壁仞科技开启招股 技术迭代路线图浮现

Core Viewpoint - Wallan Technology, known as the "first GPU stock in Hong Kong," has launched its IPO, aiming to issue 247.69 million shares at a price range of HKD 17.00 to 19.60 per share, highlighting its growth trajectory over the past five years and the potential of the domestic AI chip market [1][12][13]. Company Overview - Wallan Technology was founded in September 2019 by Zhang Wen, with initial revenue of RMB 62 million in 2023 projected to grow to RMB 337 million in 2024, supported by unfulfilled orders worth RMB 822 million and framework agreements totaling RMB 1.241 billion [1][13]. - The company is currently in a loss-making state, with net losses of RMB 1.474 billion, RMB 1.744 billion, and RMB 1.538 billion from 2022 to 2024, and an estimated loss of RMB 1.6 billion by mid-2025 [4][17]. Market Position - In the Chinese intelligent computing chip market, Wallan Technology holds a market share of 0.16% and 0.20% in the GPGPU market for 2024, while the market is dominated by Nvidia and Huawei, which together account for 94.4% of the market share [2][13]. - The domestic AI chip market is expected to grow significantly, with Wallan Technology's IPO potentially enhancing its competitive position [14]. Financial Performance - The company's revenue is expected to rise to approximately RMB 337 million in 2024, with a gross margin of 53.2%, reflecting a year-on-year increase in average transaction value by 113.64% to RMB 9.4 million [3][16]. - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction counts rising from 9 to 33 [3][16]. Product Development - Wallan Technology has developed its first-generation GPGPU architecture and is working on the second generation, with products like BR106 and BR110 already in production, and the BR166 chip expected to double the performance of BR106 [6][18]. - The company plans to launch the next-generation flagship data center chip BR20X by 2026, with further products like BR30X and BR31X expected by 2028 [20][21]. Strategic Partnerships - Wallan Technology has established strategic partnerships to enhance its product offerings and market reach, including a collaboration with an IT company to develop AI infrastructure solutions, resulting in significant sales orders [20][21]. - The company is also focused on building a software ecosystem with its BIRENSUPA platform, which supports third-party GPGPU software, aiming to reduce migration costs to its products [21]. Investment and Funding - Since its establishment, Wallan Technology has undergone 13 rounds of financing, with notable investors including IDG Capital and Qiming Venture Partners, and the latest funding round occurred in March 2023 [22].