浓冬时节，香港交易所内一声浑厚铜锣鸣响，铿锵悠远，响彻整个交易大厅。 1月2日，港交所新年首个交易日，上海壁仞科技股份有限公司(简称"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。聚光灯下，身着深蓝色西装、搭配淡蓝色领带的壁仞科技创始人张文，与核心团队共同迎来了六年创业 征程中至关重要的里程碑时刻。 作为国产AI芯片代表企业，壁仞科技(股票代码：06082.HK)的上市之路始终牵动着市场目光。上市首日，其开盘即报35.7港元/股，较19.6港元的发行价大 涨82.14%，期间市值一举突破千亿港元；截至当日收盘，股价定格在34.46港元/股，涨幅达75.82%，总市值攀升超过800港元。 潜行六年，一朝蝶变。时间回溯至2019年9月，壁仞科技由前商汤科技总裁张文跨界创立。彼时，其精准洞察到AI时代潜藏的巨大算力缺口，随即集结英 伟达、AMD等全球顶尖芯片企业的技术菁英，组建起一支硬核研发团队。而其锚定的赛道，正是当下全球科技竞争的焦点、兼具极高战略价值的高性能 GPU(图形处理单元)领域。 从技术属性来看，GPU是一种专为并行计 ...

Core Viewpoint - The article discusses the investment potential of Birun Technology, highlighting its unique position in the domestic GPU market and the disparity in valuation between A-share and Hong Kong markets [2][3][20]. Group 1: Market Performance and Valuation - On its first day of trading, Birun Technology's stock price surged to a high of HKD 42.88 per share, representing an increase of over 112.55% from the issue price of HKD 19.6, with a peak market capitalization of HKD 102.7 billion [2]. - In the A-share market, domestic GPU companies are currently in a high valuation range, with companies like Moer Thread and Muxi maintaining market caps in the thousands of billions [2]. - The valuation of Birun Technology in the Hong Kong market is relatively discounted compared to its A-share counterparts, primarily due to differing pricing anchors between the two markets [2][7]. Group 2: Investment Thesis - Birun Technology stands at a critical juncture, embodying both the narrative of a "scarce domestic GPU asset" and the need for a more commercial evaluation [3]. - The past three years have seen the domestic GPU sector transition from "PPT chip design" to "commercialization," with Birun's IPO symbolizing this shift [3]. - The company has a significant order backlog valued at approximately RMB 1.24 billion, nearly four times its projected revenue for 2024, indicating a strong revenue outlook [9]. Group 3: Competitive Advantages - Birun Technology's competitive edge is built on four dimensions: the engineering implementation of Chiplet architecture, the stability of its kilowatt cluster, pragmatic ecosystem compatibility, and a rich product pipeline [12][13]. - The Chiplet technology is crucial for enhancing computing density, allowing Birun to produce high-performance chips while circumventing physical limitations [14]. - The company's kilowatt cluster has demonstrated the ability to operate continuously for over five days without failure, a critical factor for large-scale AI model training [15]. Group 4: Future Prospects - Birun's next-generation flagship product, the BR20X series, is expected to be commercialized in 2026, targeting key pain points in the large model era [19]. - The Chinese government continues to support the AI industry, viewing intelligent computing chips as essential infrastructure, which is expected to drive domestic GPU adoption in key sectors [20]. - The global smart computing chip market is projected to grow significantly, with the Chinese market expected to expand from USD 30.1 billion in 2024 to USD 201.2 billion by 2029, indicating substantial growth potential for domestic GPU manufacturers [20].

