股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年2月28日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 上海壁仞科技股份有限公司 呈交日期: 2026年3月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 06082 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,158,118,624 | RMB | | 0.02 RMB | | 23,162,372.48 | | 增加 / 減少 (-) | | | 42,726,800 | | | RMB | | 854,536 | | 本月底結存 | | | 1,200,845,424 | RMB | | 0.02 RMB | | 24,016,908.48 | | 2 ...

Shanghai Biren Technology Co., Ltd. 上海壁仞科技股份有限公司 (A joint stock company incorporated in the People's Republic of China with limited liability) (於中華人民共和國註冊成立的股份有限公司) Arrangement of Electronic Dissemination of Corporate Communications Pursuant to Rule 2.07A of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules"), Shanghai Biren Technology Co., Ltd. (the "Company") has adopted the arrangement to disseminate corporate communications ("Corporate Communica ...

登記股東之名稱及地址 1. 可供採取行動的公司通訊 4 本公司將以電子通訊方式（通過電子郵件）向股東個別地發送可供採取行動的公司通訊。如果本公司沒有獲 取股東的電子郵箱地址或其提供的電子郵箱地址無效 5，本公司將以印刷本形式向其發送可供採取行動的公 司通訊，連同一份索取股東有效電子郵箱地址的表格，以便將來以電子通訊方式發送可供採取行動的公司通 訊。 Shanghai Biren Technology Co., Ltd. 上海壁仞科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6082） 2026 年 2 月 27 日 尊敬的股東 發佈公司通訊之安排 簡介 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）第 2.07A 條 1 以及上海壁仞科技股 份有限公司（「本公司」）的公司章程，本公司將以電子通訊方式向其股東 3 發佈本公司日後的公司通訊（「公 司通訊」2），並僅應股東要求向其寄發印刷本形式的公司通訊。 安排 2. 公司通訊 本公司將在本公司網站（www.birentech.com）及聯交所網站（www.hkexnews.hk）上發佈公司通訊。 本公司不會向股東 ...

Core Insights - AI acceleration chips are specialized integrated circuits designed for optimizing artificial intelligence algorithms, significantly enhancing performance in AI core computing tasks across various deployment scenarios [1][2][3] - China's AI acceleration chip industry is experiencing explosive growth, driven by strong demand for training and inference chips, supported by government policies and a robust industrial ecosystem [1][9] Industry Overview - AI acceleration chips are categorized into three main types based on technology architecture: GPU, ASIC, and FPGA, each serving different functions and deployment scenarios [3][4] - The development of China's AI acceleration chip industry can be divided into four stages: reliance on imports before 2015, initial domestic development from 2016 to 2018, accelerated domestic substitution from 2019 to 2022, and a focus on high-end computing capabilities from 2023 onwards [5][6] Policy Support - The Chinese government has implemented multiple policies to support the AI acceleration chip industry, focusing on strategic planning, infrastructure development, and technological innovation, which collectively foster a stable environment for high-quality growth [6][9] Market Analysis - The global AI acceleration card market is projected to grow from $119.03 billion in 2024 to $525.77 billion by 2028, reflecting a compound annual growth rate (CAGR) of over 50% [7][8] - In China, the AI acceleration card market is expected to expand from 12.25 billion yuan in 2020 to 216.48 billion yuan in 2024, with a CAGR of 105.01%, and is projected to reach 1,107.65 billion yuan by 2028 [9][11] Segment Analysis - The cloud-based AI acceleration card market is expected to dominate, growing from $107.87 billion in 2024 to $452.40 billion by 2028, accounting for over 80% of the overall market [10] - The inference segment is anticipated to grow significantly, with the market size expected to increase from $47.61 billion in 2024 to $325.62 billion by 2028, reflecting a CAGR of 61.71% [10] Future Trends - The Chinese AI acceleration chip industry is set to focus on high-end technology breakthroughs and architectural innovations, aiming to enhance product performance and efficiency [11][12] - There will be a shift towards customized chips for specific application scenarios, with leading companies expanding their presence across various sectors while smaller firms target niche markets [12][14]

