Core Viewpoint - Wallen Technology (06082) has successfully listed its shares at a price of HKD 19.60, raising a net amount of HKD 5.375 billion, with a significant initial surge of 82.14% to HKD 35.7 per share, indicating strong market interest and investor confidence [1]. Group 1: Company Overview - Wallen Technology was established in 2019 and focuses on developing GPGPU chips and intelligent computing solutions based on GPGPU technology to provide the computational power required for AI [1]. - The company integrates its self-developed GPGPU-based hardware with its proprietary BIRENSUPA software platform, supporting a wide range of applications for AI model training and inference from cloud to edge [1]. Group 2: Financial Performance - Wallen Technology's revenue is projected to grow dramatically from RMB 499,000 in 2022 to RMB 337 million by 2024, reflecting a compound annual growth rate (CAGR) of 2500% [1]. Group 3: Product Development - The company has successfully developed and mass-produced two chip models, BR106 and BR110, and has launched a higher-performance chip, BR166, which began mass production in 2025 [1]. - In addition to its existing product lineup, Wallen Technology plans to introduce next-generation flagship data center chips, the BR20X and BR30X series, based on a second-generation architecture [1].

Core Viewpoint - Wallen Technology (06082) has successfully listed its shares at a price of HKD 19.60, raising a net amount of HKD 5.375 billion, with a significant initial price increase of 82.14% to HKD 35.7 per share [1] Company Overview - Wallen Technology was established in 2019 and focuses on developing GPGPU chips and intelligent computing solutions based on GPGPU to provide the foundational computing power required for AI [1] - The company integrates its self-developed GPGPU-based hardware with its proprietary BIRENSUPA software platform, supporting AI model training and inference across a wide range of applications from cloud to edge [1] Financial Performance - From 2022 to 2024, Wallen Technology's revenue is projected to grow from RMB 499,000 to RMB 337 million, achieving a compound annual growth rate (CAGR) of 2500% [1] Product Development - Wallen Technology has successfully developed and mass-produced two chip models, BR106 and BR110, and has launched a higher-performance chip, BR166, which began mass production in 2025 [1] - The company plans to introduce next-generation flagship data center chips, BR20X and BR30X series, based on a second-generation architecture [1]

Core Viewpoint - Wallan Technology, known as the "first GPU stock in Hong Kong," has launched its IPO, aiming to issue 247.69 million shares at a price range of HKD 17.00 to 19.60 per share, highlighting its growth trajectory over the past five years and the potential of the domestic AI chip market [1][12][13]. Company Overview - Wallan Technology was founded in September 2019 by Zhang Wen, with initial revenue of RMB 62 million in 2023 projected to grow to RMB 337 million in 2024, supported by unfulfilled orders worth RMB 822 million and framework agreements totaling RMB 1.241 billion [1][13]. - The company is currently in a loss-making state, with net losses of RMB 1.474 billion, RMB 1.744 billion, and RMB 1.538 billion from 2022 to 2024, and an estimated loss of RMB 1.6 billion by mid-2025 [4][17]. Market Position - In the Chinese intelligent computing chip market, Wallan Technology holds a market share of 0.16% and 0.20% in the GPGPU market for 2024, while the market is dominated by Nvidia and Huawei, which together account for 94.4% of the market share [2][13]. - The domestic AI chip market is expected to grow significantly, with Wallan Technology's IPO potentially enhancing its competitive position [14]. Financial Performance - The company's revenue is expected to rise to approximately RMB 337 million in 2024, with a gross margin of 53.2%, reflecting a year-on-year increase in average transaction value by 113.64% to RMB 9.4 million [3][16]. - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction counts rising from 9 to 33 [3][16]. Product Development - Wallan Technology has developed its first-generation GPGPU architecture and is working on the second generation, with products like BR106 and BR110 already in production, and the BR166 chip expected to double the performance of BR106 [6][18]. - The company plans to launch the next-generation flagship data center chip BR20X by 2026, with further products like BR30X and BR31X expected by 2028 [20][21]. Strategic Partnerships - Wallan Technology has established strategic partnerships to enhance its product offerings and market reach, including a collaboration with an IT company to develop AI infrastructure solutions, resulting in significant sales orders [20][21]. - The company is also focused on building a software ecosystem with its BIRENSUPA platform, which supports third-party GPGPU software, aiming to reduce migration costs to its products [21]. Investment and Funding - Since its establishment, Wallan Technology has undergone 13 rounds of financing, with notable investors including IDG Capital and Qiming Venture Partners, and the latest funding round occurred in March 2023 [22].

