在人工智能浪潮席卷全球的当下，一块小小的芯片成了科技竞争的核心战场，其中，被称为AI大脑发动机的GPU芯片，长期被海外巨头垄断。 就在近期，国产GPU领域传来重磅消息：成立仅6年的壁仞科技顺利通过港交所聆讯，拿到了赴港上市的关键通行证，有望成为港股GPU第一股。 这个消息在资本市场和科技圈都掀起了不小的波澜，要知道，这家备受瞩目的科技巨头，截至2025年6月累计亏损已经超过63亿元。 在持续亏损的情况下依然坚决冲刺上市，背后既有国产芯片突围的迫切需求，也藏着整个行业资本化的深层逻辑。 先把时间线拉清楚，这场上市攻坚战的关键节点格外清晰，2025年12月15日，中国证监会披露了壁仞科技的境外上市备案通知书，公司计划发行不超过3.72 亿股普通股。 仅仅两天后的12月17日，港交所聆讯顺利通过，意味着上市进程进入了最后的冲刺阶段。 对于一家2019年才成立的公司来说，6年时间就走完从初创到冲刺资本市场的全程，速度之快在硬科技领域并不多见。 很多人会疑惑，6年亏了63亿，这样的公司为什么还能获得资本市场的青睐？其实看懂背后的核心逻辑，就不会觉得意外。 硬科技领域的研发从来都是烧钱的持久战，尤其是芯片研发，从设计到量 ...

Core Viewpoint - The article discusses the growth and IPO journey of Zhaoxin Integrated, a Chinese semiconductor company aiming to become the "Chinese Intel" by developing domestic CPUs and achieving significant financial backing and government support [4][6][20]. Group 1: Company Overview - Zhaoxin Integrated has applied for an IPO on the Sci-Tech Innovation Board, focusing on domestic CPU development and achieving full control over the research and development of general-purpose processors and supporting chips [4][6]. - The company has received substantial support from various investors, leading to a valuation of 19 billion yuan [6][23]. - Zhaoxin Integrated's growth reflects the broader development of domestic CPUs in China, initiated by major technology projects since 2006 [9][8]. Group 2: Financial Performance - The company reported revenues of 340 million yuan in 2022, increasing to 555 million yuan in 2023, and projected to reach 889 million yuan in 2024 [18]. - Despite revenue growth, Zhaoxin Integrated is currently operating at a loss, with net losses expanding from 727 million yuan in 2022 to 951 million yuan in 2024 [18]. - The company plans to raise over 4.1 billion yuan through its IPO to fund new processor projects and R&D initiatives [18]. Group 3: Investment and Support - Zhaoxin Integrated has secured significant funding from various investment firms, including Guotai Junan Venture Capital and Shanghai Integrated Circuit Industry Fund, among others [5][16]. - The company has invested over 2.7 billion yuan in R&D over the past three years and approximately 1.8 billion yuan to acquire technology from VIA Technologies [14][13]. - The support from local government and investors has been crucial for Zhaoxin Integrated's rapid development and market positioning [5][11]. Group 4: Industry Context - The article highlights a wave of IPOs among domestic semiconductor companies, including Zhaoxin Integrated, which is part of a broader trend of Chinese firms aiming to establish themselves in the CPU and GPU markets [20][22]. - Other notable companies in this space include Moore Threads and Wallen Technology, which are also pursuing IPOs and have received substantial investment [20][21]. - The Chinese government is facilitating the IPO process for unprofitable semiconductor companies, indicating a supportive regulatory environment for the industry [23].