Mu Xi's shares (688802.SH) can earn up to 400,000 yuan when they sign up to become the “king of breaking new ground”

The Zhitong Finance App learned that on December 17, Mu Xi Co., Ltd. (688802.SH) was officially listed. On the first day, it rose by nearly 750% during the intraday period, reaching a high of 895 yuan/share. The maximum profit for one signing was nearly 400,000 yuan, surpassing Moore Thread to become the “king of new players” since this year.

According to reports, Mu Xi Co., Ltd. is the main leader in high-performance general-purpose GPU products in China. The company is committed to developing full-stack high-performance GPU chips and computing platforms. Its main business is to develop, design and sell full-stack GPU products used in the fields of artificial intelligence training and reasoning, general computing and graphics rendering, and to provide supporting software stacks and computing platforms around GPU chips.

During the reporting period, the company successively launched Xisi N-series GPUs for intelligent computation reasoning, Xiyun C-series GPUs for integrated training and general computing, and Xicai G-series GPUs for graphics rendering.

As of the end of March 2025, the cumulative sales volume of GPU products of Mu Xi Co., Ltd. exceeded 25,000 units, and it has been applied on a large scale on artificial intelligence public computing power platforms, operator intelligence platforms, and commercial intelligent computing centers in many countries.

At the subscription stage, Mu Xi Co., Ltd. showed unrivaled appeal. After the launch of the callback mechanism, the final winning rate for the company's online distribution was 0.03348913%. In other words, out of every 10,000 subscribing investors, less than 4 people signed up.

But listing is not the end; it is the beginning of a new round of challenges. Mu Xi Co., Ltd. is like the other “Four Domestic GPU Dragons”, including Moore Thread. Despite its impressive revenue growth rate, it is still in a period of huge investment and has accumulated huge losses.

According to financial data, in 2022, 2023, 2024, and January-March 2025, Mu Xi Co., Ltd. was still at a loss. Net profit for the same period was approximately -777 million yuan, -881 million yuan, -1,409 million yuan, and -233 million yuan, respectively.

Zheshang Securities said in the research report that as the computing power base of artificial intelligence, AI chips have the characteristics of high development difficulty, large investment, and long cycle times, and the current cutting-edge development trend of the industry is still dominated by overseas manufacturers. Mu Xi Co., Ltd. also confessed in its prospectus that although some of its products have been mass-produced, customers entering key industries need to go through strict technical verification and ecological adaptation. The sales scale is currently climbing, and it is still difficult for current revenue to cover high R&D and operating costs.