硬·AI 作者 | 赵雨荷 编辑 | 硬 AI 媒体报道，在英伟达首席执行官黄仁勋提出打造一家可与亚马逊云服务（Amazon Web Services， AWS）竞争的云服务愿景两年多之后，他已经放弃了与这些公司正面竞争的想法，并在上周对公司的云团 队进行了重组。 多位了解此次组织调整情况的人士以及一份内部备忘录披露了这一变化。这些人士对媒体表示，上周向部 分员工分享的这份重组备忘录中，对英伟达云业务部门负责人以及多名相关高管进行了重新分工，同时也 有一些人离开了公司。 根据备忘录，其中一位高管Alexis Black Bjorlin于2023年从Meta加入英伟达，并直接向黄仁勋汇报，目前 正在公司内部寻找新的岗位。英伟达将规模达数百人的云团队并入工程与运营组织，该组织由负责软件工 程的高级副总裁Dwight Diercks领导，Diercks同样向黄仁勋汇报。 备忘录及多位曾在该部门工作的人士对媒体称，这支被称为DGX Cloud的云团队，今后将主要服务于英 伟达工程师对英伟达芯片的需求，这些芯片用于开发开源AI模型，而不再把重点放在向外部企业客户销售 云服务上。 作为重组的一部分，英伟达较新的云服务DG ...

Core Viewpoint - Shanghai Tensu Zhixin Semiconductor Co., Ltd. has passed the Hong Kong Stock Exchange listing hearing, potentially becoming a new player in the domestic GPU market alongside Wallen Technology, which recently also passed the listing hearing [1][20]. Company Overview - Established in 2015, Tensu Zhixin is a pioneer in the domestic GPU sector, launching its first general-purpose GPU product in 2021 and achieving mass production [2][21]. - The company has diversified its business from AI training to include AI inference and intelligent computing solutions, reflecting a broader market strategy [5][24]. Financial Performance - Tensu Zhixin reported revenues of RMB 189.37 million in 2022, RMB 289.04 million in 2023 (up 52.91%), and projected RMB 539.51 million in 2024 (up 86.85%), with a compound annual growth rate of 68.8% [4][24]. - The company has accumulated losses of RMB 6.09 billion, with net losses recorded at RMB 553.62 million in 2022, RMB 817.42 million in 2023, and RMB 892.43 million in 2024 [10][22]. Product Development - Tensu Zhixin is the first company in China to achieve mass production of both inference and training general-purpose GPU chips, utilizing 7nm process technology [3][22]. - The company has accelerated its product development, launching multiple generations of its training series (Tianwei Gen 1, Gen 2, and upcoming Gen 3) and inference series (Zhilai Gen 1 and Gen 1X) [3][25]. Revenue Breakdown - The revenue from general-purpose GPU products has shown significant growth, with training series products contributing the majority of income, while inference series products are gradually increasing their share [11][24]. - The average selling price of training products has risen from approximately RMB 24,400 to RMB 38,600, although it has seen a decline to around RMB 30,400 in the first half of 2025 due to increased sales of older models [5][24]. Market Position - The AI inference market is expected to outpace the AI training market in growth, with Tensu Zhixin focusing on optimizing its next-generation Zhilai products for emerging large language models [8][27]. - The company has initiated AI computing solution offerings, with the number of projects increasing from 6 in 2023 to 26 in 2024, indicating a strong market demand [8][27].

Core Viewpoint - TianShu Intelligent Chip, established in 2015, has become a leader in the Chinese GPU market, achieving significant milestones in AI chip production and revenue growth over the past decade [1][2]. Group 1: Company Overview - TianShu Intelligent Chip is the first Chinese company to achieve mass production of general-purpose GPU chips for both inference and training, utilizing 7nm technology [1]. - The company has delivered over 52,000 general-purpose GPU products as of mid-2023, showcasing its growth trajectory [1]. Group 2: Revenue and Financial Performance - The revenue from the training series of general-purpose GPU products has been the primary source of income, with significant growth from 189 million RMB in 2022 to 540 million RMB in 2024, reflecting a compound annual growth rate of 68.8% [2][6]. - The company recorded net losses of 554 million RMB, 817 million RMB, and 892 million RMB from 2022 to 2024, with a loss of 609 million RMB reported in the first half of 2025 [5]. Group 3: Product Development and Sales - The sales performance of AI training products has remained stable, with the average selling price increasing from approximately 24,400 RMB to 38,600 RMB between 2022 and 2024 [3]. - The inference product line, including the ZhiKai series, saw a significant increase in shipment volume from 38 units to 9,800 units between 2022 and 2024, although the average selling price decreased due to market competition [4]. Group 4: Gross Margin and Profitability - The gross margin for training products has remained high, between 53% and 61%, while the gross margin for inference products has shown improvement, rising from 35.8% to 46.7% by 2024 [6][8]. - The company aims to enhance product performance and complexity to improve pricing power and overall profitability [7]. Group 5: Strategic Initiatives and Future Outlook - TianShu Intelligent Chip is expanding its business into AI solutions, with the number of solution projects increasing from 6 in 2023 to 10 in the first half of 2025 [4][8]. - The company plans to improve cost control and product design standards to enhance profitability in its AI solutions segment, which has seen a gross margin increase from 25.9% in 2023 to 45.7% in the first half of 2025 [8].

