天数智芯成立于2015年，提供针对不同行业的通用GPU产品及AI算力解决方案。公司的产品组合主要包括通用GPU芯片及加速卡，以及定制 AI算力解决方案(包括通用GPU服务器及集群)，将硬件与专有的软件栈结合，以满足客户在训练及推理场景中的特定需求。根据弗若斯特沙利 文的资料，在中国芯片设计公司中，该公司是首家实现推理通用GPU芯片量产的公司，首家实现训练通用GPU芯片量产的公司，及首家采用先 进7nm工艺技术达成该等里程碑的公司。此次IPO，天数智芯全球发售约2543.18万股股票，首发募集资金约36.77亿港元。截至定稿，该公司市 值为408.43亿港元。华泰国际为其独家保荐人。 港交所主板的成功上市，将极大提升天数智芯的行业影响力，推动天数智芯品牌走向世界，促进公司治理更规范透明。 2026年1月8日，来自上海的通用GPU芯片设计公司—上海天数智芯半导体股份有限公司（以下简称"天数智芯"），成功在港交所主板IPO上 市。 ...

Core Viewpoint - TianShu ZhiXin successfully listed on the Hong Kong Stock Exchange, with an opening price of HKD 190.2, a rise of over 30% from the issue price of HKD 144.6, and a closing price of HKD 156.8, giving the company a market capitalization of nearly HKD 40 billion [1] Group 1: IPO and Market Performance - The IPO involved the issuance of approximately 25.43 million shares, with the Hong Kong public offering receiving an oversubscription of 414.24 times and the international offering receiving 10.68 times [1] - The total funds raised amounted to approximately HKD 3.7 billion, with 80% allocated for the research and commercialization of general-purpose GPU chips and AI computing solutions over the next five years [1] - Eighteen cornerstone investors participated in the IPO, including industry leaders like ZTE Corporation and Fourth Paradigm, as well as domestic and international institutions such as UBS and Huatai Asset Management, with a total subscription amount of HKD 1.583 billion [1] Group 2: Product Development and Market Position - TianShu ZhiXin, established in 2015, is recognized as one of the "Four Little Dragons" of domestic GPU alongside MuXi, BiRan Technology, and MoEr Thread [1] - The company has two main product lines: TianGai for AI computing training and ZhiKai for inference tasks, with the latest GPU product, TianGai Gen 3, expected to achieve mass production in Q1 of this year [1] - The company has seen a significant increase in GPU shipments, rising from 7,800 units in 2022 to 16,800 units in 2024, with 15,700 units delivered in the first half of 2025, nearing the total for 2024 [2] Group 3: Financial Performance - Revenue has grown from CNY 189 million in 2022 to CNY 540 million in 2024, with a compound annual growth rate of 68.8%, and revenue for the first half of 2025 reached CNY 324 million, a year-on-year increase of 64.2% [2] - The company maintains a gross margin around 50%, but it is currently operating at a loss, with losses of approximately CNY 554 million, CNY 817 million, CNY 892 million, and CNY 609 million from 2022 to the first half of 2025 [2] - The primary reasons for the losses are attributed to the continuous increase in research and development costs, administrative expenses, and sales and distribution costs, with R&D expenditures exceeding 140% of revenue during the same period [2]

精锋医疗专注于外科手术机器人系统，业务涵盖多孔腹腔镜手术机器人系统、单孔腹腔镜手术机器人系统、支 气管镜手术机器人及超高清立体内窥镜等产品管线。2023至2024年，及2025年上半年，精锋医疗营收分别为 4804万元、1.60亿元、1.49亿元，相应的净亏损分别为 2.13亿元、2.19亿元、8909万元。 1月8日，精锋医疗、天数智芯、智谱同日登陆港交所，共募集资金92.24亿港元。 1、精锋医疗 首日开盘，精锋医疗每股报59港元，较发行价上涨36.45%。该股开盘后急速下行后回升，至发稿前，每股报55.4 港元，涨幅28.12%。 | र ने क | 59.000 | | 最高 | 60.000 | | 成交量 | 1153万股 | | --- | --- | --- | --- | --- | --- | --- | --- | | 昨收 | 43.240 | | 最低 | 48.000 | | 成交额 | 6.45 Z | | 换手率 | 3.56% | | 市盈(TTM) | 亏损 | | 总市值 | 214.80亿 | | 分时 | モ日 | 日K | 国K | 月K | 季K | 年K | ...

