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 ...

上海天数智芯半导体股份有限公司（简称："天数智芯"，股票代码："9903"）今日在港交所上市。 天数智芯发行价144.60港元，发行25431800股，募资额约为36.77亿港元；扣非发行应付1.68亿港元，募资净额为35亿港元。 天数智芯基石投资者分别为中兴通讯（香港）、孩子王创始人汪建国旗下XN Mountain、Wind Sabre、UBS AM Singapore、华胜天成（香港）、Qin Wan、 OCM、通富旗下Ocean Fine Industrial、华泰场外掉期 —衡信基金管理、第四范式、安擎国际、Duckling Fund、汇添富（香港）、China Orient、华夏基金 （香港）、芯鑫控股、明山资本等，一共认购15.83亿港元。 | | | | 基於發售價每股H股144.6港元 | | | --- | --- | --- | --- | --- | | | | | | 佔紧隨全球發售完 | | | | | | 成後已發行 | | | | | 佔發售股份總數之 | 股份總數之 | | 基石投資者 | 投資總額 | 發售股份數目(1) | 概約百分比 | 概約百分比 | | 中興通訊(香港 ...

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].

有着"国产GPU四小龙"之称的天数智芯（09903.HK），于1月8日正式登陆港股。开盘后股价一度冲高逾30%，随后有所回落，截至发稿涨幅为16.18%，总市 值达427亿港元。 同为"四小龙"的壁仞科技（06082.HK）上市首日（1月2日）表现更为抢眼，收盘大涨75.82%，目前总市值突破800亿港元；而沐曦股份（688802.SH）与摩 尔线程（688795.SH）则选择在科创板上市，首日涨幅分别高达692.95%和425.46%，展现出市场对国产GPU龙头企业的强烈期待与追捧。 此次IPO，天数智芯全球发售2543.18万股，其中香港公开发售254.32万股，发行价定为每股144.60港元。扣除相关费用后，净募集资金约35.09亿港元。公司 计划将约80%的资金用于产品与解决方案研发，约10%用于销售与市场推广，其余10%作为营运资金及一般企业用途。 市场认购情绪火热。配发结果显示，香港公开发售获414.24倍认购，国际发售也实现10.68倍认购，反映出全球投资人对中国GPU国产替代进程的认可与信 心。 天数智芯此次招股引入了阵容豪华的基石投资者，包括中兴通讯（000063.SZ）（00763.HK） ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 天数智芯（09903）首挂上市，公告显示，每股定价144.6港元，共发行2543.18万股份，每手100股，所 得款项净额约35.09亿港元。截至发稿，股价上涨31.54%，报190.2港元，成交额4.14亿港元。 公开资料显示，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。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），天数智芯通 用GPU产品涵盖天垓及智铠系列，兼容国内外主流AI生态以及各类深度学习框架。 2022年-2024年，公司服务客户数已从22家跃升至181家，实现"三级跳"，截至2025年6月30日，产品已 在超过290名客户中完成超900次实际部署，并已覆盖金融服务、医疗保健及运输等众多领域，商业化落 地成效显著。2022年至2024年，公司出货量从7.8千片增至2024年的16.8千片，以及2025年上半年的15.7 千片，三年内翻倍增长。 责任编辑：卢昱君 天数智芯（099 ...

来源：子弹财经 2025年12月30日，国内头部通用GPU企业上海天数智芯半导体股份有限公司（以下简称"天数智芯"）正 式启动公开认购。截至2026年1月7日，超300倍的认购引发市场热议。不仅IPO认购火爆，暗盘涨幅也 一度超45%。 | 元后 | 214.000 | 最低 | 155.000 | | --- | --- | --- | --- | | 開市 | 155.000 | 前收 | 144.600 | | 成交审 | 6700 | 成交額 | 140.04萬 | | 本书馆 | 209.008 | 振幅 | 40.80% | | 總市值 → | 534.07億 | 總股本 | 2.54 ( | | 流通值 | 514.71億 | 流通股 | 2.45假 | | 市盈率TTM | 虧損 | 市盈率(靜) | 陈指 | | 市浮率 | 19.118 | 授手率 | 0.00% | | 受比 | 94.74% | ■ 比 | | | 股息TTM | | 股息率TTM | | | 股息LFY | | 股息率LFY | | | 52週最高 | 214.000 | 52週最低 | 155.000 | | 歷史 ...

