有业内人士分析，2025年国产GPU已实现从"单点突破"到"系统级替代"的跨越。随着资本化进程加速、 生态体系完善，国产算力正从追赶国际巨头转向定义自主架构，在AI驱动的算力新时代构建坚实底 座。 华鑫证券认为，天数智芯天垓系列训练GPU和智铠系列推理GPU已实现规模化应用，新发布的"彤央"系 列边端产品实测性能超越英伟达同类产品。该行认为，随着2026年AI产业"云端深耕+边缘爆发"格局成 型，公司GPU业务将成为业绩增长引擎。 来源：新浪港股 天数智芯（09903）早盘一度涨超7%，盘中高见310.60港元，股价创上市新高。截至发稿，股价上涨 3.50%，报296港元，成交额1.81亿港元。 此前，英伟达正式宣布其新一代AI超级计算平台Vera Rubin已进入全面投产阶段。根据英伟达公布的数 据，Rubin GPU搭载第三代Transformer引擎，NVFP4推理/训练算力达到50/35PFLOPS，达到前代 Blackwell的5/3.5倍；HBM4带宽22TB/s，为前代的2.8倍。中邮证券表示，Rubin GPU升级为HBM4，成 为与GPU紧紧绑定的"计算核心"。 ...

摩尔线程、沐曦股份、壁仞科技均已上市 2024年8月，燧原科技首次提交了IPO辅导备案，聘任的辅导机构为中金公司。但是，作为"国产GPU四小龙"之一的燧原科技IPO速度明显滞后于其他对手， 2025年12月，摩尔线程、沐曦股份两家GPU企业先后登陆科创板，两者市值最高时分别达到4423亿元、3580亿元；2026年1月2日，壁仞科技也亮相港交所， 成为"港股国产GPU第一股"。 燧原科技IPO极速推进，在仅仅受理20天后，IPO审核状态变更为"已问询"！ 2月11日晚间，上交所官网显示，上海燧原科技股份有限公司科创板IPO审核状态变更为"已问询"。此次燧原科技IPO进展也十分迅速。1月23日，燧原科技 IPO正式获得受理，保荐机构为中信证券，公司拟融资60亿元，计划投向基于五代AI芯片系列产品研发及产业化项目、基于六代AI芯片系列产品研发及产业 化项目、先进人工智能软硬件协同创新项目三大部分。 如今仅用了20天时间，燧原科技IPO便从受理状态变成了已问询。按照正常流程，如果燧原科技回复问询顺利，下一步将是上会。 燧原科技注册地位于上海临港，其前身燧原有限成立于2018年，由ZHAOLIDONG和张亚林共同投资 ...

Core Insights - The domestic GPU companies, Moore Threads and Muxi Co., have released their first annual performance forecasts post-listing, indicating significant revenue growth for 2025, although net profit losses persist but are narrowing [1][2] Revenue Forecasts - Moore Threads expects revenue between 1.45 billion to 1.52 billion yuan for 2025, representing over a twofold year-on-year increase, while net profit is projected to be a loss of 950 million to 1.06 billion yuan, which is a reduction compared to the previous year [1] - Muxi Co. anticipates revenue of approximately 1.6 billion to 1.7 billion yuan, also maintaining a high growth rate, with expected losses between 650 million to 798 million yuan, indicating a decrease in losses [1] Common Advantages - Both companies exhibit significant technological breakthroughs, with Moore Threads launching its fourth-generation GPU architecture and achieving mass production of the MTTS5000 chip, while Muxi has developed a software ecosystem compatible with mainstream technologies [1] - Their commercialization processes are accelerating, having crossed the initial startup "valley of death," and are beginning to transition from reliance on external funding to self-sustaining revenue generation [1] - Both companies are seizing the opportunity presented by international restrictions to capture market share amid the domestic substitution wave [1] Strategic Path Differences - Muxi appears to follow a traditional chip design model, focusing on GPU chip design, tape-out, and sales, with performance metrics directly linked to market acceptance [2] - Moore Threads demonstrates a stronger system thinking and ecosystem-building approach, positioning itself as a provider of integrated "chip + solution" services, aiming to establish market presence through end-to-end computing power services [2] Revenue Structure Concerns - Moore Threads' revenue forecast indicates that nearly 80% of its income for the first half of 2025 will come from "cluster construction" related businesses, raising questions about the sustainability of this revenue model [2][3] - The reliance on cluster construction projects, which may have lower profit margins and are more service-oriented, suggests that Moore Threads' standalone GPU chip market competitiveness is not fully realized [3] Market Perspectives - Some market views suggest that providing comprehensive computing power solutions from hardware to software is an effective way to penetrate the market and establish benchmark cases, which can lead to deeper customer understanding and future sales of independent chip products [4] - The analysis indicates that both companies' paths have their advantages and challenges, with Muxi's model testing core chip capabilities and standardization, while Moore Threads' model demands higher requirements for system integration and ecosystem operation [4] Industry Transition - The performance forecasts of Moore Threads and Muxi Co. reflect a critical transition for domestic GPUs from "technology validation" to "commercial expansion," following a logic of "hardware defining scenarios - ecosystem locking customers - cost sharing through scale" [4][5] - As high-performance chips like C600/C700 and ecosystems such as MUSA and MXMACA are produced, domestic GPUs are expected to break the monopoly of international giants in fields like AI training and scientific computing, positioning themselves favorably in the competitive global GPU market [5]

