Core Viewpoint - The article discusses the significant losses of Biran Technology, which reached 6.3 billion RMB over three and a half years, attributing these losses primarily to redeemable liabilities rather than operational inefficiencies [2][4][10]. Financial Performance - Biran Technology's revenue has shown strong growth, increasing from 499 thousand RMB in 2022 to 62.03 million RMB in 2023, and projected to reach 337 million RMB in 2024, resulting in a compound annual growth rate of 2500% [3][15]. - The company's losses for the years 2022, 2023, and 2024 were 1.47 billion RMB, 1.74 billion RMB, and 1.54 billion RMB respectively, with a projected loss of 1.6 billion RMB for the first half of 2025 [4][9]. Redeemable Liabilities - Redeemable liabilities, also known as "convertible redeemable preferred shares," are a hybrid financial instrument that can be converted into equity or debt, leading to significant accounting implications under international financial reporting standards [4][6]. - The redeemable liabilities for Biran Technology were 348 million RMB in 2022, 604 million RMB in 2023, and 674 million RMB in 2024, with a projection of 1.01 billion RMB for 2025 [9]. - The total impact of redeemable liabilities on Biran Technology's losses amounted to 2.637 billion RMB over three and a half years, indicating that the actual operational loss was 3.72 billion RMB, which is more in line with industry standards [10][12]. Adjusted Net Loss - Adjusted net loss is a more accurate reflection of a company's operational performance, with Biran Technology's adjusted net losses for 2023 and 2024 being 1.05 billion RMB and 767 million RMB respectively, showing a significant reduction year-over-year [13]. - The article emphasizes that redeemable liabilities can mislead investors regarding a company's financial health, as seen in the cases of Xiaomi and Meituan, where large reported losses were primarily due to redeemable liabilities rather than poor operational performance [12]. Industry Context - The GPU industry is characterized by high research and development costs, long commercial cycles, and significant initial investment, leading to common phase losses among companies [15]. - Biran Technology, along with other domestic GPU firms, is expected to continue expanding its customer base and capabilities, with plans for new product launches, including the BR20X series for cloud training and inference, projected for commercialization in 2026 [16].
国产GPU账本：神秘的「赎回负债」，壁仞科技亏损背后的秘密？
雷峰网·2025-12-23 00:34