又一家国产GPU企业 冲刺港股IPO！
Zheng Quan Shi Bao·2025-12-22 00:37

Core Insights - The domestic general GPU industry is entering a critical phase of capital empowerment, with leading companies like TianShuZhiXin and BiRan Technology successfully navigating the capital market [1][6] - The surge in domestic GPU companies going public reflects a booming demand for computing power driven by advancements in AI, big data, and cloud computing [6] Group 1: Company Developments - TianShuZhiXin has passed the Hong Kong Stock Exchange listing hearing, marking a significant milestone as a leading provider of general GPU chips and AI computing solutions in China [1] - BiRan Technology, another key player, focuses on general-purpose graphics processing unit (GPGPU) chips and has also passed the listing hearing, positioning itself among the top domestic GPU companies [3] - TianShuZhiXin's product matrix includes the TianGai series for training scenarios and the ZhiKai series for inference needs, with significant growth in product shipments from 7,800 units in 2022 to 15,700 units in the first half of 2025 [4][5] Group 2: Market Trends - The domestic GPU sector is experiencing a "high光时刻" (highlight moment) as companies like MoEr Thread and MuXi Co. have successfully listed on the STAR Market, while others are following suit [2][6] - The market for general GPUs is expanding rapidly, with a notable increase in the number of industry clients for TianShuZhiXin, growing from 22 clients in 2022 to 181 in 2024 [5] - The competitive landscape includes a dual-market strategy with both A-share and Hong Kong listings, indicating a robust growth trajectory for the domestic GPU industry [6] Group 3: Financial Performance - BiRan Technology reported a staggering revenue growth from 499,000 yuan in 2022 to 337 million yuan in 2024, reflecting a cumulative increase of over 675 times [3] - Despite significant revenue growth, BiRan Technology has not yet achieved profitability, with projected net losses of 1.538 billion yuan in 2024 and an expanded loss of 1.6 billion yuan in the first half of 2025 [3] - TianShuZhiXin has successfully raised over 14 billion yuan and 20.5 billion yuan in its D and D+ funding rounds, respectively, with a pre-IPO valuation of 12 billion yuan [5]