紧接着，1月8日，同为国产GPU龙头的天数智芯挂牌港股；同日，AI新星智谱AI正式上市，成为全球首家以通用人工智能(AGI)基座模型为核心业务的上 市公司。 仅仅一天后，港交所锣声再次敲响，中国大模型明星企业MiniMax正式登陆主板，为这场AI上市潮再添新的注脚。 开年即冲刺，港股AI板块迎来"高光时刻"。 1月2日，港交所新年首个交易日，国产GPU龙头企业壁仞科技正式登陆资本市场，不仅一举摘得"港股GPU第一股"的桂冠，更以"开门红"之势，成为2026 年港股市场的首只上市新股。 在这波上市潮中，成立于2021年第四季度的MiniMax格外引人瞩目，仅用四年时间便完成从创立到港股IPO的全过程，刷新了全球AI企业从成立到上市的 最快纪录。 1月9日，MiniMax(0100.HK)在港交所挂牌上市，发行价165港元，开盘价235.4港元，较发行价上涨42.67%；截至收盘涨幅高达109%，报345港元/股，市 值突破1000亿港元。上市后的首个交易日(1月12日)，MiniMax股价再涨15.36%，市值突破1200亿港元。 根据时间脉络，此次上市前，MiniMax已累计完成7轮融资，投资方阵容堪称豪华— ...

继1月2日壁仞科技上市之后，2026年港股又迎来一批新股。 1月8日，智谱、天数智芯以及精锋医疗-B这3家公司正式登陆港交所。数据显示，3家公司的首日涨幅分别为13.17%、8.44%和30.90%。 | | 131.500 +15.300 +13.17% | | 118.542(CNY) | | | | 智谱 立即 2513 交易 | | --- | --- | --- | --- | --- | --- | --- | --- | | HKEX HKD 16:08:11 | | | | | | | 1 . . + | | 载 | -39.04% == | | -1.14万 | रेस | 0.00% 120日 | | 0.00% | | 死 | 132.000 | 1.11万 ( | 49 ) | 5日 | 0.00% 250日 | | 0.00% | | 委员 | 131.900 | 600 ( | 5) | 20日 | 0.00% 52周高 | | 0.00 | | 卒三 | 131.800 | 600 | 4) | 60日 | 0.00% 52周低 | | 0.00 | | 実ニ | 131.700 ...

天数智芯（09903.HK）今日港股上市，盘中一度涨超24%，股价超180港元/股。随后股价涨幅有所收窄，截至发稿，天数智芯涨9.27%，股价158港元/ 股。 2025年12月至今，国内已有4家GPU厂商上市，包括在科创板上市的摩尔线程、沐曦，在港交所上市的壁仞科技、天数智芯。 从财务数据看，天数智芯在收入增长的同时，仍未实现盈利。2022年至2024年，天数智芯的年收入从1.89亿元增长到5.39亿元。净利润方面，2022年 ~2023年，天数智芯分别亏损5.54亿元、8.17亿元、8.92亿元，三年亏损超22亿元。2025年上半年，天数智芯收入3.24亿元，亏损6.09亿元。 相比收入，该公司研发投入金额较高。2022~2024年，该公司研发开支分别为4.57亿元、6.16亿元、7.73亿元，占同期总收入比重的241.1%、213.1%、 143.2%。 客户方面，包括天数智芯在内，多家近期上市的国产GPU公司在客户集中度高的同时，客户变动颇大。2024年，天数智芯来自前五大客户的收入占比达 到73.4%，2025年上半年降到38.6%，但该公司表示，这与季节性有关，主要客户倾向于下半年大量采购，在可预 ...

