Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for R&D, sales, and marketing efforts [1] Group 1: Company Overview - TianShu ZhiXin was established in 2015 and specializes in providing general-purpose GPU products and AI computing solutions across various industries [1] - The company has achieved significant milestones, being the first in mainland China to mass-produce inference and training general-purpose GPU chips, as well as the first to utilize advanced 7nm process technology for these products [1] Group 2: Product and Market Performance - The shipment volume of TianShu ZhiXin's general-purpose GPU products has shown consistent growth, increasing from 7,800 units in 2022 to 16,800 units in 2024, with a projected 15,700 units for the first half of 2025 [1] - The company has delivered over 52,000 general-purpose GPU products to more than 290 customers across various sectors, including finance, healthcare, and transportation, with over 900 deployments [2] Group 3: Financial Performance - Revenue figures for TianShu ZhiXin during the reporting period are as follows: 189 million yuan in 2022, 289 million yuan in 2023, 540 million yuan in 2024, and 324 million yuan in the first half of 2025, reflecting a compound annual growth rate of 68.8% from 2022 to 2024 [2] - The revenue from general-purpose GPU products constituted 99.6%, 92.3%, 68.5%, and 85.3% of total revenue during the respective years, while AI computing solutions contributed 0%, 5.4%, 30.8%, and 13.2% [2] Group 4: Losses and R&D Investment - TianShu ZhiXin has not yet achieved profitability, reporting net losses of 554 million yuan, 817 million yuan, 892 million yuan, and 609 million yuan during the reporting period, totaling 2.872 billion yuan in cumulative losses [3] - The company has made substantial investments in R&D, with expenditures of approximately 456 million yuan, 616 million yuan, 773 million yuan, and 451 million yuan, representing 241.1%, 213.1%, 143.2%, and 139.2% of total revenue in the respective years [4] Group 5: Customer Base and Shareholding - The total number of customers has increased from 22 to 181 over the reporting period, with a steady growth in the shipment of general-purpose GPU products [4] - Prior to the IPO, major shareholders include a holding platform with 23.61%, DaCheng Capital with 22.92%, and other investors such as Hainan ShuXin and YunBo Capital [4]

Group 1 - Shanghai Tensu Zhixin Semiconductor Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, marking a significant step towards its IPO [1] - Tensu Zhixin is recognized as a leading provider of general-purpose GPU chips and AI computing solutions in China, with products that are compatible with major AI ecosystems and deep learning frameworks [2] - The company has received investments from Ningbo Dingyin Chip Equity Investment Partnership, which is partly owned by Hainan Fusenmei Investment Co., a wholly-owned subsidiary of Fusenmei [1][2] Group 2 - Fusenmei has actively engaged in external investments, including equity stakes in various sectors such as photovoltaic equipment, energy storage, and AI chips, through multiple investment funds [2] - Some of the projects invested by Fusenmei have shown positive progress, with notable companies like Laplace having gone public on the STAR Market, while others like Tensu Zhixin are preparing for their IPOs [2]