又一家GPU独角兽，冲刺IPO

Core Insights - Shanghai Tensu Zhixin Semiconductor Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, indicating its progress towards an IPO [1] - The company is one of the earliest entrants in the general GPU sector in China and has successfully launched two product series, "Tianhai" and "Zhikai," covering a complete general computing power system [1] Group 1: Product Development - The "Tianhai" series includes the first-generation Tianhai Gen1, which achieved mass production in September 2021, marking it as China's first mass-produced general GPU product [1] - The second generation, Tianhai Gen2, is set for mass production in Q4 2023, while the third generation, Tianhai Gen3, is expected to be released in Q3 2024 and begin mass production in Q1 2026 [1] - The "Zhikai" series, designed for inference scenarios, includes Zhikai Gen1 and Gen1X, which achieved mass production in February 2023, and has been deployed in various computing scenarios [2] Group 2: Financial Performance - The company has shown rapid growth from 2022 to 2024, with revenues of 189 million, 289 million, and 540 million yuan, resulting in a compound annual growth rate of 68.8% [2] - In the first half of 2025, the company reported revenue of 324 million yuan, a year-on-year increase of 64.2% [2] - The shipment volume of general GPU products increased from 7,800 units in 2022 to 16,800 units in 2024, with 15,700 units shipped in the first half of 2025, indicating a doubling in three years [2] Group 3: Customer Base and Financing - The number of customers grew significantly from 22 in 2022 to 181 in 2024, with over 290 clients served by mid-2025 across various sectors [3] - The company has completed multiple rounds of financing from 2018 to 2025, raising over 1.4 billion and 2.05 billion yuan in D and D+ rounds, respectively, with a pre-investment valuation of 12 billion yuan in the D+ round [3]