480亿，“瑞幸操盘手”黎辉押注，最后一家“国产GPU四小龙”上市了

Core Viewpoint - TianShu ZhiXin, a general-purpose GPU company, has successfully listed on the Hong Kong Stock Exchange, opening at HKD 190.2, a 31.54% increase from its issue price of HKD 144.60, with a total market capitalization of HKD 48.37 billion [2][3]. Group 1: Company Overview - TianShu ZhiXin is the fourth general-purpose GPU company to go public recently, following MoEr Thread, MuXi, and BiRan [4]. - The company is recognized as one of the earliest domestic general-purpose GPU developers, although it has lagged behind its competitors in terms of capital progress and social attention [4]. - By June 2025, TianShu ZhiXin had delivered over 52,000 general-purpose GPU products, with projected revenue of CNY 540 million in 2024, comparable to its peers [4][30]. Group 2: Financial Performance - The company has shown strong financial data, with a revenue growth from CNY 189 million in 2022 to CNY 540 million in 2024, representing a compound annual growth rate of 69% [30][31]. - The net loss rate has improved from 292% in 2022 to 165% in 2024, indicating a trend towards better profitability [30][31]. - The customer base has diversified, with the top five customers accounting for less than 40% of revenue by mid-2025, down from 94.2% in 2022 [27][28]. Group 3: Investment and Shareholder Structure - The largest external shareholder, DaZheng Capital, holds a 20.62% stake, valued at nearly CNY 10 billion, with a return multiple of 6.7 times [5][24]. - Other significant investors include YunBo Capital (3.38%), Sequoia China (1.16%), Guosheng Capital (1.14%), and YuanHe Holdings (0.67%), with respective returns of 5.4, 2.8, 5.5, and 3.2 times [5][24]. - DaZheng Capital has played a crucial role in TianShu ZhiXin's development, having invested over CNY 1.5 billion since its early stages [21][22]. Group 4: Management and Strategic Changes - The founder, Li Yunpeng, transitioned from a software platform to hardware development, marking a strategic shift in 2018 as the AI industry grew [10][12]. - Significant management changes occurred in 2021 and 2022, with the appointment of Diao Shijing and later Gai Lujian, reflecting investor confidence in government-backed leadership during critical commercialization phases [17][18]. - Despite management changes, the company has continued to innovate, launching the TianHua Gen 2 in 2023 and planning for Gen 3 in 2026 [18]. Group 5: Competitive Landscape - TianShu ZhiXin is positioned as a leader in the domestic GPU market, having achieved milestones such as the first mass production of general-purpose GPUs and a comprehensive self-research technology system [25][29]. - Compared to competitors like MoEr Thread and MuXi, TianShu ZhiXin has a more pragmatic approach, focusing on product delivery and customer base expansion rather than solely on brand recognition [31][32]. - The competitive landscape is evolving, with the "Four Little Dragons" of domestic GPUs now publicly listed, indicating a shift towards a more complex market dynamic where product performance and sustainable profitability will be key [33][34].