Core Insights - Wall Street is optimistic about AI, with the debut of Wall Street's first GPU company, Birran Technology, marking a significant milestone for the industry [2] - The IPO of Birran Technology serves as a reference for the valuation and market feedback of China's AI chip industry, particularly for emerging GPU startups [2] - The success of domestic GPU companies like Birran Technology highlights the importance of innovation and practical operations in the semiconductor industry [3][4] Company Overview - Birran Technology was established in 2019 and focuses on general-purpose graphics processing units (GPGPU), with significant R&D investments exceeding 3.3 billion yuan from 2022 to mid-2025, accounting for over 70% of operating expenses [4][5] - The company has developed the BR10X architecture tailored for AI workloads, achieving industry-leading performance levels and plans to launch new chip generations annually from 2023 to 2025 [5][12] - Birran Technology has filed over 1,500 patents, with a 100% authorization rate for invention patents, positioning itself as a leader among domestic GPU companies [5] Market Strategy - The company targets high-demand sectors such as AI data centers, telecommunications, and fintech, establishing strategic partnerships with major clients, including nine Fortune China 500 companies [10] - Birran Technology's revenue has seen exponential growth, from 500,000 yuan in 2022 to 6203 million yuan in 2023, and is projected to reach 3.37 billion yuan in 2024, reflecting a compound annual growth rate of 2500% [10] Industry Trends - The global intelligent computing chip market is expected to reach $585.7 billion by 2029, with China's market projected to grow significantly, increasing its share from 25.3% in 2024 to 34.4% by 2029 [9][10] - The domestic GPU market is currently dominated by foreign companies, but predictions indicate a substantial increase in the market share of domestic manufacturers, potentially reaching 60% by 2029 [10] Future Developments - Birran Technology plans to launch the next-generation BR20X chip in 2026, designed for cloud training and inference, which will enhance performance and reduce total ownership costs [12][13] - The company is also exploring quantum computing and has made significant strides in supporting quantum-classical hybrid computing platforms [13] - The IPO will enable Birran Technology to enhance its product development and expand its sales network, while also increasing transparency and governance standards [12][14]

Core Viewpoint - The article discusses the significant losses of Biran Technology, which reached 6.3 billion RMB over three and a half years, attributing these losses primarily to redeemable liabilities rather than operational inefficiencies [2][4][10]. Financial Performance - Biran Technology's revenue has shown strong growth, increasing from 499 thousand RMB in 2022 to 62.03 million RMB in 2023, and projected to reach 337 million RMB in 2024, resulting in a compound annual growth rate of 2500% [3][15]. - The company's losses for the years 2022, 2023, and 2024 were 1.47 billion RMB, 1.74 billion RMB, and 1.54 billion RMB respectively, with a projected loss of 1.6 billion RMB for the first half of 2025 [4][9]. Redeemable Liabilities - Redeemable liabilities, also known as "convertible redeemable preferred shares," are a hybrid financial instrument that can be converted into equity or debt, leading to significant accounting implications under international financial reporting standards [4][6]. - The redeemable liabilities for Biran Technology were 348 million RMB in 2022, 604 million RMB in 2023, and 674 million RMB in 2024, with a projection of 1.01 billion RMB for 2025 [9]. - The total impact of redeemable liabilities on Biran Technology's losses amounted to 2.637 billion RMB over three and a half years, indicating that the actual operational loss was 3.72 billion RMB, which is more in line with industry standards [10][12]. Adjusted Net Loss - Adjusted net loss is a more accurate reflection of a company's operational performance, with Biran Technology's adjusted net losses for 2023 and 2024 being 1.05 billion RMB and 767 million RMB respectively, showing a significant reduction year-over-year [13]. - The article emphasizes that redeemable liabilities can mislead investors regarding a company's financial health, as seen in the cases of Xiaomi and Meituan, where large reported losses were primarily due to redeemable liabilities rather than poor operational performance [12]. Industry Context - The GPU industry is characterized by high research and development costs, long commercial cycles, and significant initial investment, leading to common phase losses among companies [15]. - Biran Technology, along with other domestic GPU firms, is expected to continue expanding its customer base and capabilities, with plans for new product launches, including the BR20X series for cloud training and inference, projected for commercialization in 2026 [16].

