2026年1月8日，上海天数智芯半导体股份有限公司正式在香港联合交易所主板挂牌上市。根据其披露的 招股书，此次发行定价为每股144.60港元，共计募资约37亿港元。 根据弗若斯特沙利文提供的资料，天数智芯是国内首家实现训练与推理通用GPU芯片量产，并采用7nm 工艺技术达成该里程碑的芯片设计公司。公司成立于2015年，专注于提供通用GPU产品及AI算力解决 方案，产品组合涵盖"天垓"训练系列与"智铠"推理系列芯片及加速卡，以及基于此的通用GPU服务器与 集群解决方案。 财务数据显示，天数智芯近三年营收增长迅速。2022年至2024年，公司营收分别为1.89亿元、2.89亿元 和5.40亿元，年复合增长率达68.8%。2025年上半年，公司实现营收3.24亿元，同比增长64.2%。公司整 体毛利率维持在较高水平，2022年至2025年上半年，综合毛利率分别为59.4%、49.5%、49.1%和 50.1%。 在业务拓展方面，截至2025年6月30日，天数智芯已累计向超过290名客户交付超过5.2万片通用GPU产 品，在金融服务、医疗保健及运输等领域完成了超过900次部署应用。其产品出货量从2022年的7800片 ...

Core Viewpoint - TianShu ZhiXin has successfully passed the listing hearing on the Hong Kong Stock Exchange, marking a significant step towards its IPO as a leading provider of general-purpose GPU chips and AI computing solutions in China [1] Company Overview - TianShu ZhiXin specializes in general-purpose GPU products, including the TianYai and ZhiKai series, which are designed for high performance, easy migration, and broad compatibility with major AI ecosystems and deep learning frameworks [1] - The company is the first in China to achieve mass production of inference and training general-purpose GPU chips, utilizing advanced 7nm process technology [1][2] Product and Market Positioning - The company’s product lineup includes general-purpose GPU chips, accelerator cards, and customized AI computing solutions, integrating hardware with proprietary software stacks to meet specific customer needs in training and inference scenarios [1][2] - TianShu ZhiXin has adopted a core philosophy of hardware-software co-design to strategically position itself in the growing market for general-purpose GPUs driven by the rise of AI technologies [2] Financial Performance - From 2022 to 2024, TianShu ZhiXin experienced rapid revenue growth, with revenues of 189 million, 289 million, and 540 million yuan respectively; in the first half of 2025, revenue reached 324 million yuan, a year-on-year increase of 64.24% [3] - Despite revenue growth, the company reported net losses of 554 million, 817 million, 892 million, and 609 million yuan during the same period due to increased R&D costs [3] Investment and Financing - Since its establishment, TianShu ZhiXin has completed multiple rounds of financing, with notable shareholders including DaCheng Capital, Shanghai Guosheng, and Dingli Capital [3] - The company has attracted investments from firms like FuSenMei, which has a history of investing in high-potential sectors including AI chips [3][4]