国内份额0.2%、尚未盈利，壁仞能否成为“港股GPU第一股”？

Core Viewpoint - The domestic GPU unicorn, Birun Technology, has officially passed the Hong Kong Stock Exchange hearing and is set to become the "first domestic GPU stock" in Hong Kong if the IPO is successful [2][4]. Group 1: IPO and Funding - Birun Technology plans to issue no more than 372.458 million ordinary shares and aims to raise funds primarily for the development of intelligent computing solutions, including hardware, software platforms, and next-generation GPGPU chips [2][3]. - The company has undergone multiple rounds of financing, achieving a post-investment valuation of 20.915 billion yuan by August 2025, with notable investors including state-owned platforms and top-tier venture capital firms [2][7]. Group 2: Financial Performance - The financial data shows that Birun Technology has not yet achieved profitability, with significant net losses reported: -1.474 billion yuan in 2022, -1.744 billion yuan in 2023, and projected losses of -1.538 billion yuan in 2024 [3][7]. - Revenue figures for the years 2022 to 2025 are as follows: 499,000 yuan in 2022, 62.03 million yuan in 2023, 337 million yuan in 2024, and 59 million yuan in the first half of 2025, indicating strong growth but still in the early commercialization stage [3][6]. Group 3: Market Position and Product Development - As of 2024, Birun Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market, with expectations to capture approximately 0.2% of a projected market size of 50.4 billion USD by 2025 [3][4]. - The company has developed its first-generation GPGPU architecture and several hardware products, including the Wall Strength 106 and 110 chips, with plans for the Wall Strength 20X series to be commercialized in 2026 [10].