Core Viewpoint - TianShu ZhiXin has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step towards its IPO as a leading provider of general-purpose GPU chips and AI computing solutions in China [1] Company Overview - TianShu ZhiXin specializes in general-purpose GPU products, including the TianYai and ZhiKai series, which are designed for high performance, easy migration, and broad compatibility with major AI ecosystems and deep learning frameworks [1] - The company is the first in China to achieve mass production of inference and training general-purpose GPU chips, utilizing advanced 7nm process technology [1][2] Product and Market Positioning - The company’s product lineup includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions, integrating hardware with proprietary software stacks to meet specific customer needs in training and inference scenarios [1][2] - TianShu ZhiXin has adopted a core philosophy of hardware-software co-design to strategically position itself in the growing market for general-purpose GPUs driven by the rise of AI technologies [2] Financial Performance - From 2022 to 2024, TianShu ZhiXin experienced rapid revenue growth, with revenues of 189 million, 289 million, and 540 million yuan respectively; in the first half of 2025, revenue reached 324 million yuan, a year-on-year increase of 64.24% [3] - Despite revenue growth, the company reported net losses of 554 million, 817 million, 892 million, and 609 million yuan during the same period due to increased R&D costs [3] Investment and Financing - Since its establishment, TianShu ZhiXin has completed multiple rounds of financing, with notable shareholders including DaCheng Capital, Shanghai Guosheng, and Dingli Capital [3] - The company has attracted investments from firms like FuSenMei, which has a history of investing in high-potential sectors including AI chips [3][4]

Core Viewpoint - The domestic GPU company TianShu ZhiXin is preparing for its IPO on the Hong Kong Stock Exchange, following the recent trend of Chinese GPU companies going public, with Huatai International as the sole sponsor [1] Company Overview - TianShu ZhiXin has completed D and D+ rounds of financing in 2025, raising over 1.4 billion and 2.05 billion yuan respectively, with a pre-investment valuation of 12 billion yuan for the D+ round [3] - The company's product line mainly consists of AI model training GPUs and inference GPUs, with training GPUs accounting for 58.5% of total revenue and inference GPUs for 26.8% in the first half of 2025 [3] Product Development - Established in 2015, TianShu ZhiXin launched its first generation of training GPUs, the TianYai series, in 2021, with two iterations completed by 2023 and 2024 [3] - The third generation of the TianYai series is expected to begin mass production in Q1 2026, while the company plans to release two upgraded versions in Q2 2026 and Q1 2027 [3] - The inference GPUs, named ZhiKai series, are set to have new versions released in Q4 2025 and Q1 2026 [3] Market Performance - As of the first half of 2025, TianShu ZhiXin has delivered over 52,000 general-purpose GPU products to more than 290 customers [4] - The shipment volumes for the TianYai series from 2022 to the first half of 2025 were 7,700, 7,000, 7,000, and 6,200 units respectively, while the ZhiKai series saw shipments of 38, 5,700, 9,800, and 9,500 units in the same period [4] Pricing and Competition - The average selling price for the TianYai series training GPUs was 30,400 yuan, while the ZhiKai series inference GPUs averaged 9,200 yuan in the first half of 2025 [5] - In terms of market share, TianShu ZhiXin held 0.3% of the Chinese general-purpose GPU market in 2024, ranking fifth, with the top four companies being NVIDIA, AMD, Haiguang Information, and MuXi, holding 91.9%, 4.5%, 0.8%, and 0.5% market shares respectively [5] Financial Status - TianShu ZhiXin reported a cumulative net loss of approximately 2.873 billion yuan from 2022 to the first half of 2025, with adjusted net losses totaling about 1.987 billion yuan, against total revenues of approximately 1.342 billion yuan during the same period [5] - The company anticipates a significant increase in net losses for 2025 due to rising expenses related to stock-based compensation and new product development [5] Industry Context - The domestic AI chip market is characterized by substantial upfront investment and lengthy product commercialization cycles, posing challenges to profitability [6] - Following the IPOs of MoEr Thread and MuXi in December, TianShu ZhiXin is poised to become the first domestic GPU company listed on the Hong Kong Stock Exchange [6] - Other companies, such as Baidu's Kunlun Chip, are also preparing for IPOs, while SiYuan Technology has faced delays in its listing process [6]

