On December 5, Metax Integrated Circuits (Shanghai) Co., Ltd. (688802.SH) opened its subscription with an issue price of RMB 104.66 per share and a maximum subscription limit of 6,000 shares. The industry P/E ratio stands at 58.25x. Listed on the Shanghai Stock Exchange, the company is underwritten by Huatai United Securities.
According to its prospectus, Metax Integrated Circuits specializes in the R&D of full-stack high-performance GPU chips and computing platforms. Its core business involves developing, designing, and selling full-stack GPU products for AI training and inference, general computing, and graphics rendering, alongside providing supporting software stacks and computing platforms.
As a foundational technology in modern IT infrastructure, GPUs are characterized by high value, complexity, rapid evolution, and significant technical barriers, demanding strong independent R&D, stable supply chains, and continuous innovation capabilities. With the diversification and rapid growth of China's AI chip market, GPUs—a critical component of AI chips—hold a central position in AI computing.
Based on Bernstein Research's revenue-based estimates and the issuer's calculations using IDC's computing power data, Metax Integrated Circuits accounted for approximately 1% of China's AI chip market in 2024. Since its inception, the company has focused on GPU innovation and upgrades, establishing a competitive GPU product portfolio and an open software ecosystem. It provides high-efficiency, versatile computing power for cloud applications, driving AI adoption across industries such as education, finance, transportation, energy, healthcare, and entertainment.
Metax Integrated Circuits is a key player in advancing China's self-sufficient intelligent computing infrastructure and ranks among the leading domestic high-performance GPU developers. Its product lineup spans AI computing, general computing, and graphics rendering. During the reporting period, it launched the N-series GPUs for AI inference, the C-series for integrated training and general computing, and is currently developing the G-series for graphics rendering.
Commercially, the company is one of the few domestic GPU suppliers to achieve large-scale commercialization of thousand-card clusters and is advancing research on ten-thousand-card clusters. It has successfully supported full-scale pre-training for models like the 128B MoE. By the end of the reporting period, cumulative GPU sales exceeded 25,000 units.
Operating under a Fabless model, Metax Integrated Circuits designs GPU specifications, architecture, core IP, packaging, and physical layouts while outsourcing wafer fabrication, packaging, and testing. It procures custom wafers, packaging services, and board processing from third-party manufacturers, supplemented by process management and testing support.
Sales are conducted through direct and distribution channels, with the top five customers contributing significantly to revenue—accounting for 100%, 91.58%, 71.09%, and 88.35% in 2022, 2023, 2024, and Q1 2025, respectively.
Financially, the company reported revenues of approximately RMB 426,400, RMB 53.02 million, RMB 743 million, and RMB 320 million in 2022, 2023, 2024, and Q1 2025, respectively. Net losses during the same periods were RMB -777 million, RMB -871 million, RMB -1.409 billion, and RMB -233 million.
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