从财务数据看，天数智芯在收入增长的同时，仍未实现盈利。2022年至2024年，天数智芯的年收入从1.89亿元增长到5.39亿元。净利润方面，2022年 ~2023年，天数智芯分别亏损5.54亿元、8.17亿元、8.92亿元，三年亏损超22亿元。2025年上半年，天数智芯收入3.24亿元，亏损6.09亿元。 相比收入，该公司研发投入金额较高。2022~2024年，该公司研发开支分别为4.57亿元、6.16亿元、7.73亿元，占同期总收入比重的241.1%、213.1%、 143.2%。 天数智芯（09903.HK）今日港股上市，盘中一度涨超24%，股价超180港元/股。随后股价涨幅有所收窄，截至发稿，天数智芯涨9.27%，股价158港元/ 股。 | 158.000 ↑ 最 高 192.000 今 开 190.200 | | --- | | +13.400 +9.27% | | 成交额 | | 成交量 393.2万股 市盈率静 亏损 总股本 2.54亿 | | 换手率 | | 52周最高 192.000 市净率 ① 14.38 流通股 2.45亿 | | 52周最低 158.000 委 比 -38.46% 振 幅 ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 客户端 天数智芯（09903）首挂上市，公告显示，每股定价144.6港元，共发行2543.18万股份，每手100股，所 得款项净额约35.09亿港元。截至发稿，股价上涨31.54%，报190.2港元，成交额4.14亿港元。 公开资料显示，天数智芯提供针对不同行业的通用GPU产品及AI算力解决方案。公司的产品组合主要 包括通用GPU芯片及加速卡，以及定制AI算力解决方案（包括通用GPU服务器及集群），天数智芯通 用GPU产品涵盖天垓及智铠系列，兼容国内外主流AI生态以及各类深度学习框架。 2022年-2024年，公司服务客户数已从22家跃升至181家，实现"三级跳"，截至2025年6月30日，产品已 在超过290名客户中完成超900次实际部署，并已覆盖金融服务、医疗保健及运输等众多领域，商业化落 地成效显著。2022年至2024年，公司出货量从7.8千片增至2024年的16.8千片，以及2025年上半年的15.7 千片，三年内翻倍增长。 责任编辑：卢昱君 天数智芯（099 ...

Core Viewpoint - The article discusses the rapid growth and opportunities in the GPU market driven by the increasing demand for AI processing capabilities, highlighting the emergence of domestic GPU manufacturers like TianShu ZhiXin as key players in this evolving landscape [1][3]. Group 1: Market Dynamics - The demand for AI semiconductors is expected to surge, with revenue projected to reach $438.5 billion by 2029, reflecting a compound annual growth rate (CAGR) of 25.9% over five years [1]. - The domestic GPU market is experiencing significant growth due to international competition, providing local manufacturers with increased opportunities [1]. Group 2: Company Overview - TianShu ZhiXin is recognized as the first domestic general-purpose GPU manufacturer, established in 2015, and has become a significant player in the GPU sector [3]. - The company has developed two main product lines: the TianYuan series for AI model training and the ZhiKai series for inference, covering the entire AI computing process from development to deployment [4]. Group 3: Product Development and Achievements - As of June 30, 2025, TianShu ZhiXin has delivered over 52,000 general-purpose GPU products to more than 290 clients across various industries, including finance, healthcare, and transportation [5]. - The company ranks among the top five core participants in China's general-purpose GPU market, with significant market shares in both training and inference GPU products [6]. Group 4: Financial Performance - The company's revenue has shown remarkable growth, with figures of RMB 189.4 million in 2022, RMB 289 million in 2023, and RMB 539.5 million in 2024, reflecting a CAGR of 68.8% [6]. - For the first half of 2025, revenue reached RMB 324.3 million, a 64.2% increase compared to the same period in 2024 [6]. Group 5: R&D and Innovation - TianShu ZhiXin has a strong R&D team of over 480 professionals, with significant experience in semiconductor design and GPU software development [11]. - The company has maintained high R&D expenditures, with amounts of RMB 456.6 million, RMB 615.9 million, and RMB 772.8 million in 2022, 2023, and 2024, respectively, representing over 140% of total revenue in recent years [12]. Group 6: Future Outlook - The company plans to continue focusing on general computing core capabilities, enhance product performance, and expand market reach while participating in global market competition [14]. - TianShu ZhiXin aims to strengthen collaborations within the industry chain and promote the development of a domestic computing ecosystem [14].

