Core Viewpoint - TianShu ZhiXin, a domestic general-purpose GPU company, officially listed on the Hong Kong Stock Exchange on January 8, 2025, marking its entry into the capital market with a market capitalization close to HKD 400 billion on its first trading day [1] Group 1: Company Overview - TianShu ZhiXin is the fourth general-purpose GPU company to go public since December 2025, following MoEr Thread, MuXi Co., and BiRan Technology, with another company, SuiYuan Technology, also in the process of listing [1] - The company focuses on providing high-performance general-purpose GPU products and full-stack AI computing solutions across various industries, including finance, healthcare, transportation, manufacturing, and retail [2] Group 2: Technological Achievements - TianShu ZhiXin is the first domestic chip design company to achieve mass production of inference and training general-purpose GPU chips, utilizing advanced 7nm process technology [2] - The company has delivered over 52,000 general-purpose GPU products to more than 290 customers, playing a significant role in the digital and intelligent transformation of various industries [2] Group 3: IPO and Funding - The IPO attracted a prestigious lineup of cornerstone investors, including ZTE Corporation, UBS AM Singapore, and several well-known investment institutions, raising a total of HKD 15.83 billion [3] - The company has raised over RMB 5.5 billion prior to the IPO, with 80% of the funds allocated for product and solution R&D, 10% for sales and marketing, and the remaining 10% for operational expenses [3] Group 4: Financial Performance - From 2022 to 2024, the company achieved revenues of RMB 189 million, RMB 289 million, and RMB 540 million, with a compound annual growth rate of 68.8% [4] - In the first half of 2025, the company reported revenue of RMB 324 million, a significant increase of 64.2% year-on-year, although it remains in a loss position due to high R&D costs [4] - The company's gross margin improved from 45.1% in the first half of 2024 to 50.1% in the first half of 2025, indicating signs of improvement in its profitability fundamentals [4]
又一家国产通用GPU公司来了！天数智芯上市首日涨8.44%，总市值接近400亿港元