燧原科技IPO申请获受理，与腾讯深度战略合作

Core Viewpoint - Shanghai Suyuan Technology Co., Ltd. has received acceptance for its IPO application on the Sci-Tech Innovation Board, with a recent financing valuation of nearly 20 billion yuan, and plans to raise 6 billion yuan for AI chip development and innovation projects [1] Group 1: Company Overview - Founded in March 2018, Suyuan Technology has developed four generations of cloud AI chips, establishing a comprehensive product system including AI chips, AI acceleration cards, intelligent computing systems, and software platforms [2] - The company has obtained 262 domestic invention patents and has participated in over 10 national and local technology projects, contributing to 41 national and industry standards for AI chips and intelligent computing systems [2] - As of September 2025, the company reported total assets of approximately 489 million yuan and a significant increase in revenue from 90.1 million yuan in 2022 to 722 million yuan in 2024, reflecting a compound annual growth rate of 183.15% [3] Group 2: Financial Performance - The company reported a net loss of approximately 1.175 billion yuan in 2022, 1.516 billion yuan in 2023, and 1.503 billion yuan in 2024, with a projected loss of 912 million yuan for the first nine months of 2025 [4] - The revenue from AI acceleration cards and modules exceeded the total for 2024 in the first nine months of 2025, indicating strong commercial viability [3] Group 3: Strategic Partnerships - Tencent is the largest shareholder and customer of Suyuan Technology, with sales to Tencent accounting for 71.84% of total sales in the first nine months of 2025 [5][6] - The partnership with Tencent has evolved from small-scale validations to deep strategic cooperation, indicating a stable relationship that is expected to continue [6] Group 4: Management and Ownership - The actual controllers of the company, Zhao Lidong and Zhang Yalin, have extensive experience in the chip industry, having worked at AMD for many years [7] - The company has a diverse shareholder structure with 102 shareholders, including 98 institutional investors, and the actual controllers hold a combined 28.14% of the company's shares [6]