亏损超28亿，又一GPU巨头冲击IPO，估值120亿

Core Viewpoint - TianShuZhiXin Semiconductor Co., Ltd. has passed the Hong Kong Stock Exchange listing hearing, potentially becoming a new player in the domestic GPU market, competing with BiRan Technology for the title of "first domestic GPU stock" in Hong Kong [1][2]. Business Expansion - The company has expanded its business from AI training to include AI inference and intelligent computing solutions, reflecting a broader market strategy [6][9]. - The revenue from AI training products has remained stable, while AI inference products have seen rapid growth in sales volume, although at a lower average price [8][9]. Financial Performance - From 2022 to 2024, the company reported revenues of RMB 189 million, RMB 289 million (+52.91%), and RMB 539 million (+86.85%), with a compound annual growth rate of 68.8% [5][12]. - The company has incurred significant losses, totaling over RMB 2.8 billion since 2022, with net losses of RMB 553 million, RMB 817 million, and RMB 892 million for the respective years [3][11]. Product Development - TianShuZhiXin is the first company in China to achieve mass production of both inference and training general-purpose GPU chips, utilizing 7nm process technology [4]. - The company has launched several product generations, including the TianYuan series for training and the ZhiKai series for inference, with plans for future releases [4][10]. Gross Margin and Profitability - The gross margin for general-purpose GPU products has been maintained between 53% and 61%, with training series products showing better profitability compared to AI solutions [12][14]. - The average selling price of training products has increased from approximately RMB 24,400 to RMB 38,600, while the average price for inference products has decreased due to market competition [6][14]. R&D Investment - The company has invested heavily in R&D, with expenditures significantly exceeding revenue, accounting for 241.1%, 213.1%, and 143.2% of total revenue from 2022 to 2024 [12][11]. - The focus of R&D has been on developing new products and optimizing existing solutions, which is crucial for future profitability [12][15]. Future Outlook - The company plans to enhance its product offerings and improve cost control through better design standards and deeper collaboration with ecosystem partners [15]. - The next-generation ZhiKai products will be optimized for emerging large language models, indicating a strategic focus on high-demand market segments [9][10].