招股书显示，2022、2023、2024年，公司的研发投入分别为约4.56亿元、6.16亿元、7.73亿元，分别占 同年总营收的241.1%、213.1%、143.2%。2025年上半年，公司的研发投入约为4.51亿元。 1月8日，上海天数智芯半导体股份有限公司（下文简称为"天数智芯"）正式在港交所主板挂牌上市。至 此，"国产GPU四小龙"齐聚资本市场。 当日上午，天数智芯开盘涨31.54%，报190.2港元。随后涨幅有所收窄，截至发稿，天数智芯上涨 11.13%，报160.7港元/股，总市值约408.7亿港元。 根据招股书，天数智芯拟全球发售2543万股，其中香港公开发售占10%，其余为国际配售。以每股 144.60港元的发行价计算，此次募资额约为37亿港元。其中，80%募资将投入未来五年通用GPU芯片及 AI算力解决方案的研发与商业化，10%用于销售与市场拓展，剩余10%补充营运资金。 在此次发行中，公司引入了18家顶级投资方组成的基石团队，共计拟认购15.83亿港元的发售股份，包 括中兴通讯（香港）、UBS AM Singapore、华胜天成（香港）、第四范式、安擎国际、汇添富（香 港）、华夏基金（香港 ...

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. is launching an IPO to raise approximately HKD 3.7 billion (around RMB 3.33 billion) with a market valuation of HKD 35.44 billion (approximately RMB 31.93 billion) upon listing on the Hong Kong Stock Exchange [1] Group 1: IPO Details - The IPO will issue 25.43 million H-shares, with 10% allocated for public offering in Hong Kong and 90% for international placement [1] - The company has secured a cornerstone investment team of 18 top investors, including ZTE Corporation (Hong Kong) and UBS AM Singapore, committing to purchase shares worth HKD 1.583 billion [1] Group 2: Company Background - Founded in 2015 in Nanjing, TianShu ZhiXin initially focused on computing acceleration hardware and software, later shifting to general-purpose GPU chips and AI computing solutions [1] - The CEO, Gai Lujiang, has 17 years of financial and investment experience and holds a degree from Central University of Finance and Economics [1] Group 3: R&D and Financial Performance - As of June 30, 2025, the R&D team will exceed 480 members, with over one-third having more than 10 years of experience in chip design and general-purpose GPU software development [2] - Revenue for 2022, 2023, and 2024 is projected at RMB 189.37 million, RMB 289.04 million, and RMB 539.51 million, respectively, with a compound annual growth rate of 68.8% [4] - Despite revenue growth, net losses are expected to increase due to rising R&D, administrative, and sales expenses [4][5] Group 4: Market Position and Competition - The company has launched two product lines: "TianGai" for training and "ZhiKai" optimized for AI inference, with shipments increasing from 7,800 units in 2022 to 16,800 units in 2024 [3] - In the AI chip market, the top two players (NVIDIA and Huawei HiSilicon) hold a combined market share of 94.4%, indicating a highly concentrated competitive landscape [5]

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. has successfully passed the Hong Kong Stock Exchange listing hearing, indicating the potential addition of another domestic GPU company to the market [1] Group 1: Company Overview - TianShu ZhiXin was established in 2015 in Nanjing, initially focusing on computing acceleration hardware and software, later shifting to general GPU chips and AI computing solutions [2] - The CEO and Chairman, Gai Lujian, has 17 years of financial and investment experience, and the executive team includes members with backgrounds from AMD and NVIDIA [2] Group 2: Product Development - The company has launched two major product lines: "TianGai" for training and "ZhiKai" for AI inference optimization [4] - The first generation of the TianGai series, TianGai Gen1, was the first mass-produced general GPU in China, and the second generation, TianGai Gen2, is set for mass production in Q4 2023 [4] Group 3: Financial Performance - Revenue for 2022, 2023, and projected for 2024 is RMB 189.37 million, RMB 289.04 million, and RMB 539.51 million, respectively, with a compound annual growth rate of 68.8% [5] - Despite revenue growth, net losses are increasing, with projected losses of RMB 6.09 billion in the first half of 2025 due to rising R&D and administrative costs [6] Group 4: R&D Investment - R&D expenditures from 2022 to 2025 are RMB 4.56 billion, RMB 6.16 billion, and RMB 7.73 billion, representing 241.1%, 213.1%, and 143.2% of total revenue for those years [6] - The company has completed multiple funding rounds from various investment firms, raising over RMB 34.5 billion in total [6]