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].