毛利率超50%，国产GPU独角兽天数智芯冲刺港股IPO

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. has successfully passed the Hong Kong Stock Exchange listing hearing, indicating the potential addition of another domestic GPU company to the market [1] Group 1: Company Overview - TianShu ZhiXin 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 and Chairman, Gai Lujian, has 17 years of financial and investment experience, and the executive team includes members with backgrounds from AMD and NVIDIA [2] Group 2: Product Development - The company has launched two major product lines: "TianGai" for training and "ZhiKai" for AI inference optimization [4] - The first generation of the TianGai series, TianGai Gen1, was the first mass-produced general GPU in China, and the second generation, TianGai Gen2, is set for mass production in Q4 2023 [4] Group 3: Financial Performance - Revenue for 2022, 2023, and projected for 2024 is RMB 189.37 million, RMB 289.04 million, and RMB 539.51 million, respectively, with a compound annual growth rate of 68.8% [5] - Despite revenue growth, net losses are increasing, with projected losses of RMB 6.09 billion in the first half of 2025 due to rising R&D and administrative costs [6] Group 4: R&D Investment - R&D expenditures from 2022 to 2025 are RMB 4.56 billion, RMB 6.16 billion, and RMB 7.73 billion, representing 241.1%, 213.1%, and 143.2% of total revenue for those years [6] - The company has completed multiple funding rounds from various investment firms, raising over RMB 34.5 billion in total [6]