沐曦股份上市在即，能否复刻摩尔线程“肉签”神话？

Muxi Limited is about to be listed, can it replicate the myth of Moore's thread "meat stick"?

【环球网财经综合报道】国产GPU行业资本市场即将迎来第二位重磅成员。继被誉为行业“双子星”之一的摩尔线程创下惊人打新收益纪录后，沐曦集成电路（上海）股份有限公司的科创板上市进程已进入最后阶段。根据发行安排，其新股认购缴款工作已于12月9日结束，上市在即。市场核心关注点是，这只发行价达104.66元/股的新股，能否成为下一只“大肉签”。

[Global Network Finance Comprehensive Report] The capital market of domestic GPU industry is about to welcome the second heavy player. After Moore Thread, known as one of the "binary star" in the industry, set an astonishing new earnings record, Muxi Integrated Circuit (Shanghai) Co., Ltd. 's listing process on the Science and Technology Innovation Board has entered the final stages. According to the issuance schedule, the subscription and payment of its new shares ended on December 9th, and the listing is imminent. The core concern of the market is whether this new stock with an issue price of 104.66 yuan per share can become the next "big meat stick".

本次沐曦股份的发行凸显了市场的极高热情。公司共发行4010万股，募资约41.97亿元。网下询价阶段，269家投资者管理的7719个配售对象全部参与申购，有效申购总量高达571.69亿股，显示出机构强烈的认购意愿。战略配售名单中出现了国家人工智能产业投资基金的身影，印证了其产业的战略地位。

The issuance of Muxi shares highlights the high enthusiasm of the market. The company issued a total of 40.1 million shares and raised approximately 4.197 billion yuan. During the offline inquiry stage, all 7,719 placement objects managed by 269 investors participated in the subscription, with the total effective subscription amount reached 57.169 billion shares, bemonstrating the strong willingness of institutions to subscribe. The National Artificial Intelligence Industry Investment Fund appeared in the strategic placement list, which confirmed the strategic position of its industry.

极高的申购热情导致了极低的中签率。公告显示，沐曦股份网上发行最终中签率为0.03348913%。值得注意的是，这一中签率甚至低于此前上市的摩尔线程（0.03635054%），意味着沐曦股份的新股更为“难抢”。网下初步配售比例则低至约0.04%。

The extremely high enthusiasm for subscription has led to the extremely low winning rate. According to the announcement shows that the final winning rate of the online issuance of Muxi shares is 0.03348913%. It is worth noting that this winning rate is even lower than the previously listed Moore thread (0.03635054%), which means that the new shares of Muxi shares are even more "difficult to grab". The initial offline placement ratio is as low as about 0.04%.

沐曦股份被寄予厚望，直接原因是同行摩尔线程上市后的惊人表现。摩尔线程于12月5日登陆科创板，上市首日收盘涨幅达425.46%，若中签者在首日最高点卖出，单签（500股）浮盈超过28万元，刷新了A股全面注册制实施以来的打新收益纪录。其股价在随后几个交易日继续走高，截至12月12日，上市后累计涨幅已达613.06%，市值超过3800亿元，为整个赛道注入了强大的市场信心。

Muxi shares have high hopes, directly due to the amazing performance of peer Moore Thread after its listing. Moore Thread landed on the Science and Technology Innovation Board on December 5th, with a closing increase of 425.46% on the first day of listing. If the winner sold at the highest point on the first day, the floating profit of a single sign (500 shares) would exceed 280,000 yuan, setting a new record for A-shares. A new income record since the implementation of the comprehensive registration system. Its stock price continued to rise in the following trading days. As of December 12, the cumulative increase after listing has reached 613.06%, with a market value of more than 380 billion yuan, injecting strong market confidence into the entire track.

支撑市场预期的核心是沐曦股份所处的赛道及其产品进展。公司成立于2020年9月，重点布局云端智能算力。其首款通用GPU“曦云C600”已于2025年推出，并实现了从设计到封测的全流程国产供应链闭环，预计2026年上半年量产。下一代对标英伟达H100的C700系列计划于2026年下半年流片。

The core of supporting market expectations is the track in which Muxi shares are located and the progress of their products. The company was established in September 2020, focusing on the layout of cloud intelligent computing power. Its first general-purpose GPU, the "Xiyun C600," was launched in 2025 and achieved a fully localized supply chain from design to final test, with mass production anticipated in the first half of 2026. The next-generation C700 series, which benchmarks against the Nvidia H100, is scheduled to be taped out in the second half of 2026.

招股书显示，公司营业收入呈指数级增长，从2022年的42.64万元跃升至2024年的7.43亿元。与此同时，因巨大的研发投入，公司尚未盈利，2024年净亏损为14.09亿元。不过，公司管理层预计，2025年全年营业收入将达15亿至19.8亿元，同比增幅最高可达166.46%，同时亏损额将大幅收窄。公司测算，其达到盈亏平衡点的预期时间最早为2026年。（陈十一）

The prospectus shows that the company's operating income has increased exponentially, jumping from 426,400 yuan in 2022 to 743 million yuan in 2024. At the same time, due to huge R&D investment, the company has not yet made a profit, with a net loss of 1.409 billion yuan in 2024. Nevertheless, management projects that full-year operating revenue in 2025 will reach between RMB 1.5 billion and RMB 1.98 billion, representing a year-on-year increase of up to 166.46%, while the net loss is expected to narrow considerably. The company estimates that the earliest projected timeline to reach the breakeven point is 2026.(Chen Shiyi)