天数智芯招股：发行价为144.6港元，募资规模约为37亿港元

Core Viewpoint - Shanghai Tensu Zhixin Semiconductor Co., Ltd. (stock code "9903") has officially launched its IPO process on the Hong Kong Stock Exchange, aiming to raise approximately HKD 3.7 billion through the issuance of 25.43 million shares at a price of HKD 144.6 per share, with the listing expected on January 8 [1][3]. Fundraising Purpose - Approximately 80% of the net proceeds from the fundraising will be allocated to R&D for general-purpose GPU chips and acceleration cards, proprietary software stack development, and AI computing solutions [3][6]. - About 10% will be used for sales and marketing efforts, including channel expansion and brand building, while the remaining 10% will serve as working capital for daily operations and strategic initiatives [3][6]. Market Position and Growth - Tensu Zhixin is recognized as a leading player in the domestic general-purpose GPU sector, with a three-year revenue compound annual growth rate (CAGR) of nearly 70% and cumulative shipments exceeding 52,000 units [3][10]. - The company is viewed as a rare pure-play general-purpose GPU stock in the Hong Kong market, potentially filling a gap in the sector and providing investors with a key channel to participate in the domestic computing infrastructure development [3][12]. Product Development and Technology - The company has developed a product matrix centered around the "Tianhai" training series and "Zhikai" inference series, addressing diverse computing needs across various industries such as cloud computing, financial services, and healthcare [6][9]. - Tensu Zhixin is the first domestic company to achieve mass production of inference and training general-purpose GPUs, utilizing advanced 7nm technology [8][9]. Financial Performance - Revenue has shown significant growth, increasing from CNY 189 million in 2022 to CNY 540 million in 2024, with a projected revenue of CNY 324 million in the first half of 2025, reflecting a year-on-year growth of 64.2% [10][11]. - The gross margin has remained robust, with figures of 59.4%, 49.5%, and 49.1% from 2022 to 2024, and a recovery to 50.1% in the first half of 2025, indicating strong pricing power [11]. Industry Context - The domestic general-purpose GPU market is experiencing a dual growth trend driven by surging demand and domestic substitution, with the market size expected to reach CNY 154.6 billion by 2024, growing at a CAGR of 70.1% from 2022 to 2024 [12][13]. - The market share of domestic general-purpose GPUs has increased from 8.3% in 2022 to 17.4% in 2024, with expectations to exceed 50% by 2029, highlighting the significant potential for domestic players like Tensu Zhixin [13][14].