中经记者 顾梦轩 李正豪 广州 北京报道 4年前从华为剥离的超聚变数字技术股份有限公司（以下简称"超聚变"）正式启动上市辅导。证监会官 网显示，超聚变于2026年1月6日正式启动上市辅导，中信证券担任辅导机构。 值得一提的是，超聚变前身为华为X86服务器业务。2021年，受海外因素影响，华为进行重大战略调 整，将旗下X86服务器业务以超聚变为新实体进行了剥离。经过四年发展，超聚变营业收入连年增加， 已经成长为算力服务器行业的"小巨人"。 谈及超聚变上市事宜，苏商银行特约研究员张思远在接受《中国经营报》记者采访时表示，其本质是其 业务发展与资本需求的阶段性匹配。公司快速扩张需要持续的资金投入。通过上市，公司可依托公开市 场融资优化负债结构，降低财务成本，同时为后续技术研发（如AI服务器、液冷技术迭代）与全球化 供应链建设提供资金储备。 营收连年增长 辅导备案信息显示，超聚变控股股东为河南超聚能科技有限公司（以下简称"超聚能科技"），目前持股 比例为31.38%。 作为算力基础设施与算力服务提供商，超聚变业务涵盖服务器、操作系统、AI开发平台、超融合解决 方案、高性能计算解决方案以及数据库解决方案等。 值得注意的 ...

Group 1: Company Overview - Chaopuyuan Digital Technology Co., Ltd. (referred to as "Chaopuyuan") has officially initiated its listing guidance process as disclosed by the China Securities Regulatory Commission [1] - Chaopuyuan was originally Huawei's X86 server business, which was spun off in 2021 due to overseas factors and is now based in Zhengzhou, Henan [1] - The company is a provider of computing infrastructure and services, covering servers, operating systems, AI development platforms, hyper-converged solutions, high-performance computing solutions, and database solutions [1] Group 2: Financial Performance - Chaopuyuan's revenue has shown rapid growth since its establishment, surpassing 10 billion yuan in 2022, exceeding 28 billion yuan in 2023, and projected to exceed 40 billion yuan in 2024 [1] - In the first half of 2025, Chaopuyuan's server sales reached 26.8 billion yuan, making it the second-largest in China's server market [2] - For 2024, Chaopuyuan's revenue is expected to reach 43.5 billion yuan, securing the second position in the Chinese server market and sixth globally, with the highest market share in AI servers [2] Group 3: Shareholding Structure and Management - The controlling shareholder of Chaopuyuan is Henan Chaopuyuan Technology Co., Ltd., holding a 31.38% stake, while China Mobile's subsidiary, Zhongyi Capital, is the second-largest shareholder [3] - The current legal representative and chairman of Chaopuyuan is Ma Jianping, who has held various governmental positions prior to his role in the company [3] - Liu Hongyun, the vice chairman, previously served as the president of Huawei's Asia-Pacific region and was responsible for Huawei's server business [3] Group 4: Market Context - The global server vendor sales revenue is projected to reach 235.7 billion USD in 2024, with China's server market expected to grow by 70.1% year-on-year to approximately 52.6 billion USD [2] - The server shipment volume in China is anticipated to reach about 4.45 million units in 2024, reflecting a year-on-year growth of 19.5% [2] - Recent trends show that AI chip companies like Shanghai Biran Technology and Moer Thread have successfully entered the capital market [4]

近日，超聚变数字技术股份有限公司（下称："超聚变"）在河南证监局进行辅导备案登记，拟A股IPO，辅导机构为中信证券。 | 辅导协议签署时间 | 2025年12月31日 | | --- | --- | | 辅导机构 | 中信证券股份有限公司 | | 律师事务所 | 北京市竞天公诚律师事务所 | | 会计师事务所 | 安永华明会计师事务所(特殊普通合伙) | 系算力服务商龙头，2024年度营收超400亿元 公开资料显示，超聚变成立于2021年9月13日，注册资本8.8亿元，法定代表人为马剑平。超聚变前身是华为的X86服务器业务部门。该部门于2021年被华 为整体剥离，落地河南，成为一家完全独立的公司，即超聚变。 超聚变作为算力基础设施与算力服务提供商，业务涵盖服务器、操作系统、AI开发平台、超融合解决方案、高性能计算解决方案以及数据库解决方案 等，在全球部署11个研发中心与6大供应中心，并设立6个全球技术服务中心与7个地区部，12个核心实验室；服务全球130多个国家地区客户和223家世界 500强企业。 与此同时，公开报道显示，超聚变的液冷服务器已连续两年（即：2023年至2024年）位居中国标准液冷服务器市场份 ...