Group 1 - The term "BAT" is making a comeback in the AI era, with Baidu, Alibaba, and Tencent actively investing in AI technologies and chip development [1] - Baidu's Wenxin Yiyan is continuously updated, and plans to spin off Baidu Kunlun Chip for a Hong Kong IPO; Alibaba's Qianwen has announced a 3 billion yuan investment for a "Spring Festival Treat Plan" and is rumored to spin off its chip business, Pingtouge, for independent listing [1] - Tencent is also heavily investing in AI, with its subsidiary, Suiruan Technology, aiming for an IPO on the Sci-Tech Innovation Board to raise 6 billion yuan for advanced AI product development [1][3] Group 2 - Suiruan Technology is one of the earliest established companies among the "four little dragons" of domestic GPUs, and its successful IPO will mark a new phase of capitalizing the domestic GPU industry [3] - The founders of Suiruan Technology have strong backgrounds in the semiconductor industry, having previously worked at AMD, which adds to the company's credibility and attractiveness to investors [4][10] - Tencent is the largest shareholder and customer of Suiruan Technology, having invested over 3.4 billion yuan in various funding rounds, significantly contributing to the company's growth [12][15] Group 3 - Suiruan Technology's revenue is heavily reliant on Tencent, with Tencent contributing 71.84% of its revenue in the first nine months of 2025, up from 8.53% in 2022 [16][17] - The company has adopted a unique approach by focusing on specialized computing architecture (ASIC/DSA) rather than general-purpose GPUs, which differentiates it from competitors [19][20] - Suiruan Technology has developed its own programming ecosystem, "Yusuan TopsRider," which does not support compatibility with NVIDIA's CUDA, presenting both opportunities and challenges for market adoption [23][30] Group 4 - In 2024, NVIDIA held a 70% market share in AI accelerator card shipments in China, while Suiruan Technology's sales volume was only 38,800 units, representing approximately 1.4% market share [26] - The company plans to allocate 25% of its IPO proceeds to the development of fifth-generation AI chips and 20% to sixth-generation chips, indicating a focus on future technological advancements [27] - Suiruan Technology's close relationship with Tencent poses risks, as changes in Tencent's strategic direction could impact Suiruan's business stability [30][31]

