国产GPU公司天数智芯通过港交所聆讯，芯片出货超5万块

Core Viewpoint - The domestic GPU company TianShu ZhiXin is preparing for its IPO on the Hong Kong Stock Exchange, following the recent trend of Chinese GPU companies going public, with Huatai International as the sole sponsor [1] Company Overview - TianShu ZhiXin has completed D and D+ rounds of financing in 2025, raising over 1.4 billion and 2.05 billion yuan respectively, with a pre-investment valuation of 12 billion yuan for the D+ round [3] - The company's product line mainly consists of AI model training GPUs and inference GPUs, with training GPUs accounting for 58.5% of total revenue and inference GPUs for 26.8% in the first half of 2025 [3] Product Development - Established in 2015, TianShu ZhiXin launched its first generation of training GPUs, the TianYai series, in 2021, with two iterations completed by 2023 and 2024 [3] - The third generation of the TianYai series is expected to begin mass production in Q1 2026, while the company plans to release two upgraded versions in Q2 2026 and Q1 2027 [3] - The inference GPUs, named ZhiKai series, are set to have new versions released in Q4 2025 and Q1 2026 [3] Market Performance - As of the first half of 2025, TianShu ZhiXin has delivered over 52,000 general-purpose GPU products to more than 290 customers [4] - The shipment volumes for the TianYai series from 2022 to the first half of 2025 were 7,700, 7,000, 7,000, and 6,200 units respectively, while the ZhiKai series saw shipments of 38, 5,700, 9,800, and 9,500 units in the same period [4] Pricing and Competition - The average selling price for the TianYai series training GPUs was 30,400 yuan, while the ZhiKai series inference GPUs averaged 9,200 yuan in the first half of 2025 [5] - In terms of market share, TianShu ZhiXin held 0.3% of the Chinese general-purpose GPU market in 2024, ranking fifth, with the top four companies being NVIDIA, AMD, Haiguang Information, and MuXi, holding 91.9%, 4.5%, 0.8%, and 0.5% market shares respectively [5] Financial Status - TianShu ZhiXin reported a cumulative net loss of approximately 2.873 billion yuan from 2022 to the first half of 2025, with adjusted net losses totaling about 1.987 billion yuan, against total revenues of approximately 1.342 billion yuan during the same period [5] - The company anticipates a significant increase in net losses for 2025 due to rising expenses related to stock-based compensation and new product development [5] Industry Context - The domestic AI chip market is characterized by substantial upfront investment and lengthy product commercialization cycles, posing challenges to profitability [6] - Following the IPOs of MoEr Thread and MuXi in December, TianShu ZhiXin is poised to become the first domestic GPU company listed on the Hong Kong Stock Exchange [6] - Other companies, such as Baidu's Kunlun Chip, are also preparing for IPOs, while SiYuan Technology has faced delays in its listing process [6]