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. has successfully passed the Hong Kong Stock Exchange hearing and is set to disclose post-hearing materials on December 19, focusing on general-purpose GPU technology and achieving significant milestones in the domestic market [2]. Group 1: Company Overview - Established in 2015, TianShu ZhiXin specializes in general-purpose GPU technology, becoming the first domestic company to achieve mass production of training and inference GPUs [2]. - The company has launched two major product series, "TianGai" and "ZhiKai," creating a comprehensive general-purpose computing power system that meets diverse computing needs from AI model training to edge inference [2]. Group 2: Product Development - The "TianGai Gen1," released in 2021, is China's first mass-produced general-purpose GPU, utilizing a 7nm advanced process, breaking the long-standing foreign monopoly [2]. - The "TianGai Gen2" is set for mass production in Q4 2023, with "TianGai Gen3" expected to be released in Q3 2024 and mass production anticipated in Q1 2026 [2]. Group 3: Market Performance - The "ZhiKai" series, optimized for AI inference, includes "ZhiKai Gen1" and "ZhiKai Gen1X," which were launched in December 2022 and achieved mass production by February 2023 [3]. - The company has successfully deployed its products across various computing scenarios, particularly in enterprise AI deployment and medical imaging analysis [3]. Group 4: Commercialization and Financials - From 2022 to 2024, the number of customers increased from 22 to 181, with over 290 clients served by mid-2025 across multiple sectors [4]. - The shipment of general-purpose GPUs rose from 0.78 million units in 2022 to 1.68 million units in 2024, reflecting strong market recognition [4]. - Revenue figures show growth from 189 million yuan in 2022 to 540 million yuan in 2024, with a compound annual growth rate of 68.8% [4]. Group 5: Funding and Future Plans - TianShu ZhiXin has received support from various notable investment firms and state-owned enterprises [5]. - The funds raised from the IPO will primarily be used for product R&D, sales and marketing, and general corporate purposes [5].

Core Insights - Shanghai Tensu Zhixin Semiconductor Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, indicating its progress towards an IPO [1] - The company is one of the earliest entrants in the general GPU sector in China and has successfully launched two product series, "Tianhai" and "Zhikai," covering a complete general computing power system [1] Group 1: Product Development - The "Tianhai" series includes the first-generation Tianhai Gen1, which achieved mass production in September 2021, marking it as China's first mass-produced general GPU product [1] - The second generation, Tianhai Gen2, is set for mass production in Q4 2023, while the third generation, Tianhai Gen3, is expected to be released in Q3 2024 and begin mass production in Q1 2026 [1] - The "Zhikai" series, designed for inference scenarios, includes Zhikai Gen1 and Gen1X, which achieved mass production in February 2023, and has been deployed in various computing scenarios [2] Group 2: Financial Performance - The company has shown rapid growth from 2022 to 2024, with revenues of 189 million, 289 million, and 540 million yuan, resulting in a compound annual growth rate of 68.8% [2] - In the first half of 2025, the company reported revenue of 324 million yuan, a year-on-year increase of 64.2% [2] - The shipment volume of general GPU products increased from 7,800 units in 2022 to 16,800 units in 2024, with 15,700 units shipped in the first half of 2025, indicating a doubling in three years [2] Group 3: Customer Base and Financing - The number of customers grew significantly from 22 in 2022 to 181 in 2024, with over 290 clients served by mid-2025 across various sectors [3] - The company has completed multiple rounds of financing from 2018 to 2025, raising over 1.4 billion and 2.05 billion yuan in D and D+ rounds, respectively, with a pre-investment valuation of 12 billion yuan in the D+ round [3]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 原标题：又一家GPU独角兽，冲刺IPO 12月19日，上海天数智芯半导体股份有限公司（以下简称"天数智芯"）披露聆讯后资料集，意味着公司 已通过香港联合交易所上市聆讯。 据招股书数据，2022年至2024年天数智芯实现快速增长，营业收入分别为1.89亿元、2.89亿元和5.40亿 元，三年复合年增长率为68.8%；2025年上半年，公司实现营收3.24亿元，同比增长64.2%。 从出货量来看，天数智芯通用GPU产品从2022年的7.8千片增至2024年的16.8千片，以及2025年上半年的 15.7千片，三年内翻倍增长。 2022年至2024年，公司客户数量实现"三级跳"，从22家跃升至181家。截至2025年6月30日，公司已为来 自云计算服务供货商、AI模型开发商、研究机构及电子、半导体、制造及消费互联网等多个领域的企 业的超过290名客户提供服务，并在金融服务、医疗保健及交通运输等重要行业完成超900次实际部署， 客户黏性与行业渗透率持续提升。 天数智芯是国内最早投身通用GPU领域的公司之一。根据咨询公司弗若斯特沙利文报告，天数智 ...

记者｜宁佳彦 12月19日，港交所文件显示，上海天数智芯半导体股份有限公司（下称"天数智芯"）披露聆讯后资料 集。 天数智芯主要提供针对不同行业的通用GPU产品及AI算力解决方案，已成功推出"天垓"与"智铠"两大 产品系列。截至目前，公司已完成三代通用GPU架构迭代及软件栈持续优化。 编辑 ｜瑜见 ...

