2026年首单A股IPO获受理 燧原科技拟募资60亿元加码主业

Core Viewpoint - Shanghai Suiruan Technology Co., Ltd. has received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 6 billion yuan for product development, business expansion, and supply chain security [1][2] Group 1: Company Overview - Suiruan Technology, founded in March 2018, is one of the "Four Little Dragons" of domestic GPU manufacturers, being the earliest established but the latest to apply for an IPO [1][2] - The company has developed a complete product system including AI chips, AI acceleration cards, intelligent computing systems, and AI programming software platforms, positioning itself as a leading player in China's cloud AI chip market [2][4] Group 2: Financial Performance - The company's revenue from 2022 to 2024 and the first three quarters of 2025 were 90.1 million yuan, 301 million yuan, 722 million yuan, and 540 million yuan respectively, with a compound annual growth rate of 183.15% [4] - The net profit attributable to the parent company for the same periods was -1.116 billion yuan, -1.665 billion yuan, -1.51 billion yuan, and -888 million yuan [4] Group 3: Market Position and Strategy - In 2024, Suiruan Technology sold 38,800 AI acceleration cards, capturing approximately 1.4% of the Chinese AI acceleration card market, ranking among the top domestic AI chip manufacturers [4] - The company aims to become a leader in general artificial intelligence infrastructure, focusing on original innovation and self-research to build sustainable competitive advantages [2][4] Group 4: Investment and Valuation - The company has attracted significant investment from various institutions, including the National Integrated Circuit Industry Investment Fund and notable private capital, achieving a valuation of over 20 billion yuan after its last financing round [5] Group 5: Industry Context - Suiruan Technology is set to become the third GPU company listed on A-shares, joining peers like Moer Thread and Muxi Technology, which have already gone public [6][7] - The global AI chip market is currently dominated by NVIDIA, which holds approximately 76% market share in AI acceleration cards as of 2024 [8]