近日，瀚博半导体（上海）股份有限公司与中信证券签署上市辅导协议，正式冲刺A股科创板。 实际上，国内GPU赛道已呈百舸争流之势。此前一个月，摩尔线程与沐曦股份同步向上交所递交科创板 IPO申请，拟分别募资80亿元和39.04亿元。加上处于辅导阶段的壁仞科技与燧原科技，国产GPU五强几 乎全部启动上市计划。摩尔线程更是以80亿元募资额创下年内科创板最大IPO纪录。 这一幕也与2018年AI芯片创业潮的"千芯大战"何其相似。彼时，地平线、寒武纪等企业借着行业窗口期 的东风快速崛起，一如当前跑出了数家独角兽的局面。 但不同的是，2018年的"千芯大战"还属于国产AI芯片的"启蒙运动"，虽因技术稚嫩和生态缺失导致大批 企业折戟，但培育了寒武纪、地平线等标杆企业，验证了AI芯片的国产替代逻辑。而当前的GPU IPO 潮，则是技术成熟（7nm制程）、资本理性（聚焦头部）与生态觉醒（开源框架）三重驱动的质变。这 足以让国产GPU从替代英伟达的幻想走向"自主可控"。 2018年，当钱军离开效力九年的AMD时，芯片行业颇感意外。更令人惊讶的是，他很快与另一位AMD 重量级人物张磊携手创业。张磊作为前AMD院士，曾全面负责AMD的 ...

Core Viewpoint - The Chinese GPU industry is experiencing a significant boom, with multiple companies preparing for IPOs, indicating a shift towards a more mature and competitive market [2][3][11]. Group 1: Industry Dynamics - Several domestic GPU companies, including Hanbo Semiconductor, Moer Technology, and Muxi, are actively pursuing IPOs, with Hanbo aiming for a valuation of 105 billion yuan after six rounds of financing [3][4][15]. - The current wave of IPOs is reminiscent of the 2018 AI chip startup boom, but the current market is characterized by technological maturity, rational capital focus, and an awakening ecosystem [3][11]. - The GPU market is projected to grow significantly, with the AI chip market expected to reach 1.34 trillion yuan by 2029, and GPUs accounting for 77.3% of that market [18]. Group 2: Company Profiles - Hanbo Semiconductor, founded by former AMD leaders, has developed a differentiated technology path focusing on domain-specific architecture (DSA) for cloud AI inference chips, rather than replicating existing GPU architectures [6][9]. - The company has achieved significant milestones, including the successful mass production of its second-generation GPU chip SG100 in 2023, and serves high-growth markets such as cloud gaming and industrial simulation [9][11]. - Hanbo's R&D team consists of over 500 members, with 80% being technical experts, and the company has invested heavily in R&D, indicating a commitment to innovation despite current losses [11][12][16]. Group 3: Financial Landscape - The financial health of emerging GPU companies is under scrutiny, with many reporting substantial losses despite revenue growth; for instance, Moer Technology's revenue is projected to grow from 0.46 billion yuan in 2022 to 4.38 billion yuan in 2024, reflecting a compound annual growth rate of 208.44% [11][12]. - The competitive landscape is intensifying, with over a hundred companies in the GPU sector, leading to a survival of the fittest scenario as firms race to secure funding and market share [12][13]. - The trend of rapid financing and IPOs is driven by the need for capital to sustain R&D efforts, with companies incurring significant financial advisory fees in the process [17][18].

Core Viewpoint - The article highlights the IPO progress of the domestic GPU company, Hanbo Semiconductor, which has initiated its A-share IPO counseling with CITIC Securities as the advisory institution [1]. Group 1: Company Overview - Hanbo Semiconductor, founded in December 2018, has a registered capital of 543 million yuan and is controlled by co-founders Qian Jun and Zhang Lei, who collectively hold 42.1465% of the voting rights [6][7]. - The company specializes in providing full-stack chip solutions for intelligent core computing and graphics rendering, with proprietary core IP and two generations of GPU chips [8][9]. - Hanbo's product lineup includes the server-level AI inference chip SV102 and the second-generation GPU chip SG100, designed under the Vast Unified Computing Architecture (VUCA) [9][10]. Group 2: Financial and Investment Background - Hanbo Semiconductor has completed several rounds of financing before its IPO, raising a total of several billion yuan, with notable investors including China Internet Investment Fund, Kuaishou, Alibaba, and MediaTek [2][3][30]. - The company's valuation has reached 10.5 billion yuan according to the Hurun Research Institute's 2025 Global Unicorn List [4][5]. Group 3: Talent and Leadership - The company boasts a research and development team of over 500 people, with more than 80% of its staff in R&D roles and over 70% holding master's degrees or higher [15]. - Co-founders Qian Jun and Zhang Lei have significant backgrounds in AMD, with Qian having nearly 30 years of experience in high-end chip design [16][17][21][23]. Group 4: Industry Context - The article notes that the past year has seen a surge in IPO activities among domestic GPU manufacturers, with companies like Suiruan Technology and Biran Technology also initiating their IPO processes [32][33][35]. - The competition for becoming the first domestic GPU stock is intensifying, as companies like Moer Thread and Muxi Co. have also entered the IPO counseling phase [38][39].