Core Viewpoint - The company TianShu ZhiXin (09903) has garnered significant investor interest, achieving a subscription multiple of nearly 300 times and raising over 1 billion HKD during its IPO, indicating strong market confidence in its growth potential and product offerings [1][5]. Group 1: Company Overview - TianShu ZhiXin is a leader in the domestic general-purpose GPU sector, with a projected revenue compound annual growth rate (CAGR) of 68.8% from 2022 to 2024, and a continued high growth rate of 64.2% in the first half of 2025 [2]. - The company has a robust research and development (R&D) capability, with R&D expenditures from 2022 to the first half of 2025 amounting to 457 million, 616 million, 772.8 million, and 334 million CNY respectively, representing significant percentages of revenue [2][3]. Group 2: Product Development - The company has developed two main product lines: the TianYai series, which is the first domestically produced general-purpose GPU for AI model training, and the ZhiKai series, designed for inference applications, enhancing integer computation and optimizing data pathways [2][3]. - The product delivery has shown a doubling trend, with shipments increasing from 7,800 units in 2022 to 16,800 units in 2024, and 15,700 units in the first half of 2025 [3]. Group 3: Market Position and Growth Potential - The company is positioned in a high-growth industry, with the AI chip market in China expected to grow at a CAGR of 80.3% from 2022 to 2024, and the domestic GPU market share projected to rise from 8.3% in 2022 to 17.4% in 2024, potentially exceeding 50% by 2029 [3]. - The company is expected to solidify its market leadership, with a projected revenue exceeding 10 billion CNY in the next five years, and a price-to-sales (PS) ratio significantly lower than industry leaders like NVIDIA [4]. Group 4: Investment Appeal - The company’s IPO raised a net amount of 3.479 billion HKD, with 80% allocated for R&D and product commercialization, indicating a strong commitment to innovation and market expansion [4]. - The current market valuation is considered low, presenting a potential opportunity for long-term investors, especially in light of the ongoing AI development wave and domestic substitution trends [5].

天数智芯(09903)公布配发结果，公司全球发售2543.18万股H股，公开发售占10%，国际发售占90%。每 股发售价144.6港元，全球发售净筹约35.09亿港元。每手100股，预期H股将于2026年1月8日(星期四)上 午九时正开始在联交所买卖。 其中，香港公开发售获414.24倍认购，国际发售获10.68倍认购。 ...

其中，香港公开发售获414.24倍认购，国际发售获10.68倍认购。 智通财经APP讯，天数智芯(09903)公布配发结果，公司全球发售2543.18万股H股，公开发售占10%，国 际发售占90%。每股发售价144.6港元，全球发售净筹约35.09亿港元。每手100股，预期H股将于2026年 1月8日(星期四)上午九时正开始在联交所买卖。 ...

假设全球发售于2026年1月8日(星期四)上午八时正(香港时间)或之前成为无条件，预期H股将于2026年1 月8日(星期四)上午九时正(香港时间)开始在香港联交所买卖。H股将以每手100股H股为买卖单位进行买 卖。H股的股份代号将为9903。 格隆汇1月7日丨天数智芯(09903.HK)公告，公司全球发售25,431,800股，每股144.60港元，所得款项净 额35.09亿港元。香港公开发售股份数目占全球发售股份数目10%，获认购414.24倍；国际发售股份数目 占全球发售股份90%，获认购倍10.68倍。 ...

除本公告另有界定者外，本公告所用詞彙與上海天數智芯半導體股份有限公司（「本公 司」）所刊發日期為2025年12月30日的招股章程（「招股章程」）所界定者具有相同涵義。 警告：鑒於股權高度集中於少數股東，股東及潛在投資者務請注意，即使買賣少量H 股，H股價格仍可能大幅波動，故買賣H股時應格外謹慎。 上海天數智芯半導體股份有限公司 分配結果公告 | 摘要 | | | --- | --- | | 公司資料 | | | 股份代號 | 9903 | | 股份簡稱 | 天數智芯 | | 開始買賣日期 | 2026年1月8日* | | * 請參閱本公告末頁附註 | | | 價格資料 | | | 發售價 | 144.60港元 | | 發售價進行調整 | 不適用 | | 發售股份及股本 | | | 發售股份數目 | 25,431,800 | | 香港公開發售的發售股份的最終數目 | 2,543,200 | | 國際發售的發售股份的最終數目 | 22,888,600 | | 於上市後已發行股份數目 | 254,317,736 | | 所得款項 | | | 所得款項總額 （附註） | 3,677.4百萬港元 | | 減： 按發售價 ...

