BAT造芯“暗战”升级，腾讯“嫡系”燧原科技抢滩科创板

Core Viewpoint - Suiruan Technology has taken a significant step in the capital market by officially obtaining acceptance for its IPO on January 23, aiming to raise 6 billion yuan for the development and industrialization of AI chip products and related projects [1][2]. Group 1: Company Overview - Suiruan Technology, founded in 2018, is valued at approximately 18 billion yuan as of August 2025 and focuses on non-GPGPU architecture AI chips, distinguishing itself from competitors like Moer Thread and Biran Technology, while sharing similarities with Cambricon [2][3]. - The company has developed four generations of cloud AI chips and has a complete product system including AI chips, AI acceleration cards, and software platforms, positioning itself as a leading player in China's cloud AI chip market [3]. Group 2: Financial Performance - Suiruan Technology's revenue from 2022 to the first three quarters of 2025 was 90.1 million yuan, 301 million yuan, 722 million yuan, and 540 million yuan, with net profits of -1.116 billion yuan, -1.665 billion yuan, -1.51 billion yuan, and -888 million yuan respectively [3]. - The company anticipates reaching its breakeven point by 2026, with R&D expenditures as a percentage of revenue being exceptionally high, peaking at 1096.12% in 2022 [3]. Group 3: Shareholder Structure - The actual controllers of Suiruan Technology, Zhao Lidong and Zhang Yalin, collectively hold 28.1357% of the company's shares, with significant experience in major tech firms [4][5]. - Tencent holds a 20.26% stake in Suiruan Technology, making it the largest external shareholder, and has been a key investor since the company's early funding rounds [6][7]. Group 4: Market Context - The AI chip market is becoming increasingly competitive, with major players like Alibaba and Baidu also preparing for IPOs of their respective chip subsidiaries, indicating a potential "silent war" among these tech giants [1][11]. - The recent IPOs of GPU companies like Moer Thread and Biran Technology have set high market valuations, prompting other tech giants to capitalize on their AI chip assets [9][12].