又一家国产GPU企业，冲刺港股IPO！

Core Viewpoint - The domestic general GPU industry is entering a critical phase of capital empowerment, with several leading companies successfully navigating the capital markets, indicating a significant growth opportunity in the sector [1][6]. Group 1: Company Developments - Shanghai TianShu ZhiXin Semiconductor Co., Ltd. (TianShu ZhiXin) has passed the Hong Kong Stock Exchange listing hearing, marking its entry into the capital market as a leading provider of general GPU chips and AI computing solutions [1][6]. - TianShu ZhiXin's product matrix includes the TianGai series focused on training scenarios and the ZhiKai series for inference needs, with the TianGai Gen1 being the first domestically produced general GPU [4][5]. - The company has seen significant growth in customer base and product shipments, with GPU shipments increasing from 7,800 units in 2022 to 16,800 units in 2024, and serving over 290 industry clients by mid-2025 [5][6]. Group 2: Market Trends - The domestic GPU industry is experiencing a "high light moment" in the capital market, with companies like MoEr Thread and MuXi Co. successfully listing on the STAR Market, and others like BiRan Technology and TianShu ZhiXin passing hearings for the Hong Kong Stock Exchange [2][6]. - The rapid growth in demand for computing power driven by AI, big data, and cloud computing is expanding the market size for general GPUs, creating a favorable environment for domestic companies [6][7]. - The collective move of domestic GPU companies to the capital market is expected to accelerate resource integration and technological iteration, pushing the industry from "usable" to "better usable" products [6][7]. Group 3: Competitive Landscape - BiRan Technology, another key player in the domestic GPU market, has achieved significant revenue growth, with revenues increasing from 499,000 yuan in 2022 to 337 million yuan in 2024, although it remains unprofitable due to high R&D expenditures [3][6]. - The competitive landscape is characterized by two main routes: one focusing on GPGPU compatibility with NVIDIA's CUDA, and the other aiming to establish an independent ecosystem represented by Huawei's Mindspore [7]. - TianShu ZhiXin aims to strategically position itself in the market by leveraging a core philosophy of hardware-software collaborative design to meet the growing demand for general GPUs driven by AI technology [7].