这家成立于2015年的公司，于2018年正式启动通用GPU设计并完成A轮融资；2021年推出中国首款通用GPU产品并量产交付。彼时，上述近期 宣布上市的GPU公司均刚成立不久。 根据公司在港交所披露的资料集，其收入构成中，通用GPU产品中的训练系列一直是收入主要来源，也是公司毛利率的重要支撑；推理系列的 收入正在逐渐爬坡；公司也将业务进一步拓展到受综合因素影响更大的AI解决方案业务方面。 天数智芯也未避免AI芯片公司均要面临的亏损命题，不过资料集显示，公司近些年正在通过优化成本控制和产品组合、增强营运效率等方式来 降低净亏损率。 记者丨 骆轶琪 编辑丨骆一帆 12月19日，上海天数智芯半导体股份有限公司（下文简称为"天数智芯"）披露通过聆讯后的资料集，表明公司已通过港交所上市聆讯，国产 GPU上市公司或将再添一员。 12月17日壁仞科技正式通过港交所上市聆讯，二者仅隔两日，若进程顺利，天数智芯将与壁仞科技争夺香港资本市场的"国产GPU第一股"。 相对近期纷纷发起上市冲击的国产GPU公司来说，天数智芯在成立时间上，算是"大哥"。 业务扩围 2 0 2 2年至今累计亏损超2 8亿元 根据弗若斯特沙利文统计，在中国 ...

Core Viewpoint - Shanghai Tensu Zhixin Semiconductor Co., Ltd. has passed the Hong Kong Stock Exchange listing hearing, potentially becoming a new player in the domestic GPU market alongside Wallen Technology, which recently also passed the listing hearing [1][20]. Company Overview - Established in 2015, Tensu Zhixin is a pioneer in the domestic GPU sector, launching its first general-purpose GPU product in 2021 and achieving mass production [2][21]. - The company has diversified its business from AI training to include AI inference and intelligent computing solutions, reflecting a broader market strategy [5][24]. Financial Performance - Tensu Zhixin reported revenues of RMB 189.37 million in 2022, RMB 289.04 million in 2023 (up 52.91%), and projected RMB 539.51 million in 2024 (up 86.85%), with a compound annual growth rate of 68.8% [4][24]. - The company has accumulated losses of RMB 6.09 billion, with net losses recorded at RMB 553.62 million in 2022, RMB 817.42 million in 2023, and RMB 892.43 million in 2024 [10][22]. Product Development - Tensu Zhixin is the first company in China to achieve mass production of both inference and training general-purpose GPU chips, utilizing 7nm process technology [3][22]. - The company has accelerated its product development, launching multiple generations of its training series (Tianwei Gen 1, Gen 2, and upcoming Gen 3) and inference series (Zhilai Gen 1 and Gen 1X) [3][25]. Revenue Breakdown - The revenue from general-purpose GPU products has shown significant growth, with training series products contributing the majority of income, while inference series products are gradually increasing their share [11][24]. - The average selling price of training products has risen from approximately RMB 24,400 to RMB 38,600, although it has seen a decline to around RMB 30,400 in the first half of 2025 due to increased sales of older models [5][24]. Market Position - The AI inference market is expected to outpace the AI training market in growth, with Tensu Zhixin focusing on optimizing its next-generation Zhilai products for emerging large language models [8][27]. - The company has initiated AI computing solution offerings, with the number of projects increasing from 6 in 2023 to 26 in 2024, indicating a strong market demand [8][27].

（原标题：融资十轮、出货五万片 天数智芯披露十年造芯路） 目前，这家成立十年的AI芯片公司背后汇聚了众多来自芯片大厂的研发人才，正推动第三代训练类产 品量产。截至上半年，公司已向交付超过5.2万片通用GPU产品。 根据公司在港交所披露的资料集，其收入构成中，通用GPU产品中的训练系列一直是收入主要来源，也 是公司毛利率的重要支撑；推理系列的收入正在逐渐爬坡；公司也将业务进一步拓展到受综合因素影响 更大的AI解决方案业务方面。 21世纪经济报道记者骆轶琪 相对近期纷纷发起上市冲击的国产GPU公司来说，天数智芯在成立时间上，算是"大哥"。 这家成立于2015年的公司，于2018年正式启动通用GPU设计并完成A轮融资；2021年推出中国首款通用 GPU产品并量产交付。彼时，上述近期宣布上市的GPU公司均刚成立不久。 天数智芯也未避免AI芯片公司均要面临的亏损命题，不过资料集显示，公司近些年正在通过优化成本 控制和产品组合、增强营运效率等方式来降低净亏损率。 根据弗若斯特沙利文统计，在中国芯片设计公司中，天数智芯是首家实现推理和训练通用GPU芯片量产 的公司，也是首家采用7nm工艺技术达成该成果的公司。 相比上市节奏 ...