天数智芯成立于2015年12月，锚定通用GPU设计赛道，历经数载攻坚，于2021年成功推出并量产中国首 款通用GPU天垓Gen1，2022年再接再厉推出并量产通用推理GPU智铠Gen1。作为通用GPU领域的探路 先锋，天数智芯的成长之路，始终伴随着"高研发投入、长回报周期"的行业特性，这背后需要源源不断 的资金支持。 面对这一挑战，浦发银行的服务团队，从总行到分行，多次深入天数智芯研发中心，与工程师们促膝长 谈，聆听技术攻坚背后的故事，真正读懂这家科技"独角兽"的"成长心事"。 经过深入沟通与了解，浦发银行跳出传统信贷"看抵押、看报表"的窠臼，以发展的眼光"看未来"，将企 业的成长潜力、核心团队实力与技术前景作为重要评估维度。从行业底层逻辑出发，精准捕捉企业在上 市筹备与市场拓展中的关键资金缺口，为其量身打造了一套充满温度的解决方案，不再让"缺乏抵押 物"成为科技企业融资的拦路虎。 日前，中国首家国产训练型和推理型通用GPU双量产企业上海天数智芯半导体股份有限公司(股票代 码：9903.HK)成功登陆港交所，成为上海又一登陆国际资本市场的硬核科技企业。 天数智芯登陆港股，标志着中国自主算力基础设施领域实现规模 ...

记者从上海市经信委获悉，2025年1月至11月，上海集成电路产业营收规模达3912亿元，同比增长 23.72%，全年产业规模预计超4600亿元，同比增长24%，五年间产业规模翻了一番多，超额完成"十四 五"发展目标。亮眼成绩的背后，是上海AI芯片产业集群的强势崛起。 "四小龙"资本赛道集结冲锋 2026年开年，上海GPU芯片"四小龙"密集登陆资本市场，掀起了国产AI芯片抢滩资本赛道的热潮。 1月8日，天数智芯叩开港交所大门，成为第三家登陆资本市场的上海AI芯片龙头企业。 筹市属国有骨干企业开放应用场景，组织公开公平的技术评测与比武，帮助企业找准短板、快速迭代产 品能力；三是以上海张江为代表的产业园区集聚大量下游企业，实现高效的产业链协同，助力企业发 展。 资本市场的上海"芯"势力攻势迅猛。2025年12月17日，高性能通用GPU领先企业沐曦股份率先在上 海证券交易所科创板挂牌上市；2026年1月2日，来自上海闵行的壁仞科技登陆港交所，成为港股"国产 GPU第一股"，同时拿下港股2026年首只新股的头衔；加上1月1日已顺利完成首次公开发行股票辅导工 作的燧原科技，上海GPU芯片"四小龙"即将在资本版图聚齐，集群 ...

Core Viewpoint - TianShu ZhiXin successfully listed on the Hong Kong Stock Exchange, with an opening price of HKD 190.2, a rise of over 30% from the issue price of HKD 144.6, and a closing price of HKD 156.8, giving the company a market capitalization of nearly HKD 40 billion [1] Group 1: IPO and Market Performance - The IPO involved the issuance of approximately 25.43 million shares, with the Hong Kong public offering receiving an oversubscription of 414.24 times and the international offering receiving 10.68 times [1] - The total funds raised amounted to approximately HKD 3.7 billion, with 80% allocated for the research and commercialization of general-purpose GPU chips and AI computing solutions over the next five years [1] - Eighteen cornerstone investors participated in the IPO, including industry leaders like ZTE Corporation and Fourth Paradigm, as well as domestic and international institutions such as UBS and Huatai Asset Management, with a total subscription amount of HKD 1.583 billion [1] Group 2: Product Development and Market Position - TianShu ZhiXin, established in 2015, is recognized as one of the "Four Little Dragons" of domestic GPU alongside MuXi, BiRan Technology, and MoEr Thread [1] - The company has two main product lines: TianGai for AI computing training and ZhiKai for inference tasks, with the latest GPU product, TianGai Gen 3, expected to achieve mass production in Q1 of this year [1] - The company has seen a significant increase in GPU shipments, rising from 7,800 units in 2022 to 16,800 units in 2024, with 15,700 units delivered in the first half of 2025, nearing the total for 2024 [2] Group 3: Financial Performance - Revenue has grown from CNY 189 million in 2022 to CNY 540 million in 2024, with a compound annual growth rate of 68.8%, and revenue for the first half of 2025 reached CNY 324 million, a year-on-year increase of 64.2% [2] - The company maintains a gross margin around 50%, but it is currently operating at a loss, with losses of approximately CNY 554 million, CNY 817 million, CNY 892 million, and CNY 609 million from 2022 to the first half of 2025 [2] - The primary reasons for the losses are attributed to the continuous increase in research and development costs, administrative expenses, and sales and distribution costs, with R&D expenditures exceeding 140% of revenue during the same period [2]

