Muchi Co., Ltd. achieved a revenue of 1.6 billion yuan last year, an increase of 1.2 times: net loss narrowed by 40%. The integrated GPU board sales reached 33,000 units.

On March 26, Muxi Co., Ltd. (688802.SH) released its first annual report after listing on the STAR Market. The report shows that in 2025, Muxi achieved operating revenue of 1.644 billion yuan, a year-on-year increase of 121.26%. Net profit attributable to shareholders was -789 million yuan, narrowing the loss by 43.97% compared to the previous year. Cash flow from operating activities improved by 888 million yuan year-on-year. The full-year gross profit margin was 56.51%, up 3.02 percentage points year-on-year.

Meanwhile, the company maintained high R&D investment. In 2025, R&D expenses reached 1.027 billion yuan, a 14.04% increase from the previous year, accounting for 62.49% of operating revenue.

Rapid Revenue Growth and Significant GPU Shipment Expansion

Muxi’s revenue has grown rapidly over the past three years. The annual report shows: revenue was 0.53 billion yuan in 2023, surged to 7.43 billion yuan in 2024, and further increased to 16.44 billion yuan in 2025, more than 30 times the revenue growth over three years.

The core driver of this growth is the substantial increase in GPU product sales. According to sales data, in 2025, the sales of integrated training and inference GPU cards (mainly Xiyun C series) reached 33,649 units, a 147.31% increase. Sales of inference GPU cards for AI reasoning reached 4,946 units, an 866% increase. By the end of the reporting period, the company’s GPU product sales exceeded 55,000 units.

Boosted by rapid revenue growth, the company’s loss reduction trend has become clear. In 2025, net loss attributable to shareholders narrowed significantly from 1.409 billion yuan in 2024, a 43.97% decrease. Excluding share-based payment expenses, the full-year net loss was 528 million yuan, a substantial improvement from 936 million yuan in the same period last year.

The fast rise in revenue reflects the increasing acceptance of Muxi’s GPU products among clients.

As of the end of the reporting period, Muxi’s GPU products have been deployed in more than ten intelligent computing clusters, covering national AI public computing platforms, operator intelligent computing platforms, and commercial AI centers, across Beijing, Shanghai, Hangzhou, Changsha, Hong Kong, and other regions. Centered around the “1+6+X” strategy, the company focuses on digital computing power infrastructure and has achieved application deployment in six major industries: finance, healthcare, energy, education and research, transportation, and entertainment. It is also actively exploring frontier areas such as embodied intelligence and low-altitude economy.

Continued R&D Investment and Rapid Expansion of Open-Source Ecosystem

During the reporting period, Muxi’s R&D investment in 2025 reached 1.027 billion yuan, accounting for 62.49% of annual revenue, a 14.04% increase year-on-year.

Muxi has developed a complete GPU product matrix. The Xiyun C series targets integrated training and inference as well as general-purpose computing; the Xisi N series covers traditional AI inference and generative AI inference; the Xicai G series focuses on graphics rendering, cloud gaming, and digital twin applications.

In five years, Muxi has completed the mass production of three main chips in a single wafer. In July 2025, the first domestically produced Xiyun C600 series was launched at WAIC, with improvements in computing power, accuracy, and HBM technology over the C500. It achieved risk mass production by the end of 2025 and is expected to enter mass production and sales in the first half of 2026. In January 2026, the Xisuo X series GPU for scientific intelligence scenarios was officially launched, with the first product, X206, equipped with 128GB of large-capacity memory, covering AI for Science and high-performance computing. The company plans to further develop and industrialize next-generation products like Xisuo X206 and Xiyun C700 in 2026.

For domestic GPU companies, the maturity of the software ecosystem directly affects customer migration costs and product promotion efficiency, serving as a key step from “usable” to “user-friendly.” Muxi’s self-developed MXMACA software stack is highly compatible with the CUDA ecosystem, supporting over 6,000 CUDA applications and more than 1,000 models natively, including Day 0 adaptation for multiple large models.

Since opening to the open-source community in February 2025, as of March 13, 2026, MXMACA has registered over 300,000 users, with API calls exceeding 55.91 million, file downloads over 160,000, and coverage of more than half of C9 universities. Muxi is one of the few domestic GPU companies providing open-source core software ecosystems, SDK download channels, and English development documentation.

Muxi will not distribute cash dividends, issue bonus shares, or convert capital reserve into share capital for 2025.

At the close on March 26, Muxi’s stock price was 605.81 yuan, a slight decrease of 0.41%. The total market value is 242.385 billion yuan.

(Source: The Paper)