Analysis of Biren Technology's Commercialization Path: Opportunities and Challenges for the First GPU Stock on the Hong Kong Stock Exchange

Based on the latest public information, I conducted a systematic analysis of Biren Technology’s commercialization path:

Biren Technology is in a typical

, a feature highly consistent with the development laws of global GPU enterprises [1][2]. From the data:

• Losses in 2022-2024 were RMB 1.474 billion, RMB 1.744 billion, and RMB 1.538 billion respectively
• Losses in the first half of 2025 reached RMB 1.6 billion, with cumulative losses exceeding RMB 6.3 billion over the past three and a half years [2]

• R&D expenditure accounts for 73%-80% of operating expenses [2]
• R&D expenditure in 2025 is expected to further increase to promote the tape-out process of the new-generation BR20X product [3]

This combination of ‘sustained losses + high R&D investment’ reflects the common challenges faced by domestic GPU enterprises:

Biren Technology has established a

product matrix [2]:

Product Series	Mass Production Time	Application Scenarios	Core Positioning
BR106	2023	Data Center	AI Training and Inference
BR110	2024	Edge Scenarios	Industrial Control, Embedded
BR166	2025	Data Center	Double Performance (2x BR106)
BR20X	2026 (estimated)	Cloud Training/Inference	Larger Memory, Faster Interconnect
BR30X/BR31X	2028 (estimated)	Full Coverage	Stronger Computing Power, Lower TCO

: The progressive development strategy from edge to data center, and from low-end to high-end, conforms to industry laws.

As of December 15, 2025, the company has [3]:

• 24 unfulfilled binding orders
  : Total value of RMB 822 million
• 5 framework sales agreements +24 sales contracts
  : Total value of approximately RMB 1.241 billion

These order reserves provide

for revenue growth in 2025-2026.

Biren Technology adopts an

route, rather than simple modification based on international vendors’ solutions [2]. At the same time, the company is the first in China to use to package dual AI computing dies [3].

Although this technology route has extremely high R&D difficulty and large capital investment, it helps:

• Achieve long-term independent control
• Build differentiated competitive advantages
• Break through process technology limitations

According to data from CIC Consulting, Biren Technology’s market share in China’s intelligent computing chip market and GPGPU market is only

respectively [1][3]. Compared with competitors:

Company	2025 Forecast Revenue
Muxi Shares	RMB1.5-1.98 billion
Moore Thread	RMB1.218-1.498 billion
Biren Technology	RMB658-672 million

, reflecting the relatively lagging commercialization process.

Gross margin plummeted from 76.4% in 2023 to 31.9% in the first half of 2025 [1][2]. The company explained that this was mainly affected by

.

This fluctuation indicates:

• The revenue structure is still unstable in the early stage of commercialization
• Economies of scale have not yet been formed
• Cost control capabilities need to be improved

Unlike two GPU companies listed on the A-share market (Muxi expects to break even in 2026, and Moore Thread predicts profitability in 2027), Biren Technology

[1]. This increases investors’ concerns about the certainty of the company’s commercialization.

1. AI computing power demand continues to grow
   : It is estimated that China’s intelligent computing chip market size will reach US$50.4 billion in 2025, and the GPGPU market will reach US$40.9 billion [1]
2. Domestic substitution opportunities
   : Geopolitical factors accelerate the adoption of domestic GPUs
3. Accelerated product iteration
   : BR166 has been commercialized, and BR20X is expected to be launched in 2026

1. R&D investment continues to rise
   , increasing cash flow pressure
2. Increased market competition
   , facing dual competition from international giants and domestic peers
3. Technology iteration risk
   : If new products fail to meet market expectations, it may affect the commercialization process

The framework of Biren Technology’s GPU chip commercialization path is

, as reflected in:

• Complete product roadmap
• Established order reserves
• Clear differentiated technology route

However, from the

, there are still significant uncertainties:

• Low market share, economies of scale not yet formed
• Unclear profitability timeline
• Gross margin fluctuations reflect immaturity in the early stage of commercialization

: Biren Technology represents the development direction of domestic GPUs, but as the ‘first GPU stock on the Hong Kong Stock Exchange’, its commercial success requires continuous attention to product iteration progress, order conversion rate, and profitability improvement. For investors with higher risk appetite, it can be used as a long-term allocation target in the domestic computing power track; conservative investors are advised to wait until commercialization is more mature and the profit timeline is clearer before evaluating.

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[1] Sina Finance - Biren Technology goes public: How good is the “first GPU stock on the Hong Kong Stock Exchange”? (https://finance.sina.com.cn/wm/2026-01-02/doc-inhexfkr4547348.shtml)
[2] NetEase News - Multiple high-end AI chips mass-produced, Hong Kong Stock Exchange’s “first GPU stock” Biren Technology listed at the start of the year (https://www.163.com/dy/article/KI8UV52205566ZHB.html)
[3] 21st Century Business Herald - “Rushing” to the Hong Kong Stock Exchange GPU track, Biren Technology’s 2025 loss is expected to increase significantly (https://www.21jingji.com/article/20251223/herald/746792a6cf4bfe5bcc9d1ff7089242cb.html)