Core Viewpoint - TianShu ZhiXin, a domestic general-purpose GPU manufacturer, officially listed on the Hong Kong Stock Exchange on January 8, 2025, raising approximately HKD 3.7 billion with an initial share price of HKD 144.6, which surged by 31.54% on the first trading day, reaching HKD 190.20 per share and a market capitalization exceeding HKD 47.55 billion [1][2]. Company Overview - TianShu ZhiXin is recognized as the first domestic general-purpose GPU company in China, achieving multiple industry milestones, including the first mass production of training and inference general-purpose GPU chips [8][12]. - The company has established a dual product line strategy, with "TianHua" targeting training and "ZhiKai" focusing on inference, aiming to connect the data center from training to deployment [12][15]. Financial Performance - Revenue for TianShu ZhiXin from 2022 to 2024 was approximately CNY 1.89 billion, CNY 2.89 billion, and CNY 5.39/5.40 billion, reflecting a compound annual growth rate of about 68.8% [17][19]. - The company reported a net loss of approximately CNY 5.54 billion, CNY 8.17 billion, CNY 8.92 billion, and CNY 6.09 billion in the first half of 2025, primarily due to high R&D expenditures [18][19]. Market Position and Competition - The general-purpose GPU market in China is characterized by an oligopolistic structure, with the top player holding a market share of approximately 91.9% [5][7]. - TianShu ZhiXin's market share is currently around 0.3%, indicating significant room for growth as the domestic GPU market is projected to grow at a compound annual growth rate of about 33% from 2025 to 2029 [5][6]. Investment and R&D Focus - Approximately 80% of the funds raised from the IPO will be allocated to R&D for general-purpose GPU chips and AI computing solutions, while 10% will be used for sales and marketing, and the remaining 10% for working capital [5][20]. - The company aims to enhance its software ecosystem and developer compatibility, particularly with CUDA, to lower migration costs for clients [21][22]. Future Outlook - The competitive landscape for general-purpose GPUs is expected to intensify, with domestic companies increasingly evaluated against specialized AI chips, emphasizing the need for efficient delivery and software toolchains [23][24]. - The ongoing "listing wave" in the domestic GPU sector is anticipated to create a more transparent competitive environment, where companies will be assessed based on their technological completeness and commercial viability [24][25].
开盘暴涨31%！通用GPU大厂天数智芯上市，开启增长新周期