Core Viewpoint - Wallan Technology, known as the "first GPU stock in Hong Kong," has launched its IPO, aiming to issue 247.69 million shares at a price range of HKD 17.00 to 19.60 per share, highlighting its growth trajectory over the past five years and the potential of the domestic AI chip market [1][12][13]. Company Overview - Wallan Technology was founded in September 2019 by Zhang Wen, with initial revenue of RMB 62 million in 2023 projected to grow to RMB 337 million in 2024, supported by unfulfilled orders worth RMB 822 million and framework agreements totaling RMB 1.241 billion [1][13]. - The company is currently in a loss-making state, with net losses of RMB 1.474 billion, RMB 1.744 billion, and RMB 1.538 billion from 2022 to 2024, and an estimated loss of RMB 1.6 billion by mid-2025 [4][17]. Market Position - In the Chinese intelligent computing chip market, Wallan Technology holds a market share of 0.16% and 0.20% in the GPGPU market for 2024, while the market is dominated by Nvidia and Huawei, which together account for 94.4% of the market share [2][13]. - The domestic AI chip market is expected to grow significantly, with Wallan Technology's IPO potentially enhancing its competitive position [14]. Financial Performance - The company's revenue is expected to rise to approximately RMB 337 million in 2024, with a gross margin of 53.2%, reflecting a year-on-year increase in average transaction value by 113.64% to RMB 9.4 million [3][16]. - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction counts rising from 9 to 33 [3][16]. Product Development - Wallan Technology has developed its first-generation GPGPU architecture and is working on the second generation, with products like BR106 and BR110 already in production, and the BR166 chip expected to double the performance of BR106 [6][18]. - The company plans to launch the next-generation flagship data center chip BR20X by 2026, with further products like BR30X and BR31X expected by 2028 [20][21]. Strategic Partnerships - Wallan Technology has established strategic partnerships to enhance its product offerings and market reach, including a collaboration with an IT company to develop AI infrastructure solutions, resulting in significant sales orders [20][21]. - The company is also focused on building a software ecosystem with its BIRENSUPA platform, which supports third-party GPGPU software, aiming to reduce migration costs to its products [21]. Investment and Funding - Since its establishment, Wallan Technology has undergone 13 rounds of financing, with notable investors including IDG Capital and Qiming Venture Partners, and the latest funding round occurred in March 2023 [22].

10倍牛股天普股份即将复牌。 12月22日晚间，天普股份（605255）发布公告显示，中昊芯英要约收购期限已满，预受要约股东账户总数为3户，预受要约股份总数为201股，占上市公司 股份总数的0.00008%。要约收购完成后，中昊芯英及其一致行动人共计控制公司68.28774%股份。本次要约收购完成后，公司股权分布仍符合上市条件， 上市地位不受影响，公司股票自2025年12月23日（星期二）开市起复牌。 天普股份是今年A股市场的一只10倍大牛股，截至最新，公司股价年内累计涨幅为1048.7%，其间自低点最大涨幅更是接近14倍。 行情数据显示，公司股价自今年8月以来开启连续大涨，主要缘于一份要约收购。8月21日晚间，天普股份发布公告，中昊芯英（杭州）科技有限公司（下 称"中昊芯英"）等为主体，拟通过股权转让、增资控股股东、全面要约收购等一系列方式，取得天普股份控制权。 根据公告，本次交易收购方由中昊芯英、海南芯繁企业管理合伙企业（有限合伙）（简称"海南芯繁"）与自然人方东晖三方组成，合计出资金额超21亿 元。其中，中昊芯英作为出资主体，承担约9.65亿元收购资金，海南芯繁出资约3.95亿元，方东晖则出资约7.64 ...