Core Viewpoint - Wallen Technology (06082) has seen a nearly 5% increase in stock price, currently at 40.58 HKD, with a trading volume of 352 million HKD, driven by the upcoming release of domestic AI large models in China before the 2026 Spring Festival [1] Company Overview - Wallen Technology is a core enterprise in the domestic AI chip sector, having achieved mass production of the BR166 chip in 2025 [1] - The flagship product, the Bili 166 series, has successfully integrated with leading models such as Zhiyu GLM-5, MiniMax M2.5, DeepSeek, and Qwen3.5, establishing itself as a key computational foundation for the competitive AI model landscape [1] Product Development - The Bili 166L and Bili 166M began mass production in August 2025, while the Bili 166C started mass production in December 2025 [1] - The next-generation product, BR20X, is expected to commence mass production and shipment in 2026 [1]

Core Viewpoint - Wallen Technology (06082) has seen a nearly 5% increase in stock price, currently at HKD 40.58, with a trading volume of HKD 352 million, indicating strong market interest in the company’s developments in AI technology [1] Company Summary - Wallen Technology is a core player in the domestic AI chip industry, having achieved mass production of its BR166 chip in 2025 [1] - The flagship product, the Bili 166 series, has successfully integrated with leading models such as Zhipu GLM-5, MiniMax M2.5, DeepSeek, and Qwen3.5, showcasing its high computing power and versatility [1] - The next-generation product, BR20X, is expected to begin mass production and shipping in 2026 [1] Industry Summary - A significant release of domestic AI large models is anticipated around the Chinese New Year in 2026, which may drive competition and innovation within the AI sector [1] - Wallen Technology's advancements position it as a critical computing power base in the ongoing "hundred model war" in the AI industry [1]

Core Viewpoint - Wallen Technology (06082) has seen a significant stock price increase, with a rise of over 12% during trading, currently at 38.86 HKD, with a trading volume of 405 million HKD. The company is positioned as a key player in the domestic AI chip market, particularly with the upcoming release of AI models before the 2026 Spring Festival [1] Group 1: Company Developments - Wallen Technology's flagship product, the Bili 166 series, has achieved efficient compatibility with leading models such as Zhiyu GLM-5, MiniMax M2.5, DeepSeek, and Qwen 3.5, establishing itself as a core computing power base for the competitive AI model landscape [1] - The company has made breakthroughs in the commercialization of the MoE architecture and linear attention mechanisms, with the BR166 chip delivering twice the computing power of the BR106 [1] Group 2: Market Position and Future Outlook - According to a report from Shenwan Hongyuan, Wallen Technology is recognized as a core enterprise in the domestic AI chip sector, with a decreasing customer concentration and reduced reliance on major clients [1] - The next-generation BR20X chip is expected to be launched in 2026, supported by state-owned capital, reinforcing the logic of domestic substitution in the industry [1]

Core Viewpoint - Wallen Technology (06082) has seen a significant stock price increase, with a rise of over 12% during trading, currently up by 9.22% at HKD 38.86, with a trading volume of HKD 405 million [1] Group 1: Company Developments - By early 2026, multiple Chinese domestic AI large models are expected to be released, with Wallen Technology's flagship product, the Bili 166 series, achieving efficient compatibility with leading models such as Zhipu GLM-5, MiniMax M2.5, DeepSeek, and Qwen 3.5 [1] - The Bili 166 series is recognized for its high computing power, versatility, and a fully self-developed software stack, positioning it as a core computing base for the competitive AI model landscape [1] Group 2: Market Position and Future Outlook - According to a report from Shenwan Hongyuan, Wallen Technology is a key player in the domestic AI chip sector, having achieved commercialization of the MoE architecture and breakthroughs in linear attention mechanisms [1] - The computing power of the BR166 chip is reported to be twice that of the BR106, indicating significant advancements in technology [1] - The company is experiencing a decrease in customer concentration and a continued alleviation of dependence on major clients, with the next-generation BR20X expected to launch in 2026, supported by state-owned capital, reinforcing the logic of domestic substitution [1]

