通用GPU公司天数智芯成功上市，"瑞幸操盘手"黎辉揽获3.4倍浮盈。 1月8日，天数智芯（9903.HK）登陆港交所，截至收盘，公司股价报156.8港元/股，涨幅8.44%，总市值 约400亿港元。 天数智芯是国内AI芯片行业主要参与者之一，此次上市共发行2543.18万股H股，发行价144.6港元/股， 总募资额约37亿港元。募集资金将用于通用GPU芯片及AI算力解决方案的研发与商业化、销售与市场 拓展等用途。 天数智芯是近期第四家上市的国产GPU公司，此前，摩尔线程（688795.SH）、沐曦股份 （688802.SH）、壁仞科技（6082.HK）先后登陆A、H股。 相较于前三家公司，天数智芯事实上成立时间更早，是国内最早推出通用GPU的公司。但从估值角度来 看，摩尔线程、沐曦股份、壁仞科技的最新市销率（TTM）分别为335倍、146倍、212倍，天数智芯的 市销率仅约56倍。 虽然市场关注度略逊色于其余几家GPU公司，但天数智芯的上市仍为上市前股东带来大笔浮盈。 天数智芯的第一大股东集团是由公司雇员及被动财务投资者持有的多家持股平台，上市后持股比例为 21.25%。第一大外部股东集团是由大钲资本旗下多家 ...

又一家国产通用GPU公司登陆资本市场。1月8日，天数智芯正式在港交所主板上市。该股上市首日一度 涨超30%，收盘涨8.44%，总市值为399亿港元，接近400亿港元。 天数智芯是2025年12月以来第四家上市的通用GPU公司，此前摩尔线程、沐曦股份和壁仞科技相继登陆 A股和港股市场，另一家GPU公司燧原科技也已开启上市辅导。 天数智芯同时宣布，将于1月26日正式发布未来三代GPGPU产品路线图，涵盖创新架构设计、高质量算 力基础设施及面向互联网的云端AI训练推理产品。业界预测2026至2028年，该路线图所涉新品将与英 伟达H200、B200系列展开正面角逐，标志着国产GPU加速进入高端AI算力市场。 此次港股IPO，公司的基石投资者阵容堪称豪华，总共引入中兴通讯、UBS AM Singapore、华胜天成 （600410）、第四范式、安擎国际、汇添富、华夏基金、芯鑫控股、明山资本等18家基石投资者，共计 认购15.83亿港元。公司吸金能力相当不俗，IPO前，公司累计募资超55亿元，背后有大钲资本、红杉中 国、元禾辰坤、邦盛资本、Princeville Capital、上海国盛、中关村科学城、第四范式、拓尔思 ...

记者从上海市经信委获悉，2025年1月至11月，上海集成电路产业营收规模达3912亿元，同比增长 23.72%，全年产业规模预计超4600亿元，同比增长24%，五年间产业规模翻了一番多，超额完成"十四 五"发展目标。亮眼成绩的背后，是上海AI芯片产业集群的强势崛起。 "四小龙"资本赛道集结冲锋 2026年开年，上海GPU芯片"四小龙"密集登陆资本市场，掀起了国产AI芯片抢滩资本赛道的热潮。 1月8日，天数智芯叩开港交所大门，成为第三家登陆资本市场的上海AI芯片龙头企业。 筹市属国有骨干企业开放应用场景，组织公开公平的技术评测与比武，帮助企业找准短板、快速迭代产 品能力；三是以上海张江为代表的产业园区集聚大量下游企业，实现高效的产业链协同，助力企业发 展。 资本市场的上海"芯"势力攻势迅猛。2025年12月17日，高性能通用GPU领先企业沐曦股份率先在上 海证券交易所科创板挂牌上市；2026年1月2日，来自上海闵行的壁仞科技登陆港交所，成为港股"国产 GPU第一股"，同时拿下港股2026年首只新股的头衔；加上1月1日已顺利完成首次公开发行股票辅导工 作的燧原科技，上海GPU芯片"四小龙"即将在资本版图聚齐，集群 ...

