Core Viewpoint - TianShu ZhiXin (09903.HK) has experienced revenue growth but has not yet achieved profitability, with significant losses reported in recent years [1][3]. Group 1: Financial Performance - TianShu ZhiXin's revenue increased from 189 million yuan in 2022 to 539 million yuan in 2024 [3]. - The company reported net losses of 554 million yuan, 817 million yuan, and 892 million yuan for the years 2022, 2023, and 2024 respectively, totaling over 2.2 billion yuan in losses [3]. - In the first half of 2025, the company generated revenue of 324 million yuan but incurred a loss of 609 million yuan [3]. - Research and development expenditures were high, with amounts of 457 million yuan, 616 million yuan, and 773 million yuan for the years 2022 to 2024, representing 241.1%, 213.1%, and 143.2% of total revenue respectively [3]. Group 2: Market Position and Customer Base - In 2024, revenue from the top five customers accounted for 73.4% of total revenue, which dropped to 38.6% in the first half of 2025, attributed to seasonal purchasing patterns [3]. - Only one of the top five customers in 2024 remained in the list for the first half of 2025, indicating high customer concentration and volatility [3]. - TianShu ZhiXin held a market share of 0.3% in the domestic general GPU market in 2024, with other domestic GPU companies also showing low market shares [4]. Group 3: Company Background and Management Changes - TianShu ZhiXin was founded in 2015 by Li Yunpeng, who left the company in 2021, and was succeeded by Diao Shijing, followed by Gai Lujian in 2023 [4]. - The company's ownership structure is unique, with employee ownership through special purpose entities and diversified passive financial investors [4]. Group 4: Industry Outlook - The domestic general GPU market's localization rate increased from 2% in 2022 to 3.6% in 2024, with expectations to exceed 50% by 2029 [4].

第一财经从上海市经信委获悉，2025年1-11月，上海市集成电路产业营收规模3912亿元，同比增长 23.72%，2025年全年产业规模预计超4600亿元，同比增长24%，五年间产业规模翻了一番多，超额完 成"十四五"发展目标。集聚超1200家集成电路企业，汇聚全国约40%的产业人才、近50%的产业创新资 源。 继沐曦股份（688802.SH）、壁仞科技（06082.HK）之后，上海又一家AI芯片企业成功上市。 1月8日，上海芯片企业天数智芯（09903.HK）登陆港交所，在1个月的时间内，上海已先后有"港股国 产GPU第一股"的壁仞科技和科创板上市首日涨幅近7倍的沐曦股份，加上已完成IPO辅导冲刺科创板的 燧原科技，上海GPU"四小龙"齐聚资本市场。 上海GPU"四小龙"背后，是已布局几十年的集成电路产业。在世界集成电路协会《全球集成电路产业综 合竞争力百强城市》最新排名中，上海位列全球第四、中国（大陆）第一。 | 排名 | 城市 | 国家/地区 | 洲别 | | --- | --- | --- | --- | | 1 | 圣克拉拉 | 美国 | 北美 | | 2 | 新竹 | 中国台湾 | 亚洲 | | ...

Core Insights - Shanghai has successfully listed another AI chip company, TianShu ZhiXin, on the Hong Kong Stock Exchange, following the listings of MuXi Co. and BiRan Technology, marking a significant milestone for the local GPU industry [1] - The integrated circuit industry in Shanghai is projected to achieve a revenue of 391.2 billion yuan from January to November 2025, reflecting a year-on-year growth of 23.72%, with an expected total industry scale exceeding 460 billion yuan for the entire year [1] - The city has over 1,200 integrated circuit companies, accounting for approximately 40% of national industry talent and nearly 50% of innovation resources [1] Company Insights - TianShu ZhiXin is the first domestic company to independently develop general-purpose GPUs, having completed the entire process from core technology development to commercialization [1] - The R&D team at TianShu ZhiXin consists of 480 members, with an average of over 20 years of industry experience, and more than one-third of the team having over 10 years of experience in chip design and software development [2] Industry Insights - Shanghai ranks fourth globally and first in mainland China in the latest ranking of integrated circuit industry competitiveness by the World Semiconductor Association [2][3] - The integrated circuit industry in Shanghai has developed a comprehensive ecosystem that includes design, manufacturing, packaging, and testing, with a focus on nurturing leading enterprises in various segments [4] - The city has established a full industry chain system that supports chip design, manufacturing, and advanced packaging, with 35 companies listed on the Sci-Tech Innovation Board, leading the domestic market [5] - Shanghai aims to further enhance its integrated circuit industry by focusing on innovation breakthroughs, nurturing leading enterprises, and attracting high-level talent, with the goal of creating a world-class integrated circuit industry cluster [5]

