“四小龙”上市+1！上海何以炼成“GPU之城”

Core Viewpoint - The article highlights the rapid growth and commercialization of Shanghai's domestic GPU companies, marking a significant milestone in the AI chip sector with multiple firms going public and achieving substantial revenue growth [4][5][7]. Group 1: Industry Overview - Shanghai's integrated circuit industry has been developing for decades, ranking fourth globally and first in mainland China according to the latest report from the World Semiconductor Association [4]. - The revenue of Shanghai's integrated circuit industry is projected to reach 391.2 billion yuan in the period from January to November 2025, representing a year-on-year growth of 23.72%, with an expected total industry scale exceeding 460 billion yuan for the entire year [4]. Group 2: Company Developments - Domestic AI chip companies in Shanghai are experiencing a listing boom, with companies like Wallen Technology and Muxi Technology achieving significant market entries and revenue growth [5][7]. - Muxi Technology reported a rapid revenue increase, projecting over 700 million yuan in 2024 and 915 million yuan in the first half of 2025, while Wallen Technology and Tensu Zhixin are also expected to maintain strong growth [7]. - Tensu Zhixin has delivered over 52,000 general-purpose GPU products to more than 290 clients, completing over 900 industry deployments by June 2025 [10]. Group 3: R&D and Investment - High R&D investment is a common practice in the chip design industry, with Wallen Technology allocating 2.45% of its revenue to R&D in 2024, while Muxi and Tensu Zhixin are at approximately 1.21% and 1.43% respectively [7]. - Muxi Technology has secured 1.43 billion yuan in orders and is preparing for mass production of its C600 chip, expected to launch in 2026 [8]. Group 4: Supportive Ecosystem - Shanghai has established a comprehensive support system for its GPU companies, including over 1,200 integrated circuit firms and a significant concentration of industry talent and innovation resources [11]. - The city has implemented systematic policies to support the integrated circuit industry, facilitating collaboration across the supply chain and providing a conducive environment for commercialization [11][16]. - The Shanghai government has also created a full-cycle capital support system for local GPU companies, ensuring stable funding from early stages to public listings [15]. Group 5: Future Outlook - The article emphasizes that Shanghai's advantages lie not only in policies and funding but also in its internationalized, legalized, and market-oriented business environment, which is crucial for the rapid development of startups [16]. - The city aims to maintain its strategic focus on innovation and continue to foster a world-class integrated circuit industry cluster as part of its "14th Five-Year Plan" [16].