中国首家通用GPU企业。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，上海天数智芯半导体股份有限公司（以下简称"天数智芯"）日前已通过港交所聆 讯并于12月19日披露通过聆讯后的资料集，华泰国际担任独家保荐人。 成立于2015年的天数智芯聚焦通用GPU这一关键领域，通过持续的研发投入和技术突破筑就起核心 竞争壁垒，是 国内首家实现训练与推理通用GPU芯片量产的企业。 截至目前，天数智芯已成功推出"天垓"与"智铠"两大产品系列，构建了覆盖云边协同、训推组合的 完整通用算力系统，全面满足从复杂的AI模型训练到云端及边缘侧推理等多样化算力需求。 同时， 天数智芯通用GPU产品出货量从2022年的0.78万片增至2024年的1.68万片，今年上半年的 通用GPU产品出货量为1.57万片。 这一数据反映出市场对其产品性能、稳定性与生态兼容性的高度 认可，也印证了国产通用GPU在天数智芯的引领下，已从"可用"稳步迈向"好用"的关键阶段。 反映在财务数据上， 2022年至2024年，天数智芯营收分别为1.89亿元、2.89亿元和5.40亿元，复 合年增长率为 ...

Group 1 - Shanghai Tensu Zhixin Semiconductor Co., Ltd. (referred to as "Tensu Zhixin") has submitted a hearing document and is expected to list in Hong Kong soon [1] - Huatai Financial Holdings (Hong Kong) Co., Ltd. is the sole sponsor for the IPO [1] - The funds raised from the Hong Kong listing will be used for various purposes, including R&D of general-purpose GPU chips and acceleration cards, proprietary software stack development, AI computing solutions, sales and marketing expansion, and general corporate purposes [1] Group 2 - Tensu Zhixin focuses on providing general-purpose GPU products and AI computing solutions tailored for various industries [1] - The product portfolio includes general-purpose GPU chips, acceleration cards, and customized AI computing solutions, which have been applied in sectors such as financial services, healthcare, and transportation [1] - The company integrates hardware with proprietary software stacks to meet specific customer needs in training and inference scenarios, supporting industrial digital transformation and diverse computational applications [1]

天垓系列为公司的旗舰训练专用产品线及中国国内首款通用GPU产品，专为AI模型训练而设，拥有先 进的计算核心及优化的多卡集群架构。与此互补的是智铠系列，其为国内首款专为推理而设的通用GPU 产品，专注于推理应用，具有增强的整数计算单元及高效的数据通路，针对部署场景进行优化。该等产 品线共同实现AI计算领域的全面覆盖，支持从复杂模型开发到高效生产部署的各种应用。 继摩尔线程、沐曦股份，以及壁仞科技之后，资本市场再迎一重磅企业。港交所最新文件显示，中国首 家通用GPU企业天数智芯通过港交所聆讯，这标注着港股迎来重磅通用GPU稀缺标的。 天数智芯于2018年启动通用GPU芯片设计，是中国首家通用GPU企业。自2020年以来，天数智芯先后发 布了天垓智铠两个系列多款通用GPU产品，提供针对不同行业的AI算力解决方案，成为中国通用GPU 行业领军企业。根据弗若斯特沙利文的资料，公司在中国芯片设计公司中取得了多项行业第一：是首家 实现训练通用GPU芯片量产的公司，首家实现推理通用GPU芯片量产的公司，特别是首家采用先进7nm 工艺技术达成该等里程碑的公司。 截至2025年6月30日，公司已向来自各个行业的超过290名客户交 ...

Core Viewpoint - The article highlights the emergence of domestic GPU companies in China, particularly focusing on Birran Technology, which is set to become the first domestic GPU company listed on the Hong Kong Stock Exchange with a valuation of 20.9 billion yuan [1][40]. Company Overview - Birran Technology, founded in 2019 by Zhang Wen, a Harvard Law PhD, specializes in developing general-purpose GPU chips and intelligent computing solutions for AI training and inference, providing full-stack support from cloud to edge [2][3]. - The company has attracted significant investment, completing over 10 funding rounds in six years, with notable investors including Qiming Venture Partners, IDG Capital, and Hillhouse Capital [2][39]. Product Offerings - Birran's core products include a hardware system based on its self-developed GPGPU architecture, designed specifically for AI workloads, and a software platform called BIRENSUPA for developing AI applications [3][10]. - The hardware system consists of various configurations, including PCIe boards and GPGPU servers, with key chips like the Birran 106 and 110 designed for training and edge inference, respectively [5][8]. Financial Performance - The company's revenue has shown significant growth, increasing from 500,000 yuan in 2022 to 337 million yuan in 2024, with a 50% year-on-year increase in the first half of 2023 [19][20]. - The main revenue source is the intelligent computing solutions, which started contributing to revenue in 2023, while the company also generates income from product sales and rental of intelligent computing clusters [20][21]. Profitability and Expenses - Despite revenue growth, Birran Technology remains unprofitable, with losses of 1.474 billion yuan in 2022 and 1.744 billion yuan in 2023, although adjusted net losses have decreased [27][28]. - Research and development expenses are a significant portion of the budget, amounting to 1.018 billion yuan in 2022 and 886 million yuan in 2023, with a notable increase in the first half of 2024 [29][30]. Market Position and Future Plans - Birran Technology aims to launch the second-generation Birran 20X series chips for cloud training and inference by 2026, with further developments planned for 2028 [8]. - The company has established a strong customer base, including major enterprises in high-computing industries, with nine Fortune China 500 companies among its clients [15].