来源：子弹财经 2025年12月30日，国内头部通用GPU企业上海天数智芯半导体股份有限公司（以下简称"天数智芯"）正 式启动公开认购。截至2026年1月7日，超300倍的认购引发市场热议。不仅IPO认购火爆，暗盘涨幅也 一度超45%。 | 元后 | 214.000 | 最低 | 155.000 | | --- | --- | --- | --- | | 開市 | 155.000 | 前收 | 144.600 | | 成交审 | 6700 | 成交額 | 140.04萬 | | 本书馆 | 209.008 | 振幅 | 40.80% | | 總市值 → | 534.07億 | 總股本 | 2.54 ( | | 流通值 | 514.71億 | 流通股 | 2.45假 | | 市盈率TTM | 虧損 | 市盈率(靜) | 陈指 | | 市浮率 | 19.118 | 授手率 | 0.00% | | 受比 | 94.74% | ■ 比 | | | 股息TTM | | 股息率TTM | | | 股息LFY | | 股息率LFY | | | 52週最高 | 214.000 | 52週最低 | 155.000 | | 歷史 ...

□2025年1至11月，上海市集成电路产业营收规模达3912亿元，同比增长23.72%，2025年全年产业规模 预计超4600亿元，同比增长24%，五年间产业规模翻了一倍多，超额完成"十四五"发展目标 □目前，上海已集聚超1200家集成电路企业，汇聚全国约40%的产业人才、近50%的产业创新资源 ◎记者 宋薇萍 2026年开年，上海AI"芯"势力继续抢滩资本赛道：1月8日，天数智芯将登陆港交所，成为继沐曦股份、 壁仞科技之后第三家叩开资本市场大门的上海AI芯片龙头。若叠加已完成IPO辅导的燧原科技，国产AI 芯片"四小龙"即将在资本版图上聚齐，上海芯的集群攻势全面拉开。 上海证券报记者从上海市经济和信息化委员会获悉，2025年1月至11月，上海市集成电路产业营收规模 达3912亿元，同比增长23.72%，2025年全年产业规模预计超4600亿元，同比增长24%，五年间产业规模 翻了一倍多，超额完成"十四五"发展目标。 在世界集成电路协会《全球集成电路产业综合竞争力百强城市》最新排名中，上海位列全球第四、国内 第一。 上海AI芯片赛道喜讯连连 岁末年初，上海AI芯片赛道掀起上市热潮：不到一个月时间里，壁仞科技登 ...

Core Viewpoint - TianShu ZhiXin is the first Chinese company focused on the research and commercialization of general-purpose GPUs, marking a significant transition from technological catch-up to commercial implementation in the domestic high-performance computing chip sector [3][5]. Group 1: IPO and Fundraising - TianShu ZhiXin initiated its IPO process on December 30, 2023, with plans to issue 25.43 million H-shares at an issue price of HKD 144.60 per share, aiming to raise approximately HKD 3.7 billion [3]. - The company has secured 18 cornerstone investors, who have subscribed to a total of HKD 1.583 billion in new shares, including notable institutions such as ZTE Corporation (Hong Kong) and UBS [3]. Group 2: Product Development and Technology - Since its establishment, TianShu ZhiXin has focused on the general-purpose GPU sector, creating a comprehensive computing service system that includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions [5]. - The company has achieved several breakthroughs in the general-purpose GPU field, launching its first training product, TianGai Gen1, in 2021, and subsequently introducing the inference series, ZhiKai Gen1 and Gen1X, in 2022 [5]. - Research and development expenditures have been significant, with amounts of RMB 456.6 million, RMB 615.9 million, and RMB 772.8 million over the past three years, representing 241.1%, 213.1%, and 143.2% of total revenue for those years, respectively [6]. Group 3: Ecosystem and Commercialization - TianShu ZhiXin has built a user-centered ecosystem that accelerates commercialization, achieving the earliest mass production and large-scale application among domestic general-purpose GPU companies [8]. - The company has expanded its customer base from 22 in 2022 to over 290 by June 30, 2025, serving various sectors including cloud computing, AI model development, and manufacturing [9]. - The revenue has grown from RMB 189.4 million in 2022 to RMB 539.5 million in 2024, with a compound annual growth rate of 68.8%, and a revenue of RMB 324.3 million recorded in the first half of 2025, representing a year-on-year growth of 64.2% [10].