Core Viewpoint - Aixin Yuan Zhi, as the first listed company in the Hong Kong stock market focusing on edge AI chips, has attracted significant attention with its IPO priced at HKD 28.2 per share, achieving an oversubscription of 104.82 times in the public offering, indicating strong investor confidence in the edge AI chip sector [3] Group 1: Company Positioning and Technology - Aixin Yuan Zhi is positioned as a supplier of AI inference system-on-chip (SoC), focusing on edge and terminal computing, which differentiates it from other listed chip companies that primarily target cloud computing [5] - The company has developed two core IPs, "Aixin Zhimou" AI-ISP and "Aixin Tongyuan" mixed-precision NPU, which are validated in the market and form the basis of its competitive advantage [7] - The AI-ISP technology enhances data quality through pixel-level real-time optimization, providing unique advantages in security and automotive applications [9] Group 2: Market Performance and Financials - Aixin Yuan Zhi has delivered over 165 million SoCs by September 30, 2025, with more than 157 million in visual terminal computing, indicating a stable delivery and iterative phase [11] - The company is projected to be among the top five global suppliers of visual edge AI inference chips with a market share of 6.8% in 2024, and a leading position in the mid-to-high-end segment with a market share of 24.1% [11] - Revenue growth from 2022 to 2024 is significant, with figures of approximately CNY 0.5 billion, CNY 2.3 billion, and CNY 4.73 billion, reflecting nearly a ninefold increase over two years [11] Group 3: Growth Drivers and Future Outlook - The smart automotive sector is identified as a new growth engine, with Aixin Yuan Zhi already achieving scale shipments in this area and planning to expand into robotics and other segments [13] - The global market for visual terminal computing is expected to reach CNY 75 billion by 2030, while the smart driving market is projected to reach CNY 1,146 billion, indicating substantial growth opportunities [14] - The company plans to allocate approximately 60% of its IPO proceeds to optimize its existing technology platform, 15% for R&D projects, and 10% for sales expansion and acquisitions, enhancing confidence in its future development [21]

爱芯元智创始人、董事长仇肖莘博士（右）与爱芯元智首席执行官孙微风（左）现场敲钟 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，开盘价28.2港元，总市值166亿港元。 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智投资价值又将如何演绎？ 01 物理AI驱动算力下沉，催生万亿蓝海 过去两年，市场关于 AI 的讨论大多集中在云端大模型与数据中心。这些场景的共同点是：数据主要以文本和图片形式产生，计算发生在云端，成果也停留 在"信息层面"。 近年来，AI风起云涌。巨头的比拼从云端模型 ...

爱芯元智半导体股份有限公司（简称"爱芯元智"，股票代码："00600"）今日在港交所上市。 爱芯元智发行价为28.2港元，此次发售1.05亿股，募资总额29.61亿港元；扣非发行应付上市费用1.6亿港元，募资净额为28亿港元。 爱芯元智基石投资者分别为韦尔半导体香港有限公司、新马服装国际有限公司、JSC International Investment Fund SPC、NGS Super、德赛西威旗下Desay SV Automotive Singapore、Factorial Master Fund、Hel Ved Master Fund、Valliance Asset Management、明山资本有限公司、均胜电子旗下Joyson Electronics Holdings、Jupiter Global Master Fund、GRANITE ASIA IX VCC、豪恩及CICC Financial Trading、NonaVerse (Hong Kong) 、青岛观澜及国泰君安证券投资 （香港）有限公司（就观澜场外掉期交易而言）、Jinyi Capital Multi-Strategy Fund，一 ...

