过去很长一段时间里，被人工智能带火的GPGPU 行业的讨论只是停留在一个相对安全、 却也相对空洞的层面：参数、峰值算力和制程等。但在大模型开始进入企业业务、科研生 产和物理世界，很多人突然发现——算力不再是"有没有"，而是"好不好用、值不值这个 价"。 作 为 算 力 的 主 力 ， GPGPU 也 进 入 了 一 个 更 现 实 、 也 更 残 酷 的 阶 段 ： 不 再 只 是 " 能 跑 模 型"，而是必须经得起真实场景、真实客户和长期运行的检验。面对这种转变，国产GPU 厂商如何应对，是衡量企业能否转注下一波AI浪潮的的关键。 近日，本土首家GPGPU厂商天数智芯发布了公司面向未来的芯片架构路线图，最新边端 产品，以及公司在应用和生态方面的布局，为助力中国人工智能迈向新阶段做好充分准 备。 公布四代架构，已超越Hopper 如果用一个词来形容这些年人工智能对算力的要求，"性能"无疑是一个极具竞争力的候选。尤其是 在大模型浪潮席卷全球之后，模型训练参数越来越巨大，如何打造越来越高性能的基础设施就成为 了所有从业者聚焦的重点。 换而言之，随着大模型参数规模从百亿迈向万亿级，数据中心的需求已不再只是增加 G ...

Core Insights - Shanghai Tensu Zhixin Semiconductor Co., Ltd. officially listed on the Hong Kong Stock Exchange, marking a significant milestone for domestic GPU enterprises and highlighting the importance of the domestic general GPU sector in China's computing power strategy [2][5] - The company has experienced rapid growth, with revenue projected to increase from 189 million yuan in 2022 to 540 million yuan in 2024, reflecting a compound annual growth rate of 68.8% [5] - The domestic general GPU market is undergoing structural changes, with market share expected to rise from 8.3% in 2022 to 17.4% in 2024, and potentially exceeding 50% by 2029 [7] Company Overview - Tensu Zhixin was established in 2015 and began designing general GPUs in 2018, launching China's first GPU product, Tianwei Gen1, in 2021 [3][8] - The company offers a range of products, including training GPUs (Tianwei series) and inference GPUs (Zhikai series), and has achieved significant milestones in GPU development [3][8] Financial Performance - The company raised 3.7 billion HKD through its IPO, with a total of 25.43 million shares issued, and received substantial interest from investors, evidenced by a 414.24 times oversubscription in the public offering [6] - On its first trading day, the stock opened at 190.2 HKD, reflecting a 31.54% increase, indicating strong market confidence in the company's value [7] Market Position and Strategy - The company has established a comprehensive ecosystem for general GPUs, achieving full control over the entire chain from chip architecture to AI framework adaptation [9][11] - Tensu Zhixin has built a research and development team of over 480 members, with significant experience in semiconductor design, enhancing its competitive edge in the industry [9][11] Application and Industry Impact - The company's products have been deployed in over 900 applications across various industries, including finance, healthcare, smart cities, and education, providing essential computing power for AI transformation [12] - Recent collaborations with leading companies in AI and IoT aim to enhance the integration of general AI technologies into various sectors, facilitating digital transformation [12][13]

招股书显示，2022、2023、2024年，公司的研发投入分别为约4.56亿元、6.16亿元、7.73亿元，分别占 同年总营收的241.1%、213.1%、143.2%。2025年上半年，公司的研发投入约为4.51亿元。 1月8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"）正式在港交所主板挂牌上市。至 此，"国产GPU四小龙"齐聚资本市场。 当日上午，天数智芯开盘涨31.54%，报190.2港元。随后涨幅有所收窄，截至发稿，天数智芯上涨 11.13%，报160.7港元/股，总市值约408.7亿港元。 根据招股书，天数智芯拟全球发售2543万股，其中香港公开发售占10%，其余为国际配售。以每股 144.60港元的发行价计算，此次募资额约为37亿港元。其中，80%募资将投入未来五年通用GPU芯片及 AI算力解决方案的研发与商业化，10%用于销售与市场拓展，剩余10%补充营运资金。 在此次发行中，公司引入了18家顶级投资方组成的基石团队，共计拟认购15.83亿港元的发售股份，包 括中兴通讯（香港）、UBS AM Singapore、华胜天成（香港）、第四范式、安擎国际、汇添富（香 港）、华夏基金（香港 ...

