Core Insights - Aixin YuanZhi Semiconductor Co., Ltd. officially listed on the Hong Kong Stock Exchange on February 10, 2026, under the stock code "0600" [3][9] - Aixin YuanZhi is recognized as the "first stock of edge AI chips in China" and has received investments from numerous well-known financial institutions and industrial capital [3][10] - Qiming Venture Partners, an early investor, held over 6% of Aixin YuanZhi's shares prior to the IPO, making it the second-largest institutional investor [3][10] Investment Philosophy - Qiming Venture Partners emphasizes a "fast half-step" investment logic, focusing on AI as the most certain investment opportunity in China for the next twenty years [4][12] - The firm believes in early intervention and comprehensive support for companies, from core technology development to commercialization and eventual public listing [4][12] - The successful IPO of Aixin YuanZhi validates Qiming's investment logic and methodology in AI hard technology [4][12] Team and Strategy - Aixin YuanZhi's team possesses a unique capability of understanding both chip technology and AI, which has been a key factor in their success [5][11] - The founder, Qiu Xiaoxin, has over 20 years of experience in the semiconductor industry, contributing to the company's strong technical foundation [5][11] - The company adopts a platform strategy that allows for vertical iteration of IP technology and horizontal expansion into various application fields, creating a differentiated advantage [5][11] Market Context - Qiming Venture Partners has celebrated three AI-related IPOs within the first 40 days of 2026, including Aixin YuanZhi, Wallen Technology, and Zhipu AI [4][10] - The firm attributes this success to the favorable market conditions, including the innovative policies in Hong Kong and the high market interest in AI themes [6][12] - The IPOs of these companies reflect a broader trend in the hard technology sector, where companies with strong value creation capabilities are able to achieve sustainable market valuations [13]

Core Insights - Aixin YuanZhi Semiconductor Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the first domestic "edge AI chip" company to go public, marking a significant milestone for Ningbo's manufacturing sector [1][2] - The listing is a result of the collaboration between Ningbo Tongshang Holding Group and the National Asset Reform Development Fund, showcasing the successful implementation of the "investment-driven" model in attracting technology enterprises [2][3] Company Overview - Aixin YuanZhi is a leading Fabless AI visual processor chip design company in China, focusing on high-performance, low-power edge AI perception and computing chips, with applications in IoT, security monitoring, intelligent driving, and edge computing [4] - The company has achieved an annual chip shipment of over 90 million units, with its intelligent driving chips being adopted by major automotive manufacturers such as Leap Motor, GAC, and Seres [4] - Aixin YuanZhi's upcoming M97/M95 series chips, set to launch in 2026, will feature advanced processes and superior cost-performance ratios, aiming to capture opportunities in high-end intelligent driving and robotics markets [4]

Core Insights - The AI industry is shifting from a training-centric model to an application-oriented inference model, marking a "revolution in reasoning" [1][3] - AI chip company Aixin Yuan Zhi Semiconductor has officially listed on the Hong Kong Stock Exchange, becoming the first Chinese edge AI chip stock [1][2] - Aixin Yuan Zhi has developed five generations of SoCs, focusing on terminal computing, smart vehicles, and edge AI inference [1][2] Industry Trends - The demand for inference computing power is expected to grow exponentially, surpassing training computing power as AI applications become more widespread [1][3] - The edge AI chip market is gaining significant attention due to its ability to meet cost, power consumption, and real-time response requirements [1][3][5] - The transition to edge computing is driven by privacy concerns and the need for low-latency processing, leading to new application scenarios [3][5] Company Performance - Aixin Yuan Zhi has achieved rapid revenue growth, with projections showing an increase from 50.2 million yuan in 2022 to 473 million yuan in 2024, representing a compound annual growth rate of over 200% [2] - The company has established itself as a top player in the visual edge AI inference chip market, holding a 6.8% market share and leading the mid-to-high-end segment with a 24.1% share [2][6] - As of September 30, 2025, Aixin Yuan Zhi has delivered over 165 million SoC chips, with significant contributions from its visual terminal computing and smart vehicle segments [6][7] Technological Advancements - Aixin Yuan Zhi's unique vertical integration strategy includes developing a complete technology stack from self-researched IP to core SoCs [6] - The company’s key technologies include the AXNeutron mixed-precision NPU and AXProton AI-ISP, which enhance performance and ensure high-quality input for inference tasks [6] - The company is positioned to capitalize on the rapidly expanding edge AI market, focusing on cost-effectiveness and system-level efficiency [5][6]

