血制品行业景气度是否有所回升 20251021 摘要 2025 年初，白蛋白市场面临供需失衡，采浆量增长超过需求增速，导 致销售压力和价格调整。公立医院渠道稳定，但院外渠道竞争激烈，小 型企业面临更大的价格压力。 广东省集采反映了企业在公立医院的低价成交记录，小型企业报价显著 降低，大型企业保持相对稳定。集采有效期为两年，将影响未来价格体 系。 血液制品市场呈现两极分化，进口产品中，低端品牌价格维持在 350 元 左右，高端品牌价格体系稳定。大品牌上市企业受影响较小，小品牌影 响较大，国庆节后价格体系基本稳定。 中升集团调整 10%竞品出厂价，从 1,400 元降至 1,300 元以下，以覆 盖公立医院终端市场。国谈进展不如预期，自费销售压力大，导致行业 出现短暂失衡。 疫情恢复后市场容量增加，但需扣除 2023 年集中使用因素。2025 年 采浆量增速回落至 7%，行业内企业正在控制增长。开发新适应症可避 免劣币驱逐良币。 Q&A 血液制品行业在过去两年的发展情况如何？ 在过去的 2023 年和 2024 年，血液制品行业的采浆量增速连续两年超过了 15%。具体来说，2023 年的增速经过回溯调整后达到了 ...

Summary of Key Points Core Viewpoint - The strategic cooperation agreement signed between Beijing Lier High-Temperature Materials Co., Ltd., SenseTime Group Inc., and Hangzhou Xiwang Chip Technology Co., Ltd. aims to explore AI computing power collaboration, industrial manufacturing, and decision-making AI vertical model development and application [3][7]. Group 1: Agreement Overview - The agreement is a framework agreement and does not involve specific transaction amounts or constitute a major asset restructuring [3][12]. - The cooperation focuses on leveraging each party's strengths: SenseTime's AI algorithms, Lier's industry data resources, and Xiwang's advanced chip technology [8][9]. Group 2: Partner Introductions - SenseTime is a well-known AI software company listed on the Hong Kong Stock Exchange, with a registered capital of 1.625 billion RMB [4][6]. - Hangzhou Xiwang specializes in high-performance GPU development and has a registered capital of 20 million RMB [5][6]. Group 3: Cooperation Content - The parties will prioritize the development of AI applications in the refractory materials industry and related sectors, utilizing Lier's industry data and SenseTime's AI expertise [10][11]. - A joint effort will be made to promote Xiwang's AI chips in various fields, with a focus on established products [10][11]. Group 4: Impact on Company - The agreement is not expected to significantly impact the company's independence or current performance, as it is a strategic framework agreement [11][12]. - The cooperation aligns with the company's new development strategy and aims to expand its presence in the industrial manufacturing and decision-making AI sectors [11].

Core Viewpoint - Beijing Lier (002392.SZ) has signed a strategic cooperation agreement with SenseTime and Hangzhou Xiwang Chip Technology Co., Ltd. to explore AI computing power collaboration and the development of industrial manufacturing and decision-making AI vertical models [1] Group 1 - The three parties will jointly promote the sales of the AI chips developed by Hangzhou Xiwang and their application in various fields [1] - In stable market demand conditions, the parties will explore the establishment of a joint venture for computing power business, focusing on the already mass-produced S1, S2, and the upcoming S3 inference chips, supplemented by chips from other AI manufacturers [1] - The collaboration aims to help the company expand its business in the development and application of industrial manufacturing and decision-making AI vertical models [1] Group 2 - The company plans to leverage its strong customer relationships to actively promote the use of Hangzhou Xiwang's AI chips or jointly developed computing power leasing facilities in the AI data center business of relevant steel enterprises [1] - Several steel companies are currently entering the data center construction business, indicating a growing market for AI applications in this sector [1]

