The Rise of Domestic GPU Companies: Tianshu Zhixin Joins the Market Race
Summary
- Market Activity: Domestic GPU companies are rapidly entering the stock market, with notable players like Moore Thread, Muxi, and Biren Technology.
- Tianshu Zhixin’s Competitive Edge: Positioned to become a key competitor in the GPU sector, Tianshu Zhixin has passed the hearings for a Hong Kong listing, aiming to distinguish itself as a pioneering GPU producer.
- Promising Growth Metrics: The company’s recent financial performance indicates strong revenue growth and strategic fundraising rounds, despite current net losses.
In a wave of IPO activity, domestic GPU firms have surged onto the stock market in recent weeks. Companies such as Moore Thread and Muxi made significant debuts, soaring to market valuations between 300 billion and 400 billion yuan, marking a staggering increase of six to seven times their initial listing prices.
Biren Technology, the next contender in this emerging arena, is setting its sights on the Hong Kong stock market after previously asserting that its graphics card surpasses the NVIDIA A100. Meanwhile, Tianshu Zhixin has also opted for a Hong Kong listing, successfully navigating the stock exchange’s hearing process. This positions Tianshu Zhixin to compete directly with Biren Technology for supremacy among domestic GPU stocks in Hong Kong.
Founded in 2015, Tianshu Zhixin began by focusing on computing power acceleration through software and hardware solutions and has since pivoted to developing general-purpose GPU chips and AI computing power solutions. With a robust research and development team of 480 professionals, many of whom hail from industry giants like AMD and NVIDIA, Tianshu Zhixin is carving a niche for itself in the competitive tech landscape.
According to information from the company, Tianshu Zhixin has emerged as a leading provider of general-purpose GPU chips and AI computing solutions in China. Its product lines, namely the Tiangai and Zhikai series, boast remarkable performance attributes, compatibility with major AI ecosystems, and versatility. These features facilitate seamless integration into various deep learning frameworks, appealing to a broad customer base.
Recent data from Frost & Sullivan indicates that Tianshu Zhixin is a trailblazer in China, achieving mass production milestones for both reasoning and training GPU chips using cutting-edge 7nm process technology. This technological advancement places the company ahead in the race to enhance AI computational capabilities.
In terms of financial performance, Tianshu Zhixin demonstrated significant growth over a short period. From 2022 to 2024, the company’s operating income rose from 189 million yuan to an impressive projection of 540 million yuan for 2024. In the first half of 2025 alone, the company recorded revenue of 324 million yuan, reflecting a year-on-year growth rate of 64.24%. Moreover, its gross profit margin showed an uptick from 45.1% to 50.1% over the same timeframe.
Notably, Tianshu Zhixin’s successful funding rounds yielded over 1.4 billion yuan and 2.05 billion yuan in two separate D and D+ funding phases, pushing their pre-round D+ valuation to 12 billion yuan. These inflows of capital will likely support further research and production efforts as the company strives to maintain its innovative edge.
The company’s customer base has considerably expanded, with the number of clients increasing from 22 in 2022 to a forecasted 181 in 2024. This correlates with a steady rise in shipments of general GPU products, which are expected to reach 15,700 units during the same period.
However, the company faces ongoing financial challenges. Despite its impressive growth metrics, the prospectus reveals that Tianshu Zhixin reported net losses of 554 million yuan, 817 million yuan, and 892 million yuan in the previous fiscal years, with a preliminary loss of 609 million yuan for the latest reporting period. These losses can primarily be attributed to the increased costs of research and development, a typical scenario for companies in high-tech industries.
As the domestic GPU market evolves, the competition among Tianshu Zhixin, Biren Technology, and others will likely intensify, shaping the future landscape of AI computing solutions. Investors and industry stakeholders will keep a close eye on these developments to assess the sustainability and innovation potential of companies entering this burgeoning sector.
With a blend of innovation, strong growth metrics, and a commitment to excellence, Tianshu Zhixin exemplifies the exciting evolution of the domestic GPU landscape as it positions itself for success on the global stage.