Core Insights - The article emphasizes the importance of technological self-reliance and innovation as key drivers for building a modern socialist country, as highlighted by national leaders during their first local inspection in the "14th Five-Year Plan" period [1] - The FOF ecosystem of Kunyuan Asset is accelerating its IPO activities, with two significant companies, Beixin Life (688712.SH) and Aixin Yuanzhi (00600.HK), successfully listing on the stock exchanges within a short span of six days, marking a strong start for the year [1][4] Company Highlights - Beixin Life (688712.SH) is recognized as the first domestic company to focus on intelligent and precise intervention in cardiovascular diseases, successfully listing on the Sci-Tech Innovation Board and achieving multiple industry milestones [4][6] - Aixin Yuanzhi (00600.HK) specializes in AI visual chip design and has become a leading player in the high-end AI chip market, successfully listing on the Hong Kong Stock Exchange [7][10] Market Trends - The article discusses the strategic focus on future industries such as quantum technology, biomanufacturing, and AI, which are identified as new economic growth points in the "14th Five-Year Plan" [4] - The successful IPOs of Beixin Life and Aixin Yuanzhi reflect the growing trend of domestic high-end medical devices and AI chips, indicating a shift from import substitution to original technology-driven innovation [5][10] Investment Strategy - Kunyuan Asset's FOF ecosystem aims to support high-quality tech companies through early-stage investments, alleviating financial pressures and allowing firms to focus on core technological innovations [9] - The article highlights the importance of capital market development in supporting the growth of tech enterprises, aligning with national strategies for economic and social development [8][10]

2026年2月10日，边缘计算AI芯片企业爱芯元智半导体股份有限公司(以下简称"爱芯元智")(0600.HK)正式在香港交易所主板挂牌上市。据了解，爱芯元智 发行价为每股28.2港元，此次发售1.05亿股，募资总额29.61亿港元。 本报记者袁传玺 值得关注的是，爱芯元智自主研发的"爱芯通元"混合精度NPU与"爱芯智眸"AI-ISP，已形成具备高兼容性、高能效的AI推理技术平台。该平台支持 Transformer及CNN等主流AI模型架构，能够在资源受限的边缘与终端设备上实现高效AI推理，显著降低部署成本与延迟。 事实上，边缘计算是"云—边—端"协同体系的关键环节，市场正高速增长。根据灼识咨询的数据，全球边缘及终端AI推理芯片市场规模已于2024年达到 3792亿元，预计至2030年将扩增至16123亿元，年复合增长率达27.3%。 在行业高速发展的背景下，目前爱芯元智已成功开发并商业化多代SoC产品，覆盖数十种型号，截至2025年9月30日，公司累计SoC交付量突破1.65亿颗。 其中，视觉终端计算SoC超过1.57亿颗；边缘AI推理芯片8850系列自2023年推出后出货量快速增长，2024年超过10万颗； ...

