壁仞科技上市首日市值破千亿，专家：市场看好中国AI算力自主长期形势

Core Viewpoint - Wallen Technology (06082.HK) debuted on the Hong Kong Stock Exchange on January 2, 2023, with a significant opening price of HKD 35.7, reflecting an 82.14% increase, marking it as the first domestic GPU company listed in Hong Kong and the third overall in China [1][2]. Company Overview - Founded in 2019, Wallen Technology focuses on GPGPU (General-Purpose Graphics Processing Unit) chips and intelligent computing solutions, primarily generating revenue from product sales, support services, and rental income from intelligent computing clusters [2][4]. - The company has consistently recorded net losses since its inception, indicating challenges in commercializing its products and solutions [2][4]. Financial Performance - Wallen Technology's revenue for the years ending December 31 and June 30 is projected as follows: - 2022: RMB 499,000 - 2023: RMB 62.03 million - 2024: RMB 337.9 million - 2025 (first half): RMB 58.9 million - The gross profit margins are expected to decline from 100% in 2022 to 31.9% by mid-2025, with cumulative losses exceeding RMB 6.3 billion [4][5]. - The company heavily relies on a few major clients, with revenue from the top five clients accounting for 98.1% in 2023, which poses risks of revenue volatility [5]. Market Position and Competition - Wallen Technology holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.2% in the general GPU market as of 2024, with expectations to reach 0.19% by 2025 [1]. - The Chinese smart computing chip market is highly concentrated, with Nvidia and Huawei's HiSilicon accounting for 94.4% of the market share, leaving Wallen Technology and over 15 other players to compete for the remaining share [1][2]. Research and Development - The company has incurred substantial R&D expenses, totaling RMB 10.18 billion in 2022, RMB 8.86 billion in 2023, and projected RMB 8.27 billion in 2024, which constitutes a significant portion of its total operating expenses [5][6]. - As of mid-2025, Wallen Technology employs 657 R&D personnel, representing 83% of its workforce, with a majority holding advanced degrees and significant industry experience [5][6]. IPO and Future Plans - The IPO proceeds are primarily intended for R&D of intelligent computing solutions, commercialization efforts, and general corporate purposes, with the company aiming to leverage its technological advantages in the AI model computing power sector [6][7].