Core Insights - Wallen Technology is a leading domestic AI chip company focusing on GPGPU technology and related products, with a strong emphasis on innovation and market opportunities [1][2] Group 1: Company Overview - Founded in 2019, Wallen Technology has a diverse team with backgrounds from major companies like AMD and Huawei, and holds 1,158 global invention patents as of June 2025, ranking first among Chinese GPGPU companies [1] - The company primarily offers GPGPU, boards, modules, servers, and cluster products, projecting revenues of 336.8 million yuan in 2024 and 58.9 million yuan in the first half of 2025, indicating steady commercialization progress [1] Group 2: Product and Technology - Wallen Technology focuses on GPGPU architecture and is pioneering in Chiplet technology and optical switching, with the BR166 achieving double the computing and memory performance of the BR106, and a bidirectional bandwidth of 896 GB/s [2] - The hardware supports various deployment forms like OAM and PCIe, while the software platform is compatible with mainstream frameworks like PyTorch, showcasing the company's full-stack optimization capabilities [2] Group 3: Financial Performance - The company's gross margin is projected to be 76.4% in 2023, decreasing to 53.2% in 2024, and further to 31.9% in the first half of 2025 due to an increase in entry-level product sales [2] - Customer diversification is improving, with the top five customers accounting for 97.9% of revenue in the first half of 2025, and the largest customer contributing only 33.3% of total revenue, indicating reduced dependency on major clients [2] Group 4: Ecosystem and Supply Chain - Wallen Technology collaborates with companies like Xizhi Technology and ZTE to launch the LightSphere X optical switching super node, which supports large-scale deployments and adapts to the needs of large model training [3] - The company has achieved self-sufficiency in its supply chain, completing domestic replacements for key components, and plans to commercialize the next-generation BR20X architecture by 2026 without being affected by the BIS entity list [3] Group 5: Investment Outlook - Wallen Technology is rated as a "Buy," with projected revenues of 950 million yuan, 2.02 billion yuan, and 3.95 billion yuan for 2025-2027, and adjusted net profits of -830 million yuan, -630 million yuan, and 74 million yuan respectively [4] - The current market valuation corresponds to a price-to-sales ratio of 20x for 2027E, with a weighted average of 28x for comparable companies, reflecting the significant potential in domestic AI capital expenditures [4]

Core Findings - In January 2026, a total of 22 Chinese companies successfully completed IPOs across A-shares, Hong Kong, and US markets, raising a total of 42.839 billion yuan, with A-share IPO numbers halving compared to the previous month [7][8] - The number of IPOs decreased by 26.67% year-on-year and by 50% month-on-month, while the total amount raised increased by 2.17 times year-on-year but decreased by 21% month-on-month [8] - The Hong Kong Stock Exchange led in both the number of IPOs (12 companies) and the amount raised (33.717 billion yuan) [8] A-share Market Analysis - In January 2026, 9 Chinese companies went public in the A-share market, with a 25% year-on-year decrease and a 50% month-on-month decrease in IPO numbers [16] - The total amount raised in the A-share market was 9.053 billion yuan, reflecting a 27.47% year-on-year increase but a 71.18% month-on-month decrease [16] - The highest fundraising in the A-share market was achieved by Zhenstone Co., Ltd., which raised 2.919 billion yuan [16] Hong Kong Market Analysis - The Hong Kong market saw 12 IPOs in January 2026, with a 50% year-on-year increase but a 52% month-on-month decrease [18] - The total amount raised in Hong Kong was 33.717 billion yuan, marking a 5.62 times year-on-year increase and a 48.49% month-on-month increase [18] - The presence of AI-related companies in the IPOs indicates a significant investment interest from VC/PE institutions in the sector [18] US Market Analysis - Only 1 Chinese company completed an IPO in the US market in January 2026, representing a 90% year-on-year decrease [21] - The amount raised in the US was 0.07 billion yuan, a 94.71% year-on-year decrease [21] - Recent SEC policy changes are expected to further impact small companies' ability to go public in the US [21] VC/PE Exit Analysis - In January 2026, 13 companies with VC/PE backing went public, a 13.33% year-on-year decrease and a 62.86% month-on-month decrease [26] - The total exit return for VC/PE institutions was 109.455 billion yuan, a 15.3 times year-on-year increase [26] - The electronic information sector had the highest exit returns, with notable contributions from companies like Zhiyuan and Biran Technology [26] Industry and Regional Analysis - The electronic information sector led in both the number of IPOs and the amount raised, with 7 companies raising a total of 26.595 billion yuan [34] - Shanghai had the highest number of IPOs (5 companies) and the highest amount raised (18.384 billion yuan) [40] - The fundraising amount from Shanghai increased by 165.61 billion yuan year-on-year, the largest increase among regions [40] Key IPO Cases - The top fundraising companies included Biran Technology (5.017 billion yuan), MiniMax (4.318 billion yuan), and Haowei Group (4.297 billion yuan) [48] - The highest market capitalization on the first day was recorded by Haowei Group at 150.833 billion yuan [49]