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. (stock code: 9903) has successfully listed on the Hong Kong Stock Exchange, marking a significant milestone for the domestic general GPU industry and reflecting the growing demand for AI computing power globally [1][6]. Fundraising and Investor Participation - TianShu ZhiXin issued shares at a price of HKD 144.60, raising approximately HKD 3.677 billion, with a net fundraising amount of about HKD 3.5 billion after deducting expenses [2][4]. - The cornerstone investors include notable firms such as ZTE Corporation (Hong Kong), XN Mountain, UBS AM Singapore, and others, collectively subscribing for HKD 1.583 billion [2][3]. Market Position and Product Development - The company focuses on developing general GPU chips and AI computing solutions, with around 80% of the raised funds allocated for R&D and commercialization over the next five years [4][10]. - TianShu ZhiXin has established a comprehensive product system, including general GPU products and AI computing solutions, and is recognized as the first domestic company to achieve mass production of inference and training general GPU chips [10][11]. Financial Performance - For the first half of 2025, the company reported revenue of RMB 324.26 million, a significant increase from RMB 197.43 million in the same period last year, with a gross profit of RMB 162.43 million [12][13]. - The company has experienced substantial losses, with net losses of RMB 609.32 million for the first half of 2025, compared to RMB 403.99 million in the same period last year [14][15]. Industry Outlook - The general GPU market is expected to grow rapidly, with a compound annual growth rate (CAGR) of 72.8% from 2022 to 2024, and continued strong growth projected from 2025 to 2029 [17]. - The demand for AI computing infrastructure is surging, driven by the rapid adoption of large language models in China, which is expected to significantly increase the need for AI chips [16][17]. Investment and Financing History - TianShu ZhiXin has successfully completed multiple financing rounds, raising over RMB 3.5 billion in its B round and RMB 8.2 billion in its C round, with a pre-financing valuation reaching RMB 100 billion in its D round [18][19]. Shareholding Structure - Major shareholders include DaChuang Capital with a 22.92% stake and other entities holding smaller percentages, reflecting a diverse investor base [20][22].

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising HKD 3.7 billion, indicating strong investor interest in the company and its future growth potential in the GPU and AI sectors [1]. Group 1: IPO and Market Performance - TianShu ZhiXin's shares opened at HKD 190.2, reflecting a 31.54% increase, with a market capitalization exceeding HKD 40 billion [1]. - The IPO saw a total of 25.43 million shares issued, with 10% allocated for public offering in Hong Kong, which was oversubscribed by approximately 414.24 times, while the international offering (90% of shares) was oversubscribed by 10.68 times [1]. Group 2: Fund Allocation and Strategic Goals - 80% of the raised funds will be invested in the research and commercialization of general-purpose GPU chips and AI computing solutions over the next five years [1]. - 10% of the funds will be used for sales and market expansion, while the remaining 10% will supplement working capital, aiming to create a positive cycle of "capital empowerment - technological breakthroughs - commercial scaling" [1]. Group 3: Market Position and Product Development - As China's first general-purpose GPU company, TianShu ZhiXin has developed a comprehensive product matrix covering both training and inference scenarios, with a strong R&D team of over 480 members, many of whom have over 20 years of industry experience [2]. - The company has established a complete ecosystem of "software and hardware collaboration," achieving end-to-end autonomy from compilers to libraries and frameworks, fully compatible with major AI frameworks like PyTorch and TensorFlow [2]. Group 4: Market Share Growth - The market share of domestic general-purpose GPUs in China has increased from 8.3% in 2022 to an expected 17.4% in 2024, with projections indicating it could exceed 50% by 2029 [1].

2026年1月8日，上海天数智芯半导体股份有限公司正式在香港联合交易所主板挂牌上市。根据其披露的 招股书，此次发行定价为每股144.60港元，共计募资约37亿港元。 根据弗若斯特沙利文提供的资料，天数智芯是国内首家实现训练与推理通用GPU芯片量产，并采用7nm 工艺技术达成该里程碑的芯片设计公司。公司成立于2015年，专注于提供通用GPU产品及AI算力解决 方案，产品组合涵盖"天垓"训练系列与"智铠"推理系列芯片及加速卡，以及基于此的通用GPU服务器与 集群解决方案。 财务数据显示，天数智芯近三年营收增长迅速。2022年至2024年，公司营收分别为1.89亿元、2.89亿元 和5.40亿元，年复合增长率达68.8%。2025年上半年，公司实现营收3.24亿元，同比增长64.2%。公司整 体毛利率维持在较高水平，2022年至2025年上半年，综合毛利率分别为59.4%、49.5%、49.1%和 50.1%。 在业务拓展方面，截至2025年6月30日，天数智芯已累计向超过290名客户交付超过5.2万片通用GPU产 品，在金融服务、医疗保健及运输等领域完成了超过900次部署应用。其产品出货量从2022年的7800片 ...