NVIDIA's AI Chip Export to China - NVIDIA plans to ship H200 AI chips to Chinese customers before the Lunar New Year in mid-February [1] - The initial shipment will consist of 5,000 to 10,000 chips from existing inventory [1] - Subsequent production capacity is planned to begin in 2026 [1] Regulatory Review - The plan is pending approval from the Chinese government [1] - The U_S_ government has initiated a review of NVIDIA's H200 chip sales to China [1] - The U_S_ Department of Commerce has submitted the export license application for review by the State Department, Department of Energy, and Department of Defense [1] - These agencies have 30 days to assess the application [1] - If agency officials disagree, the final decision rests with Trump [1]

Core Viewpoint - The article emphasizes the importance of tracking high-quality research reports and survey information to identify potential investment opportunities and market trends in the AI chip industry [1]. Group 1: Company Developments - A company has achieved a leading position in the global AI chip market by advancing the integration of server liquid cooling, hollow-core fiber, high-speed copper cables, power lines, and connectors [1]. - The company is accelerating product introduction in collaboration with a top AI chip firm, indicating strong growth potential in the sector [1]. Group 2: Industry Trends - Short-term disruptions are not expected to alter the trend of leading companies in the industry expanding their presence in overseas markets [1]. - Companies with overseas production capacity are anticipated to take on price-increasing orders in the future, reflecting a positive outlook for the industry [1].

Group 1 - The electronic and semiconductor industry is currently experiencing an AI-driven storage supercycle, driven by massive demand for storage from AI servers and a supply-demand gap due to leading manufacturers shifting capacity towards high-end products [1] - Demand for HBM, a core component for AI servers, is experiencing explosive growth, with Micron Technology's HBM supply for 2026 already sold out [1] - This cycle differs from previous ones as AI applications are shifting from training to inference and edge computing, leading to rapid growth in HBM and high-performance DDR5, while traditional DDR4 capacity is being reduced [1] Group 2 - AI demand is expected to exceed expectations in Q3 2025, exacerbated by production cuts and upgrades from Samsung, SK Hynix, and Micron, intensifying supply constraints [1] - Storage chip prices are continuously rising, benefiting module segments from inventory appreciation and downstream replenishment demand, with short-term elasticity being prominent [1] - The automotive-grade storage sector is benefiting from the smartization of new energy vehicles, leading to rapid demand growth [1] Group 3 - The Guotai ETF (589100) tracks the Sci-Tech Chip Index (000685), which has a daily price fluctuation limit of 20%, selecting large-cap securities from the semiconductor industry chain, focusing on high-purity domestic alternatives and AI chips [2] - The index reflects the overall performance of chip-related listed companies in the Sci-Tech Innovation Board that possess high technical barriers [2]

Core Viewpoint - The article discusses the growth trajectory and market positioning of Birran Technology, a domestic GPU manufacturer, as it prepares for its IPO in Hong Kong, highlighting its revenue growth, product development, and market share in the AI chip sector. Group 1: Company Growth and Financial Performance - Birran Technology was founded in September 2019 and has grown its revenue from 62 million RMB in 2023 to 337 million RMB in 2024, with an order backlog of 822 million RMB and additional contracts worth 1.241 billion RMB awaiting fulfillment [1]. - The company reported a net loss of 1.474 billion RMB in 2022, 1.744 billion RMB in 2023, and 1.538 billion RMB in 2024, accumulating over 6.3 billion RMB in losses over three and a half years [7][8]. - In 2024, the company achieved a gross margin of 53.2%, with an average transaction value increasing by 113.64% year-on-year to 9.4 million RMB [6]. Group 2: Market Position and Competition - The Chinese AI chip market is dominated by Nvidia and Huawei, which together hold 94.4% of the market share, while domestic AI chips, including Birran Technology, have less than 1% market share [1]. - Birran Technology's market share in the smart computing chip market and GPGPU market is projected at 0.16% and 0.20%, respectively, for 2024 [1]. Group 3: Product Development and Innovation - The company has developed its first-generation GPGPU architecture and is working on the second generation, with products like BR106 and BR110 already in production [10]. - The BR166 chip, which offers double the performance of BR106, is expected to drive sales growth in 2025 [12]. - Birran Technology is also planning to launch the BR20X series for cloud training and inference by 2026, with further products like BR30X and BR31X expected by 2028 [13]. Group 4: Strategic Partnerships and Ecosystem Development - The company has formed strategic partnerships to enhance its product offerings and market reach, including a collaboration with an IT company to develop AI infrastructure solutions [12][16]. - Birran Technology is focused on building a software ecosystem with its BIRENSUPA platform, which supports third-party GPGPU software, thereby reducing migration costs for users [15].

Group 1 - Shanghai Tensu Zhixin Semiconductor Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, marking a significant step towards its IPO [1] - Tensu Zhixin is recognized as a leading provider of general-purpose GPU chips and AI computing solutions in China, with products that are compatible with major AI ecosystems and deep learning frameworks [2] - The company has received investments from Ningbo Dingyin Chip Equity Investment Partnership, which is partly owned by Hainan Fusenmei Investment Co., a wholly-owned subsidiary of Fusenmei [1][2] Group 2 - Fusenmei has actively engaged in external investments, including equity stakes in various sectors such as photovoltaic equipment, energy storage, and AI chips, through multiple investment funds [2] - Some of the projects invested by Fusenmei have shown positive progress, with notable companies like Laplace having gone public on the STAR Market, while others like Tensu Zhixin are preparing for their IPOs [2]