수이위안 테크놀러지는 상하이 증권거래주식시장(STAR Market) 공모 결과를 공식 발표하며, 주당 142.18위안으로 4,303만5,173주를 발행해 총 61억1,900만 위안을 성공적으로 조달했다고 밝혔다.

On the evening of September 7, Enflame Technology (688801.SH) officially announced the results of its initial public offering. The issue price was set at 142.18 RMB per share, with 43.035173 million shares issued, raising a total of 6.119 billion RMB. Online investors subscribed to 10.311626 million shares, while offline investors subscribed to 24.099639 million shares. Prior to the launch, the online issuance attracted 7.032 million effective investor accounts, resulting in a final winning rate of 0.02455315%, underscoring strong market enthusiasm.

Enflame has long focused on the research and development of cloud-based AI chips and related products. Through years of technological accumulation and continuous product iteration, the company has established a comprehensive product ecosystem covering AI chips, AI acceleration cards and modules, intelligent computing systems and clusters, and AI computing and programming software platforms. To date, Enflame has independently developed and iterated through four generations of architectures and five cloud AI chips, continuously building full-stack technical capabilities spanning chips, hardware, software, and systems.

Technological innovation remains the cornerstone of Enflame’s sustained growth. The company employs a self-controlled Domain-Specific Architecture (DSA) and continues to iterate on core technologies such as the GCU-CARE compute acceleration unit and GCU-LARE chip interconnect. It has also developed TopsRider, a full-stack AI computing and programming software platform that encompasses drivers, a compiler language and compiler, an operator library, and a comprehensive toolchain. By the end of 2025, R&D personnel accounted for 76.73% of the company’s workforce. From 2023 to 2025, cumulative R&D investment reached 3.676 billion RMB.

On the demand side, the continued expansion of AI applications is prompting global cloud providers to significantly increase their AI-related capital expenditures, further driving growth in AI compute infrastructure. According to Citi Research, global AI capital expenditure is projected to rise from $0.2 trillion in 2024 to $1.4 trillion in 2028, representing a compound annual growth rate exceeding 50%. To address the robust AI compute demand from leading internet enterprises, Enflame has adopted a customer acquisition strategy of “prioritizing single-point breakthroughs, expanding from points to lines, and gradually scaling from lines to broader markets.” The company first established a long-term strategic partnership with Tencent, advancing product validation and scaled deployments across multiple AI business scenarios. Building on this foundation, Enflame is now progressively expanding into other top-tier internet firms, telecommunications operators, and enterprise clients. During a recent online roadshow, Enflame Chairman Zhao Lidong stated, “Business development with other internet clients is progressing well. Our fourth-generation product has successfully passed hardware and model compatibility tests with several prospective customers and is currently undergoing gray-scale testing. We expect to complete small-scale deliveries within 2026, followed by mass production deliveries in 2027.”

The scaled application of its products is increasingly translating into operational performance. From 2023 to 2025, the company reported revenues of 301 million RMB, 722 million RMB, and 990 million RMB, respectively, achieving a three-year compound annual growth rate of 81.32%. In the first half of 2026, revenue reached 1.12 billion RMB, a year-on-year increase of 279.08%. Based on realized performance, order backlog, and product delivery schedules, Enflame forecasts revenue of 2.3 billion to 3.0 billion RMB for the nine months ending September 2026, representing a year-on-year growth of 325.78% to 455.36%. The company also anticipates achieving consolidated profitability in either 2026 or 2027.

Driven by the rapid advancement of large language models, AIGC, and AI applications, the global AI chip industry is experiencing explosive growth. Data from Catalysts Consulting indicates that the global AI accelerator card market was valued at approximately $119.028 billion in 2024 and is projected to reach $525.77 billion by 2028. Meanwhile, China’s AI accelerator card market is expected to hit 1.11 trillion RMB over the same period. Currently, a significant supply gap persists in the domestic AI accelerator card market. As AI applications accelerate deployment and domestic compute demand surges, Enflame’s segment within the cloud AI chip sector retains substantial room for expansion.