松禾厉伟：登顶珠峰前果断投资壁仞，愿助力更多中国科技企业勇攀高峰

Core Viewpoint - Wallran Technology has officially listed on the Hong Kong Stock Exchange, marking a significant milestone for the domestic GPU sector and indicating its accelerated rise in the market [3][12]. Investment Strategy - Songhe Capital emphasizes "investing in people over projects," highlighting the strategic vision and execution capabilities of Zhang Wen, the founder of Wallran Technology [5][6]. - The firm has consistently supported Wallran through various funding rounds, demonstrating a commitment to accompany the company through its entire lifecycle from technology development to market entry and IPO [8]. Market Opportunity - 2019 was identified as a golden investment period for the GPU sector, characterized by a strong demand in China and a significant opportunity for domestic manufacturers following Huawei's inclusion on the entity list [7]. - The domestic GPU market is expected to evolve through three stages: "usable," "usable and optimized," and "leading," with the current phase being a critical transition from "usable" to "usable and optimized" [12][13]. Financial Performance - Wallran Technology's revenue surged from 62.03 million yuan in 2023 to 337 million yuan in 2024, reflecting a staggering year-on-year growth of 443% [14]. - The company has secured approximately 820 million yuan in unfulfilled orders and has a total sales contract reserve of 1.24 billion yuan, indicating robust business expansion [14]. Future Outlook - The successful IPO of Wallran Technology not only validates the capital market's recognition of the GPU sector but also positions the company for accelerated growth [15]. - Songhe Capital aims to support more hard-tech enterprises in the AI and GPU waves, anticipating that domestic GPUs will transition from "replacement" to "leadership" in the global market over the next 5-10 years [15].