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] 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 changes in the book value of redemption liabilities [2] - Adjusted net losses for 2023 and 2024 were RMB 1.05 billion and RMB 770 million, respectively, indicating a narrowing loss trend [2] - Cumulative R&D expenditures reached RMB 3.302 billion over the reporting period [2] Group 3: R&D and Talent - Birun Technology has established a highly skilled R&D team, with 657 R&D personnel making up 83% of the total workforce, and 78% holding master's degrees or higher [3] - The company has provided solutions to nine Fortune China 500 companies, five of which are also listed in the Fortune Global 500 [3] - The company plans to launch the next-generation flagship data center chip, the BR20X series, expected to be commercialized in 2026 [1][2] Group 4: Market Potential - 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] - 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]
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”
智通财经网·2025-12-18 12:52