Recently, MetaX Integrated Circuits (Nanjing) Co., Ltd. has unveiled China's first fully domestically produced general-purpose GPU, the Xiyun C600. This milestone achievement marks a historic breakthrough in the development of domestic high-performance GPUs. The chip is projected to enter the risk mass production phase by the end of 2025. On October 24, 2025, the Shanghai Stock Exchange is set to review the initial public offering (IPO) application submitted by MetaX Integrated Circuits (Shanghai) Co., Ltd. Built on core GPU intellectual property (IP) with independent rights, the Xiyun C600 boasts a fully closed-loop domestic supply chain, ensuring secure and controllable computing power for the digital economy while meeting the demands of next-generation generative AI. MetaX has also partnered with the Chinese Academy of Sciences to successfully conduct full-parameter training for multiple large models. In 2024, the GPU segment within China's AI chip market is expected to reach a market size of approximately 100 billion yuan. With MetaX's IPO process accelerating, related industrial chain companies are poised to capitalize on these emerging development opportunities.