今早刷到条新闻：全球做算力的龙头超聚变，昨天（2026年1月6日）正式启动上市辅导，找了中信证券帮忙做准备。这家公司可不简单——2021年从 华为剥离出来，现在是河南国资委控股，业务覆盖服务器、AI开发平台这些算力核心领域，2024年营收破400亿，2025年一季度还翻了倍。更巧的是， 有只A股公司东方明珠沾了光，今天早上高开高走，才4分钟就封死涨停板。 你肯定有过这种经历：股票涨了一波后开始调整，怕赚的钱没了赶紧卖，结果卖完继续涨；或者股票跌了几波后反弹，觉得"抄底机会来了"，进去就 被套。就像我见过的两只股票——左边的涨着涨着调整，右边的跌着跌着反弹，放在当时谁能稳得住？ 左边的股票，上涨过程中好几次调整，比如区域②，已经涨了一波，这时候卖了好像"落袋为安"，但回头看才发现——这是机构在"洗盘"，把胆小的 人吓走，自己接着拉；右边的股票，跌了两波后反弹，比如区域④，看着像"机会"，结果一买就暴跌——因为反弹根本没机构支撑，都是散户在瞎 炒。 为什么会这样？因为你没看到机构大资金的行为——他们掌握着定价权，但大多数人看不到。这时候就得用量化大数据工具，把看不见的机构行为变 成看得见的数据。 其实新闻只是市场 ...

图片来源：Sequoia Capital Z Highlights 在高速增长阶段，必然伴随着诸多混乱，核心就是要保持前进速度。这一期内容非常精彩，希望大家喜欢。结尾 我会分享一些个人见解。 你们俩都才30出头，年龄相仿，已经积累了丰富的经验。我接触过很多创业者，其中不少获得融资的创始人刚毕 业或仍在上学，也就21、22岁。如果你们在21或22岁时就创办现在的公司，情况会怎样？先请你谈谈。 全球仅有0.5%的人会编程，能打造出顶尖产品的人更是凤毛麟角。因此我决定要为那99%的人打造产品，而 非只为开发者提升效率。我们要创造一种全新的交互界面，让普通人也能将自己的技术型人工智能产品想 法变为现实，这正是我们如今全力以赴的目标。 我们则完全聚焦于语音领域，无论是语音智能体研发、创意工作流搭建，还是优化用户体验、推进集成应 用，都需要大量迭代才能满足用户需求。 如果我们这些公司能取得成功，会激励更多人创业。欧洲创业生态目前缺少的是"有过规模化运营经验"的人 才：他们经历过公司从0到1、从1到100的成长，能够为初创公司提供宝贵的经验 Mati Staniszewski：那肯定会很难。不过我依然能和我的联合创始人携手 ...

Z Highlights 创业初心：从积淀中找准方向，年轻与成熟的权衡 Brian Halligan ： 我采访了两位好友，来自 ElevenLabs 的 Mati 和来自 Lovable 的 Anton ，两位非常出色的 CEO ，他们的公司都发展迅猛，且均扎根于 " 老欧洲 " 。 我们会聊聊欧洲创业的相关话题，不过还有些更精彩的内容 图片来源： Sequoia Capital 全球仅有 0.5% 的人会编程，能打造出顶尖产品的人更是凤毛麟角。因此我决定要为那 99% 的人打造产品， 而非只为开发者提升效率。 我们要创造一种全新的交互界面，让普通人也能将自己的技术型人工智能产品想 法变为现实，这正是我们如今全力以赴的目标。 我们则完全聚焦于语音领域，无论是语音智能体研发、创意工作流搭建，还是优化用户体验、推进集成应 用，都需要大量迭代才能满足用户需求。 如果我们这些公司能取得成功，会激励更多人创业。 欧洲创业生态目前缺少的是 " 有过规模化运营经验 " 的人才：他们经历过公司从 0 到 1 、从 1 到 100 的成长，能够为初创公司提供宝贵的经验 值得探讨。这两位正处在事业爆发期，深陷高速增长的浪潮中。 ...

Core Viewpoint - The article discusses the recent changes in shareholder structure of Chaoju Fusion, a leading provider of computing infrastructure and services, highlighting new investments and strategic partnerships aimed at enhancing its market position and preparing for an eventual public listing [2][4]. Shareholder Changes - On November 7, 2025, Chaoju Fusion completed a new round of shareholder changes, with several new investors including various advanced computing investment funds from Zhengzhou Airport and other institutions [2][4]. - The new shareholders include Zhengzhou Airport Advanced Computing Phase I, II, and III Investment Funds, among others, with several existing shareholders also increasing their investments [2][3]. Financial Performance - Chaoju Fusion is projected to achieve a revenue of 43.5 billion CNY in 2024, ranking second in the Chinese server market and sixth globally [5]. - The company has successfully integrated core assets and R&D teams from Huawei's server division, maintaining a strong product lineup that includes general servers, AI servers, and critical business servers [5]. Strategic Investments - The company has attracted multiple rounds of strategic investments from state-owned enterprises and funds, including China Mobile and China Telecom, which have significantly bolstered its financial backing [6][8]. - The strategic investment from the National Adjustment Fund, managed by China Chengtong Holdings Group, is aimed at enhancing Chaoju Fusion's capabilities in the semiconductor sector [4]. Market Position and Future Plans - Chaoju Fusion is focusing on developing a dual-ecosystem approach compatible with both Eastern and Western computing paradigms, aiming to provide comprehensive computing solutions [5]. - The company is positioned as a key player in the "East Data West Calculation" initiative, contributing to the establishment of a complete industrial chain in advanced computing and integrated circuits in Zhengzhou [8].

