Core Viewpoint - Tensu Zhixin (09903.HK) has successfully listed on the Hong Kong stock market, with an initial surge of over 24% in stock price, indicating strong market interest in AI chip manufacturers [3]. Group 1: Company Overview - Tensu Zhixin is one of the major AI chip manufacturers in China, issuing 25.43 million H-shares at an offering price of 144.6 HKD per share, raising approximately 3.7 billion HKD for R&D and commercialization of GPU chips and AI computing solutions [6]. - The company has seen revenue growth from 189 million CNY in 2022 to 539 million CNY in 2024, but it has not yet achieved profitability, with cumulative losses exceeding 2.2 billion CNY from 2022 to 2024 [6]. Group 2: Financial Performance - Tensu Zhixin's R&D expenditures have been significantly high, with amounts of 457 million CNY, 616 million CNY, and 773 million CNY from 2022 to 2024, representing 241.1%, 213.1%, and 143.2% of total revenue respectively [6]. - In the first half of 2025, the company reported revenue of 324 million CNY but incurred a loss of 609 million CNY [6]. Group 3: Customer Dynamics - The company has a high customer concentration, with 73.4% of revenue coming from the top five customers in 2024, which dropped to 38.6% in the first half of 2025, attributed to seasonal purchasing patterns [7]. - Only one of the top five customers in 2024 remained in the list for the first half of 2025, indicating potential volatility in customer relationships [8]. Group 4: Market Position - In 2024, Tensu Zhixin held a market share of 0.3% in the domestic general GPU market, with other domestic GPU companies also showing low market shares [8]. - The domestic general GPU market's localization rate is projected to increase from 2% in 2022 to 3.6% in 2024, with expectations of exceeding 50% by 2029 [8].
四家国产GPU公司齐聚资本市场