Group 1 - The core viewpoint of the news highlights the rapid development of the AI computing power, large models, and GPU chip sectors within the computer and software development industry, with a focus on innovations in AI chip architecture and advancements in domestic GPUs [1] - Domestic GPU companies, such as Tianzu Zhixin and Birun Technology, are making progress with their products, which have begun small-scale shipments. The Tianpai series (training) is priced at approximately 30,000 to 40,000 yuan per unit, while the Zhi Kai series (inference) is around 10,000 yuan per unit [1] - Birun Technology is projected to have orders exceeding 1.2 billion yuan by 2025, with its next-generation BR20X chip expected to be commercialized in 2026, showcasing advanced GPGPU architecture, software platforms, and cluster technologies [1] Group 2 - In the large model sector, companies like Zhipu Huazhang (ToB) and MiniMax (ToC) are progressing through local deployment and overseas commercialization paths, having passed hearings at the Hong Kong Stock Exchange [1] - Zhipu Huazhang leverages Tsinghua University's research capabilities, with its GLM-4.7 model demonstrating strong performance in coding abilities, while MiniMax has achieved 73.1% of its revenue from overseas through efficient architecture and rapid iteration [1] - The industry is currently in a high R&D investment phase, with commercialization progress in sub-sectors such as AI servers and tax AI exceeding expectations [1]

Core Viewpoint - TianShuZhiXin Semiconductor Co., Ltd. officially listed on the Hong Kong Stock Exchange, marking the gathering of the "Four Little Dragons" of domestic GPUs in the capital market [1][2] Group 1: Company Overview - TianShuZhiXin was founded in 2015 in Nanjing, initially focusing on computing acceleration hardware and software, later shifting to general-purpose GPU chips and AI computing solutions [2] - The company’s CEO, Gai Lujian, has 17 years of financial and investment experience and joined TianShuZhiXin in July 2020 [2] Group 2: Financial Performance - Revenue projections for TianShuZhiXin from 2022 to 2024 are 189 million, 289 million, and 540 million yuan, respectively, with a compound annual growth rate of 68.8% [2] - The company reported net losses of 553 million, 817 million, and 892 million yuan for the same period, with a projected net loss of 609 million yuan for the first half of 2025 [2][3] - R&D expenditures from 2022 to 2025 are approximately 456 million, 616 million, 773 million, and 451 million yuan for the first half of 2025, representing over 200% of total revenue in the initial years [3] Group 3: Product Development - TianShuZhiXin has launched two product lines: "TianVai" for training and "ZhiKai" for AI inference optimization [3] - The average selling price of training GPUs decreased to 30,400 yuan, with a gross margin drop to 32%, both down over 20% year-on-year [3][4] - Upcoming products include TianVai Gen 4 expected in Q2 2026 and TianVai Gen 5 in Q1 2027, focusing on advanced training and high cost-performance deployment [4] Group 4: Market Position - The company’s shipment volume increased from 7,800 units in 2022 to 16,800 units in 2024, with a market share of 0.7% in training chips and 0.2% in inference chips as of the first half of 2025 [5] - The domestic general-purpose GPU market share surged from 8.3% in 2022 to 17.4% in 2024, with expectations to exceed 50% by 2029 [5]

