TENCENT(HK:00700) 3 6 Ke·2026-01-23 01:35Core Viewpoint - Suiruan Technology, an AI chip unicorn based in Shanghai, has had its IPO application accepted by the Shanghai Stock Exchange, aiming to raise 6 billion yuan for the development and industrialization of its fifth and sixth generation cloud AI chip series [1][12]. Company Overview - Founded in March 2018, Suiruan Technology has a registered capital of 387 million yuan and has developed four generations of architecture with five cloud AI chips [3]. - The company has established a complete product system including AI chips, AI acceleration cards, intelligent computing systems, and AI computing software platforms [5]. Market Position - Suiruan Technology's AI acceleration cards and modules sold approximately 38,800 units in 2024, capturing about 1.4% of the Chinese AI acceleration card market, ranking among the top domestic AI chip manufacturers [9][21]. - The company is positioned in the early development stage of the domestic cloud AI chip industry, competing with other local firms like Huawei HiSilicon and Cambricon [8]. Financial Performance - Revenue for Suiruan Technology was 0.90 billion yuan in 2022, 3.01 billion yuan in 2023, and is projected to reach 7.22 billion yuan in 2024, with a net loss of 15.10 billion yuan expected for 2024 [14]. - The company has not yet achieved profitability, with a gross margin of 36.23% as of September 2025, which is below the average of comparable companies [17][18]. R&D and Product Development - The company plans to release its fourth generation AI inference card and ESL32/64 super node clusters in 2025, with the fifth generation cloud AI chip expected in 2027 [3][12]. - Suiruan Technology has invested heavily in R&D, with expenses reaching 13.12 billion yuan in 2024, and aims to enhance its product offerings through continuous innovation [14][19]. Customer Base and Sales Strategy - Tencent Technology is the largest customer, accounting for 71.84% of sales in the first nine months of 2025, indicating a high customer concentration risk [8][33]. - The company primarily uses a direct sales model, with over 94% of revenue coming from the top five customers in recent years [31][33]. Shareholding Structure - Major shareholders include Tencent Technology, the National Big Fund Phase II, and Meitu Technology, holding 19.95%, 4.32%, and 1.31% respectively [7][37]. - The founders, Zhao Lidong and Zhang Yalin, collectively control approximately 28.14% of the company [39]. Industry Trends - The non-GPGPU chip market share is expected to increase from 36% in 2024 to 45% by 2027, highlighting a shift in AI chip demand [44]. - By 2028, major internet companies like ByteDance, Alibaba, and Tencent are projected to account for nearly 50% of China's AI capital expenditure, emphasizing the importance of entering the supply chains of leading internet firms [47]. Future Outlook - Suiruan Technology plans to collaborate with domestic partners to develop a fully localized supply chain for its cloud AI chip products, aiming to build a competitive domestic AI computing ecosystem [49].