在国产GPU领域竞争愈发激烈的背景下，沐曦集成电路（上海）股份有限公司（简称"沐曦集成"）于今年6月30日正式向科创板提交了招股说 明书，计划募集高达39.04亿元人民币的资金。 这家成立仅五年的企业，以其融合了"AMD+海思"基因的技术团队和显著的商业化进展，被众多业内人士视为国产GPU领域的一匹黑马。沐曦 集成的IPO不仅是国产GPU赛道活跃度的直接体现，也反映了资本市场对自主可控技术的强烈兴趣和期待。 然而，沐曦集成的上市之路并非一帆风顺。根据其招股说明书，公司财务状况呈现出收入快速增长与净利润持续大额亏损的鲜明对比。自2022 年至2025年一季度，尽管营业收入从42.64万元激增至3.2亿元，但净利润却始终为负，累计亏损超过30亿元。这种高增长与高亏损并存的现 象，并非单纯由研发投入所导致，股份支付费用的大幅增加以及现金流的持续承压，同样成为公司盈利的重要阻碍。 除了财务压力，沐曦集成在生态建设方面也面临挑战。公司选择了"自主指令集+兼容CUDA生态"的技术路线，希望通过自主研发的MXMACA 软件栈，既降低客户迁移成本，又保障技术的自主可控性。然而，CUDA生态的先发优势难以撼动，沐曦集成在实际应 ...

Core Insights - The domestic GPU chip industry is experiencing significant growth, driven by rising demand for AI computing in China, with several companies expected to see substantial revenue increases in 2024 [1][2][3] - Companies like Moore Threads and Muxi Integrated Circuit are projected to have explosive revenue growth, with Moore Threads expecting a 257.02% increase to 432 million yuan and Muxi anticipating a 1354.9% surge to 742 million yuan in 2024 [2][3] - The shift towards AI computing is leading to higher profit margins, with Moore Threads' gross margin expected to rise to 72.32% in 2024 from 27.84% in 2023 [2] - The domestic GPU ecosystem is evolving, with companies focusing on self-developed ASIC chips and integrated solutions to enhance efficiency and growth [1][12] Company Performance - Moore Threads' revenue is shifting towards AI computing, which is projected to account for 77.63% of its main business income in 2024, reflecting a strategic pivot from traditional graphics acceleration [2] - Muxi Integrated Circuit's revenue is heavily reliant on its training and inference series, with GPU board sales making up 68.99% of total revenue in 2024 [3] - Both companies are experiencing rapid growth in procurement, with Muxi's purchases from top suppliers increasing from 176 million yuan to 999 million yuan in 2024 [3] Market Trends - The Chinese AI server market is expected to see a decrease in reliance on foreign chips, with local suppliers projected to capture a 40% market share by 2025 [6] - The competitive landscape is challenging, as established players like NVIDIA maintain a stronghold due to their extensive software and ecosystem development [7] - Domestic companies are focusing on building a comprehensive ecosystem, with Muxi and Moore Threads emphasizing their full-stack capabilities in GPU technology and software [8][10] Future Outlook - Companies are optimistic about achieving profitability, with Muxi estimating a break-even point by 2026 and Moore Threads projecting profitability by 2027 [9] - The integration of companies like Haiguang Information and the potential acquisition of Zhongke Shuguang could create a complete ecosystem from chips to servers [11] - The rise of DeepSeek is prompting domestic GPU manufacturers to enhance their product offerings and adapt to new AI models, strengthening the local computing ecosystem [11]

Core Viewpoint - The article discusses the emergence of domestic GPU companies in China, particularly in the context of the growing demand for AI technologies and the challenges they face in competing with established players like NVIDIA and AMD [3][6][11]. Group 1: Market Dynamics - The recent surge in IPO applications from domestic GPU companies, including Moore Threads and Muxi, is attributed to a more favorable IPO policy and accelerated review processes on the Sci-Tech Innovation Board [4][5]. - The tightening of U.S. chip export controls has led to a decline in NVIDIA's market share in China, creating a window of opportunity for domestic GPU firms to pursue IPOs [6][12]. - The overall number of IPO applications in the first half of the year reached 177, significantly surpassing the total for the previous year, with June alone accounting for over 80% of the applications [5]. Group 2: Company Profiles - Moore Threads aims to create a "fully functional GPU" targeting both data center and consumer gaming markets, similar to NVIDIA's strategy, and has launched several GPU chips based on its self-developed MUSA architecture [10][11]. - Muxi focuses more on the data center market, particularly AI training and inference, with a product line that includes the Xisi N series, Xiyun C series, and Xicai G series [11]. - Both companies have successfully raised significant funding, with Moore Threads securing over 4.5 billion yuan and Muxi achieving a post-investment valuation of 21.07 billion yuan [11][12]. Group 3: Financial Performance - Moore Threads reported revenues of 46 million yuan in 2022, projected to grow to 438 million yuan by 2024, reflecting a compound annual growth rate (CAGR) of over 200% [13]. - Muxi's revenues are expected to increase from 426,400 yuan in 2022 to 743 million yuan in 2024, with a staggering CAGR of 4,074% [13]. - Despite revenue growth, both companies continue to face significant losses, with Moore Threads reporting losses of 1.84 billion yuan in 2022 and Muxi reporting 777 million yuan in the same year [14]. Group 4: Future Prospects - The article highlights the challenges domestic GPU companies face in building ecosystems to compete with NVIDIA's established software and hardware integration, particularly through CUDA [17]. - Both Moore Threads and Muxi are actively developing their software ecosystems to lower barriers for developers and enhance their competitive positions [17][18]. - The upcoming IPOs are seen as crucial for these companies to secure the necessary capital to continue their growth and development in a highly competitive market [15][16].

Core Insights - The company MuXi has developed a domestically produced GPU chip, the XiYun C500, which has recently passed compatibility testing with Baidu's PaddlePaddle, showcasing its stability and performance [1] - MuXi is recognized as one of the leading domestic GPU companies in China, often referred to as one of the "Four Little Dragons" of domestic GPUs, with a focus on high energy efficiency and versatility in its products [1][2] - The company has successfully completed multiple rounds of financing, raising over several billion yuan, indicating strong investor confidence and support [2] Company Development - Founded by Chen Weiliang, a former AMD engineer, MuXi has grown to nearly a hundred employees in just over four years, with a core team averaging nearly 10 years of experience in the GPU field [2] - The company employs a unique "50-week combat method" to manage its chip development process, ensuring that all chip designs are successfully completed on the first attempt, which is critical in the capital-intensive semiconductor industry [2] Market Position and Strategy - MuXi's GPU chips are now competitive with international products in terms of hardware performance, and the company is also focused on building a robust ecosystem around its products, including the self-developed MXMACA software stack [3] - The company has launched the DeepSeek integrated machine solution in collaboration with Lenovo, targeting over ten core industries such as finance, healthcare, and education [3] - MuXi has initiated the process for an IPO on the A-share market, with Huatai United Securities as the advisory institution, marking a significant milestone in its growth trajectory [3]