Group 1: A-share IPO Market Overview - In January 2026, 17 companies were reviewed for IPOs in the A-share market, with 15 approved and 2 (Huikang Technology and Xinxing Technology) postponed, resulting in an approval rate of 88.24% [3][4] - The number of companies approved for IPOs in January 2026 significantly decreased from 28 in December 2025 [2][6] - Among the 17 companies, 11 are set to list on the Beijing Stock Exchange, continuing a trend of over 10 monthly IPO reviews since November 2025 [1][2] Group 2: Company-Specific Insights - Huikang Technology, primarily engaged in the research, production, and sales of refrigeration equipment, faced questions regarding the sustainability of its business performance due to a decline in revenue and net profit in 2025 [5][6] - The revenue and net profit of Huikang Technology for 2022, 2023, and 2024 were reported as 1.93 billion, 2.49 billion, and 3.24 billion yuan, with net profits of 197 million, 338 million, and 451 million yuan respectively [6] - In the first three quarters of 2025, Huikang Technology's revenue and net profit are expected to decline by 13.40% and 8.40% year-on-year [6] Group 3: Terminated IPOs - Four companies terminated their IPOs in January 2026, including Yadian Technology, which had over 50% of its sales revenue from Longi Green Energy in the first half of 2025 [2][7] - Yadian Technology's revenue figures from 2022 to the first half of 2025 showed a significant dependency on a few major clients, with a high customer concentration [9][10] Group 4: Hong Kong IPO Market Activity - The Hong Kong IPO market remained active in January 2026, with over 100 companies submitting applications, and all new stocks listed in January saw price increases on their debut [2][14] - Notably, the domestic large model enterprise MINIMAX-WP surged by 109.9% on its first trading day, achieving a market capitalization exceeding 100 billion HKD [14] - A total of 121 companies applied for IPOs in Hong Kong in January 2026, a significant increase from 80 in December 2025 [14]

Core Viewpoint - Shanghai Suiruan Technology Co., Ltd. (Suiruan Technology), one of the "Four Little Dragons" of domestic GPUs, is progressing towards its IPO on the Sci-Tech Innovation Board, with CITIC Securities as the sole sponsor. The company aims to enhance its value creation and address the bottlenecks in AI computing power through continuous product iteration and collaboration with industry partners [2][3][4]. Group 1: Company Overview - Suiruan Technology was established on March 19, 2018, with a registered capital of 387 million yuan. The company plans to raise 6 billion yuan through its IPO [4]. - The company is a leading player in China's cloud AI chip sector, focusing on original innovation and independent research and development to build a sustainable competitive advantage. It has developed four generations of architectures and five cloud AI chips over nearly eight years [4]. - Suiruan Technology's product portfolio includes AI chips, AI accelerator cards, intelligent computing systems, and AI computing software platforms [4]. Group 2: Market Position and Strategy - The company is currently in a loss-making state, similar to other domestic GPU manufacturers, which is seen as a strategic phase for hard-tech companies. Successful listing would mark a milestone in the maturity of China's AI foundational computing industry [3][7]. - The IPO is driven by three main factors: the need for funding to support high R&D investments, strategic positioning in the AI computing market, and the desire to enhance brand credibility [5]. - Suiruan Technology's sales volume of AI accelerator cards reached 38,800 units, capturing approximately 1.4% of the Chinese market, positioning it among the top domestic AI chip manufacturers [6]. Group 3: Financial Performance and Challenges - For the first three quarters of 2025, Suiruan Technology reported revenues of 540 million yuan and a net loss of 888 million yuan, with negative cash flow from operating activities of 770 million yuan [8]. - The company attributes its losses to high R&D costs associated with rapid product iteration and the need for extensive collaboration with supply chain partners to meet market demands [8][9]. - The high customer concentration is evident, with sales to Tencent accounting for 71.84% of total sales in the first three quarters of 2025, which affects pricing power and profit margins [9][10]. Group 4: Industry Context and Future Outlook - The listing of Suiruan Technology would complete the presence of the "Four Little Dragons" in the capital market, indicating a shift from the "seeding phase" to a "racing phase" in the domestic high-end GPU industry [11][14]. - The competition among the "Four Little Dragons" represents a battle of different technological paths and ecosystem strategies, with Suiruan Technology focusing on a differentiated niche route in cloud AI training and inference [13][14]. - The collective presence of these companies in the market is expected to accelerate the maturity of the domestic AI computing ecosystem, attracting more talent and resources to enhance competitiveness against international giants [14].

#平头哥芯片去年出货量数十万片# 【平头哥PPU芯片2025年出货量达数十万片 超过寒武纪】@科创板 日报 记者从接近阿里人士处获悉，平头哥真武PPU芯片出货量已达数十万片，超过寒武纪，在国产 GPU厂商中领先。截至发稿，记者未能从寒武纪获得进一步确认。（泽塔）#平头哥芯片去年出货量超 寒武纪# ...

