A-share subscription | Muxi Shares (688802.SH) opens subscription, focusing on research and development of high-performance GPU chips and computing platforms.

On December 5th, Muxi Company (688802.SH) started its IPO with an issuance price of 104.66 yuan per share and a maximum subscription of 0.6 million shares. The industry P/E ratio is 58.25 times, and it is listed on the Shanghai Stock Exchange with Huatai United Securities as its sponsor. The prospectus shows that Muxi Technology is committed to developing high-performance GPU chips and computing platforms. Its main business is the research, design, and sale of full-stack GPU products used in artificial intelligence training, inference, general computing, and graphics rendering fields. It provides software stack and computing platforms around GPU chips. As the physical cornerstone and underlying infrastructure of modern information technology development, GPUs have high value, complexity, technical barriers, and rapid evolution characteristics, which demand high levels of R&D, stable supply, and continuous innovation capabilities for enterprises. With the diversification and rapid development of the domestic AI chip market, GPUs play a core role in the artificial intelligence computing market. According to Bernstein Research's sales data and the company's IDC data, the company's market share in the Chinese AI chip market is estimated to be around 1% in 2024. Since its establishment, the company has focused on the technical innovation and iterative upgrades of its GPU products, developing a unique advantage in GPU product system and an independent open software ecosystem. It continues to provide high energy-efficient and versatile computing support for cloud computing, driving AI empowerment in various industries including education, finance, transportation, energy, healthcare, and entertainment. It has become one of the leading domestic high-performance GPU product companies, promoting China's independent and controllable intelligent computing infrastructure. The company's main products cover artificial intelligence computing, general computing, and graphics rendering. During the reporting period, it launched the Xisi N series GPU for intelligent reasoning, Xiyun C series GPU for training, and the upcoming Xicai G series GPU for graphics rendering. In terms of business applications, the company is one of the few GPU suppliers in China to achieve large-scale commercial applications in AI clusters, and it is developing and promoting the implementation of 10,000-card clusters. As of the end of the reporting period, the company has sold over 25,000 GPU products. In terms of production mode, the company follows the Fabless model, mainly responsible for specifying GPU chip parameters and schemes, completing chip architecture design, core GPU IP development, packaging design, physical design, design verification, and delivering GPU chip design layouts through outsourcing for wafer processing, packaging testing, and outsourcing board processing. The company procures customized wafers from foundries for processing, packaging testing services from packaging testing factories, and board processing services from processing factories, supported by process management and testing support. For sales, the company adopts a combination of direct sales and distribution models. The top five customers account for a high proportion of the main business income, with percentages for 2022, 2023, 2024, and January-March 2025 being 100%, 91.58%, 71.09%, and 88.35% respectively. Financially, Muxi Company achieved operating income of approximately 426,400 yuan, 53.02 million yuan, 743 million yuan, and 320 million yuan in 2022, 2023, 2024, and January-March 2025 respectively. During the same period, the company's net profit was approximately -777 million yuan, -871 million yuan, -1.409 billion yuan, and -233 million yuan respectively.