Core Viewpoint - TianShuZhiXin Semiconductor Co., Ltd. has passed the Hong Kong Stock Exchange listing hearing, indicating the potential addition of another domestic GPU company to the market, competing for the title of "first domestic GPU stock" with BiRan Technology [1][2] Group 1: Company Overview - TianShuZhiXin was established in 2015 in Nanjing, initially focusing on computing acceleration hardware and software, later shifting to general GPU chips and AI computing solutions [2] - The CEO, Gai Lujiang, has 17 years of financial and investment experience, and the executive team includes members with backgrounds from AMD and NVIDIA [2] - The R&D team consists of over 480 members, with more than one-third having over 10 years of experience in chip design and general GPU software development [2] Group 2: Product Development - The company has launched two major product lines: "TianZhai" for training and "ZhiKai" for AI inference optimization [4] - The first generation of the TianZhai series, TianZhai Gen1, was mass-produced in September 2021, with subsequent generations Gen2 and Gen3 scheduled for production in Q4 2023 and Q1 2026, respectively [4] - The ZhiKai series includes ZhiKai Gen1 and Gen1X, which were released in December 2022 and achieved mass production in February 2023 [4] Group 3: Market Performance - The shipment volume of TianShuZhiXin's general GPU products has increased from 7,800 units in 2022 to 16,800 units in 2024, capturing 0.7% and 0.2% market shares in training and inference chips, respectively [5] Group 4: Financial Performance - Revenue for TianShuZhiXin from 2022 to 2024 is projected to be 189.37 million, 289.04 million, and 539.51 million RMB, with a compound annual growth rate of 68.8% [6] - The net losses for the same period are expected to be -553.62 million, -817.42 million, and -892.43 million RMB, with a gross margin of 59.4%, 49.5%, and 49.1% [6][7] - R&D expenses have significantly increased, accounting for 241.1%, 213.1%, and 143.2% of total revenue from 2022 to 2024, with a projected R&D expenditure of approximately 4.51 billion RMB in the first half of 2025 [7] Group 5: Funding and Valuation - TianShuZhiXin has completed multiple rounds of financing from 2018 to 2025, with investments from various firms, including Dazhong Capital and Sequoia China [7] - The company raised over 1.4 billion and 2.05 billion RMB in D and D+ rounds, with a pre-investment valuation of 12 billion RMB in the D+ round [7]
上半年亏超6亿，又一国产GPU独角兽冲刺港股IPO
Guan Cha Zhe Wang·2025-12-20 09:18