天数智芯(9903.HK)启动招股，拟全球发售2,543万股，拟募资37亿港元

Core Insights - TianShu ZhiXin Semiconductor Co., Ltd. has officially launched its IPO, planning to issue 25.43 million H-shares to raise approximately HKD 3.7 billion, with the offering period from December 30, 2025, to January 5, 2026 [1] - The company is recognized as the first domestic chip design firm to achieve mass production of general-purpose GPU chips for inference and training, utilizing 7nm technology [1] Business Deployment Value - TianShu ZhiXin has successfully delivered over 52,000 general-purpose GPU products to more than 290 clients across various sectors, achieving over 900 deployments [2] - The company ranks third in China's training GPU market share and second in the inference GPU market among domestic companies for 2024 [2] Differentiation Strategies - The company adopts an integrated hardware-software design approach, treating compilers, drivers, and libraries as inseparable from the product, which enhances the interaction and iteration between hardware and software [3] - TianShu ZhiXin's solutions support major Linux distributions and are compatible with both x86 and ARM architectures, optimizing for key AI frameworks like PyTorch and TensorFlow [3] Full-Stack Solution Capability - The company positions itself not just as a hardware provider but as a full-stack solution provider, offering tailored AI computing solutions from single machines to clusters [4] - TianShu ZhiXin provides specialized training and inference products, integrating its GPUs with third-party infrastructure for flexible model deployment [4][6] Innovation Engine - The R&D team consists of over 480 professionals, with around 70% holding master's degrees or higher, ensuring continuous technological iteration [7] - The company has launched multiple generations of products, including TianGu and ZhiKai series, with a commitment to a "produce one generation, design one generation, and research one generation" philosophy [7] Market Timing and Growth Potential - The IPO coincides with a critical period for domestic chip replacement, with the general GPU market in China expected to grow at a compound annual growth rate of 72.8% from 2022 to 2024 [8] - The domestic GPU market share is projected to increase from 8.3% in 2022 to over 50% by 2029, indicating significant growth opportunities for the company [8] Future Product Development - The company plans to develop next-generation products, including ZhiKai Gen 2 and Gen 3, and TianGu Gen 4 and Gen 5, with expected production timelines from 2025 to 2027 [9] Strategic Positioning - The IPO provides TianShu ZhiXin with a unique capital platform, facilitating international investment and future expansion [10] - The company emphasizes its engineering capabilities and sustainable business model, positioning itself as a pragmatic player in the domestic chip industry [11]