Core Viewpoint - Aixin Yuan Zhi Semiconductor Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first edge computing AI chip company to do so, marking a significant milestone in its development [1][3]. Group 1: Company Overview - The founder and chairman, Dr. Qiu Xiaoxin, emphasized that the listing represents a key milestone for the company and signifies greater social responsibility and a new journey ahead [3]. - Aixin Yuan Zhi has become the world's largest provider of mid-to-high-end visual edge AI inference chips by shipment volume as of 2024, ranking among the top five globally in the visual edge AI inference chip market [3]. - The company ranks third in the Chinese edge AI inference chip market and is the second-largest domestic supplier in the intelligent driving SoC sector [3]. Group 2: Product Development - The company has developed the "Aixin Tongyuan" hybrid precision NPU and "Aixin Zhimou" AI-ISP, creating a highly compatible and energy-efficient AI inference technology platform [4]. - As of September 30, 2025, the cumulative delivery of SoC products has exceeded 165 million units, with over 157 million units in visual terminal computing SoCs and more than 510,000 units in intelligent automotive SoCs [4]. - The edge AI inference chip series 8850 has seen rapid growth since its launch in 2023, with expected shipments exceeding 100,000 units in 2024 [4]. Group 3: Market Strategy - The listing will provide stronger financial support for Aixin Yuan Zhi to accelerate the research and commercialization of the next generation of AI inference chips [5]. - The company plans to optimize its technology platform, expand into overseas markets, and integrate upstream and downstream resources through strategic investments and industry collaborations [5]. - Aixin Yuan Zhi aims to become a key player in the edge AI computing field, leveraging its self-controlled AI chip technology amid the global wave of intelligence [5].

（原标题：爱芯元智登陆港交所，卡位边缘AI万亿蓝海） 2月10日，爱芯元智（0600.HK）登陆港交所，摘下"中国边缘AI芯片第一股"桂冠，首日开盘股价触及29.18港元，总市值一举突破170亿港元。 近年来，AI风起云涌。巨头的比拼从云端模型、万卡集群扩展至更广阔的物理AI 。马斯克、黄仁勋等硅谷大佬频繁发声，断言"AI的终极形态将 落于物理世界"。 从特斯拉Optimus量产的加速，到Meta智能眼镜的放量，再到苹果在端侧AI的战略转向，全球投资者的目光正在快速聚焦端侧智能。 然而端侧智能的落地并非易事。需要AI在有限的物理空间里，于毫秒间完成感知、决策与执行的闭环。这对算力的能效比提出了更高的要求。在 这种背景下，"算力下沉"成为破局关键，端侧推理芯片的重要性日益凸显。 尽管想象力巨大，目前却鲜有公司能尝到"甜果"。爱芯元智作为边缘AI芯片赛道的领军者，是少数实现规模化出货的企业之一。本次在港股 IPO，公司首日开盘市值达到166亿港元，静态PS超30倍，接近地平线等龙头企业，彰显出市场对其稀缺性及未来增长潜力的认可。 那么，站在物理AI爆发的奇点，边缘AI芯片的市场空间究竟有多大？登陆二级市场的爱芯元 ...

上市现场。通讯员供图 爱芯元智本次IPO发行价为28.2港元/股，发行股数1.05亿股，募集资金约29.61亿港元。开盘持平，报28.2港元/股，当前市值约166亿港元。 爱芯元智半导体股份有限公司成立于2019年5月，为国内边缘AI芯片领域龙头企业。作为AI推理系统芯片（SoC）供应商，专注为终端计算、边缘计算、智 能汽车等行业打造高性能感知与计算平台，已形成"智能摄像头+智能驾驶+边缘推理计算/机器人"三轮驱动的业务布局。 招股书显示，此次IPO募集净额拟将60%用于投资优化现有的技术平台，主要对现有产品进行逐步改进以提升性能及效率，及推出新产品；15%用于在未来 四年投资研发项目，主要开发扩大业务范围的新技术；其他将用于未来四年的销售扩张（5%）、股权投资或收购以进一步整合上下游的行业资源 （10%）、补充营运资金（10%）等事项。 今日（2月10日），爱芯元智半导体股份有限公司（简称"爱芯元智"，证券代码00600.HK）成功登陆港交所，成为国内"边缘AI芯片第一股"，亦是宁波今年 迎来的首家上市企业。 截至目前，宁波上市企业总数达到154家，其中香港上市企业23家。 爱芯元智创始人、董事长仇肖莘。图 ...

