国内份额0.2%、半年亏损16亿，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 proceeds smoothly [1]. 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 [1][2]. - The company has received a foreign issuance listing approval and has notable investors, including state-owned platforms and top-tier venture capital firms, with a post-investment valuation of approximately 20.915 billion yuan by August 2025 [1][5]. Group 2: Financial Performance - Birun Technology has shown strong revenue growth over the past three years but has not yet achieved profitability, with cumulative net losses exceeding 6.3 billion yuan from 2022 to June 2025 [2][4]. - Revenue figures for the years 2022 to 2025 (June) are 0.499 million yuan, 62.03 million yuan, 337 million yuan, and 59 million yuan, respectively, while net losses for the same periods are -1.474 billion yuan, -1.744 billion yuan, -1.538 billion yuan, and -1.601 billion yuan [2][4]. 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 about 0.2% of a projected market size of 50.4 billion USD by 2025 [2]. - 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 [8]. Group 4: Customer Base and Contracts - The top five customers contributed 98.1%, 90.3%, and 97.9% of Birun Technology's total revenue in 2023, 2024, and the first half of 2025, respectively, all being companies in the ICT, data center, and AI solutions sectors [5]. - As of the latest reporting date, Birun Technology has 24 binding orders valued at approximately 822 million yuan and has established framework sales agreements and contracts worth a total of 1.241 billion yuan [6].