Core Viewpoint - Shanghai Birun Technology Co., Ltd. is progressing towards its IPO on the Hong Kong Stock Exchange, aiming to become the first GPU stock in the Hong Kong market, with plans to use raised funds for R&D and commercialization of intelligent computing solutions [1] Group 1: Financial Performance - Birun Technology's revenue is projected to grow from RMB 499,000 in 2022 to RMB 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [1] - In the first half of 2025, the company reported revenue of approximately RMB 58.9 million, a nearly 50% year-on-year increase [1] - The company has a total order value of approximately RMB 1.241 billion as of December 15, 2025 [1] - The adjusted net losses for 2023 and 2024 are expected to be RMB 10.5 billion and RMB 7.7 billion, respectively, indicating a narrowing loss trend [2] Group 2: Research and Development - Birun Technology's R&D expenditures from 2022 to 2024 were RMB 10.18 billion, RMB 8.86 billion, and RMB 8.27 billion, with a total of RMB 33.02 billion during the reporting period [2] - The company has developed and mass-produced the BR106 and BR110 chips, with the higher-performance BR166 chip expected to start mass production in December 2025 [1][2] Group 3: Talent and Market Position - The company has established a highly skilled R&D team, with 83% of employees in R&D roles and 78% holding master's degrees or higher [3] - Birun Technology has provided solutions to nine Fortune China 500 companies, five of which are also listed in the Fortune Global 500 [3] - The AI chip market in China is projected to grow from RMB 142.54 billion in 2024 to RMB 1,336.79 billion by 2029, with a CAGR of 53.7% from 2025 to 2029 [3]
收入年复合增长率 2500%，壁仞科技以超12亿在手订单锚定“港股 GPU 第一股”
Zhi Tong Cai Jing·2025-12-18 10:43