| 所得款項 | | | --- | --- | | 所得款項總額(附註) | 2,958.6 百 萬 港 元 | | 減:按最終發售價計算的估計應付上市開支 | (159.6)百萬港元 | | 所得款項浄額 | 2,799.0 百 萬 港 元 | 中国经济网北京2月10日讯 爱芯元智半导体股份有限公司（以下简称"爱芯元智"，06809.HK）今日在港交所上市。截 至今日收盘，爱芯元智收平，报28.20港元。 爱芯元智是人工智能（「AI」）推理系统芯片（「SoC」）的供货商，专注为边缘计算与终端设备AI应用打造高性能 感知与计算平台。 根据配发结果公告，爱芯元智本次发行发售股份数目（于超额配股权获行使前）为104,915,200股股份，其中，香港公 开发售的发售股份最终数目为10,491,600股股份，国际发售的发售股份最终数目（于超额配股权获行使前）为 94,423,600股股份。 | 慣格資料 | | | --- | --- | | 最終發售價 | 28.20 港元 | | 發售價範圍 | 不適用 | | 發售價進行調整 | 不適用 | | 發售股份及股本 | | | 發售股份數目(於超額配股權獲行使前) ...

Core Insights - Aixin YuanZhi Semiconductor Co., Ltd., known as the "first Chinese edge AI chip stock," officially listed on the Hong Kong Stock Exchange on February 10, with a peak stock price of HKD 29.18 and a market capitalization reaching approximately HKD 17.2 billion [1] - The company raised a total of HKD 2.961 billion by issuing 105 million shares at an offering price of HKD 28.20 per share, marking a significant entry into the international capital market [1] Industry Trends - The listing coincides with a critical structural shift in the global AI industry, with a consensus forming that 2026 will be the "year of AI inference application explosion" [4] - As large model technologies mature, the focus is shifting from costly model training to larger-scale, sustainable inference application deployment [4] - The demand for computing power is expected to increase exponentially, with inference computing power projected to account for 66% of total AI computing by 2026, surpassing training computing for the first time [4] Market Opportunities - The core challenge for scaling inference applications lies in cost, which currently accounts for 70% of total AI application costs, directly impacting the profitability of business models [5] - Traditional general-purpose GPUs struggle to meet the extreme requirements of edge scenarios, creating historic opportunities for companies like Aixin YuanZhi that focus on high "intelligence-price ratio" inference chips [5] - The trend of moving computing power closer to data generation, or "edge computing," is becoming essential due to considerations of real-time performance, data privacy, and bandwidth costs [5] Competitive Advantage - Aixin YuanZhi's core competitiveness is built on its vertically integrated "perception + computation" technology platform, supported by two self-developed IPs: the Aixin Zhimou AI-ISP and the Aixin Tongyuan mixed-precision NPU [6] - This technology combination provides a unified and efficient foundation for product deployment across multiple scenarios, covering three high-growth sectors [7] - The company holds a 24.1% market share in the global mid-to-high-end visual terminal computing market and is the second-largest domestic supplier of intelligent driving SoCs in China [7] Financial Growth and Strategy - Aixin YuanZhi has demonstrated strong revenue growth, with a compound annual growth rate of 206.8% from 2022 to 2024, alongside a commitment to significant R&D investment exceeding CNY 1.5 billion over three years [10] - Approximately 60% of the net proceeds from the IPO will be used to enhance core technology R&D and launch new generation products, indicating a focus on expanding technological leadership rather than short-term profit [12] - The company aims to leverage capital market financing to strengthen its "perception + computation" platform and navigate the edge AI market explosion, seeking to achieve a critical profitability turning point [12] Conclusion - Aixin YuanZhi's successful listing is a significant milestone, signaling the arrival of a new era characterized by high-efficiency, high-intelligence-price ratio dedicated AI inference chips, with edge computing as a key battleground [14] - The company's journey reflects the broader evolution of China's AI industry, transitioning from application innovation to deepening core capabilities [14]