（文章来源：每日经济新闻） 每经AI快讯，1月8日，部分港股新股迎来大涨，截至发稿，精锋医疗(02675.HK)涨32.17%、天数智芯 (09903.HK)涨25.56%。 ...

Core Viewpoint - The rise of domestic general GPU companies is highlighted as they support the underlying computing power for large model companies, marking a shift in the Chinese large model industry from "concept validation" to "engineering implementation" [2][17]. Group 1: Industry Overview - The competition among large models fundamentally revolves around computing infrastructure, with domestic general GPUs emerging as a critical industrial base as reliance on imported GPUs and cloud rentals is deemed unsustainable [2]. - The Chinese general GPU market is projected to grow at a compound annual growth rate (CAGR) of 72.8% from 2022 to 2024, and 33.0% from 2025 to 2029, with domestic GPU market share expected to rise from 8.3% in 2022 to over 50% by 2029 [5]. Group 2: Company Positioning - The company, Tensu Zhixin, aims to be a key provider of domestic computing power for large models, with a diverse client base including cloud service providers, AI developers, and various industries [3]. - Tensu Zhixin's training general GPU products hold the third-largest market share in China, while its inference GPUs rank second, positioning the company to benefit from a growing market [6]. Group 3: Competitive Advantages - The company has established a "three-fold moat" consisting of deep hardware-software collaboration, comprehensive full-stack solution capabilities, and a forward-looking ecological layout [6][10]. - The company employs over 480 R&D professionals, with a significant portion having over ten years of industry experience, and holds numerous patents covering key technologies [7]. Group 4: Financial Performance - From 2022 to 2024, the company's revenue is expected to grow from RMB 189.4 million to RMB 539.5 million, reflecting a CAGR of 68.8%, with a revenue of RMB 324.3 million recorded in the first half of 2025, a 64.2% year-on-year increase [12]. - The proportion of R&D expenditure relative to revenue has decreased significantly, indicating improved efficiency in R&D activities [12]. Group 5: Future Growth Prospects - The company is actively developing next-generation products, with plans for multiple product launches between 2025 and 2027, ensuring a continuous growth trajectory [15]. - The customer base has expanded from 22 in 2022 to 106 by mid-2025, demonstrating strong market penetration and diversification of revenue sources [13][14].

Core Viewpoint - TianShu Intelligent Chip (09903) has successfully listed, with a share price set at HKD 144.6, raising approximately HKD 3.509 billion from the issuance of 25.4318 million shares [1][4] Group 1: Company Overview - TianShu Intelligent Chip specializes in general-purpose GPU products and AI computing solutions for various industries [1][4] - The product portfolio includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions, compatible with major AI ecosystems and deep learning frameworks [1][4] Group 2: Market Performance - As of the latest update, the stock price has increased by 31.54%, reaching HKD 190.2, with a trading volume of HKD 414 million [1][4] Group 3: Client Growth and Deployment - The number of clients served by the company has surged from 22 in 2022 to 181 in 2024, achieving significant growth [1][4] - By June 30, 2025, products will have been deployed in over 290 clients with more than 900 actual deployments across various sectors, including financial services, healthcare, and transportation [1][4] Group 4: Production and Sales Growth - The company's shipment volume has increased from 7,800 units in 2022 to 16,800 units in 2024, with 15,700 units projected for the first half of 2025, indicating a doubling in three years [1][4]

