燧原科技深绑腾讯近四年投44亿研发 拟募60亿“国产GPU四小龙”有望齐上市

Core Viewpoint - Shanghai Suiruan Technology Co., Ltd. (Suiruan Technology), the only unlisted company among the "Four Little Dragons" of domestic GPUs, has officially submitted its IPO application to the Science and Technology Innovation Board, aiming to raise 6 billion yuan for R&D and industrialization projects [1][4]. Company Overview - Suiruan Technology was co-founded by semiconductor experts Zhao Lidong and Zhang Yalin, both with extensive experience at AMD, and has developed four generations of architecture and five AI chips over nearly eight years [2][3]. - The company has established a complete product system covering AI chips, AI acceleration cards, intelligent computing systems, and AI software platforms, positioning itself as a leading player in China's cloud AI chip sector [3]. Financial Performance - Suiruan Technology has not yet achieved profitability, with total revenues from 2022 to the first nine months of 2025 amounting to 1.653 billion yuan and cumulative net losses reaching approximately 5.179 billion yuan [5]. - The company's R&D expenses totaled 4.419 billion yuan over the same period, accounting for 267.31% of its total revenue [5]. Market Position - In 2024, the overall shipment of AI acceleration cards in China is expected to exceed 2.7 million units, with Suiruan Technology projected to sell 38,800 units, capturing about 1.4% of the market share [3]. - Suiruan Technology's largest customer is Tencent, which accounted for 71.84% of its revenue in the first nine months of 2025 [6][7]. Investment and Financing - Tencent has been a significant investor in Suiruan Technology, participating in multiple funding rounds, including a total investment of 4.5 billion yuan in a recent round [8]. - As of the latest funding round, Suiruan Technology's pre-investment valuation was 17.5 billion yuan, with a total of 102 shareholders, and Tencent being the largest shareholder with 20.258% of the shares [8][9].