Shanghai Biren Tech Co Ltd
- 業種
- AI Chips
- 取引所
- 香港株
- 国 / 地域
- Hong Kong
- 従業員数
- 842
- 公式サイト
- www.birentech.com
総合バリュエーションレンジ · 保守的 HK$21–HK$25 / 妥当 HK$33–HK$42 / 楽観的 HK$60–HK$72。HK$34.8 時点で 妥当な本源的価値レンジ内。
レポート公開時 HK$48.52（2026年6月11日）
データ提供：EODHD、報告通貨で表示。参考情報であり、投資助言ではありません。
Shanghai Biren Technology Co., Ltd. operates as a graphics processing unit (GPU) developer that researches and develops general computing systems. The company's products include Wall-Sharpening 166L, a cold-plate liquid-cooled OAM module; Wall-Sharpening 166M, a 4U OAM V1.1 air-cooled module; Wall-Sharpening 166C, a full-height and full-length, dual-width PCIe card; Wall-Sharpening 106M, an air-cooled OAM module; and Wall-Sharp 106B, a full-height, full-length, dual-width PCIe board. The company also provides BIRENSUPA, a software development platform. The company was incorporated in 2019 and is based in Shanghai, China.
沿革
Shanghai Biren Technology was incorporated in Shanghai on 9 September 2019 by founder Zhang Wen, previously president of SenseTime; the core team included CTO Zhou Hong (from Huawei's U.S. research center and S3 Graphics) and GM Xiao Bing (with SenseTime, Oracle and IBM backgrounds), positioning the company toward high-end general-purpose computing platforms rather than consumer graphics cards or single IP licensing. Its early years focused on building capability rather than selling: 2022 R&D expense reached 1.0179 billion yuan while 2022 revenue was only 499,000 yuan. In August 2022 it unveiled its first general-purpose GPU chip, BR100, together with a self-developed architecture, OAM server, OAM module, PCIe board and the BIRENSUPA software platform. On 19 October 2023 the U.S. Bureau of Industry and Security added Shanghai Biren and related entities to the Entity List under a license-required, presumption-of-denial policy; the company recognized a 108.7 million yuan special loss directly tied to the BIS listing and subsequently switched to mainland China suppliers for certain EDA tools that no longer qualified. Revenue rose to 336.8 million yuan in 2024 (14 professional technology product customers, gross margin 53.2%), then jumped to 1.035 billion yuan in 2025 (up 207.2 percent), with over 94 percent recognized in the second half; before listing the company held 24 binding orders totaling about 821.8 million yuan plus 5 framework sales agreements and 24 sales contracts totaling about 1.2407 billion yuan. It completed a Hong Kong main-board IPO under Chapter 18C at an offer price of HKD 19.60, issuing 284,846,600 shares for total proceeds of about HKD 5.583 billion; before the end of the stabilization period the over-allotment option was fully exercised, adding 42,726,800 shares. In June 2026 the company was included in Stock Connect's southbound trading and disclosed an application to convert 867,509,196 unlisted domestic shares into H shares (H-share full circulation).
業界での地位
Shanghai Biren Technology is a domestic high-end GPGPU designer that packages its self-developed general-purpose GPU chips, boards, complete machines and software platform into intelligent-computing solutions sold to intelligent computing centers, cloud providers, operators and selected key-industry customers. According to CIC data cited in its prospectus, China's intelligent computing chip market was highly concentrated in 2024: the leading U.S. GPU vendor held a 76.2 percent revenue share, and within China's GPGPU market the top two players together held 98.0 percent (with the U.S. leader at 97.6 percent), while Biren's share of China's intelligent computing chip market was only about 0.16 percent, indicating an early-stage challenger still scaling share. Its operating model relies on a small number of large customers and projects in the early commercialization phase: the largest-customer revenue share was 85.7 percent, 54.5 percent and 33.3 percent in the respective reporting periods, and the top five suppliers accounted for between 56.1 percent and 64.1 percent of total purchases. Its cost structure reflects a Fabless-plus-platform-R&D profile, with fixed costs in R&D teams, design, the software platform, IDC hosting, equipment leasing and ecosystem adaptation rather than factory depreciation; 2025 full-year R&D expense reached 1.4761 billion yuan. Identified sources of competitive advantage are factual rather than judgmental: team capability spanning AI scenarios, system sales, GPU architecture and server deployment; system-level engineering know-how demonstrated by launching chip, server, module, board and software platform together at the 2022 BR100 launch; and timing positioning within the import-restricted window for domestic high-end training and inference chips. Public disclosures do not show large-scale third-party benchmarks or broad developer-community migration evidence for its software platform. Competitors referenced include Nvidia (FY2026 revenue of 215.9 billion U.S. dollars, GAAP gross margin 71.1 percent) and AMD (FY2025 revenue of 34.6 billion U.S. dollars, gross margin 50 percent) as global platform players, plus A-share comparables Cambricon (688256.SHG, 2025 revenue 6.497 billion yuan, up 453.21 percent, net profit attributable to parent 2.059 billion yuan, gross margin 55.15 percent) and Hygon Information (688041.SHG, 2025 revenue 14.377 billion yuan, net profit attributable to parent 2.545 billion yuan); Biren also competes for the same intelligent computing centers and system-integration customers as Huawei Ascend and Hygon's DCU line.
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