天数智芯暗盘涨幅一度超45%：国产通用GPU如何以“好用”征服市场

Core Viewpoint - The public offering of Shanghai Tensu Zhixin Semiconductor Co., Ltd. has sparked significant market interest, with over 300 times subscription and a dark market increase of over 45% [3][4]. Group 1: Market Response and Investment - The market's enthusiasm is reflected in the strong lineup of cornerstone investors, including ZTE Corporation, UBS AM Singapore, and others, who have committed to subscribe for HKD 1.583 billion in shares [4]. - The surge in capital interest is driven by the global AI wave and the implementation of national computing power strategies, elevating the strategic importance of general-purpose GPUs [5]. Group 2: Company Overview and Product Development - Tensu Zhixin, as one of the earliest domestic general-purpose GPU companies, focuses on GPU products and AI computing solutions, including general-purpose GPU chips and customized AI solutions [8]. - The company has achieved significant milestones, being the first in China to mass-produce both training and inference general-purpose GPUs, showcasing a complete technological and commercial cycle [11]. Group 3: Market Expansion and Customer Base - The number of customers has increased from 22 in 2022 to over 290 by mid-2025, indicating a shift from reliance on a few large clients to a more diversified customer base [12][14]. - The company’s products have been deployed over 900 times across various sectors, including finance, healthcare, and transportation, demonstrating their practical utility in digital transformation [12][14]. Group 4: Research and Development Investment - Tensu Zhixin has maintained high R&D investments, with expenditures of CNY 4.56 billion, CNY 6.16 billion, and CNY 7.73 billion over the past three years, consistently exceeding 140% of revenue [16]. - As of mid-2025, the company holds 65 authorized patents and has a dedicated R&D team of over 480 people, focusing on both hardware and software development [16]. Group 5: Future Strategy and Market Position - Approximately 80% of the funds raised from the IPO will be allocated to R&D for GPU chips and solutions, while 10% will be used for sales and marketing [19]. - The company aims to create a self-reinforcing growth loop by continuously investing in technology and market validation, positioning itself as a leader in the domestic GPU sector [20][21].