腾讯重仓的芯片公司要上市了！3年亏损超40亿

Core Viewpoint - Another AI chip company deeply tied to major internet firms is moving closer to an IPO, reflecting the growing trend of domestic AI chip companies aligning with tech giants like Baidu, Alibaba, and Tencent [2] Group 1: Company Developments - Kunlun Chip, a subsidiary of Baidu, submitted its IPO application to the Hong Kong Stock Exchange in January [2] - Suiyuan Technology's IPO was accepted, revealing that over half of its revenue in the first three quarters of the previous year came from direct sales to Tencent [2] - Suiyuan Technology plans to raise 6 billion yuan for the development and industrialization of its fifth and sixth generation AI chip series [3] Group 2: Financial Performance - Suiyuan Technology reported revenues of 0.9 million yuan, 3.01 million yuan, 7.22 million yuan, and 5.4 million yuan for the years 2022 to 2024 and the first nine months of 2025, respectively, with losses of 11.16 billion yuan, 16.65 billion yuan, 15.1 billion yuan, and 8.88 billion yuan during the same periods [3][4] - Cumulatively, Suiyuan Technology incurred losses of 42.9 billion yuan from 2022 to 2024, with unrecouped losses of 41.65 billion yuan as of September 2025 [3][4] Group 3: Research and Development - The company has invested 35.29 billion yuan in R&D from 2022 to 2024, representing 316.86% of its cumulative revenue during that period [4] - High R&D costs and the need for collaboration with internet giants for product validation are cited as reasons for ongoing losses [4] Group 4: Customer Concentration - Suiyuan Technology's sales to its top five customers accounted for 94.97%, 96.50%, 92.60%, and 96.41% of its revenue from 2022 to 2025 [4] - The proportion of revenue from Tencent has increased significantly, from 8.53% in 2022 to 71.84% in the first three quarters of 2025 [4] Group 5: Market Position - Suiyuan Technology holds a market share of approximately 1.4% in the domestic AI chip market, similar to other domestic competitors [5] - The competitive landscape shows that international firms like NVIDIA dominate the market, with a 70% share, while domestic firms struggle to gain significant market presence [6]