Core Viewpoint - Shanghai Birun Technology Co., Ltd. is set to become the first GPU stock listed on the Hong Kong Stock Exchange, with its IPO scheduled from today until the 29th, aiming for a listing on January 2, 2026, under the stock code "6082" [2][3]. Group 1: IPO Details - Birun Technology plans to issue 247,692,800 H-shares, with 12,384,800 shares available for public offering in Hong Kong and 235,308,000 shares for international offering. The expected fundraising scale is between HKD 4.21 billion and HKD 4.85 billion, with an IPO market valuation ranging from HKD 40.1 billion to HKD 46.2 billion [3]. - The company has attracted a strong cornerstone investor lineup, with 23 top investment institutions planning to subscribe for HKD 28.99 billion, including major asset management firms and well-known hedge funds [3]. Group 2: Business Performance and Orders - Birun Technology has developed its first-generation GPGPU architecture and a series of hardware products, including the Walli™106, Walli™110, and the higher-performance Walli™166 chips. The company's revenue is projected to grow from CNY 499,000 in 2022 to CNY 337 million in 2024, reflecting a compound annual growth rate (CAGR) of 2500% [5]. - As of December 15, 2025, Birun Technology has secured five framework sales agreements and 24 sales contracts, totaling approximately CNY 1.24 billion, indicating strong future revenue potential [5]. Group 3: Market Potential and Valuation - The demand for AI computing power is expected to drive a new growth window for domestic GPU companies. The Chinese intelligent computing chip market is projected to grow from USD 1.7 billion in 2020 to USD 30.1 billion in 2024, with a CAGR of 105% [7]. - Birun Technology's unique position as the first pure GPU concept stock in Hong Kong enhances its valuation logic, filling a gap in the AI computing hardware sector. The changing valuation model for technology companies in the Hong Kong market may lead to a revaluation of Birun Technology, supported by its order reserves and product roadmap [7].

Core Insights - Wallan Technology, one of the "four little dragons" of domestic GPUs, is preparing for an IPO in Hong Kong, showcasing its growth over the past five years [1] - The company reported revenue growth from 62 million RMB in 2023 to 337 million RMB in 2024, with a backlog of 822 million RMB in unfulfilled orders and an additional 1.241 billion RMB in framework agreements and contracts awaiting release [1] - Despite being in a loss-making state, Wallan Technology has launched a series of products based on its first-generation GPGPU architecture and is advancing its second-generation architecture [1] Company Performance - Revenue for Wallan Technology increased from 499 thousand RMB in 2022 to 62 million RMB in 2023, and is projected to reach 337 million RMB in 2024 [5] - The gross profit for 2024 is expected to be 179 million RMB, with a gross margin of 53.2% [6] - The company has seen a significant increase in average transaction value, rising 113.64% year-on-year to 9.4 million RMB [6] Market Position - The domestic AI chip market is currently dominated by Nvidia and Huawei, which together hold 94.4% of the market share, while domestic AI chips have not exceeded 1% market share [1] - Wallan Technology holds a market share of 0.16% in the smart computing chip market and 0.20% in the GPGPU market in China for 2024 [1] Product Development - Wallan Technology has developed its first-generation GPGPU architecture and launched two chips, BR106 and BR110, with the BR166 chip expected to offer double the performance of BR106 [12][15] - The company plans to commercialize the next-generation flagship data center chip, BR20X, by 2026, with further products like BR30X and BR31X planned for 2028 [15] Customer Base and Sales - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction numbers rising from 9 to 33 [6][10] - The revenue contribution from the largest customer decreased from 85.7% in 2023 to 33.3% by mid-2025, indicating a diversification of the customer base [9] Financial Overview - Wallan Technology reported net losses of 1.474 billion RMB in 2022, 1.744 billion RMB in 2023, and 1.538 billion RMB in 2024, with cumulative losses exceeding 6.3 billion RMB over three and a half years [9] - R&D expenditures were significant, with 1.018 billion RMB in 2022, 885 million RMB in 2023, and 826 million RMB in 2024, accounting for approximately 79.8%, 76.4%, and 73.7% of total operating expenses respectively [9] Strategic Partnerships - Wallan Technology has formed strategic partnerships to enhance its product offerings and market reach, including a collaboration with an IT company to develop smart computing solutions [14][17] - The company is also focused on building a software ecosystem to support its hardware products, which includes the BIRENSUPA software platform [17]