Core Viewpoint - Beijing Lier (002392.SZ) has signed a strategic cooperation agreement with SenseTime and Hangzhou Xiwang Chip Technology Co., Ltd. to explore AI computing power collaboration and the development of industrial manufacturing and decision-making AI vertical models [1][2] Group 1 - The agreement aims to jointly research and explore strategic cooperation in AI computing power, industrial manufacturing, and decision-making AI vertical model development [1] - The three parties will promote the sales and application of Xiwang's AI chips across various fields, focusing on the already mass-produced S1, S2, and the upcoming S3 inference chips [1] - The collaboration will leverage Beijing Lier's strong customer relationships to advance the use of AI chips in steel companies' AI data center businesses [1]

Core Insights - The strategic partnership between Youzu Interactive and Sunrise aims to build an AI computing foundation to promote the intelligent upgrade of the gaming industry [2] - The collaboration will focus on integrating AI computing infrastructure with core gaming development scenarios, utilizing customized GPU computing cards and distributed architecture [2] - This partnership is a significant step towards the innovative integration of "AI + gaming," driving technological advancement and paradigm shifts in the gaming industry [2] Company Overview - Youzu Interactive operates in multiple sectors including game development, publishing, artificial intelligence, and IP management, with users across over 200 countries and regions [3] - The company has established an "AI Innovation Institute" and collaborates with notable firms like Volcano Engine and Inspur to expand AI technology applications in interactive entertainment [3] Sunrise Overview - Sunrise, previously the chip division of SenseTime, became an independent full-stack AI computing chip company by the end of 2024, focusing on high-performance GPU and multi-modal scene inference chip development [3] - The core technical team consists of approximately 150 members, primarily from AMD, Baidu, Alibaba, and SenseTime, achieving significant results in chip development with successful tape-outs of two generations of chips [3] - Sunrise's product line includes the S1, S2, and S3 GPUs, each targeting different application scenarios [3]

Core Insights - Xu Bing, co-founder of SenseTime, has established a new GPU chip company named Xiwang, marking a strategic shift for SenseTime as it focuses on AI chip development [2][3] - Xiwang aims to serve as the computational foundation within the SenseTime ecosystem, emphasizing the importance of self-sufficient computing power in the era of AGI [2][12] - The company has secured nearly 1 billion yuan in its first round of financing, with notable investors including SANY Group and other established firms [2][11] Company Strategy - The establishment of Xiwang is part of SenseTime's "1+X" strategy, which involves restructuring to create independent entities focused on various emerging business areas [9][10] - SenseTime's AI chip development has a long history, with efforts dating back to 2018 aimed at reducing reliance on foreign chip manufacturers [6][12] - The new structure allows for more agile decision-making and financing opportunities for the independent entities within the ecosystem [9][10] Leadership and Team - Xu Bing has transitioned from his role at SenseTime to lead Xiwang as its chairman, focusing on strategic development and company culture [3][8] - The core team from SenseTime's chip division has been integrated into Xiwang, ensuring continuity and expertise in chip development [8][12] Market Context - The Chinese GPU market is characterized by high costs and challenges in profitability, yet interest in AI chip development remains strong [2][12] - The domestic AI chip market is expected to grow significantly, with projections indicating a 30% penetration rate for local brands by 2024 [20] Technological Development - Xiwang has achieved 100% independent intellectual property rights in its GPGPU technology, which includes the entire stack from instruction set definition to compiler toolchain [20] - SenseTime has developed several AI chips, including the S1 and S2, with the S3 chip expected to significantly reduce inference costs [16][20]

