Muxi (Muxi 沐曦股份): Subscription Date for This Offering Set for December 5, 2025

Key Points

Offering & timing: Muxi (Muxi 沐曦股份) plans to issue 40.10 million shares with an online subscription on 2025-12-05 (subscription code 787802), listing on KeChuangban 科创板.
Capital use: IPO proceeds are earmarked mainly for GPU R&D and industrialization, including next-generation AI inference and general-purpose GPU projects.
Rapid revenue ramp: revenue grew from ¥426,400 (2022) to ¥53,021,200 (2023) and to ¥740,000,000 (2024) — roughly a ~124x jump in 2022→2023 and ~14x in 2023→2024.
Deepening losses: the company remains unprofitable, with net losses widening to ¥-1,409,000,000 (2024) and a notable loss expansion of about ¥538,000,000 between 2023 and 2024.
2025 Q1 momentum: Q1 2025 revenue was ¥320,000,000 (~43% of 2024 revenue) but Q1 net loss was ¥-233,000,000, underscoring both revenue traction and ongoing cash burn.

Muxi (Muxi 沐曦股份) is filing to list on KeChuangban (KeChuangban 科创板, English: STAR Market) with an online subscription date of December 5, 2025.

IPO snapshot — key facts for investors

Planned issue size: 40.10 million shares (4010万股).
Initial strategic placement: 8.02 million shares (802万股).
Online subscription code: 787802.
Preliminary inquiry date: 2025-12-02.
Subscription (申购) date: 2025-12-05.
Listing venue: KeChuangban (KeChuangban 科创板, English: STAR Market).

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What the company does — product lines & positioning

Muxi (Muxi 沐曦股份) describes itself as one of China’s leading developers of high-performance GPU products.

The company focuses on end-to-end R&D of GPU chips and computing platforms used across AI training, AI inference, general-purpose computing, and graphics rendering.

Core offerings include:

Xisi N series GPUs (曦思 N 系列) — targeted at intelligent-compute inference.
Xiyun C series GPUs (曦云 C 系列) — for training + inference unification and general-purpose compute.
Xicai G series GPUs (曦彩 G 系列) — under development for graphics rendering.

The company also provides supporting software stacks and computing platforms that sit around its GPU chips.

Use of proceeds — where the IPO money will go

New high-performance general-purpose GPU R&D and industrialization project.
Next-generation AI inference GPU R&D and industrialization project.
High-performance GPU technology R&D targeting frontier fields and emerging application scenarios.

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Recent financials (summary)

The prospectus shows Muxi has not yet achieved profitability.

2022 revenue: ¥426,400 RMB ($59,222 USD).
2023 revenue: ¥53,021,200 RMB ($7,361,278 USD).
2024 revenue: ¥740,000,000 RMB ($102,777,778 USD).
Net profit attributable to parent (归属于母公司所有者的净利润):

2022: ¥-777,000,000 RMB (−$107,916,667 USD).
2023: ¥-871,000,000 RMB (−$120,972,222 USD).
2024: ¥-1,409,000,000 RMB (−$195,694,444 USD).

2025 Q1 revenue: ¥320,000,000 RMB ($44,444,444 USD).
2025 Q1 net profit: ¥-233,000,000 RMB (−$32,361,111 USD).

Notes: RMB→USD conversions above use an exchange rate of approximately ¥7.20 = $1.00 for rough reference; amounts are rounded to the nearest dollar.

Fast financial takeaways

Revenue ramp: revenue jumped from ¥426,400 RMB in 2022 to ¥53,021,200 RMB in 2023, and then to ¥740,000,000 RMB in 2024.
Simple math on prospectus figures: that represents roughly a ~124x increase from 2022 to 2023, and roughly ~14x from 2023 to 2024.
Losses widened: net losses deepened from ¥-777,000,000 RMB in 2022 to ¥-1,409,000,000 RMB in 2024.
Loss acceleration: the absolute loss expanded by about ¥538,000,000 RMB between 2023 and 2024, a notable step-up in cash burn on the balance sheet.
2025 Q1 momentum: 2025 Q1 revenue of ¥320,000,000 RMB represents about 43% of full-year 2024 revenue, indicating ongoing revenue traction early in 2025.

Timing and next steps for investors

If you plan to participate, note the preliminary inquiry on December 2, 2025 and the online subscription date on December 5, 2025.

Use subscription code 787802 for online orders.

Review the full prospectus closely to understand allocation rules for strategic placements versus public subscription.

Account for the company’s consecutive net losses and material R&D spending when sizing any allocation.

Risk reminder — what to watch

This summary is informational and not investment advice.

Key risks include continued net losses, heavy R&D spend, competition in high-performance GPU chips, and execution risk converting R&D into scalable commercial products.

Institutional investors and retail applicants should weigh balance-sheet burn against the company’s rapid revenue ramp when assessing upside versus risk.

Quick strategic context

Market positioning: Muxi is targeting the hot intersection of AI training, AI inference, and graphics rendering, which remains capital- and R&D-intensive.
STAR Market choice: listing on KeChuangban (KeChuangban 科创板, English: STAR Market) signals a focus on tech investors comfortable with growth-stage loss-making companies.
What the IPO funds imply: major allocation to R&D and industrialization suggests the company intends to accelerate chip development and move toward larger-scale manufacturing.
Investor due diligence: check supply-chain readiness, production partners, software stack maturity, and customer wins in the prospectus and subsequent disclosures.

Bottom line

Muxi (Muxi 沐曦股份) shows rapid revenue growth paired with deepening net losses driven by aggressive R&D and industrialization plans.

Those who back the IPO should be prepared for a high-risk, high-reward profile typical of GPU and semiconductor startups moving from R&D into production.