Performance surge and ecosystem building, Muxi Co. constructs the domestic computing power foundation for the Token economy era.

On the evening of March 26, the domestic high-performance GPU leading company MuXi Co., Ltd. (688802.SH) released its annual report for 2025. As the company’s first annual report after being listed on the Sci-Tech Innovation Board, all core operational indicators showed a significantly positive development trend.

The annual report data shows that MuXi Co., Ltd. achieved an operating income of 1.644 billion yuan in 2025, a substantial increase of 121.26% compared to the same period last year.

Profitability also demonstrated strong resilience. In 2025, the net loss attributable to the parent company’s owners narrowed significantly by 43.97% year-on-year. The gross profit margin was 56.51%, an increase of 3.02 percentage points compared to the same period in 2024.

At the same time, the company continued to maintain high-intensity R&D investment, with R&D expenses of 1.027 billion yuan in 2025, a 14.04% increase over the same period in 2024, accounting for as much as 62.49% of operating income.

The Token economy is exploding, and computing power has entered a value-driven era.

Entering 2026, the globally popular OpenClaw lobster intelligent agent has made the Token economy the hottest topic in the industry.

The National Bureau of Statistics of China recently announced the Chinese translation of Token for the first time as “词元” (ci yuan). At the same time, statistical data shows that as of March 2026, China’s daily Token call volume has exceeded 140 trillion, growing more than a thousand times compared to two years ago. Originally, Tokens were the smallest processing units after being deconstructed by AI models; now they are becoming core units that can be measured and priced in the intelligent era, similar to how “degree” functioned in the electrical era. The production efficiency of Tokens will reshape the commercialization path of AI.

(The XiYun C600 positions integrated training and inference with general computing scenarios. This product not only upgraded computing power performance but also adopted a fully domestic manufacturing process for the first time, marking a key step for domestic high-end GPUs towards self-control.)

Every Token’s production and calling are the realization of underlying computing power value. As the GPU currently accounting for the highest share in AI computing chips, MuXi Co., Ltd. is realizing value through market scale.

Financial report data shows that MuXi Co., Ltd. had revenue of 53 million yuan in 2023, rising to 743 million yuan in 2024, and further reaching 1.644 billion yuan in 2025, with revenue scale increasing by over 30 times in three years.

The reason for the consecutive years of exponential revenue growth is the recognition from customers and the market for MuXi Co., Ltd. The annual report disclosed that the company’s products and services have received widespread recognition and continuous procurement from downstream customers, leading to a significant increase in GPU shipments, which directly drove a substantial rise in revenue. By the end of 2025, the cumulative sales of the company’s GPU products had exceeded 55,000 units.

At the same time, in recent years, due to continuous domestic investment in building intelligent computing clusters and infrastructure, opportunities for scaling domestic computing power have emerged. MuXi’s products have successively been deployed in over 10 intelligent computing clusters, with the computing power network covering national-level AI large model training grounds, operators, and commercial intelligent computing centers, spanning areas including Beijing, Shanghai, Hangzhou, Changsha, and Hong Kong, and gradually extending to more regions.

Currently, MuXi Co., Ltd. has launched four major GPU product series: the XiSi N series for intelligent computing inference, the XiYun C series for integrated training and inference and general computing, the XiCai G series for graphics rendering, and the newly launched XiSuo X series for scientific intelligence (AI4S) in January of this year, covering mainstream application scenarios comprehensively.

The new generation of integrated training and inference GPU, XiYun C600, is also steadily advancing toward mass production. As a major project initiated by the company in 2024, the XiYun C600 not only significantly enhances computing power compared to the previous generation product, XiYun C500, but most importantly, it achieves full domestic manufacturing process for the first time. This breakthrough ensures supply chain security and stability against a complex geopolitical backdrop. Currently, the XiYun C600 has achieved risk mass production by the end of 2025, with projected mass production sales in the first half of 2026.

This year’s government work report at the two sessions explicitly stated the need to strengthen the efficient supply of computing power, algorithms, and data. Through dual breakthroughs in large-scale shipments and fully domestic manufacturing processes, MuXi Co., Ltd. is transforming technological products into Token productivity, solidifying the foundation of computing power for China’s high-tech self-reliance.

Building an ecosystem to create the “Android” of the artificial intelligence era.

As “Token” becomes the unit of value measurement in the intelligent era, the competition for computing power has entered the ecological decisive phase. As the demand for computing power shifts toward large-scale Token generation, the maturity of software often directly determines the efficiency of converting computing power into output value.

As a hub connecting underlying hardware with upper-level applications, MuXi Co., Ltd.‘s self-developed MXMACA full-stack software toolchain is becoming the core of its domestic GPU ecosystem construction. MXMACA not only possesses unified full-stack toolchain capabilities, supporting application development, debugging, performance optimization, etc., but is also highly compatible with the mainstream CUDA ecosystem, effectively reducing developers’ migration costs.

The company is also actively embracing open-source. On February 14, 2025, the MXMACA open-source community launched, and as of March 13, 2026, the MXMACA software stack had over 300,000 registered users, with more than 55.91 million network API calls and over 160,000 file downloads.

According to MuXi Co., Ltd.'s plan, the company is committed to building an open, independent, and fully compatible intelligent computing ecosystem around the MXMACA software stack, aiming to create the “Android” of the artificial intelligence era.

Based on the integrated product ecosystem of hardware and the MXMACA software stack, MuXi Co., Ltd. further proposed the “1+6+X” industrial ecosystem layout. Among them, “1” focuses on the digital computing foundation, while “6” refers to six key industries for practical applications: finance, healthcare, energy, education and research, transportation, and cultural entertainment. “X” includes cutting-edge industries such as embodied intelligence and low-altitude economy, truly realizing the empowerment of computing power across various sectors.

The leap in performance confirms market recognition, and the open ecology builds long-term barriers. With large-scale hardware deployment, the flourishing development of the MXMACA ecosystem, and breakthroughs in domestic technology, MuXi Co., Ltd. is becoming the core support for domestic computing power in the Token economy era.

CIS

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