Core Insights - Wallan Technology, one of the "four little dragons" of domestic GPUs, is preparing for an IPO in Hong Kong, showcasing its growth over the past five years [1] - The company reported revenue growth from 62 million RMB in 2023 to 337 million RMB in 2024, with a backlog of 822 million RMB in unfulfilled orders and an additional 1.241 billion RMB in framework agreements and contracts awaiting release [1] - Despite being in a loss-making state, Wallan Technology has launched a series of products based on its first-generation GPGPU architecture and is advancing its second-generation architecture [1] Company Performance - Revenue for Wallan Technology increased from 499 thousand RMB in 2022 to 62 million RMB in 2023, and is projected to reach 337 million RMB in 2024 [5] - The gross profit for 2024 is expected to be 179 million RMB, with a gross margin of 53.2% [6] - The company has seen a significant increase in average transaction value, rising 113.64% year-on-year to 9.4 million RMB [6] Market Position - The domestic AI chip market is currently dominated by Nvidia and Huawei, which together hold 94.4% of the market share, while domestic AI chips have not exceeded 1% market share [1] - Wallan Technology holds a market share of 0.16% in the smart computing chip market and 0.20% in the GPGPU market in China for 2024 [1] Product Development - Wallan Technology has developed its first-generation GPGPU architecture and launched two chips, BR106 and BR110, with the BR166 chip expected to offer double the performance of BR106 [12][15] - The company plans to commercialize the next-generation flagship data center chip, BR20X, by 2026, with further products like BR30X and BR31X planned for 2028 [15] Customer Base and Sales - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction numbers rising from 9 to 33 [6][10] - The revenue contribution from the largest customer decreased from 85.7% in 2023 to 33.3% by mid-2025, indicating a diversification of the customer base [9] Financial Overview - Wallan Technology reported net losses of 1.474 billion RMB in 2022, 1.744 billion RMB in 2023, and 1.538 billion RMB in 2024, with cumulative losses exceeding 6.3 billion RMB over three and a half years [9] - R&D expenditures were significant, with 1.018 billion RMB in 2022, 885 million RMB in 2023, and 826 million RMB in 2024, accounting for approximately 79.8%, 76.4%, and 73.7% of total operating expenses respectively [9] Strategic Partnerships - Wallan Technology has formed strategic partnerships to enhance its product offerings and market reach, including a collaboration with an IT company to develop smart computing solutions [14][17] - The company is also focused on building a software ecosystem to support its hardware products, which includes the BIRENSUPA software platform [17]

Core Viewpoint - Longxin Zhongke (688047.SH) has released an investor relations activity record, highlighting the development of its first GPGPU chip, the 9A1000, which integrates graphics and AI computing capabilities for AIPC applications [1] Group 1 - The 9A1000 chip was delivered for tape-out at the end of September but will require additional time for further development [1] - The company is focusing on the development of the 3D7000 server chip, which will utilize advanced Xnm process technology and is expected to be a key project from 2025 to 2027 [1] - There is a possibility of developing a 16-core server chip, the 3C6600, using the 1Xnm process technology, depending on the progress of Xnm technology [1] Group 2 - Longxin Zhongke has already initiated IP design work for advanced Xnm process technology [1]