Core Viewpoint - The report highlights the financial performance and operational strategies of Beijing DeepGlint Technology Co., Ltd. for the first half of 2025, indicating a decline in revenue and net profit while emphasizing ongoing investments in AI technology and market expansion efforts [1][3][5]. Company Overview and Financial Indicators - Beijing DeepGlint Technology Co., Ltd. is focused on integrating advanced technologies such as computer vision and big data analysis into various sectors including smart finance and urban management [6][7]. - The company reported a revenue of approximately 42.47 million yuan, a decrease of 17.22% compared to the same period last year [3]. - The net profit attributable to shareholders was approximately -79.85 million yuan, reflecting a slight decline from the previous year [3]. Industry Context - The artificial intelligence industry is recognized as a strategic technology driving the next wave of technological revolution and industrial transformation, with significant government support in China [5][6]. - The government has implemented various policies to promote AI development, aiming to integrate digital technology with manufacturing and enhance economic competitiveness [5]. Main Business Activities - The company aims to benefit humanity through AI, focusing on sectors such as smart finance, urban management, and education, leveraging technologies like multimodal large models and 3D vision [6][7]. - In the smart finance sector, the company has deployed AI solutions across thousands of branches of major banks, enhancing operational efficiency and fraud detection [6][7][23]. - The urban management sector has seen the implementation of intelligent systems in various government agencies, utilizing advanced data analytics and AI technologies [7][23]. Financial Performance Analysis - The company experienced a net cash flow from operating activities of approximately -103.12 million yuan, indicating challenges in cash generation [3]. - The total assets decreased by 8.26% to approximately 2.13 billion yuan compared to the end of the previous year [3]. Research and Development Focus - The company is investing heavily in the development of multimodal large models, with a projected investment of 368 million yuan over three years to enhance its technological capabilities [14]. - The launch of the Glint-MVT visual model series has positioned the company as a leader in the field, outperforming competitors in various benchmarks [14][21]. Market Expansion Strategies - The company is diversifying its revenue sources by expanding its customer base beyond traditional banking clients, with over 90% of revenue coming from clients other than the Agricultural Bank of China [17]. - A matrix sales system combining regional and industry-focused teams is being implemented to enhance market penetration and customer engagement [13][17]. Organizational Development - The company has undergone organizational restructuring to improve operational efficiency and enhance talent management, aiming to foster a culture of innovation and responsiveness to market demands [18].

Group 1 - The article discusses the different types of computing power: General-Purpose Computing Power (通算), Scientific Computing Power (科算), Intelligent Computing Power (智算), and AI Computing Power (AI计算), each serving distinct functions in data processing and analysis [4][5][6][7] - General-Purpose Computing Power is suitable for everyday tasks like office work and internet browsing, while Scientific Computing Power is specialized for complex scientific calculations [4][5] - Intelligent Computing Power is designed for training and running AI models, efficiently handling large datasets, and adapting strategies for various AI applications [6][7] Group 2 - The article highlights the increasing complexity of problems requiring higher precision and efficiency in computing, leading to a reevaluation of traditional methods like simply adding more processing cores [9][10] - It discusses the limitations of Moore's Law, which states that the number of transistors on a chip doubles approximately every two years, and how this trend is slowing down due to challenges like stability, heat dissipation, and rising costs [10][11][12] - Engineers are exploring innovative methods to enhance computing power, such as advancing manufacturing processes, utilizing 3D IC technology, and designing specialized chips for specific tasks [13][14] Group 3 - The development of computing power is described as a complex system involving various components, including hardware, software, and ecosystem support [15][20] - Hardware components like CPUs, GPUs, and AI chips are likened to the building blocks of a structure, while software serves as the connective tissue that enables functionality [16][19] - The article emphasizes the importance of a supportive ecosystem, including government policies and industry collaboration, to foster a robust computing environment [21] Group 4 - The global computing market is projected to reach $200 billion by 2029, with the AI computing market expected to grow to $90 billion at a 10% annual growth rate, significantly outpacing general computing [22][23] - In China, the computing market is also expected to grow, with general computing projected to reach $41.7 billion and AI computing to reach $23.8 billion by 2029 [23] - China's computing capacity is expected to reach 369.5 EFLOPS by 2025, reflecting a 26% year-on-year growth, indicating a strong national computing capability [24][25]