Core Viewpoint - The company TianShu ZhiXin, China's first general-purpose GPU enterprise, is set to go public on January 8 at the Hong Kong Stock Exchange, with an IPO valuation exceeding HKD 354 billion and expected fundraising of approximately HKD 3.7 billion, marking a significant milestone in the domestic semiconductor industry [1][2]. Group 1: IPO and Valuation - TianShu ZhiXin plans to issue 25.43 million shares, with 10% allocated for public offering in Hong Kong and the remainder for international placement, leading to an IPO market capitalization of HKD 354.42 billion based on a share price of HKD 144.60 [2]. - The company aims to allocate 80% of the raised funds for product and solution R&D, with 50% specifically for general-purpose GPU chip and accelerator card development, 25% for proprietary software stack development, and 5% for AI computing solutions [2]. - A cornerstone investment team of 18 top investors has been established, with a total subscription amounting to HKD 1.58 billion, including notable firms such as ZTE Communications (Hong Kong) and UBS AM Singapore [2][3]. Group 2: Market Position and Growth - TianShu ZhiXin is recognized as the first company in China to achieve mass production of both inference and training general-purpose GPU chips, filling a gap in the high-end training sector of domestic computing chips [4]. - According to a report by Frost & Sullivan, the company ranks among the top five core players in China's general-purpose GPU market, with its training GPUs holding the third-largest market share and inference GPUs the second-largest [5]. - Revenue growth has been robust, with figures of RMB 189.4 million, RMB 289 million, and RMB 539.5 million projected for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 68.8% [5]. - In the first half of 2025, revenue reached RMB 324.3 million, a 64.2% increase from RMB 197.4 million in the same period the previous year, driven by increased product shipments [5]. Group 3: Product and R&D Focus - The core revenue source for TianShu ZhiXin is its general-purpose GPU products, which accounted for 85.33% of total revenue in the first half of 2025, with training products contributing 58.5% and inference products 26.8% [6]. - The company has maintained high R&D investment levels, with expenditures of RMB 457 million, RMB 616 million, and RMB 773 million from 2022 to 2024, representing 241.1%, 213.1%, and 143.2% of total revenue respectively [6]. Group 4: Ecosystem Development - TianShu ZhiXin has established a comprehensive ecosystem that integrates hardware and software, developer communities, and industry-academia collaboration, which is crucial for building competitive barriers in the general-purpose GPU industry [7][8]. - The company’s products are compatible with major domestic and international AI ecosystems and deep learning frameworks, addressing industry pain points related to usability and migration costs [8]. - Collaborations with institutions like Shanghai AI Laboratory and various universities have been initiated to promote industry standardization and talent development, contributing to the maturation of the industry chain [8]. Group 5: Market Outlook - The domestic general-purpose GPU market is experiencing rapid growth, with a projected CAGR of 33.0% from 2025 to 2029, and the market share of domestic products expected to rise from 8.3% in 2022 to over 50% by 2029 [9]. - The upcoming IPO is seen as a pivotal step for TianShu ZhiXin, potentially activating the domestic general-purpose GPU industry ecosystem and enhancing China's position in the global AI computing competition [9].

Core Insights - TianShu ZhiXin Semiconductor Co., Ltd. has officially launched its IPO, planning to issue 25.43 million H-shares to raise approximately HKD 3.7 billion, with the offering period from December 30, 2025, to January 5, 2026 [1] - The company is recognized as the first domestic chip design firm to achieve mass production of general-purpose GPU chips for inference and training, utilizing 7nm technology [1] Business Deployment Value - TianShu ZhiXin has successfully delivered over 52,000 general-purpose GPU products to more than 290 clients across various sectors, achieving over 900 deployments [2] - The company ranks third in China's training GPU market share and second in the inference GPU market among domestic companies for 2024 [2] Differentiation Strategies - The company adopts an integrated hardware-software design approach, treating compilers, drivers, and libraries as inseparable from the product, which enhances the interaction and iteration between hardware and software [3] - TianShu ZhiXin's solutions support major Linux distributions and are compatible with both x86 and ARM architectures, optimizing for key AI frameworks like PyTorch and TensorFlow [3] Full-Stack Solution Capability - The company positions itself not just as a hardware provider but as a full-stack solution provider, offering tailored AI computing solutions from single machines to clusters [4] - TianShu ZhiXin provides specialized training and inference products, integrating its GPUs with third-party infrastructure for flexible model deployment [4][6] Innovation Engine - The R&D team consists of over 480 professionals, with around 70% holding master's degrees or higher, ensuring continuous technological iteration [7] - The company has launched multiple generations of products, including TianGu and ZhiKai series, with a commitment to a "produce one generation, design one generation, and research one generation" philosophy [7] Market Timing and Growth Potential - The IPO coincides with a critical period for domestic chip replacement, with the general GPU market in China expected to grow at a compound annual growth rate of 72.8% from 2022 to 2024 [8] - The domestic GPU market share is projected to increase from 8.3% in 2022 to over 50% by 2029, indicating significant growth opportunities for the company [8] Future Product Development - The company plans to develop next-generation products, including ZhiKai Gen 2 and Gen 3, and TianGu Gen 4 and Gen 5, with expected production timelines from 2025 to 2027 [9] Strategic Positioning - The IPO provides TianShu ZhiXin with a unique capital platform, facilitating international investment and future expansion [10] - The company emphasizes its engineering capabilities and sustainable business model, positioning itself as a pragmatic player in the domestic chip industry [11]

