Core Viewpoint - Wallen Technology (06082.HK) achieved rapid growth from zero to 337 million in revenue within two years, driven by both technology and commercialization [1][12]. Group 1: IPO and Market Position - Wallen Technology officially listed on the Hong Kong Stock Exchange on January 2, 2026, with a 76% increase on its debut, becoming the first GPU company listed in Hong Kong and achieving the largest fundraising scale since the implementation of the new listing policy in March 2023 [3][4]. - The IPO was highly sought after, with a subscription rate of 2347 times, reflecting strong market enthusiasm [3]. - The company raised a net amount of 5.375 billion HKD during its IPO, with significant backing from cornerstone investors such as Qiming Venture Partners and Ping An Life [4]. Group 2: Industry Growth and AI Impact - AI is recognized as a crucial driver of global economic and social development, with the McKinsey Global Institute predicting that AI-related industries will contribute between 29 trillion to 48 trillion USD in incremental revenue over the next 15 years, accounting for one-third of global GDP growth [5]. - The GPU market is projected to exceed 1 trillion CNY in 2024 and reach 3.6 trillion CNY by 2029, with a compound annual growth rate (CAGR) of 24.5% [5][8]. - The Chinese AI-related GPU market is expected to grow from 4.3 billion CNY in 2020 to 99.7 billion CNY in 2024, and reach 1.03 trillion CNY by 2029, with a CAGR of 56.7% [8]. Group 3: Company Growth and Product Development - Wallen Technology was founded in 2019 and launched its first BR106 GPU chip in 2020, achieving significant revenue growth from 0.5 million CNY in 2022 to 620.3 million CNY in 2023, and further to 3.37 billion CNY in 2024 [11][12]. - The company has established a diverse product matrix, including the BR110 and BR166 chips, catering to various application scenarios [11][12]. - Wallen Technology has secured contracts with nine Fortune China 500 companies and five Fortune Global 500 companies, creating a strong industry barrier and competitive advantage [12]. Group 4: Strategic Collaborations and Future Prospects - In 2025, Wallen Technology will collaborate with major telecom operators to establish domestic computing clusters, enhancing its market presence [13]. - The company has a robust order backlog of 1.24 billion CNY as of November 15, 2025, indicating strong future revenue potential [15]. - Wallen Technology's focus on high-performance computing and continuous innovation positions it well for future growth in the AI and GPU sectors [16][23]. Group 5: R&D and Innovation - Wallen Technology maintains a high level of R&D investment, with expenditures of 10.18 billion CNY in 2022, 8.86 billion CNY in 2023, and 8.27 billion CNY in 2024, representing over 70% of total operating expenses [30][31]. - The company has submitted over 1,500 patents globally, leading the industry in patent achievements, with a 100% authorization rate for invention patents [32]. Group 6: Leadership and Shareholder Support - Wallen Technology is led by a team with extensive experience in AI and hardware technology, including founder and CEO Zhang Wen, who has over 10 years of management experience in the field [33]. - The company has a strong shareholder base, including notable investment funds and industry players, providing substantial capital and resources for growth [34].
国产替代风口下的稀缺标的，"港股GPU第一股"壁仞科技：33亿全栈自研创新+高算力布局决胜未来