壁仞科技通过港交所聆讯：有望填补港股GPU赛道空缺，在手订单12.41亿元

Core Viewpoint - Wallen Technology, a leading domestic GPU company, is set to list on the Hong Kong Stock Exchange, showcasing strong growth potential and a focus on intelligent computing solutions [2][11]. Group 1: Company Overview - Wallen Technology was established in 2019 and specializes in general intelligent computing solutions, primarily through its self-developed Wallen™ series GPU products [2]. - The company has demonstrated rapid revenue growth, with revenue increasing from RMB 49.9 million in 2022 to RMB 337 million in 2024 [10]. - As of December 15, 2025, Wallen Technology has signed five framework sales agreements and 24 sales contracts, totaling approximately RMB 1.241 billion [11]. Group 2: Technology and Innovation - Wallen Technology emphasizes core technology independence and innovation, having developed the Chiplet high-performance chip and a collaborative technology system [6]. - The company has invested significantly in R&D, with expenditures reaching RMB 3.302 billion from 2022 to 2024 [6]. - Wallen Technology has filed 1,158 invention patent applications globally, ranking first among GPGPU companies in China, with a 100% authorization rate [7]. Group 3: Market Position and Strategy - The company targets key industries such as AI data centers, telecommunications, energy, fintech, and the internet, having served nine Fortune China 500 companies [10]. - Wallen Technology's products have been validated in large-scale applications, enhancing their reliability and competitiveness [10]. - The company plans to launch the next-generation flagship data center chip, Wallen™ 20X, expected to be commercialized in 2026 [11]. Group 4: Industry Context - The domestic intelligent computing chip industry is projected to reach USD 20.12 billion by 2029, with a compound annual growth rate of 46.3% from 2024 to 2029 [13]. - The Chinese government has shown strong support for the AI industry, recognizing it as a strategic sector for maintaining technological leadership [13]. - Wallen Technology aims to leverage capital market resources to enhance its technological capabilities and accelerate AI applications [14].