国产GPU厂商正进入批量上市时刻。 随着摩尔线程、沐曦股份等国产GPU厂商相继登上资本市场后，又有一家国产GPU厂商迈出上市第一步。 日前，上海燧原科技股份有限公司（下称"燧原科技"）的科创板IPO已获得受理，拟融资60亿元。 2025年前三季度，燧原科技的收入、净亏损分别为5.4亿元、8.88亿元。 与其他国产GPU厂商最大的不同在于，燧原科技与互联网巨头腾讯实现了深度的绑定。 腾讯不仅是燧原科技的第一大外部股东，更是2025年前三季度为其贡献了超7成营收的"超级大客户"。 这种"带资进组"的模式，让燧原科技在现金流与落地场景上拥有了令同行艳羡的安全垫，但也使其陷入了"单一依赖"与"低毛利以价换量"的争议 漩涡。 随着此次独立IPO，燧原科技能否在腾讯的温室之外，证明自己独立生存的造血能力，正受到关注。 最大的金主：腾讯 目前可用于AI加速卡及模组是燧原科技主要收入来源，从2022年的0.37亿元一路飙升至2025年前三季度的4.12亿元，期间暴增了超10倍。 客户身份的B面，腾讯还是燧原科技的第一大外部股东。截至此次IPO申报前，腾讯及其一致行动人苏州湃益合计持有燧原科技20.26%的股份。 事实上，腾讯 ...

Core Viewpoint - Ant Group's subsidiary, Shanghai Yunwei, has acquired a 1.87% stake in Xinyuan Semiconductor, marking a significant move in the company's strategy to enhance its chip capabilities, particularly in the context of its "AI First" strategy initiated in 2023 [1][3][8]. Investment Details - Xinyuan Semiconductor specializes in ReRAM storage technology and has attracted investments from notable firms, including ByteDance and Saudi Aramco [1][4][5]. - The company recently completed a B+ round of financing, increasing its registered capital from approximately 46.54 million to 50.30 million yuan [2]. Shareholder Composition - Xinyuan Semiconductor's largest shareholder is Lianhe Investment, holding 16.59% of the company [4]. - Other investors include various venture capital firms and foreign entities, indicating a diverse shareholder base [5][6]. Market Position - Xinyuan Semiconductor is recognized as the only company in mainland China to achieve mass production of advanced process ReRAM, positioning it as one of the fastest in the commercialization of new storage products globally [8]. Broader Industry Trends - Major tech companies, including Alibaba and Tencent, are increasingly investing in semiconductor firms, reflecting a broader trend of "chip chasing" among internet giants [13][14]. - The trend of "chip manufacturing" is also gaining traction, with companies like Alibaba and Xiaomi developing their own chips to enhance their technological capabilities [15][16]. Future Outlook - The ongoing investments in semiconductor technology by major tech firms are expected to continue, driven by the need for enhanced AI capabilities and the integration of smart technologies across various business sectors [17].