爱芯元智登陆港股 边缘AI芯片赛道迎来核心玩家

Core Viewpoint - Aixin YuanZhi Semiconductor Co., Ltd. has officially listed on the Hong Kong Stock Exchange, marking a significant milestone in the domestic edge AI chip sector, focusing on differentiated development through practical technology implementation and large-scale commercialization [1][12]. Company Overview - Since its establishment in 2019, Aixin YuanZhi has concentrated on AI application needs in edge computing and terminal devices, successfully developing and commercializing five generations of system-on-chip (SoC) products, with cumulative deliveries exceeding 1.65 billion units by the end of Q3 2025 [3][12]. Competitive Advantage - The company's core competitiveness lies in its self-developed core technology IP, particularly the "Aixin Tongyuan" hybrid precision NPU, which optimizes neural network computations and enhances AI inference efficiency [5][12]. - The "Aixin Zhimou" AI-ISP is the world's first AI image signal processor to achieve large-scale commercialization, providing high-quality image data for AI inference tasks even in complex environments [5][12]. Business Model - Aixin YuanZhi adopts a Fabless model, focusing on chip design and sales while building a comprehensive product matrix across visual terminal computing, smart vehicles, and edge AI inference, achieving technical breakthroughs and market recognition in each sector [6][12]. Market Performance - In the visual terminal computing sector, the company has shipped over 1.57 billion chips, ranking fifth globally in market share for visual terminal AI inference chips with a 6.8% share in 2024 [6][12]. - In the smart vehicle sector, Aixin YuanZhi has become the second-largest domestic supplier of smart driving system chips in China, with cumulative shipments exceeding 51,000 units by the end of Q3 2025 [7][12]. - The edge AI inference sector has seen rapid growth, with the 8850 series SoC achieving a shipment increase from 21,000 units in 2023 to 100,000 units in 2024, capturing a 12.2% market share [7][12]. Financial Growth - Aixin YuanZhi's revenue grew from 50.2 million yuan in 2022 to 4.729 billion yuan in 2024, reflecting a compound annual growth rate of 206.8% [8][12]. - The company has maintained stable gross margins, with the gross margin for terminal computing products increasing from 16.7% in 2022 to 19.6% in 2024 [9][12]. Customer Structure - The customer base has diversified, with the proportion of revenue from the top five customers decreasing from 91.5% to 75%, indicating reduced reliance on single customers [9][12]. Industry Context - The global AI inference chip market is projected to grow from 20.9 billion yuan in 2020 to 60.67 billion yuan in 2024, with edge inference and terminal inference outpacing cloud inference growth [11][12]. - The Chinese market for edge AI inference chips is expected to see significant growth, with a compound annual growth rate of 56.6% from 2024 to 2030 [10][12]. Future Outlook - Aixin YuanZhi is well-positioned to capitalize on the accelerating domestic substitution trend, the explosive demand for edge computing, and supportive national policies, potentially leading to a trillion-level market in the edge AI chip sector [12].