domestic supply chain for its next-generation Xiyun C600 chip, expected to be delivered in October 2024, which will enhance its production capabilities and technological independence [10][12]. - The company is also expanding its customer base, focusing on partnerships with major internet companies and telecommunications operators, with ongoing discussions and product testing expected to lead to orders in 2025 [18]. Future Outlook - Muxi Co. anticipates achieving annual revenues between 1.5 billion CNY and 1.98 billion CNY for 2025, representing a year-on-year growth of 101.86% to 166.46%, despite projected losses of 5.27 billion CNY to 7.63 billion CNY [12]. - The company is well-positioned to leverage the growing demand for AI inference and training solutions, with a focus on enhancing its software ecosystem to support rapid deployment of applications on its GPU products [15][16].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, marking a significant milestone for the company in the high-performance GPU market [1][3]. Company Overview - Muxi is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the research, design, and sales of GPUs for artificial intelligence training and inference, general computing, and graphics rendering [3][7]. - The company has a strong technical foundation and continuous innovation, positioning its products as leaders in versatility, core performance, commercialization, and autonomy within the domestic market [3]. Financial Highlights - The stock was issued at a price of 104.66 yuan per share, raising a total of 4.197 billion yuan, which will be invested in new high-performance GPU R&D and industrialization projects [3]. - As of the listing date, the stock price reached 824.50 yuan per share, with a market capitalization nearing 330 billion yuan [3]. Strategic Partnerships and Investments - Advantage Capital has partnered with strategic ally Yuanlu Jia to build an AI computing power cluster based on domestic self-developed GPU technology, with successful operations of the first-generation product, Xiyun C500, in Shanghai [5]. - The successful operation of the thousand-card cluster has reinforced confidence in investing in Muxi, with plans to continue collaborating with ecosystem partners to explore quality project investment opportunities [5]. Policy Support and Market Position - Muxi is among the few companies mastering high-performance GPU chip and system software development, which will help expand market share and enhance technological reserves [7]. - The company’s listing process took only 116 days, showcasing the effectiveness of the Sci-Tech Innovation Board reforms in supporting technology innovation enterprises [7]. Technological Advancements - Muxi has developed a complete set of core technologies, including GPU IP, GPU SoC, and high-speed interconnects, with a total of 245 domestic invention patents and 25 software copyrights as of March 2025 [9]. - The company has launched the Xisi N series GPUs for inference and the Xiyun C series GPUs for training and general computing, with the Xiyun C500 series achieving leading performance levels domestically [11]. Growth Metrics - Muxi has experienced a compound annual growth rate of 4074.52% over the past three years, with revenue reaching 915 million yuan in the first half of 2025, surpassing the total revenue for 2024 [12]. - The company has a backlog of orders amounting to 1.43 billion yuan, indicating rapid growth and market demand [12]. Ecosystem and Industry Impact - Muxi is building a "1+6+X" ecosystem to support various industries, including finance, healthcare, energy, education, transportation, and entertainment, positioning itself as a key player in the autonomous and controllable intelligent computing infrastructure in China [12]. - The company's GPU products have been deployed in multiple national AI public computing platforms and commercial intelligent computing centers, making it one of the few suppliers to achieve large-scale commercial applications of "thousand-card clusters" [12].

Core Insights - Muxi Integrated Circuit (Shanghai) Co., Ltd. officially listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2023, marking a significant milestone for the company [1] - Muxi is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the research, design, and sales of GPUs for AI training and inference, general computing, and graphics rendering [1] - The funds raised from the IPO will be directed towards new high-performance GPU R&D and industrialization projects, as well as AI inference GPU projects, to strengthen the company's technological foundation and market position [1] Company Overview - Muxi possesses a rare and stable world-class technical team in China, having accumulated core software technologies and achieved breakthroughs in high-performance GPU technology since its establishment in 2020 [2] - The company has developed a fully domestic supply chain for its GPU products, with cumulative sales exceeding 25,000 units by the end of March 2025 [2] - Muxi's MXMACA software stack, based on self-developed instruction sets and GPU parallel computing engines, provides a comprehensive toolchain for cloud AI developers, integrating mainstream algorithm frameworks and libraries [2] Financial Performance - Muxi has experienced a remarkable revenue compound annual growth rate (CAGR) of 4074.52% over the past three years, with revenue reaching 915 million yuan in the first half of 2025, surpassing the total revenue for 2024 [3] - The company currently has an order backlog of 1.43 billion yuan, indicating strong demand and rapid growth [3] Strategic Initiatives - Muxi is constructing a "1+6+X" ecosystem and business layout, leveraging its GPU product system and open software ecosystem to provide efficient computing support for various industries, including finance, healthcare, energy, education, transportation, and entertainment [3] - The company's GPU products have been deployed in multiple national AI public computing platforms and commercial intelligent computing centers, making it one of the few suppliers to achieve large-scale commercial applications of "thousand-card clusters" [3]

