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Core Viewpoint - TianShuZhiXin has passed the Hong Kong Stock Exchange hearing and disclosed its prospectus, marking a significant step in its development and reflecting the robust growth of domestic GPU chip capabilities in the global market [1][17]. Company Overview - TianShuZhiXin, headquartered in Shanghai, is a leading provider of general-purpose GPU chips and AI computing solutions in China. Its main products include general-purpose GPU chips, accelerator cards, and customized AI computing solutions [4]. - The company is the first in China to achieve mass production of inference and training general-purpose GPU chips and the first to utilize 7nm advanced technology for chip production in the domestic GPU sector [4]. Product Focus - The company focuses on AI computing needs, which have evolved into two main areas: training and inference. Training requires intensive computing power, while inference emphasizes efficient model deployment and execution [6]. - TianShuZhiXin offers two main product lines: TianGai for training and ZhiKai for inference, addressing the complementary computing needs of these areas [6][8]. Product Development - The TianGai series is designed specifically for AI model training, with the first generation launched in September 2021. The second generation is set for mass production in Q4 2023, and the third generation is expected in Q3 2024 [8]. - The ZhiKai series, launched in February 2023, is the first general-purpose GPU product designed for inference, optimized for various deployment scenarios [8]. Financial Performance - TianShuZhiXin has seen rapid growth in customer base, shipment volume, and revenue, with the number of customers increasing from 22 in 2022 to 181 by 2024. The company has completed over 900 deployments across various industries [13]. - Revenue has grown from 189 million RMB in 2022 to 540 million RMB in 2024, with a compound annual growth rate of 68.8%. However, the company has not yet achieved profitability, recording significant net losses during this period [14][15]. Research and Development - The company places a strong emphasis on R&D, with expenditures significantly exceeding revenue. R&D spending from 2022 to 2024 was 457 million RMB, 616 million RMB, and 773 million RMB, respectively [15]. - The R&D team consists of 484 members, with over one-third having more than ten years of industry experience, and the company holds numerous patents and trademarks [15]. Market Outlook - The general-purpose GPU market in China is experiencing rapid growth, with a projected compound annual growth rate of 33.0% from 2025 to 2029. Domestic GPU companies are expected to increase their market share significantly [16]. - TianShuZhiXin's listing is anticipated to further activate the domestic GPU industry ecosystem and support China's competitive position in global AI computing [17].