壁仞科技赴港股IPO通过聆讯 技术迭代路线图浮现

Core Viewpoint - The company, Birran Technology, is preparing for an IPO in Hong Kong, showcasing its growth over the past five years, with significant revenue increases and a focus on the AI chip market in China [1]. Financial Performance - Revenue increased from 620,000 RMB in 2023 to 3.37 billion RMB in 2024, with unfulfilled orders totaling 8.22 billion RMB and framework agreements worth 12.41 billion RMB [1]. - The company reported a net loss of 1.474 billion RMB in 2022, 1.744 billion RMB in 2023, and 1.538 billion RMB in 2024, with an estimated loss of around 1.6 billion RMB by mid-2025 [6][7]. - Gross profit for 2024 is projected at 1.79 billion RMB, with a gross margin of 53.2% [4]. Market Position - The Chinese AI chip market is dominated by Nvidia and Huawei, holding a combined market share of 94.4% in 2024, while domestic AI chip companies, including Birran Technology, hold less than 1% [1]. - Birran Technology's market share in the smart computing chip market and GPGPU market is 0.16% and 0.20%, respectively, in 2024 [1]. Product Development - The company has developed its first-generation GPGPU architecture and launched products such as BR106 and BR110, with BR106 being the primary sales driver [8][10]. - The BR166 chip, which offers double the performance of BR106, began mass production in 2024 [9][14]. - Future products include the BR20X series for cloud training and inference, expected to be commercialized by 2026, and BR30X and BR31X for future applications [15]. Customer Base and Sales Strategy - The company is optimizing its customer structure, focusing on specific industries, with revenue primarily from PCIe board sales [4]. - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction numbers rising from 9 to 33 [4]. - The contribution from the largest customer decreased from 85.7% in 2023 to 33.3% by mid-2025, indicating a diversification of the customer base [6]. Research and Development - R&D expenditures were 1.018 billion RMB in 2022, 885 million RMB in 2023, and 826 million RMB in 2024, accounting for approximately 79.8%, 76.4%, and 73.7% of total operating expenses, respectively [7]. - The company has 24 binding orders valued at approximately 8.22 billion RMB and five framework sales agreements worth 12.41 billion RMB [7]. Strategic Partnerships - Birran Technology has formed strategic partnerships to enhance its AI infrastructure and has signed significant sales agreements, including a 3.68 billion RMB framework agreement [14][16]. - Collaborations aim to drive technological advancements and improve computing efficiency in AI applications [16].