天数智芯上市在即：招股价144.6港元 市值约354亿港元

Core Viewpoint - TianShu ZhiXin, a GPU company, has officially launched its public offering, aiming to raise approximately HKD 3.7 billion with an IPO market valuation of around HKD 35.44 billion [1][2]. Company Overview - TianShu ZhiXin plans to issue 25,431,800 H-shares, with 2,543,200 shares available for public offering in Hong Kong, accounting for 10% of the total [1]. - The company focuses on domestic general-purpose GPU chips and related solutions, having launched multiple products since 2021, including the "TianVai" and "ZhiKai" series [2]. Financial Performance - The company has shown rapid growth in revenue, with figures of CNY 189 million, CNY 289 million, and CNY 540 million for the years 2022 to 2024, representing a compound annual growth rate of 68.8% [2]. - In the first half of 2025, the company achieved revenue of CNY 324 million, reflecting a year-on-year growth of 64.2% [2]. Market Position and Strategy - Despite being in a loss-making position, the increasing revenue is seen as a sign of the company's commercial viability [3]. - The company has signed agreements with 18 cornerstone investors, raising approximately HKD 1.583 billion, indicating strong interest from both capital and industry sectors in the domestic GPU market [3]. Industry Context - The domestic GPU sector is experiencing a shift towards public markets, with other companies like BiRan Technology and MoEr Thread also preparing for listings [4]. - The growing demand for computing power and the deepening of AI applications are driving increased attention from the capital market towards GPU and related foundational computing enterprises [3].