低调的国产通用GPU巨头赴港IPO：天数智芯通过聆讯，加速驶向万亿蓝海

Core Insights - The global AI wave and capital market focus on hard technology have created unprecedented growth opportunities for general-purpose GPUs, which are considered the "core" of AI and scientific computing [1] - Domestic AI chip companies, including Tensyn, are rapidly advancing towards IPOs, reflecting a consensus on the market's growth potential and the establishment of a self-reliant, globally competitive intelligent computing ecosystem [1][2] Industry Overview - The Chinese AI chip market is experiencing rapid growth, with projected revenues of approximately RMB 217.5 billion in 2024, representing a compound annual growth rate (CAGR) of 80.3% from 2022 to 2024. By 2029, the market size is expected to reach RMB 898.1 billion, with a CAGR of 29.1% from 2025 to 2029 [1] - The general-purpose GPU market in China is also expanding quickly, with shipments expected to reach 1.6 million units in 2024, reflecting a CAGR of 72.8% from 2022 to 2024. The domestic market share of general-purpose GPUs is projected to increase from 8.3% in 2022 to 17.4% in 2024, and to exceed 50% by 2029 [2] Company Performance - Tensyn has demonstrated strong revenue growth, with revenues of RMB 189.4 million, RMB 289 million, and RMB 539.5 million for the years 2022 to 2024, respectively. For the first half of 2025, revenue reached RMB 324.3 million, marking a year-on-year increase of 64.3% [3] - The company has successfully positioned itself among the top five players in the Chinese general-purpose GPU market as of 2024, indicating its competitive strength and commercial maturity [3] Technological Advancements - Tensyn is the first company in China to achieve mass production of general-purpose GPU chips using advanced 7nm process technology, establishing a significant technological benchmark in the industry [5] - The company offers a range of general-purpose GPU products and AI computing solutions that cater to diverse market needs, including high efficiency, seamless integration, and adaptability to evolving AI demands [6] Client Diversification - The revenue share from Tensyn's top five clients has decreased from 94.2% in 2022 to 73.4% in 2024, and further to 38.6% in the first half of 2025, indicating a significant improvement in client diversification and broader market recognition [7] - Tensyn's R&D team consists of over 480 members, with a significant portion having over ten years of industry experience, contributing to the company's sustained technological innovation and competitive edge [7] Strategic Positioning - Tensyn's first-mover advantage, technological barriers, and comprehensive product line position it as a key player in the Chinese general-purpose GPU market, highlighting its competitive strength and growth potential [9] - The company plays a crucial role in breaking technological bottlenecks and promoting domestic alternatives, emphasizing the importance of sustained R&D investment for future strategic positioning [9]