Group 1 - The core point of the article is the upcoming IPO of Wallran 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][25] - Wallran Technology specializes in developing general-purpose GPU chips and intelligent computing solutions, providing full-stack support for AI training and inference from cloud to edge [2][10] - The company has developed two key chips, the Bili 106 and Bili 110, designed for training and inference, with the Bili 106 supporting virtualization and hardware security, while the Bili 110 is optimized for edge inference [4][10] Group 2 - Wallran's revenue has grown significantly, from 500,000 yuan in 2022 to 337 million yuan in 2024, with a 50% year-on-year increase in the first half of this year, reaching 58.9 million yuan [12][16] - The company's gross profit has also increased, with gross profits of 500,000 yuan in 2022, 47.4 million yuan in 2023, and 179.2 million yuan in 2024, although the gross margin has fluctuated [14][16] - Wallran's operational model is a "fabless" approach, focusing on R&D and design while outsourcing chip production, which has positively impacted its financial metrics [11][12] Group 3 - The company has a strong leadership team, including founder Zhang Wen, who has a background in law and business, and other key members with extensive experience in the semiconductor industry [17][19] - Wallran has attracted significant investment, completing 10 rounds of financing since its establishment, with notable investors including Qiming Venture Partners and IDG Capital, leading to a valuation increase from 1.3 billion yuan shortly after founding to 20.9 billion yuan as of August this year [22][25] - The company aims to launch the second-generation architecture Bili 20X series by 2026 and the Bili 30X and 31X chips by 2028, indicating a strong pipeline for future product development [6][10]

如果IPO顺利，壁仞科技有望成为"港股国产GPU第一股"。 就在15日，壁仞科技刚刚获得境外发行上市备案通知书。据中国证监会官网，壁仞科技拟发行不超过 3.72458亿股普通股，并在香港联合交易所上市流通。 招股书显示，壁仞科技此次IPO募集资金主要将用于日后研发智能计算解决方案，包括智能计算硬件的 发展、软件平台的开发及升级、智能计算解决方案的商业化、补充营运资金及推进BR20X、BR30X等 下一代GPGPU芯片的开发。 历经多轮融资，壁仞科技在2025年8月隐含的投资后估值达到209.15亿元。代表性投资人包括上海国投 先导基金、上海人工智能产业投资基金、广州产投、知识城集团等知名国资平台，启明创投、华登、高 瓴创投、IDG国际等顶尖创新科技及半导体投资基金，以及平安集团、中兴通讯、中芯聚源等产业投资 方。 从财务数据来看，壁仞科技仍然处于商业化早期阶段，虽然在过去三年时间业绩实现强劲增长，但是尚 未实现盈利。 在摩尔线程、沐曦股份纷纷上市暴涨的大背景下，又一家国产GPU独角兽要上市了。 招股书披露，2022年、2023年、2024年、2025年1-6月，壁仞科技收入分别为49.9万元、6203万元、3 ...

在摩尔线程、沐曦股份纷纷上市暴涨的大背景下，又一家国产GPU独角兽要上市了。 12月17日，香港联交所披露的资料显示，国产GPU独角兽壁仞科技已正式通过港交所聆讯，中金公司（601995）、平安证券、中银国际担任联席 保荐人。 如果IPO顺利，壁仞科技有望成为"港股国产GPU第一股"。 就在15日，壁仞科技刚刚获得境外发行上市备案通知书。据中国证监会官网，壁仞科技拟发行不超过3.72458亿股普通股，并在香港联合交易所 上市流通。 招股书显示，壁仞科技此次IPO募集资金主要将用于日后研发智能计算解决方案，包括智能计算硬件的发展、软件平台的开发及升级、智能计算 解决方案的商业化、补充营运资金及推进BR20X、BR30X等下一代GPGPU芯片的开发。 历经多轮融资，壁仞科技在2025年8月隐含的投资后估值达到209.15亿元。代表性投资人包括上海国投先导基金、上海人工智能产业投资基金、 广州产投、知识城集团等知名国资平台，启明创投、华登、高瓴创投、IDG国际等顶尖创新科技及半导体投资基金，以及平安集团、中兴通讯、 中芯聚源等产业投资方。 从财务数据来看，壁仞科技仍然处于商业化早期阶段，虽然在过去三年时间业绩实现强 ...

Core Insights - Wallen Technology, established in 2019, specializes in intelligent computing solutions and has received multiple awards, including the SAIL award at the World Artificial Intelligence Conference [2] - The company plans to go public in Hong Kong in 2025, with funds primarily allocated for R&D in intelligent computing solutions [6] - Wallen's revenue is projected to grow from 0.499 million RMB in 2022 to 337 million RMB in 2024, reflecting a compound annual growth rate of 2500% [5] Product Roadmap - Wallen has launched several chip products, including the Wallen 106 and 110, with total sales exceeding 12,000 units [2] - The Wallen 166 chip was introduced this year, while the Wallen 20X series is expected to be commercialized by 2026, enhancing support for various data formats [2][34] - Future products, Wallen 30X and 31X series, are planned for commercialization in 2028 [2][34] Financial Performance - Wallen's revenue for 2022, 2023, 2024, and the first half of 2025 is reported as 0.499 million RMB, 62.03 million RMB, 337 million RMB, and 589 million RMB respectively, with net losses of -14.74 billion RMB, -17.44 billion RMB, -15.38 billion RMB, and -16.01 billion RMB [15][18] - The company has incurred a total R&D expenditure of 3.302 billion RMB since its inception, with a cumulative net loss of 6.357 billion RMB [18] Market Position - Wallen is expected to capture approximately 0.2% of the Chinese intelligent computing chip market, which is projected to reach $50.4 billion by 2025 [10][12] - The company holds a market share of 0.16% in the Chinese intelligent computing chip market and 0.20% in the GPGPU market as of 2024 [14] Customer Base - Wallen's revenue from its top five customers accounted for over 90% of total revenue in recent years, indicating a concentrated customer base [44][47] - The company has established partnerships with major telecom operators in China, facilitating large-scale deployments of its intelligent computing solutions [44] Team and Expertise - The founder and CEO, Zhang Wen, has extensive experience in corporate management and law, previously serving as the president of SenseTime [25] - The core technical team includes experts from leading companies such as Huawei, NVIDIA, and AMD, with a significant portion of the workforce dedicated to R&D [36][42] Technology and Innovation - Wallen's technology is built on five key pillars, including proprietary GPGPU architecture and a software platform designed to optimize performance for AI applications [39][42] - The company has filed 1,158 patent applications, making it one of the leading GPGPU companies in China in terms of patent filings [42]