天数智芯2025年推理业务收入同比大增238%，领跑AI商业化核心赛道

Core Viewpoint - The article highlights the robust financial performance and growth potential of TianShu ZhiXin (9903.HK) following its IPO, emphasizing its strategic positioning in the AI industry and the successful implementation of its general GPU technology across various sectors [3][10]. Financial Performance - In 2025, TianShu ZhiXin achieved a revenue of 1.034 billion yuan, representing a year-on-year growth of 91.6% [4]. - The gross profit reached 558 million yuan, with a significant increase of 110.5%, indicating improved product competitiveness and profitability [4]. - The adjusted net loss narrowed by 32.1% year-on-year, reflecting enhanced operational efficiency while continuing to invest in core technologies [4]. Core Business Growth - The general GPU business generated revenue of 923 million yuan in 2025, marking a remarkable growth of 149.6% and accounting for 89.3% of total revenue, positioning it as the main driver of performance [5]. - The ZhiKai inference series performed exceptionally well, with revenue of 339 million yuan, a year-on-year increase of 238.2%, benefiting from the surging demand for inference computing power across various sectors [9]. - The TianYuan training series generated 584 million yuan, up 116.7%, with its optimized cluster architecture meeting large-scale training needs [9]. Product and Market Expansion - TianShu ZhiXin has launched the TongYuan series of edge computing products targeting robotics and smart terminals, expanding its product offerings and growth potential [9]. - By the end of 2025, the company served over 340 industry clients and implemented more than 1,000 product solutions across key sectors such as internet, AI models, finance, and healthcare, demonstrating a growing customer base and scaling effects [9]. Technological Advancements - The company has established core barriers to growth through technological and ecosystem development, focusing on optimizing large model inference performance and implementing technologies like PD separation and lossless quantization [10]. - A new software development platform has improved code migration efficiency by over 80%, lowering the usage threshold for clients [10]. - The AI industry is entering a new efficiency-driven phase, with TianShu ZhiXin's dual focus on training and inference, integrated cloud-edge solutions, and comprehensive competition aligning with industry trends [10]. Market Outlook - As a leading domestic general GPU enterprise, TianShu ZhiXin is poised to benefit from the trillion-yuan market space in AI computing, aiming for dual enhancements in performance and value, thus providing sustainable long-term returns for investors [10].