新进展！燧原科技科创板IPO进入问询阶段

Core Viewpoint - Shanghai Suiyuan Technology Co., Ltd., one of the "Four Little Dragons" of domestic GPUs, has entered the inquiry stage for its IPO on the Sci-Tech Innovation Board, marking the first IPO acceptance in A-shares for 2026 [1] Company Overview - Established in 2018, Suiyuan Technology is a key player in China's cloud AI chip sector, having developed four generations of architectures and five cloud AI chip products over nearly eight years [1] - The company has built a comprehensive product system that includes AI chips, AI accelerator cards and modules, intelligent computing systems and clusters, as well as AI computing and programming software platforms [1] IPO Details - Suiyuan Technology aims to raise approximately 6 billion yuan through its IPO, which will be invested in the research and industrialization of its fifth-generation AI chip series, the development of its sixth-generation AI chip series, and advanced AI hardware-software collaborative innovation projects [1] Financial Performance - The financial data for Suiyuan Technology shows revenues of approximately 90.1 million yuan, 301 million yuan, 722 million yuan, and 540 million yuan for the years 2022 to 2024 and the first three quarters of 2025, respectively [1] - Corresponding net profits (losses) for the same periods are approximately -1.116 billion yuan, -1.665 billion yuan, -1.51 billion yuan, and -888 million yuan, leading to a cumulative net loss of about 5.179 billion yuan during the reporting period [1] Industry Context - In addition to Suiyuan Technology, the other "Four Little Dragons" of domestic GPUs, including Moore Threads, Muxi Technology, and Birun Technology, have already been listed, indicating a growing presence of domestic GPU companies in the capital market [2]