Core Viewpoint - The successful IPO of Shanghai Tensu Zhixin Semiconductor Co., Ltd. marks a significant milestone in the rise of the domestic general-purpose GPU industry in China, with the company aiming to leverage its market position to drive innovation and support AI transformation across various sectors [2][4]. Group 1: IPO Details - Tensu Zhixin raised a total of HKD 3.7 billion through its IPO, with 25.43 million shares issued, and saw an oversubscription of approximately 414.24 times for the public offering and 10.68 times for the international offering [4]. - The company attracted 18 cornerstone investors, including industry leaders like ZTE Corporation and financial institutions such as UBS and Huaxia Fund, with a total subscription amount of HKD 1.583 billion [4]. Group 2: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from CNY 189 million to CNY 540 million, reflecting a compound annual growth rate (CAGR) of 68.8%. In the first half of 2025, revenue reached CNY 324 million, a year-on-year increase of 64.2% [4]. - As of June 30, 2025, the company has shipped over 52,000 units and expanded its customer base from 22 in 2022 to 290, with over 900 actual deployments in key sectors such as finance, healthcare, transportation, and manufacturing [4]. Group 3: Market Position and Strategy - Tensu Zhixin has successfully transitioned from the "concept validation" phase to a period of large-scale commercial realization, positioning itself as a leader in the domestic GPU market [5]. - Approximately 80% of the funds raised will be allocated to the research and commercialization of general-purpose GPU chips and AI computing solutions, while 10% will be used for sales and market expansion, and the remaining 10% for working capital and general corporate purposes [8]. - The company has established a complete general-purpose computing system and an ecosystem for GPU technology, becoming a key player in enabling AI applications across various industries [7][8].

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. (天数智芯) is set to officially list on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "9903", marking a significant milestone for the domestic general GPU industry [2][4]. Group 1: IPO Details - TianShu ZhiXin issued a total of 25,431,800 shares in its IPO, with a subscription rate of 414.24 times for the Hong Kong public offering and 10.68 times for the international offering [2]. - The company raised a total of 3.677 billion HKD through the IPO, with an opening price of 190.2 HKD per share, resulting in a market capitalization exceeding 48.3 billion HKD [4]. Group 2: Strategic Alignment and Product Development - The company has aligned its development path with national strategies, focusing on the general GPU sector, which is crucial for national technological security and industrial competitiveness [4][5]. - TianShu ZhiXin has achieved several milestones, including being the first in China to develop general GPU chips independently, launching its first product, TianYuan Gen 1, in 2021, and achieving mass production of inference GPUs in 2022 [4][6]. Group 3: Market Penetration and Financial Performance - The company's product matrix covers core application scenarios such as cloud training and edge inference, penetrating key industries like finance, healthcare, and education, supporting over 450 AI models [5][6]. - As of June 30, 2025, TianShu ZhiXin has shipped over 52,000 units and expanded its customer base from 22 to 290, achieving significant commercial deployment [8]. - Revenue has grown from 189 million CNY in 2022 to 540 million CNY in 2024, with a compound annual growth rate of 68.8%, and a 64.2% year-on-year increase in the first half of 2025 [8]. Group 4: Future Plans and Industry Impact - Approximately 80% of the funds raised will be allocated to R&D and commercialization of general GPU chips and AI solutions, while 10% will be used for sales and market expansion [8]. - The domestic general GPU market share is projected to rise from 8.3% in 2022 to 17.4% in 2024, with expectations to exceed 50% by 2029, indicating a structural transformation in the industry [9].

Core Viewpoint - TianShu ZhiXin, a domestic general-purpose GPU manufacturer, officially listed on the Hong Kong Stock Exchange on January 8, 2025, raising approximately HKD 3.7 billion with an initial share price of HKD 144.6, which surged by 31.54% on the first trading day, reaching HKD 190.20 per share and a market capitalization exceeding HKD 47.55 billion [1][2]. Company Overview - TianShu ZhiXin is recognized as the first domestic general-purpose GPU company in China, achieving multiple industry milestones, including the first mass production of training and inference general-purpose GPU chips [8][12]. - The company has established a dual product line strategy, with "TianHua" targeting training and "ZhiKai" focusing on inference, aiming to connect the data center from training to deployment [12][15]. Financial Performance - Revenue for TianShu ZhiXin from 2022 to 2024 was approximately CNY 1.89 billion, CNY 2.89 billion, and CNY 5.39/5.40 billion, reflecting a compound annual growth rate of about 68.8% [17][19]. - The company reported a net loss of approximately CNY 5.54 billion, CNY 8.17 billion, CNY 8.92 billion, and CNY 6.09 billion in the first half of 2025, primarily due to high R&D expenditures [18][19]. Market Position and Competition - The general-purpose GPU market in China is characterized by an oligopolistic structure, with the top player holding a market share of approximately 91.9% [5][7]. - TianShu ZhiXin's market share is currently around 0.3%, indicating significant room for growth as the domestic GPU market is projected to grow at a compound annual growth rate of about 33% from 2025 to 2029 [5][6]. Investment and R&D Focus - Approximately 80% of the funds raised from the IPO will be allocated to R&D for general-purpose GPU chips and AI computing solutions, while 10% will be used for sales and marketing, and the remaining 10% for working capital [5][20]. - The company aims to enhance its software ecosystem and developer compatibility, particularly with CUDA, to lower migration costs for clients [21][22]. Future Outlook - The competitive landscape for general-purpose GPUs is expected to intensify, with domestic companies increasingly evaluated against specialized AI chips, emphasizing the need for efficient delivery and software toolchains [23][24]. - The ongoing "listing wave" in the domestic GPU sector is anticipated to create a more transparent competitive environment, where companies will be assessed based on their technological completeness and commercial viability [24][25].