Core Viewpoint - Aixin Yuan Zhi (0600.HK), a leading company in AI perception and edge computing chips, has successfully listed on the Hong Kong Stock Exchange, becoming the first edge computing AI chip company to do so. Company Overview - Aixin Yuan Zhi specializes in AI inference system chips (SoC) focused on creating high-performance platforms for edge computing and terminal device AI applications [7][8]. - The company aims to build advanced AI computing infrastructure to promote the widespread adoption of AI [7]. Product Matrix and Industry Position - Aixin Yuan Zhi has maintained a leading position in the visual terminal computing sector, primarily providing high-performance products centered around smart visual perception SoCs, widely used in IP and coaxial cameras [9]. - As of September 30, 2025, the cumulative shipment of Aixin Yuan Zhi's visual terminal computing SoCs has exceeded 157 million units, with a market share of 6.8% in global visual edge AI inference chips, and 24.1% in the mid-to-high-end market [11]. - In the smart automotive sector, Aixin Yuan Zhi is the second-largest domestic supplier of smart automotive SoCs in China, according to data from Zhaoshang Consulting [13]. Key Products - The M55H SoC, Aixin Yuan Zhi's first product in the smart automotive field, has achieved significant recognition for its safety, stability, energy efficiency, image quality, and cost-effectiveness, with cumulative shipments exceeding 5.16 million units since its launch [15][16]. - The M76H SoC is designed for L2+ level ADAS applications, achieving up to 600 TOPS in specific models, and has secured design wins with two Tier 1 suppliers [19]. - The M57 series, a new generation of automotive chips, has improved performance with an NPU computing power of 10 TOPS and has received certifications for functional safety and cybersecurity [21]. Edge AI Inference - Aixin Yuan Zhi has established a technological advantage in the edge AI inference sector with the 8850 series SoCs, which provide competitive performance of 72 TOPS (INT4 precision) [22]. - Since its launch in 2023, the shipment of the 8850 series SoCs has exceeded 21,000 units in 2023 and is expected to surpass 100,000 units in 2024, making Aixin Yuan Zhi the third-largest supplier of edge AI inference chips in China with a market share of 12.2% [23][24]. Market Outlook - The global market for cloud, edge, and terminal AI inference chips is projected to grow significantly from 2020 to 2030, with a compound annual growth rate (CAGR) of 113.0% from 2020 to 2024 and 36.3% from 2024 to 2030 [26]. - The Chinese market for cloud, edge, and terminal AI inference chips is also expected to see substantial growth, with a CAGR of 112.8% from 2020 to 2024 and 48.3% from 2024 to 2030 [31]. Financial Data - The company's revenue is projected to grow from 2.30 billion RMB in 2024 to 4.73 billion RMB in 2025, with gross profit expected to increase from 0.54 billion RMB in 2024 to 0.99 billion RMB in 2025 [52][53].

Core Insights - AI Chip Company Aixin Yuanzhi (0600.HK) has successfully listed on the Hong Kong Stock Exchange, becoming the first edge computing AI chip enterprise to do so [1] - The stock rose by 3.48% on its debut, reaching HKD 29.16, with a total market capitalization exceeding HKD 17 billion [1] - The listing is expected to provide stronger financial support for the company's next-generation AI inference chip development and commercialization [1] Company Positioning - According to a report by Zhaoshang Consulting, Aixin Yuanzhi is the largest provider of mid-to-high-end visual edge AI inference chips globally based on 2024 shipment volume, ranking among the top five in the global visual edge AI inference chip market [1] - The company ranks third in the Chinese edge AI inference chip market and is the second-largest domestic supplier in the smart driving SoC sector [1] Strategic Vision - The founder and chairman, Dr. Qiu Xiaoxin, stated that the listing marks a critical milestone for the company, indicating greater social responsibility and the beginning of a new journey [1] - The company aims to adopt a platform-based strategy to deepen its layout, continuously push technological boundaries, and expand its business scope [1] - Aixin Yuanzhi is committed to the mission of "Inclusive AI for a Better Life" and the vision of "Building a World-Class Perception and Computing Platform," focusing on chip innovation to empower a smarter and better world [1]

9日，爱芯元智暗盘交易行情显示，该股暗盘交易收报27港元/股，较28.2港元/股的发行价下跌4.3%。 上市首日，爱芯元智以发行价28.20港元/股开盘，最高触达29.18港元/股。截至11:30，该股报28.44港元/股，涨幅0.85%，成交1753万股，成交额4.93亿港 元，总市值167.16亿港元。 爱芯元智成立于2019年5月，注册在宁波镇海，是人工智能（AI）推理系统芯片（SoC）的供应商，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。 本次IPO，爱芯元智全球发售1.05亿股H股，募资净额28亿港元。香港公开发售股份数目占全球发售股份数目10%，获认购104.82倍；国际发售股份数目占 全球发售股份90%，获认购倍6.8倍。 此次发行引入16名基石投资者，合计认购1.85亿美元（约14.43亿港元）。其中，韦尔半导体香港有限公司、新马服装国际有限公司各认购3500万美元， JSCInternationalInvestmentFundSPC认购2700万美元，NGSSuperPtyLimited认购2000万美元，其余包括德赛西威、均胜电子旗下实体及多家机构投资者参 与。 转自：东南 ...

