Moxi Shares' First Annual Report After Listing: Revenue and GPU Sales Double, Net Loss Narrowed to 789 Million Yuan

The Science and Technology Innovation Board Daily reported on March 27 (Reporter Chen Junqing) that last night (March 26), domestic GPU supplier Muxi Co., Ltd. released its annual report for 2025, which is the company’s first annual report since its listing on the Science and Technology Innovation Board in December 2025.

The annual report shows that Muxi Co., Ltd. achieved an operating income of 1.644 billion yuan in 2025, a year-on-year increase of 121.26%; the net profit attributable to the parent company was -789 million yuan, narrowing by 43.97% compared to the same period last year; the net cash flow from operating activities was 1.26 billion yuan, an improvement of 888 million yuan compared to the same period last year; the overall gross profit margin for the year was 56.51%, an increase of 3.02 percentage points year-on-year.

The core driver of Muxi Co., Ltd.'s revenue growth comes from the increase in GPU product sales. According to production and sales data, the company’s sales of integrated GPU cards (mainly the Xiyun C series) reached 33,649 units in 2025, a year-on-year increase of 147.31%; the sales of intelligent computing inference GPU cards reached 4,946 units, a year-on-year increase of 866.02%. As of the end of the reporting period, the cumulative sales of its GPU products exceeded 55,000 units.

The Science and Technology Innovation Board Daily reporter noted that at the end of this reporting period, Muxi Co., Ltd.'s inventory book value increased significantly, reaching 1.496 billion yuan, an increase of 92.60% year-on-year, accounting for 11.83% of current assets. In response, the company stated in its annual report that this was mainly due to the company’s increase in inventory reserves to ensure timely product delivery to downstream customers, based on the production cycle of suppliers and other uncertainties.

While the inventory scale has significantly increased, the impairment provisions that Muxi Co., Ltd. plans to recognize cannot be overlooked.

The announcement regarding the impairment provisions for the year 2025 disclosed by Muxi Co., Ltd. shows that the company plans to recognize inventory write-down losses and fixed asset impairment losses amounting to 174 million yuan for 2025. The total planned impairment provision is 203 million yuan, which will be included in the profit and loss for 2025.

In terms of client expansion, as of the end of the reporting period, Muxi Co., Ltd.'s GPU products have been deployed in over 10 intelligent computing clusters, covering the national artificial intelligence public computing power platform, operator intelligent computing platforms, and commercial intelligent computing centers. Around the “1+6+X” strategy, the company has achieved application implementation in six major industries: finance, healthcare, energy, education and research, transportation, and cultural entertainment, and is laying out frontiers in embodied intelligence and low-altitude economy.

In addition to GPU products and accessories, Muxi Co., Ltd.'s revenue from IP, technology services, and others in 2025 also maintained rapid growth, reaching 13.339 million yuan, a year-on-year increase of 59.59%, with a gross profit margin of 98.22%.

In terms of research and development, Muxi Co., Ltd. invested 1.027 billion yuan in R&D in 2025, accounting for 62.49% of total annual revenue, a year-on-year increase of 14.04%. As of December 31, 2025, the company held a total of 401 authorized patents and software copyrights in China, including 350 invention patents, with a research and development team of 675 people, accounting for 73% of the total number of employees.

At the end of the reporting period, Muxi Co., Ltd. had five projects under development, among which the second-generation high-performance general-purpose GPU R&D project, with an expected total investment scale of approximately 1.37 billion yuan, has entered the trial production stage. The graphic rendering GPU R&D project, expected to have a total investment scale of 1.1 billion yuan, and the third-generation high-performance general-purpose GPU R&D project, with a total investment scale of 2.04 billion yuan, are still in the R&D stage.

In terms of product iteration, public information shows that in July 2025, the Xiyun C600 series was released at the WAIC conference, and has achieved risk mass production by the end of 2025, with mass production sales expected in the first half of 2026. In January 2026, the Xisuo X series GPU, aimed at scientific intelligent scenarios, was launched, with the first product X206 equipped with 128GB of video memory. The company plans to further promote the R&D and industrialization of the next-generation products such as Xisuo X206 and Xiyun C700 in 2026.

In terms of ecosystem development, Muxi Co., Ltd.'s self-developed MXMACA software stack has achieved compatibility with the CUDA ecosystem, supporting over 6,000 CUDA applications and more than 1,000 models for native adaptation, including Day 0 adaptations for several large models.

It is worth mentioning that since the open-source community was launched in February 2025, the number of registered users for MXMACA has been growing rapidly, exceeding 300,000 by March 13, 2026, with API calls exceeding 55.91 million times and file downloads exceeding 160,000 times, covering over half of the C9 universities. The company is one of the few GPU enterprises in China that provides a public download channel for core software ecosystem open-source, version SDK, and English development documentation.