有着"国产GPU四小龙"之称的天数智芯（09903.HK），于1月8日正式登陆港股。开盘后股价一度冲高逾30%，随后有所回落，截至发稿涨幅为16.18%，总市 值达427亿港元。 同为"四小龙"的壁仞科技（06082.HK）上市首日（1月2日）表现更为抢眼，收盘大涨75.82%，目前总市值突破800亿港元；而沐曦股份（688802.SH）与摩 尔线程（688795.SH）则选择在科创板上市，首日涨幅分别高达692.95%和425.46%，展现出市场对国产GPU龙头企业的强烈期待与追捧。 此次IPO，天数智芯全球发售2543.18万股，其中香港公开发售254.32万股，发行价定为每股144.60港元。扣除相关费用后，净募集资金约35.09亿港元。公司 计划将约80%的资金用于产品与解决方案研发，约10%用于销售与市场推广，其余10%作为营运资金及一般企业用途。 市场认购情绪火热。配发结果显示，香港公开发售获414.24倍认购，国际发售也实现10.68倍认购，反映出全球投资人对中国GPU国产替代进程的认可与信 心。 天数智芯此次招股引入了阵容豪华的基石投资者，包括中兴通讯（000063.SZ）（00763.HK） ...

Core Viewpoint - The rise of domestic general GPU companies is highlighted as they support the underlying computing power for large model companies, marking a shift in the Chinese large model industry from "concept validation" to "engineering implementation" [2][17]. Group 1: Industry Overview - The competition among large models fundamentally revolves around computing infrastructure, with domestic general GPUs emerging as a critical industrial base as reliance on imported GPUs and cloud rentals is deemed unsustainable [2]. - The Chinese general GPU market is projected to grow at a compound annual growth rate (CAGR) of 72.8% from 2022 to 2024, and 33.0% from 2025 to 2029, with domestic GPU market share expected to rise from 8.3% in 2022 to over 50% by 2029 [5]. Group 2: Company Positioning - The company, Tensu Zhixin, aims to be a key provider of domestic computing power for large models, with a diverse client base including cloud service providers, AI developers, and various industries [3]. - Tensu Zhixin's training general GPU products hold the third-largest market share in China, while its inference GPUs rank second, positioning the company to benefit from a growing market [6]. Group 3: Competitive Advantages - The company has established a "three-fold moat" consisting of deep hardware-software collaboration, comprehensive full-stack solution capabilities, and a forward-looking ecological layout [6][10]. - The company employs over 480 R&D professionals, with a significant portion having over ten years of industry experience, and holds numerous patents covering key technologies [7]. Group 4: Financial Performance - From 2022 to 2024, the company's revenue is expected to grow from RMB 189.4 million to RMB 539.5 million, reflecting a CAGR of 68.8%, with a revenue of RMB 324.3 million recorded in the first half of 2025, a 64.2% year-on-year increase [12]. - The proportion of R&D expenditure relative to revenue has decreased significantly, indicating improved efficiency in R&D activities [12]. Group 5: Future Growth Prospects - The company is actively developing next-generation products, with plans for multiple product launches between 2025 and 2027, ensuring a continuous growth trajectory [15]. - The customer base has expanded from 22 in 2022 to 106 by mid-2025, demonstrating strong market penetration and diversification of revenue sources [13][14].