新股消息 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”

Core Viewpoint - Shanghai Birun Technology Co., Ltd. is progressing towards its IPO, aiming to become the first GPU stock in Hong Kong, 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, achieving 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, marking a nearly 50% year-on-year increase [1] - The company has secured orders worth approximately RMB 1.241 billion as of December 15, 2025 [1] Group 2: Profit and Loss - The company reported losses of RMB 1.474 billion, RMB 1.744 billion, and RMB 1.538 billion for the years 2022 to 2024, primarily due to non-cash changes in redemption liabilities [2] - Adjusted net losses for 2023 and 2024 were RMB 1.05 billion and RMB 770 million, respectively, indicating a narrowing trend [2] Group 3: Research and Development - Birun Technology's R&D expenditures were RMB 1.018 billion, RMB 886 million, RMB 827 million, and RMB 572 million from 2022 to the first half of 2025, totaling RMB 3.302 billion during the reporting period [2] - The company has a strong technical moat due to its continuous investment in R&D and a highly skilled team [2] Group 4: Talent and Team Structure - The company has established a high-caliber R&D team, with 657 members as of June 30, 2025, accounting for 83% of total employees, and 78% holding master's degrees or higher [3] - Over 210 R&D personnel have more than 10 years of industry experience [3] Group 5: Market Potential - According to Frost & Sullivan, China's AI chip market is expected 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] - Despite being in the early stages of commercialization, Birun Technology is well-positioned to benefit from the explosive growth in demand for intelligent computing chips and strong government support for the industry [3]