又一家国产GPU企业，冲刺港股IPO！

Core Viewpoint - The domestic general GPU industry is entering a critical phase of capital empowerment, with leading companies successfully entering the capital market, indicating a significant opportunity for growth and technological advancement in the sector [1][4]. Group 1: Company Developments - Shanghai Tensun Zhixin Semiconductor Co., Ltd. (Tensun Zhixin) has passed the Hong Kong Stock Exchange listing hearing, marking its entry into the capital market as a leading provider of general GPU chips and AI computing solutions in China [2][5]. - The company has developed a product matrix covering all AI computing scenarios, with its Tianwei series focusing on training and the Zhi Armor series on inference, showcasing significant advancements in GPU technology [9]. - Wallen Technology and Tensun Zhixin are competing for the title of "first domestic GPU stock" in Hong Kong, with both companies being recognized as leaders in the domestic GPU sector [8]. Group 2: Market Trends - The domestic GPU industry is experiencing a "high光时刻" (highlight moment) as companies like Moer Thread and Muxi Co. have successfully listed on the STAR Market, while Wallen Technology and Tensun Zhixin have passed the Hong Kong Stock Exchange hearing [4][13]. - The rapid growth in demand for computing power driven by AI, big data, and cloud computing is creating a vast market space for domestic GPU companies, which are also benefiting from the push for domestic alternatives due to geopolitical factors [13]. - The collective move of domestic GPU companies into the capital market is expected to accelerate resource integration and technological iteration, enhancing the competitiveness of domestic GPUs against international giants [13]. Group 3: Financial Performance - Wallen Technology has shown impressive revenue growth, with income increasing from 49,900 yuan in 2022 to 337 million yuan in 2024, representing a cumulative growth of over 675 times [8]. - Tensun Zhixin has also reported significant growth in GPU shipments, with deliveries increasing from 7,800 units in 2022 to 16,800 units in 2024, and a total of over 52,000 units delivered by mid-2025 [9]. - Despite the growth in revenue, Wallen Technology is currently not profitable, with projected net losses of 15.38 billion yuan in 2024 and an expanded loss of 16 billion yuan in the first half of 2025 [8].