21世纪经济报道记者 孙燕 12月22日，上海壁仞科技股份有限公司（以下简称"壁仞科技"）启动招股。其公告表示，在港上市拟发 行24769.28万股H股，预期H股将在2026年1月2日开始交易。 从12月15日获得境外发行上市及境内未上市股份"全流通"备案通知书，到12月17日通过港交所上市聆 讯，再到12月22日开启招股，壁仞科技在短短一周内完成了上市前最后冲刺。 紧随科创板迎来"国产GPU第一股"摩尔线程后，"港股GPU第一股"即将诞生。 2019年9月，前商汤科技总裁张文在上海创立了壁仞科技。他招募了前海思自研GPU团队负责人洪洲等 顶尖人才，共同组建了壁仞科技的核心团队。 首款产品，壁仞科技便瞄准了用于训练及推理的芯片。 对于这一选择，张文在2021年接受访谈时回忆道，受制于资金和人才，当时绝大多数芯片创业公司在开 始做第一款芯片时，会选择从"小芯片"开始做，对标的是国际大厂的上一代产品或上、上一代产品。但 考虑到"大芯片"和"小芯片"都需要三年才能落地，他拍板决定对标国际大厂的下、下一代产品，而不是 上、上一代产品。 2020年，壁仞科技开始研发BR106。这款产品在约三年内成功实现从设计到商业化： ...

Core Viewpoint - Wallan Technology, known as the "first GPU stock in Hong Kong," has launched its IPO, aiming to issue 247.69 million shares at a price range of HKD 17.00 to 19.60 per share, highlighting its growth trajectory over the past five years and the potential of the domestic AI chip market [1][12][13]. Company Overview - Wallan Technology was founded in September 2019 by Zhang Wen, with initial revenue of RMB 62 million in 2023 projected to grow to RMB 337 million in 2024, supported by unfulfilled orders worth RMB 822 million and framework agreements totaling RMB 1.241 billion [1][13]. - The company is currently in a loss-making state, with net losses of RMB 1.474 billion, RMB 1.744 billion, and RMB 1.538 billion from 2022 to 2024, and an estimated loss of RMB 1.6 billion by mid-2025 [4][17]. Market Position - In the Chinese intelligent computing chip market, Wallan Technology holds a market share of 0.16% and 0.20% in the GPGPU market for 2024, while the market is dominated by Nvidia and Huawei, which together account for 94.4% of the market share [2][13]. - The domestic AI chip market is expected to grow significantly, with Wallan Technology's IPO potentially enhancing its competitive position [14]. Financial Performance - The company's revenue is expected to rise to approximately RMB 337 million in 2024, with a gross margin of 53.2%, reflecting a year-on-year increase in average transaction value by 113.64% to RMB 9.4 million [3][16]. - The number of customers increased from 4 in the first half of 2024 to 12 in the first half of 2025, with transaction counts rising from 9 to 33 [3][16]. Product Development - Wallan Technology has developed its first-generation GPGPU architecture and is working on the second generation, with products like BR106 and BR110 already in production, and the BR166 chip expected to double the performance of BR106 [6][18]. - The company plans to launch the next-generation flagship data center chip BR20X by 2026, with further products like BR30X and BR31X expected by 2028 [20][21]. Strategic Partnerships - Wallan Technology has established strategic partnerships to enhance its product offerings and market reach, including a collaboration with an IT company to develop AI infrastructure solutions, resulting in significant sales orders [20][21]. - The company is also focused on building a software ecosystem with its BIRENSUPA platform, which supports third-party GPGPU software, aiming to reduce migration costs to its products [21]. Investment and Funding - Since its establishment, Wallan Technology has undergone 13 rounds of financing, with notable investors including IDG Capital and Qiming Venture Partners, and the latest funding round occurred in March 2023 [22].

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].

Core Viewpoint - The domestic GPU sector is witnessing significant activity as major players, including Shanghai Biren Technology Co., Ltd. (Biren Technology), are heading to the capital market, with Biren Technology aiming to become the first GPU stock listed on the Hong Kong Stock Exchange [1][4]. Company Overview - Biren Technology was established in 2019 and focuses on developing General-Purpose Graphics Processing Unit (GPGPU) chips and intelligent computing solutions for artificial intelligence [1]. - The company has successfully developed its first-generation GPGPU architecture and two chips, BR106 and BR110, with BR106 entering mass production in January 2023 and BR110 expected to follow in October 2024 [1][3]. Product Development - Biren Technology plans to launch the next-generation flagship data center chip, the BR20X series, by 2026, which will feature larger and faster memory and higher interconnect bandwidth compared to existing products [3]. - Future products include the BR30X for cloud training and the BR31X for edge inference, expected to be commercialized by 2028 [3]. Financial Performance - Since generating revenue from its intelligent computing solutions in 2023, Biren Technology has seen rapid revenue growth but has not yet achieved profitability [2]. - Revenue figures from 2022 to the first half of 2025 are as follows: 0.499 million yuan in 2022, 0.62 billion yuan in 2023, 3.37 billion yuan in 2024, and 0.59 billion yuan in the first half of 2025, with net losses of 1.474 billion yuan, 1.744 billion yuan, 1.538 billion yuan, and 1.601 billion yuan respectively [2][4]. Customer Concentration - The company has a high customer concentration, with revenue from the top five customers accounting for 98.1%, 90.3%, and 97.9% of total revenue from 2023 to the first half of 2025 [4]. - The largest customer contributed 85.7%, 54.5%, and 33.3% of total revenue during the same periods [4]. Market Opportunity - The global demand for AI computing power is rising, presenting significant market opportunities for domestic GPU manufacturers like Biren Technology [4]. - According to Frost & Sullivan, the AI chip market in China is projected to grow from 142.54 billion yuan in 2024 to 1,336.79 billion yuan by 2029, with a compound annual growth rate (CAGR) of 53.7% from 2025 to 2029 [4]. Competitive Landscape - The Chinese intelligent computing chip market is highly concentrated, with the top two players holding 94.4% of the market share [4]. - Biren Technology anticipates capturing approximately 0.2% of the market share in a projected market size of 50.4 billion USD by 2025 [4]. Future Plans - The funds raised from the IPO will be used for the development and upgrade of existing GPGPU chips and next-generation chips like BR20X and BR30X, as well as for software platform development and commercialization of intelligent computing solutions [5]. - Short-term prospects for domestic GPU companies are positive, as they can alleviate high R&D costs through IPO fundraising, while long-term growth is expected through increased R&D investment and strengthening of the technology product moat [5].