「寻芯记」腾讯背书，难掩巨亏：燧原科技冲刺资本市场

Core Viewpoint - Suiruan Technology, the only unlisted member of the "Four Little Dragons" of domestic GPUs, has launched its IPO application on the Sci-Tech Innovation Board, showcasing its business layout and financial status amid the booming demand for AI computing power and accelerated domestic substitution [2] Group 1: Company Overview - Suiruan Technology has been established for nearly 8 years and is backed by Tencent, which holds a 20.26% stake in the company [3] - The company aims to raise 6 billion yuan for the development and industrialization of its fifth and sixth generation AI chip series and advanced AI software and hardware collaborative innovation projects [3] - The founders, Zhao Lidong and Zhang Yalin, have extensive backgrounds in AMD, contributing to the company's technological expertise [3] Group 2: Financial Performance - Suiruan Technology has developed four generations of cloud AI chips and has achieved revenues of 90.1 million yuan, 301 million yuan, 722 million yuan, and 540 million yuan for the years 2022, 2023, 2024, and the first three quarters of 2025, respectively [4] - The company has faced significant losses, totaling over 5 billion yuan in the past three years, with losses of 1.116 billion yuan, 1.665 billion yuan, 1.51 billion yuan, and 888 million yuan for the same periods [6] - The company expects to reach breakeven by 2026, contingent on various factors including order backlog and product delivery [6] Group 3: Market Position and Risks - Suiruan Technology's revenue is highly concentrated, with the top five customers accounting for 94.97%, 96.5%, 92.6%, and 96.41% of total revenue from 2022 to the first three quarters of 2025 [4] - The company's dependency on Tencent poses a structural operational risk, as any changes in this relationship could significantly impact its business stability [5] - The domestic AI chip market is expected to grow rapidly, with predictions indicating that the AI accelerator card market could exceed 300 billion USD by 2030 [7] Group 4: Industry Challenges - The domestic GPU chip industry faces structural challenges, with Huawei dominating the market and leaving limited space for other brands to meet profitability needs [8] - There is a risk of price wars among domestic companies if they continue to focus solely on the domestic market, which could compress industry growth [8] - Companies are encouraged to explore international markets and leverage technological differentiation to create new growth opportunities [8]