第一，亏损收窄反映了国产GPU商业闭环的"破茧"时刻。长期以来，市场对国产GPU的质疑集中在"烧 钱能否持续"。但两家公司的2025年业绩预告给出了积极反馈：亏损正在显著收窄。数据显示，摩尔线 程预计2025年亏损收窄幅度为34.50%到41.30%；沐曦股份的表现更为突出，预计2025年的亏损收窄 43.36%至53.86%。 这种收窄并非靠压缩研发投入，而是源于产品获得市场认可、毛利结构改善和规模效应显现。当营收增 长率远超成本增长率时，意味着国产GPU已经度过"实验室产品"阶段，真正进入大规模商业交付带来的 盈利修复期。这是一个极其积极的信号：国产GPU正在从"输血维持"转向"自我造血"。 近日，国产GPU（图形处理器）"双子星"——摩尔线程与沐曦股份相继披露2025年业绩预告。数据呈现 出一幅极具张力的画面：一边是营业收入爆发式增长，其中，摩尔线程预增超230%，沐曦股份预增超 115%；而另一边，则是两家企业持续亏损。 2025年的业绩，对摩尔线程和沐曦股份而言，既是一枚勋章也是一面镜子。说它是勋章，营收倍增证明 了两家公司的产品正在被市场加速接受。说它是镜子，虽然两家公司都已经穿越了初创企业的"死 ...

Core Viewpoint - Muxi Integrated Circuit (Shanghai) Co., Ltd. is expected to report significant revenue growth for 2025, with projected revenues between 1.6 billion to 1.7 billion yuan, marking an increase of 115.32% to 128.78% compared to the previous year, despite still facing net losses [1][2]. Group 1: Financial Performance - The company anticipates a net loss of 650 million to 798 million yuan for 2025, which represents a reduction of 43.36% to 53.86% compared to a net loss of 1.409 billion yuan in 2024 [1]. - The projected non-GAAP net loss is expected to be between 700 million to 835 million yuan, narrowing by 20.01% to 32.94% year-over-year [1]. - Muxi's revenue has grown from less than 50,000 yuan in 2022 to approximately 1.6 billion yuan in 2025, achieving a compound annual growth rate of over 1450% over the past three years [1]. Group 2: Market Position and Product Development - The company has gained widespread recognition and continuous procurement from downstream customers, contributing to significant revenue growth during the reporting period [2]. - Muxi's stock price has experienced a notable decline, falling over 30% from its peak of 895 yuan per share at IPO to 577.2 yuan per share as of January 28, with a current market capitalization of approximately 230 billion yuan [2]. - Muxi launched the X Series GPU brand and product line, aimed at enhancing AI for Science (AI4S) innovation, covering key areas such as AI inference, AI training, graphics rendering, and scientific intelligence [3].

2025年的业绩，对摩尔线程和沐曦股份而言，既是一枚勋章也是一面镜子。说它是勋章，营收倍增证明 了两家公司的产品正在被市场加速接受。说它是镜子，虽然两家公司都已经穿越了初创企业的"死亡之 谷"，亏损有所收窄，但两家企业在战略上仍要时刻紧绷。 近日，国产GPU（图形处理器）"双子星"——摩尔线程与沐曦股份相继披露2025年业绩预告。数据呈现 出一幅极具张力的画面：一边是营业收入爆发式增长，其中，摩尔线程预增超230%，沐曦股份预增超 115%；而另一边，则是两家企业持续亏损。 第三，要抓住窗口机遇，在"限售真空期"跑出加速度。从全球范围来看，经过多年发展，GPU领域已经 基本形成了由英伟达和AMD组成的"一超一强"寡头垄断格局，两家企业拥有着很深的护城河。目前， 在先进显卡产品方面，相关方对我国市场实施限售。 我们要正视国际巨头GPU限售带来的"市场真空期"。这既是挑战，更是千载难逢的硬件迭代窗口。摩尔 线程与沐曦股份都在大力推进下一代全功能GPU的流片与量产。在国际巨头产品进不来、国内算力需求 （尤其是大模型训练）爆发式增长的这几年里，国产硬件必须加速缩小代差。 可喜的是，摩尔线程成功推出旗舰级训推一体全功能 ...