明日(1月8日)在港挂牌上市的三只新股今日暗盘段全线收涨(根据富途行情数据)。其中： 被称为"AI六小虎"之一的AI大模型开发商智谱(2513.HK)今日暗盘段收报123.2港元，较招股价116.2港元 涨6.02%，每手100股，不计手续费，一手赚700港元。智谱致力开发通用大模型，根据弗若斯特沙利文 资料，按2024年收入计，智谱在中国独立通用大模型开发商中位列第一，在所有通用大模型开发商中位 列第二，市场份额为6.6%。2021年，智谱发布中国首个专有预训练大模型框架GLM框架，并推出模型 即服务(MaaS)产品开发及商业化平台。MaaS平台主要提供四类模型：语言模型、多模态模型、智能体 模型及代码模型，以及用于模型微调、部署及智能体开发的集成工具。 暗盘已收盘 01/07 18:29 (03 手术机器人公司精锋医疗-B(2675.HK)暗盘段收报60.15港元，较招股价43.24港元涨39.11%，每手100 股，不计手续费，一手赚1691港元。精锋医疗成立于2017年，致力于设计、开发及制造手术机器人，拥 有三款涵盖处于不同研发阶段的不同型号的产品及在研产品，包括用于微创手术的多孔腔镜手术机器人 及 ...

Core Viewpoint - TianShu ZhiXin is the first Chinese company focused on the research and commercialization of general-purpose GPUs, marking a significant transition from technological catch-up to commercial implementation in the domestic high-performance computing chip sector [3][5]. Group 1: IPO and Fundraising - TianShu ZhiXin initiated its IPO process on December 30, 2023, with plans to issue 25.43 million H-shares at an issue price of HKD 144.60 per share, aiming to raise approximately HKD 3.7 billion [3]. - The company has secured 18 cornerstone investors, who have subscribed to a total of HKD 1.583 billion in new shares, including notable institutions such as ZTE Corporation (Hong Kong) and UBS [3]. Group 2: Product Development and Technology - Since its establishment, TianShu ZhiXin has focused on the general-purpose GPU sector, creating a comprehensive computing service system that includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions [5]. - The company has achieved several breakthroughs in the general-purpose GPU field, launching its first training product, TianGai Gen1, in 2021, and subsequently introducing the inference series, ZhiKai Gen1 and Gen1X, in 2022 [5]. - Research and development expenditures have been significant, with amounts of RMB 456.6 million, RMB 615.9 million, and RMB 772.8 million over the past three years, representing 241.1%, 213.1%, and 143.2% of total revenue for those years, respectively [6]. Group 3: Ecosystem and Commercialization - TianShu ZhiXin has built a user-centered ecosystem that accelerates commercialization, achieving the earliest mass production and large-scale application among domestic general-purpose GPU companies [8]. - The company has expanded its customer base from 22 in 2022 to over 290 by June 30, 2025, serving various sectors including cloud computing, AI model development, and manufacturing [9]. - The revenue has grown from RMB 189.4 million in 2022 to RMB 539.5 million in 2024, with a compound annual growth rate of 68.8%, and a revenue of RMB 324.3 million recorded in the first half of 2025, representing a year-on-year growth of 64.2% [10].

Core Viewpoint - TianShu ZhiXin, a GPU company, has officially launched its public offering, aiming to raise approximately HKD 3.7 billion with an IPO market valuation of around HKD 35.44 billion [1][2]. Company Overview - TianShu ZhiXin plans to issue 25,431,800 H-shares, with 2,543,200 shares available for public offering in Hong Kong, accounting for 10% of the total [1]. - The company focuses on domestic general-purpose GPU chips and related solutions, having launched multiple products since 2021, including the "TianVai" and "ZhiKai" series [2]. Financial Performance - The company has shown rapid growth in revenue, with figures of CNY 189 million, CNY 289 million, and CNY 540 million for the years 2022 to 2024, representing a compound annual growth rate of 68.8% [2]. - In the first half of 2025, the company achieved revenue of CNY 324 million, reflecting a year-on-year growth of 64.2% [2]. Market Position and Strategy - Despite being in a loss-making position, the increasing revenue is seen as a sign of the company's commercial viability [3]. - The company has signed agreements with 18 cornerstone investors, raising approximately HKD 1.583 billion, indicating strong interest from both capital and industry sectors in the domestic GPU market [3]. Industry Context - The domestic GPU sector is experiencing a shift towards public markets, with other companies like BiRan Technology and MoEr Thread also preparing for listings [4]. - The growing demand for computing power and the deepening of AI applications are driving increased attention from the capital market towards GPU and related foundational computing enterprises [3].