Core Viewpoint - The company, Birran Technology, is preparing for an IPO in Hong Kong, showcasing its growth over the past five years, with significant revenue increases and a focus on the AI chip market in China [1]. Financial Performance - Revenue increased from 620,000 RMB in 2023 to 3.37 billion RMB in 2024, with unfulfilled orders totaling 8.22 billion RMB and framework agreements worth 12.41 billion RMB [1]. - The company reported a net loss of 1.474 billion RMB in 2022, 1.744 billion RMB in 2023, and 1.538 billion RMB in 2024, with an estimated loss of around 1.6 billion RMB by mid-2025 [6][7]. - Gross profit for 2024 is projected at 1.79 billion RMB, with a gross margin of 53.2% [4]. Market Position - The Chinese AI chip market is dominated by Nvidia and Huawei, holding a combined market share of 94.4% in 2024, while domestic AI chip companies, including Birran Technology, hold less than 1% [1]. - Birran Technology's market share in the smart computing chip market and GPGPU market is 0.16% and 0.20%, respectively, in 2024 [1]. Product Development - The company has developed its first-generation GPGPU architecture and launched products such as BR106 and BR110, with BR106 being the primary sales driver [8][10]. - The BR166 chip, which offers double the performance of BR106, began mass production in 2024 [9][14]. - Future products include the BR20X series for cloud training and inference, expected to be commercialized by 2026, and BR30X and BR31X for future applications [15]. Customer Base and Sales Strategy - The company is optimizing its customer structure, focusing on specific industries, with revenue primarily from PCIe board sales [4]. - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction numbers rising from 9 to 33 [4]. - The contribution from the largest customer decreased from 85.7% in 2023 to 33.3% by mid-2025, indicating a diversification of the customer base [6]. Research and Development - R&D expenditures were 1.018 billion RMB in 2022, 885 million RMB in 2023, and 826 million RMB in 2024, accounting for approximately 79.8%, 76.4%, and 73.7% of total operating expenses, respectively [7]. - The company has 24 binding orders valued at approximately 8.22 billion RMB and five framework sales agreements worth 12.41 billion RMB [7]. Strategic Partnerships - Birran Technology has formed strategic partnerships to enhance its AI infrastructure and has signed significant sales agreements, including a 3.68 billion RMB framework agreement [14][16]. - Collaborations aim to drive technological advancements and improve computing efficiency in AI applications [16].

Core Viewpoint - Wallen Technology is set to become the first general-purpose GPU company to list on the Hong Kong Stock Exchange, highlighting its strategic importance in the ongoing global AI revolution and the increasing demand for computing power [1][13]. Group 1: Company Overview - Wallen Technology has signed framework sales agreements and contracts exceeding 1.2 billion yuan, with clients including nine Fortune China 500 companies, five of which are also on the Fortune Global 500 list [3][15]. - The company has developed five core technologies, including GPGPU architecture and system-on-chip (SoC) design, to create a comprehensive intelligent computing solution for the domestic AI industry [3][15]. Group 2: Technological Innovations - Wallen Technology stands out in SoC design, hardware systems, and cluster deployment optimization compared to other domestic computing power manufacturers [5][17]. - The company is the first in China to use 2.5D chiplet technology for packaging dual AI computing bare chips, enhancing overall chip performance [5][17]. - The BR166 chip, set to launch in 2025, will utilize advanced chiplet technology, significantly increasing transistor count and overall performance [5][19]. Group 3: Market Demand and Financial Performance - Wallen Technology's revenue has shown rapid growth, with figures of approximately 500,000 yuan in 2022, 62.03 million yuan in 2023, and 337 million yuan projected for 2024 [8][20]. - Despite the revenue growth, the company remains in a loss position, with adjusted net losses narrowing from 1.038 billion yuan in 2022 to 767 million yuan in 2024 [8][20]. - As of December 15, 2025, Wallen Technology has secured sales agreements worth approximately 1.2407 billion yuan, providing a solid foundation for future revenue growth [8][20]. Group 4: Strategic Partnerships and Client Base - Wallen Technology has established strategic partnerships with key industries, including AI data centers and telecommunications, to meet unique client needs [10][22]. - The company has provided solutions to nine Fortune China 500 companies, with five also listed in the Fortune Global 500 [10][22]. Group 5: Management Team and Market Potential - The management team includes experienced professionals, such as CEO Zhang Wen and Chief Architect Hong Zhou, who bring extensive expertise in law, finance, and technology [11][23]. - The Chinese intelligent computing chip market is projected to grow from 1.7 billion USD in 2020 to 30.1 billion USD by 2024, with a CAGR of 105% [11][23]. Group 6: Future Product Roadmap - Wallen Technology plans to launch the next-generation BR20X series in 2026, targeting the global high-end cloud market [12][24]. - The company holds a substantial patent portfolio, with 613 patents and 972 pending applications related to its next-generation technologies [12][24].