Core Viewpoint - TianShu ZhiXin (09903) has successfully listed its shares, opening with a significant increase of 31.54% on its first trading day, indicating strong market interest and confidence in the company's potential in the GPU and AI solutions sector [1] Company Overview - TianShu ZhiXin is the first general-purpose GPU enterprise in China, offering a range of GPU products and AI computing solutions tailored for various industries [1] - The company’s product lineup includes general-purpose GPU chips, acceleration cards, and customized AI computing solutions, which are compatible with major domestic and international AI ecosystems and deep learning frameworks [1] Financial Performance - The company priced its shares at 144.6 HKD each, issuing a total of 25.43 million shares, resulting in net proceeds of approximately 3.509 billion HKD [1] - As of the latest report, the stock has risen to 190.2 HKD, with a trading volume of 414 million HKD [1] Client Growth and Market Penetration - From 2022 to 2024, the number of clients served by the company increased from 22 to 181, demonstrating significant growth in market adoption [1] - By June 30, 2025, the company is expected to have completed over 900 actual deployments across more than 290 clients, covering sectors such as financial services, healthcare, and transportation [1] Production and Sales Growth - The company’s shipment volume is projected to grow from 7,800 units in 2022 to 16,800 units in 2024, with an expected 15,700 units shipped in the first half of 2025, indicating a doubling of production within three years [1]

Core Viewpoint - TianShu ZhiXin (09903) has successfully listed its shares at a price of HKD 144.6 per share, raising approximately HKD 3.509 billion through the issuance of 25.4318 million shares, with a notable initial trading increase of 31.54% to HKD 190.2 per share [1] Company Overview - TianShu ZhiXin specializes in providing general GPU products and AI computing solutions tailored for various industries [1] - The company's product portfolio includes general GPU chips, accelerator cards, and customized AI computing solutions, which encompass general GPU servers and clusters [1] - The general GPU products from TianShu ZhiXin include the TianYai and ZhiKai series, compatible with major domestic and international AI ecosystems and various deep learning frameworks [1] Client Growth and Deployment - From 2022 to 2024, the number of clients served by the company surged from 22 to 181, achieving a "triple jump" in client acquisition [1] - As of June 30, 2025, the company's products have been deployed over 900 times across more than 290 clients, demonstrating significant commercial success in sectors such as financial services, healthcare, and transportation [1] Production and Shipment Growth - The company's shipment volume increased from 7,800 units in 2022 to 16,800 units in 2024, with a projected shipment of 15,700 units in the first half of 2025, indicating a doubling of production over three years [1]

1月2日的港股市场，是属于算力的狂欢。恒生指数劲涨2.76%，恒生科技指数飙涨4%，百度、华虹半导体等AI链龙头 集体冲高，同日挂牌的壁仞科技更是首日大涨75.82%，直接点燃了国产GPU赛道的投资热情。 就在这股热潮里，作为国内通用GPU行业领军企业的天数智芯（09903.HK）即将登陆港股，这家手握5.2万片累计出 货量、18家基石背书的国产通用GPU龙头，早已跳出"技术讲故事"的窠臼——它不是一场"赌国运"的情怀投资，而是 一次瞄准"确定性盈利"的精准布局。 尤其是在算力上动态更印证其硬实力：2025年初天数智芯与国内领先的开发者生态平台Gitee AI联合官宣，仅用一天 便完成DeepSeek R1大模型的全流程适配，同步上线DeepSeek R1-Distill-Qwen-1.5B、7B、14B三款核心服务，在行业 普遍需要数周甚至数月的适配周期中，创下了国产算力与顶尖大模型融合的效率标杆。 从"做通用GPU的"到"大模型绕不开的算力底座" 港股打新向来偏爱"想象力"。智谱靠着"中国OpenAI"的定位，讲了一个"应用→生态→变现"的性感故事，让资金追着 喊"怕错过"；反观天数智芯，过去执着于"技术 ...

天数智芯公布配发结果，其全球发售2543.18万股H股，其中公开发售占10%，国际发售占90%。每股发 售价为144.6港元，全球发售净筹集约35.09亿港元。每手为100股，预计H股将于2026年1月8日(星期四) 上午九时开始在联交所买卖。香港公开发售获414.24倍认购，国际发售获10.68倍认购。 ...