天数智芯通过港交所聆讯：出货量持续翻倍增长，客户数三年增长近8倍

Core Viewpoint - Shanghai TianShu ZhiXin Semiconductor Co., Ltd. is the first domestic company to achieve mass production of general-purpose GPU chips, focusing on continuous R&D investment and technological breakthroughs to establish core competitive barriers [1][2]. Product Development - TianShu ZhiXin has launched two major product series, "TianGai" and "ZhiKai," creating a complete general-purpose computing power system that meets diverse computing needs from AI model training to cloud and edge inference [2]. - The "TianGai Gen1," released in 2021, is China's first mass-produced general-purpose GPU, utilizing a 7nm advanced process, breaking the long-standing foreign monopoly and achieving mass production and commercialization in September 2021 [2]. - The "TianGai Gen2" is set for mass production in Q4 2023, with "TianGai Gen3" expected to be officially released in Q3 2024 and mass-produced by Q1 2026 [2]. - The "ZhiKai" series, optimized for AI inference, includes "ZhiKai Gen1" and "ZhiKai Gen1X," which were released in December 2022 and achieved mass production by February 2023 [2]. Market Performance - From 2022 to 2024, the number of customers for TianShu ZhiXin increased from 22 to 181, with over 290 clients served by June 30, 2025, across various sectors including cloud computing, AI model development, and healthcare [3]. - The shipment volume of general-purpose GPU products rose from 0.78 million units in 2022 to 1.68 million units in 2024, with 1.57 million units shipped in the first half of this year, indicating strong market recognition [3]. Financial Data - TianShu ZhiXin's revenue from 2022 to 2024 was 189 million yuan, 289 million yuan, and 540 million yuan, respectively, reflecting a compound annual growth rate of 68.8%. The revenue for the first half of this year was 324 million yuan, a year-on-year increase of 64.2% [4]. - The company has received support from various well-known institutions and local state-owned assets, indicating strong backing for its growth [4]. - The net proceeds from the IPO will primarily be used for R&D, sales and marketing, and general corporate purposes [4].