中国智能计算芯片市场高度集中，前两大参与者占据94.4%的市场份额。预计中国企业在智能计算芯片 市场的合并份额将从2024年的约20%增长至2029年的约60%。 所得净额拟用于日后研发智能计算解决方案(包括硬件和软件平台)、智能计算解决方案的商业化(销售、 营销、技术支持)以及补充营运资金和一般公司用途。 公司开发通用图形处理器(GPGPU)芯片及基于GPGPU的智能计算解决方案，为AI提供算力支持。整合 自主研发的GPGPU硬件(包括BR106、BR110、BR166芯片)和专有的BIRENSUPA软件平台，形成智能计 算整体解决方案。其技术在大语言模型(LLMs)的预训练、后训练及推理方面性能强大、能效高。公司 采用无晶圆厂(Fabless)模式运营，委托第三方合约制造商进行芯片制造、组装、测试与封装。 公司战略性聚焦高算力需求的重点行业，截至最后实际可行日期，拥有未完成的在手订单约8.218亿元 人民币，并签订了价值约12.4亿元人民币的框架销售协议。客户群体主要是电信、AI数据中心和互联网 领域的领军企业。 壁仞科技通过港交所聆讯，中金公司（601995）、平安证券(香港)及中银国际为联席保荐人。 ...

Core Viewpoint - Shopify's business performance remains strong, with no significant impact on GMV despite changing market dynamics and tariff uncertainties [1][2][3] Financial Performance - In Q1 FY25, Shopify reported a 27% year-over-year revenue growth, with merchant solutions revenue increasing by 29% and subscription solutions revenue growing by 21% [1] - The gross margin for subscription revenue remains stable at around 80%, while payment solutions are increasingly contributing to revenue, which may exert downward pressure on gross margins [1][9] Market Expansion - Shopify has expanded payment coverage in multiple European countries, with European GMV growth outpacing local markets by three times [1] - The company has successfully onboarded major merchants, including VF Corporation and Follett Educational Group, enhancing its platform's merchant diversity [1] Merchant Dynamics - Shopify's merchant base is diverse, with varying impacts from tariffs; however, overall GMV remains unaffected [2] - The company has observed a strong performance in the SMB market, with large brands increasingly migrating to Shopify due to the limitations of traditional e-commerce platforms [4] AI Integration - AI has become integral to Shopify's operations, enhancing team efficiency and decision-making flexibility regarding marketing expenditures [5][6] - The company views the emergence of AI as a significant opportunity, ensuring that Shopify merchants can be discovered across various sales channels [12] Competitive Advantage - Shopify's point-of-sale business has shown a 23% growth in Q1, attracting large multi-location merchants and demonstrating a competitive edge through robust product features [10] - The company collaborates with major system integrators to provide a unified commerce system, enhancing its market position [11]