Core Viewpoint - The article discusses the successful IPO of TianShu Intelligent Chip Co., Ltd., a domestic GPU company, highlighting its market entry, growth trajectory, and competitive positioning in the GPU sector [3][4]. Group 1: Company Overview - TianShu Intelligent Chip was established in 2015 and is recognized as a pioneer in the domestic GPU market, being the first to achieve mass production of general-purpose GPU chips using 7nm technology [4][7]. - The company has raised over 5.5 billion RMB in funding prior to its IPO, supported by notable investors such as Dazhong Capital and Sequoia China [4][18]. - Following its IPO, the company achieved a market capitalization of 40.869 billion HKD, with a significant opening day stock price increase of over 30% [4][5]. Group 2: Business Development and Strategy - TianShu Intelligent Chip transitioned from focusing on computing acceleration hardware to specializing in general-purpose GPU chip development in 2018, aligning with industry trends [7][8]. - The company adopted a strategy of compatibility with the existing CUDA ecosystem to lower customer migration costs and facilitate market entry [9][10]. - By 2025, the company had expanded its customer base from 22 to 181, covering over 20 key industries and delivering more than 52,000 GPU chips [10]. Group 3: Financial Performance - The company reported revenues of 189 million RMB in 2022, 289 million RMB in 2023, and projected 539 million RMB in 2024, reflecting a compound annual growth rate of 68.8% [12][13]. - Despite significant revenue growth, TianShu Intelligent Chip has not yet achieved profitability, with cumulative losses reaching 2.872 billion RMB over the reporting period [13][14]. - The gross margin improved to 50.1% in the first half of 2025, up from 45.1% in the previous year, indicating a positive trend in profitability [14]. Group 4: Market Outlook - The general-purpose GPU market in China is projected to grow from 154.6 billion RMB in 2024 to 715.3 billion RMB by 2029, representing a 4.6-fold increase [20]. - The competitive landscape is intensifying as multiple domestic GPU companies, including TianShu Intelligent Chip, have entered the secondary market, shifting the focus from technological breakthroughs to large-scale production and market deployment [20].

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. (天数智芯) is set to officially list on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "9903", marking a significant milestone for the domestic general GPU industry [2][4]. Group 1: IPO Details - TianShu ZhiXin issued a total of 25,431,800 shares in its IPO, with a subscription rate of 414.24 times for the Hong Kong public offering and 10.68 times for the international offering [2]. - The company raised a total of 3.677 billion HKD through the IPO, with an opening price of 190.2 HKD per share, resulting in a market capitalization exceeding 48.3 billion HKD [4]. Group 2: Strategic Alignment and Product Development - The company has aligned its development path with national strategies, focusing on the general GPU sector, which is crucial for national technological security and industrial competitiveness [4][5]. - TianShu ZhiXin has achieved several milestones, including being the first in China to develop general GPU chips independently, launching its first product, TianYuan Gen 1, in 2021, and achieving mass production of inference GPUs in 2022 [4][6]. Group 3: Market Penetration and Financial Performance - The company's product matrix covers core application scenarios such as cloud training and edge inference, penetrating key industries like finance, healthcare, and education, supporting over 450 AI models [5][6]. - As of June 30, 2025, TianShu ZhiXin has shipped over 52,000 units and expanded its customer base from 22 to 290, achieving significant commercial deployment [8]. - Revenue has grown from 189 million CNY in 2022 to 540 million CNY in 2024, with a compound annual growth rate of 68.8%, and a 64.2% year-on-year increase in the first half of 2025 [8]. Group 4: Future Plans and Industry Impact - Approximately 80% of the funds raised will be allocated to R&D and commercialization of general GPU chips and AI solutions, while 10% will be used for sales and market expansion [8]. - The domestic general GPU market share is projected to rise from 8.3% in 2022 to 17.4% in 2024, with expectations to exceed 50% by 2029, indicating a structural transformation in the industry [9].

1月8日，中国首家通用GPU企业天数智芯(9903.HK)今日在港挂牌上市，盘初一度涨超32%至192港元， 市值升至487亿港元；每手100股，不计手续费，一手赚4740港元。本次IPO，天数智芯发售2543万股， 每股发行价144.6港元。 本文源自：格隆汇 ...

在国内通用GPU产业发展进程中，天数智芯书写了多个"行业第一"，公司不仅是首家实现推理型通用 GPU芯片量产的企业，亦是首家达成训练型通用GPU芯片量产的企业，更开创性地成为国内首家采用先 进7nm工艺技术达成该等里程碑的企业。这一系列里程碑式成就，不仅彰显了公司深厚的技术积淀，更 奠定了其在国内通用GPU领域的先发优势与行业地位。 中国首家通用GPU企业天数智芯(9903.HK)今日在港挂牌上市，盘初一度涨超32%至192港元，市值升至 487亿港元；每手100股，不计手续费，一手赚4740港元。本次IPO，天数智芯发售2543万股，每股发行 价144.6港元。 天数智芯提供针对不同行业的通用GPU产品及AI算力解决方案。有分析人士称，作为国内通用GPU领 域的头部企业，凭借其在核心技术与生态布局上的多重核心优势，有望借助资本赋能进一步扩大竞争壁 垒，其长期发展极具想象空间。 ...