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. (stock code: "9903") has initiated its IPO process, aiming for a listing on the Hong Kong Stock Exchange on January 8, 2026, with an issue price of HKD 144.60 per share and a total fundraising target of approximately HKD 3.7 billion, leading to a market capitalization of HKD 35.44 billion at IPO [1][4]. Group 1: IPO Details - TianShu ZhiXin plans to issue 25,431,800 shares at an IPO price of HKD 144.60, targeting a total fundraising of around HKD 3.7 billion [1]. - The company has secured cornerstone investors including ZTE Corporation (Hong Kong), XN Mountain, Wind Sabre, UBS AM Singapore, and others, with total subscriptions amounting to HKD 1.583 billion [1][2]. Group 2: Financial Performance - For the first half of 2025, TianShu ZhiXin reported revenue of RMB 324.26 million, a significant increase from RMB 197.43 million in the same period the previous year [10]. - The company’s revenue for 2022, 2023, and 2024 was RMB 189.37 million, RMB 289.04 million, and RMB 539.51 million respectively, with corresponding gross profits of RMB 112.41 million, RMB 143.15 million, and RMB 265.08 million [8][10]. - The gross margin for 2022, 2023, and 2024 was 59.4%, 49.5%, and 49.1% respectively, indicating a declining trend in profitability [10]. Group 3: Product Offerings - TianShu ZhiXin has developed a comprehensive product system that includes general-purpose GPU products and AI computing solutions, addressing the full spectrum of AI computing needs [4][5]. - The flagship TianYuan series is designed for AI model training, while the ZhiKai series focuses on inference applications, both contributing to a complete AI computing solution [5][6]. Group 4: Market Strategy - The company employs a flexible market strategy, offering customized products and solutions tailored to the diverse needs of different industry clients [7]. - TianShu ZhiXin's delivery model includes product sales of general-purpose GPU acceleration cards and collaborative solution deployments with clients [7]. Group 5: Investment and Valuation History - TianShu ZhiXin has undergone multiple funding rounds, raising over RMB 3.5 billion in its B round, RMB 8.2 billion in its C round, and over RMB 14 billion in its D round, with pre-IPO valuations reaching RMB 10 billion [13][14]. - The company’s valuation has increased significantly over the years, reflecting strong investor confidence in its technology and growth prospects [13].

Group 1 - The core point of the article is that domestic GPU company TianShu ZhiXin is accelerating its entry into the capital market with an IPO in Hong Kong, aiming to raise approximately 3.7 billion HKD [1][5] - TianShu ZhiXin's IPO will involve a global offering of 25.43 million shares, with a public offering in Hong Kong accounting for 10% of the total [1][3] - The company has achieved a cumulative shipment of 52,000 units and serves over 290 clients across various sectors, including finance, healthcare, and transportation [3][5] Group 2 - The financial data indicates a compound annual growth rate (CAGR) of 68.8% from 2022 to 2024, with a revenue of 324 million CNY in the first half of 2025, representing a year-on-year growth of 64.2% [3][4] - The IPO has garnered significant interest from institutional investors, with 18 cornerstone investors agreeing to subscribe for shares worth a total of 1.583 billion HKD [3][5] - Approximately 80% of the net proceeds from the IPO are expected to be used for research and development of products and solutions, including general-purpose GPU chips and AI computing solutions [4]