Core Viewpoint - The company, Muxi, aims to establish a unified underlying software ecosystem in China's artificial intelligence sector, focusing on the open-source MXMACA as its core strategy [2][6]. Group 1: Company Strategy and Goals - Muxi's product development strategy involves "selling one generation, researching one generation, and pre-researching one generation," ensuring a robust long-term market competitiveness [9]. - The company aspires to create world-class GPU chips and computing platforms, positioning itself as a foundational element of the digital economy [2][3]. Group 2: Technological Development - Muxi has invested a total of 2.247 billion yuan in research and development over the past three years, which accounts for 282.11% of its cumulative revenue during the same period [4]. - The company has obtained 255 domestic authorized patents, including 245 invention patents, as of March 2025 [4]. Group 3: Market Context and Growth Potential - The global GPU market is projected to grow from $77.39 billion in 2024 to $472.45 billion by 2030, with a compound annual growth rate of 35.19% from 2024 to 2030 [7]. - Muxi's hardware and software development is nearing completion, necessitating the conversion of product advantages into market advantages [7]. Group 4: Ecosystem and Compatibility - Muxi is developing the MXMACA software stack, which includes a complete self-developed driver layer, compiler, and mathematical library, compatible with mainstream programming languages and ecosystems [5]. - The MXMACA software stack supports over 6,000 international mainstream applications and has achieved native compatibility with over 1,000 models [5]. Group 5: Industry Collaboration and Application - Muxi proposes a "1+6+X" strategy to penetrate the industry chain, focusing on a digital computing foundation and six key industries: finance, healthcare, energy, education and research, transportation, and entertainment [8]. - The company aims to find upstream and downstream partners along the industry chain to accumulate industry know-how and create typical landing cases for market expansion [8].

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. has successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board, with a significant first-day stock price increase of 692.95%, reaching a market capitalization of over 332 billion yuan [1] Group 1: Company Overview - Muxi Co. is a leading domestic enterprise in high-performance general-purpose GPU products, focusing on the independent research and development of full-stack high-performance GPU chips and computing platforms [1] - Since its establishment in 2020, Muxi has accumulated core technologies including GPU IP, GPU SoC, high-speed interconnects, and GPU software, achieving breakthroughs in high-performance GPU chip technology [1] - As of March 2025, the company holds 245 domestic invention patents, 3 integrated circuit layout design rights, and 25 software copyrights [1] Group 2: Product Development - Muxi has launched the Xisi N series GPU for intelligent inference and the Xiyun C series GPU for training and general computing, with the Xiyun C500 series chip achieving leading performance levels domestically in 2023 [2] - The company plans to officially release the Xiyun C600 in October 2025, which will utilize Muxi's proprietary core GPU IP and establish a closed-loop domestic supply chain from chip design to packaging and testing [2] - By March 2025, Muxi's GPU product sales have exceeded 25,000 units [2] Group 3: Financial Performance - Muxi has achieved a remarkable compound annual growth rate (CAGR) of 4074.52% in revenue over the past three years, with revenue in the first half of 2025 reaching 915 million yuan, surpassing the total revenue for 2024 [2] - The company currently has an order backlog amounting to 1.43 billion yuan [2] Group 4: Market Strategy - Muxi is constructing a "1+6+X" ecosystem and business layout, focusing on applying artificial intelligence across various industries, including finance, healthcare, energy, education, transportation, and entertainment [3] - The company's GPU products have been deployed in multiple national AI public computing power platforms and commercial intelligent computing centers, achieving large-scale applications in over 10 intelligent computing clusters [3] - Muxi is one of the few GPU suppliers in China to realize large-scale commercial applications of "thousand-card clusters" [3]

Core Viewpoint - Muxi Co., Ltd. officially listed on the Sci-Tech Innovation Board on December 17, with an initial offering price of 104.66 yuan per share, experiencing a significant price surge on its first trading day, reaching a peak increase of over 700% to 895 yuan, and closing at 829.9 yuan [1] Company Performance - The company has made notable advancements in the development of domestic high-end GPUs, which has garnered significant attention in the capital market [1] - Muxi Co., Ltd. has established a comprehensive GPU IP system based on three major product series: Xiyun, Xisi, and Xicai [1] Future Plans - The company plans to further open-source the MXMACA software stack, aiming to create world-class GPU chips and computing platforms [1] - The CTO and co-founder, Peng Li, emphasized the complexity of GPU development, which requires a large team and precision in execution to avoid failures [1]