Muxi Corporation releases its first annual report after going public: revenue doubles, GPU shipments significantly increase

On the evening of March 26, Muxi Co., Ltd. (688802.SH) released its annual report for 2025. This is the company’s first annual report since it was listed 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 narrowed its losses by 43.97% compared to the same period last year; the net cash flow from operating activities improved by 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 annual report shows that Muxi Co., Ltd. had a revenue of 53 million yuan in 2023, which climbed to 743 million yuan in 2024, and further reached 1.644 billion yuan in 2025, with revenue growth exceeding 30 times over three years. The core driver of revenue growth comes from the substantial increase in GPU product sales. By the end of the reporting period, the company’s cumulative sales of GPU products had exceeded 55,000 units.

Thanks to the significant growth in operating income compared to the previous year, the company’s losses narrowed. The annual report shows that the net profit attributable to the parent company in 2025 saw a significant reduction in losses compared to the 1.409 billion yuan in 2024, with a decrease of 43.97%. Excluding the impact of share-based payment expenses, the net loss for the year was 528 million yuan, which also significantly improved from 936 million yuan in the same period last year.

By the end of the reporting period, Muxi Co., Ltd.'s GPU products had been deployed in more than 10 intelligent computing clusters, and the computing power network covered the national public computing power platform for artificial intelligence, operator intelligent computing platforms, and commercial intelligent computing centers, spanning regions such as Beijing, Shanghai, Hangzhou, and Changsha. Focusing on the “1+6+X” strategy, the company, with its digital computing power base as the core, has achieved landing applications in six major industries: finance, healthcare, energy, education and research, transportation, and large-scale entertainment, while actively laying out cutting-edge directions such as embodied intelligence and low-altitude economy.

In addition, research and development investment continues to increase, and product iteration is steadily advancing. In 2025, Muxi Co., Ltd. invested 1.027 billion yuan in research and development, accounting for 62.49% of the annual revenue, a year-on-year increase of 14.04%. In January 2026, the Xisuo X series GPU, aimed at scientific intelligent scenarios, officially launched, with the first product, X206, equipped with 128GB of ultra-large memory, covering AI4S and high-performance computing directions. The company plans to further promote the research and development and industrialization of next-generation products such as Xisuo X206 and Xiyun C700 in 2026.