Core Viewpoint - The article highlights the impressive market performance and growth potential of TianShu ZhiXin, a leading company in the general GPU chip and AI computing solutions sector, following its significant stock price increase in the Hong Kong market [1]. Group 1: Market Performance - TianShu ZhiXin's stock price surged by 45.23% during after-hours trading, reaching a peak of 209.00 HKD, indicating strong investor interest in AI computing stocks [1]. - The stock's trading volume was 6,700 shares, with a total transaction value of 1.4 million HKD, reflecting robust market activity [3]. Group 2: Product and Technology - The company has developed a comprehensive product matrix, including the "TianGai" training series and "ZhiKai" inference series, compatible with major domestic and international AI ecosystems and deep learning frameworks [4]. - From 2022 to 2024, the shipment volume of general GPU products is projected to grow from 7,800 units to 16,800 units, with a remarkable increase of over 227% in the first half of 2025 compared to the same period in 2024 [4]. Group 3: Customer Expansion and Financial Growth - The total number of customers served by the company increased from 22 in 2022 to 181 in 2024, with over 290 customers expected by June 30, 2025, showcasing the company's competitive market position [6]. - Revenue figures indicate continuous growth, with revenues of 189 million CNY, 289 million CNY, and 540 million CNY projected for 2022, 2023, and 2024 respectively, and an anticipated revenue of 324 million CNY for the first half of 2025 [6]. Group 4: Future Growth Potential - The company is expected to benefit from the expansion of application scenarios in emerging fields such as autonomous driving, physical AI, and edge computing, which will further broaden the use cases for general GPUs [6]. - With a strategy focused on "technology + capital + ecosystem," the company aims to evolve from a domestic leader in computing power to a significant player in the global AI computing landscape, indicating strong long-term growth potential [6].

| | | 十档 | 成交明细 | | --- | --- | --- | --- | | | | 198.900 | | | | | 198.800 | -- - - - - ) | | | | 198.700 | - - (- -) | | | | 198.600 | - - (- -) | | | | 198.500 | - - (- -) | | | | 198.400 | - - (- -) | | | | 198.300 | - - (- -) | | | | 198.200 | - - (- -) | | 144.600 | | 198.100 | - - (- -) | | | | 198.000 | 1200(3家) | | | | 197.500 | 400(2家) | | | | 197.400 | -- - (- -) | | | | 197.300 | - - (- -) | | | | 197.200 | 2800(6家) | | | | 197.100 | - - - - - - ) | | | | 197.000 | ==(--) | | | | 196.900 | - - ( ...

智通财经APP获悉，天数智芯(09903)将于2026年1月8日(星期四)在香港挂牌。截至收盘，利弗莫尔证券暗盘交易显示报价198港元，较招股价144.6港元上 涨36.93%，每手100股，不计手续费，每手赚5340港元。 | | | 198.400 | - - (- -) | | --- | --- | --- | --- | | | | 198.300 | - - ( - - ) | | | | 198.200 | - - (- -) | | 144.600 | | 198.100 | - - (- -) | | | | 198.000 | 1200(3家) | | | | 197.500 | 400(2家) | | | | 197.400 | -- - (- -) | | | | 197.300 | - - (- -) | | | | 197.200 | 2800(6家) | | | | 197.100 | - - (- -) | | | | 197.000 | - -(- -) | | | | 196.900 | - - (- -) | | | | 196.800 | - | | 86.200 | ...

该公司客户覆盖金融服务、医疗保健、交通运输、制造业及零售业等多个行业场景，客户数量在过去三 年翻超8倍，截止2025年6月，产品已在超过290名客户中完成超900次实际部署。而产品出货量从2022年 的0.78万片增至2024年的1.68万片，2025年上半年1.57万片，呈现翻倍增长趋势。 天数智芯具备高成长的行业土壤，根据弗若斯特沙利文，2022-2024年，中国AI芯片复合增长达80.3%， 预计到2029年将达到8981亿元，而国产通过GPU市场占有率持续提升，从2022年的8.3%提升至2024年 的17.4%，并预计到2029年提升至超过50%。该公司在行业中处于领导地位，按2024年按收入口径统 计，天数智芯训练型及推理型通用GPU产品均在国内同类型产品市场份额稳居前三。 智通财经APP了解到，天数智芯（09903）于1月5日完成招股，获得投资者蜂拥抢筹，根据富途数据， 认购倍数超300倍，申购额超过1000亿港元，发行价定为 144.6 港元，募资规模约37亿港元，IPO 市值 354.42亿港元。在暗盘期间，该公司股价大幅上涨，盘中涨幅一度超过49%，市场投资热度高涨。 实际上，该公司上市前 ...

本文源自：金融界AI电报 天数智芯(09903.HK)港股暗盘一度大涨逾40%，现涨幅回落至22%，报176.8港元。 ...