“四小龙”上市+1，上海何以炼成“GPU之城”

Core Viewpoint - Shanghai's domestic GPU companies are experiencing a surge in IPO activity, with TianShuZhiXin becoming the third major player to enter the capital market, following MuXi and BiRan Technology, indicating a robust growth trajectory in the AI chip sector [1][2]. Industry Overview - Shanghai has a long-established integrated circuit industry, ranking fourth globally and first in mainland China according to the latest report from the Global Semiconductor Alliance [1]. - The revenue of Shanghai's integrated circuit industry is projected to reach 391.2 billion yuan in the period from January to November 2025, marking a year-on-year growth of 23.72%, with an expected total industry scale exceeding 460 billion yuan for the entire year [1]. Company Performance - MuXi Technology is experiencing rapid revenue growth, with projections of over 700 million yuan in 2024 and 915 million yuan in the first half of 2025, while BiRan Technology and TianShuZhiXin are also maintaining strong growth rates with revenues of 337 million yuan and 540 million yuan respectively in 2024 [4]. - MuXi has secured 1.43 billion yuan in orders and is preparing for mass production of its C600 chip, expected to launch in 2026, while the next-generation C700 is under development [5]. R&D and Investment - High R&D investment is a common trend among these companies, with BiRan Technology allocating 2.45% of its revenue to R&D, while MuXi and TianShuZhiXin invest approximately 1.21% and 1.43% respectively [4]. - The capital support system in Shanghai is comprehensive, providing funding from seed stage to IPO, exemplified by significant investments in companies like BiRan and MuXi [11]. Market Dynamics - The recent IPO wave among AI companies indicates a shift in capital market focus towards commercial viability and cash flow quality rather than just technical specifications [4]. - BiRan Technology has an order backlog of 820 million yuan and has successfully implemented a commercial heterogeneous training solution for a major telecom operator [4]. Ecosystem and Support - Shanghai's integrated circuit ecosystem is bolstered by over 1,200 companies and a significant concentration of talent and innovation resources, supported by systematic industrial policies [8]. - The city has established specialized industrial parks and provides substantial financial support for startups, enhancing the collaborative environment for innovation [8][12].