国产GPU格兰菲蓄力IPO：一年亏4亿还要股东“支持”

Core Viewpoint - The IPO process for domestic GPU manufacturers is accelerating, with companies like Moore Threads and Muxi completing IPO counseling, while Granfi Technology is quietly progressing with its own IPO counseling initiated in February 2023 [1][2]. Group 1: Company Background - Granfi Technology was originally a GPU division under Shanghai Zhaoxin Integrated Circuit Co., Ltd., which spun off the GPU business in June 2020 to independently target the market for discrete graphics cards [2]. - Zhaoxin Integrated remains the largest shareholder of Granfi with a 27.44% stake, while an employee stock ownership plan holds 18.87% [2]. - Granfi's products are compatible with various domestic CPUs, generating a revenue scale, but the company is still operating at a loss [2]. Group 2: Financial Performance - As of the end of 2024, Granfi's unaudited total assets and net assets are 819 million yuan and 665 million yuan, respectively [2]. - Granfi's revenue for 2024 is projected at 263 million yuan, with a net loss of 437 million yuan during the same period [2]. Group 3: Revenue Sources and Relationships - A portion of Granfi's revenue comes from Zhaoxin Integrated, which has procured hardware and software technology services from Granfi amounting to 163 million yuan, 83 million yuan, and 62 million yuan from 2022 to 2024, totaling 308 million yuan [3]. - This procurement represents nearly 25% of Granfi's revenue for 2024, highlighting the interdependence between the two companies [3]. Group 4: R&D and Financial Pressure - Granfi's GPU business requires significant R&D investment, which poses financial pressure on Zhaoxin Integrated, potentially affecting its cash flow and financial performance [4]. - Zhaoxin Integrated itself is also facing losses, projected to reach 951 million yuan in 2024 [5]. Group 5: Future Outlook - The initiation of Granfi's IPO process may alleviate some financial pressures on Zhaoxin Integrated, providing a potential pathway for improved financial stability [6].