Core Insights - Sunrise, a domestic AI chipmaker spun off from SenseTime, has raised nearly $139 million in a Pre-A funding round as China focuses on localizing high-performance GPU supply chains [2][3] Company Overview - Sunrise was established at the end of 2024 and has quickly become a full-stack developer of high-performance GPUs and multimodal inference chips [4] - The company is led by Chairman Xu Bing, co-founders Wang Zhan and Wang Yong, who have extensive backgrounds in tech companies like Baidu and AMD [4][5] Funding and Investment - The recent funding round was supported by a consortium of investors including Huaxu Fund, 4Paradigm, and others, aimed at accelerating R&D and expanding market operations [3] - Sunrise's funding success indicates a growing investor interest in domestic GPU companies amid geopolitical and supply chain challenges [12] Product Development - Sunrise's product roadmap includes the S1 vision inference chip for cloud-edge video analysis, with over 20,000 units shipped, and the S2 general-purpose GPU, which has entered mass production [6][7] - The upcoming S3 chip, expected in 2026, aims to reduce inference costs by up to 90% [7] Financial Performance - Despite the funding, Sunrise has not yet reached profitability, reporting revenue of $33,520 in 2024 and a net loss of $26.47 million [11] - As of March, total assets were reported at $13.13 million, with net assets of $11.72 million [11] Strategic Positioning - Sunrise is positioned as the flagship of SenseTime's chip ambitions following a reorganization under a "1+X" strategy, which focuses on generative AI while spinning off other units [9] - The company's broader strategy includes hardware accelerators, large model servers, and compute clusters, targeting sectors like intelligent computing, financial services, and smart manufacturing [8]

Core Insights - The article highlights the recent trends in financing events within various industries, indicating a total of 108 financing events this week, with a total amount of approximately 11.37 billion RMB, marking an increase from the previous week [4][12]. Financing Overview - This week, there were 108 financing events (excluding mergers and acquisitions), an increase of 4 from last week, with a total financing amount of approximately 11.37 billion RMB, up by 4.64 billion RMB [4]. - Among these, 28 events had financing amounts of 100 million RMB or more, an increase of 6 from last week [4]. - There were 32 public exit cases this week, a decrease of 4 from last week [4]. Financing Amount Distribution - The distribution of disclosed financing events shows 70 events, with amounts ranging as follows: - 5 events below 5 million RMB - 22 events between 5 million and 10 million RMB - 13 events between 10 million and 50 million RMB - 18 events between 50 million and 100 million RMB - 9 events between 100 million and 500 million RMB - 2 events between 500 million and 1 billion RMB - 1 event over 1 billion RMB [5]. Notable Investment Events 1. **Photovoltaic Materials**: Tongwei Co., Ltd. announced that its wholly-owned subsidiary, Yongxiang Co., completed a strategic financing round of approximately 4.916 billion RMB, with funds primarily used for repaying financial institution debts and supplementing working capital [7]. 2. **AI Large Models**: Zhizhu completed a strategic financing round of 1 billion RMB, aimed at building an open platform for model-as-a-service (MaaS) and enhancing AI infrastructure in Shanghai [8]. 3. **AI Chips**: Zhenliang Intelligent announced nearly 1 billion RMB in strategic financing, focusing on high-performance GPU development [9]. 4. **Autonomous Driving Software**: Tiantong Vision completed a D round financing of 500 million RMB, aimed at promoting Robotaxi deployment nationwide [9]. Industry Distribution - The financing events this week spanned 13 industries, with the top five being: - Information Technology: 26 events - Electronics: 25 events - Equipment Manufacturing: 14 events - Healthcare: 10 events - Materials: 9 events [12]. - In terms of financing amount, the top five industries were: - Materials: 49.16 billion RMB (due to Yongxiang's large financing) - Electronics - Information Technology - Equipment Manufacturing - Automotive [14]. Regional Distribution - The top five regions for financing events were: - Guangdong: 17 events - Jiangsu: 17 events - Zhejiang: 16 events - Shanghai: 13 events - Beijing: 13 events - These regions accounted for 70.37% of all financing events [19][20]. Financing Round Distribution - The distribution of financing rounds showed that seed and angel rounds accounted for 59 events, while strategic financing ranked third with 21 events. Early-stage financing (A round and earlier) accounted for 58.33% of the total events [23]. Investment Institutions - A total of 97 investment institutions participated this week, with notable activity from Beijing Guoguan and Jinpu Investment [26].