「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式 和经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨冯汝梅 编辑丨关雎 2月10日，爱芯元智半导体股份有限公司（股票代码：00600.HK，下称"爱芯元智"）在港交所主板 敲钟上市，成为港股" 中国边缘侧AI芯片第一股 "。 爱芯元智开盘股价报28.2港元/股，开盘市值166亿港元。公司全球发售约1.05亿股H股，募资29.59 亿港元。 爱芯元智是一家无晶圆厂（Fabless）半导体企业，主要设计和销售AI推理系统芯片（SoC）产品， 广泛应用于AIOT、消费电子、智能汽车、机器人等边缘与终端设备，为它们提供本地化AI视觉感知预 处理与端侧AI推理计算能力。 自2019年成立以来，公司已完成五代SoC芯片的独立研发并实现商业化。截至2025年9月，芯片累 计出货量超过1.6亿颗。 根据灼识咨询的数据，按2024年出货量计， 爱芯元智在"中高端视觉端侧AI推理芯片"这个细分赛道 里位居全球第一，拿下了24.1%的市场份额。 本次IPO，爱芯元智引入了包括豪威集团、雅戈尔、德赛西威、均胜电子等在内的16 ...

Core Viewpoint - Aixin Yuanzhi Semiconductor Co., Ltd. has officially listed on the Hong Kong Stock Exchange under the stock code "0600" on February 10, 2026, marking a significant milestone for the company and the rise of China's edge AI computing industry [3][4]. Group 1: Company Overview - Aixin Yuanzhi is recognized as the "first stock of China's edge AI chips" and has attracted investments from numerous well-known financial institutions and industrial capital [4]. - The company was founded by Dr. Qiu Xiaoxin, who has a strong technical background and leadership experience from major firms like Broadcom and Unisoc [5]. Group 2: Investment Insights - Yao Tu Capital began investing in Aixin Yuanzhi in 2020, recognizing the company's strong technical capabilities and strategic vision [5]. - The investment decision was influenced by the team's collaboration and transparency, which fostered a productive environment for innovation [5]. Group 3: Market Trends - The success of Aixin Yuanzhi's listing is seen as a signal of the development of China's edge AI computing industry, which focuses on low latency, strong privacy, and high energy efficiency [6]. - The market for edge AI is expanding due to advancements in smart vehicles, robotics, and AI-enabled devices, creating a diverse blue ocean market [6]. Group 4: Future Outlook - Yao Tu Capital has made systematic investments across various sectors, including foundational hardware, basic software, and application layers, indicating a comprehensive approach to the AI industry [7][8]. - The company aims to continue supporting innovators in the DeepTech space with a long-term commitment to driving the arrival of the intelligent era [8].

截至2025年9月末，公司现金及现金等价物为3.4亿元，较去年同期有所增加，为后续研发与运营提供了 资金支撑。整体来看，爱芯元智展现出多个长期发展亮点：一方面，受益于AI计算向"云-边-端"演进及 芯片自主可控的政策导向，公司处于高景气赛道；另一方面，通过统一的平台化技术栈与自主研发架 构，公司在成本、效率与系统能力上形成差异化优势，业务间技术协同效应显著。作为稀缺的具备"感 知+计算"一体化能力的边缘AI芯片企业，爱芯元智在国产替代与算力分布式部署趋势中占据关键生态 位，契合国家核心技术自主可控的战略方向。 当前，爱芯元智正处在产业成长期，技术创新与商业化落地同步推进，市场份额与渗透率有望持续提 升。此次上市不仅为其下一代芯片研发与市场拓展注入新动力，也可能成为公司价值重估的重要契机。 对于关注硬科技与国产替代赛道的长期投资者而言，爱芯元智的发展路径与产业站位，值得持续关注与 期待。 财务表现上，爱芯元智营业收入呈现高速增长态势：2022年至2024年，营收分别为0.5亿元、2.3亿元和 4.73亿元，年复合增长率高达206.8%；2025年1-9月，营收达2.69亿元，同比增长10.6%。收入结构正逐 步 ...

爱芯元智(00600)首挂上市，公告显示，每股定价28.2港元，共发行10491.52万股份，每手100股，所得 款项净额约27.901亿港元。截至发稿，无涨跌，报28.2港元，成交额2.12亿港元。 据招股书，爱芯元智是人工智能推理系统芯片的供货商，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。公司致力于构建先进的AI计算基础设施，推动人工智能普及化，普惠AI，造就美 好生活。公司SoC产品的核心技术是爱芯通元混合精度神经网络处理器，这是一种通过先进混合精度计 算来实现良好AI推理性能的专用处理架构。 根据灼识咨询数据，按2024年出货量计，爱芯元智是全球第一大中高端视觉端侧AI推理芯片提供商。 根据同一数据源，爱芯元智在全球视觉端侧AI推理芯片市场处于领先地位，2024年排名前五。根据灼 识咨询的数据，爱芯元智的爱芯智眸AI-ISP是全球首个实现规模化商用的AI-ISP解决方案，标志着计算 器视觉领域一大重要里程碑。2024年，爱芯元智的AI推理SoC出货量实现930万颗。 ...