In-Depth Analysis of the Investment Value of Biren Technology (the "First GPU Stock" in Hong Kong Stock Market)

Based on the collected information, I provide you with a detailed investment analysis report on Biren Technology:

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Biren Technology officially listed on the Hong Kong Stock Exchange (Stock Code: 6082.HK) on

, becoming the first listed company in the A-share and Hong Kong Stock Market in 2026, and truly the “First GPU Stock” in the Hong Kong Stock Market [1][2].

• Opening Price
  : HK$35.7 per share, a surge of
  82.14%
  from the offer price of HK$19.6
• Intraday High
  : Reached HK$42.88, with an increase of over
  118%
• Market Popularity
  : The public offering portion was oversubscribed by more than
  2300 times
  , with a lot winning rate of only 5%
• Market Capitalization
  : Over HK$90 billion [1][2]

Founded in 2019 by Harvard PhD Zhang Wen, the company is the last of the “Three Giants of Domestic GPU” (Biren Technology, Muxi Semiconductor, Moore Thread) to enter the capital market, but its “zero breakthrough” in Hong Kong IPO is a milestone [2].

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Biren Technology is in the

, with revenue showing a high-growth trend [3]:

Time	Operating Revenue	Year-over-Year Change
2022	RMB 0.5 million	—
2023	RMB 62.03 million	+123x
2024	RMB 337 million	+443%
First Half of 2025	RMB 58.9 million	+Nearly 50% YoY

: [3][4]

Despite rapid revenue growth, the company remains in a

[3][4]:

Time	Adjusted Net Loss	Net Loss Attributable to Parent Company
2022	RMB 1.038 billion	RMB 1.474 billion
2023	RMB 1.051 billion	RMB 1.744 billion
2024	RMB 767 million	RMB 1.538 billion
First Half of 2025	RMB 552 million	RMB 1.601 billion

Notably, the net loss attributable to the parent company in the first half of 2025 reached RMB 1.601 billion, far exceeding the adjusted net loss of RMB 552 million. The main difference comes from non-operating expenses such as redemption liabilities [3][4].

The company’s gross profit margin in the first half of 2025 was

, a year-over-year decrease of nearly [4]. The company expects that with the commercialization of the new high-end flagship product BR166 chip in 2025, the full-year gross profit margin will improve [4].

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According to the prospectus,

[3][4]:

Time	R&D Expenditure	Percentage of Revenue
2022	RMB 1.018 billion	—
2023	RMB 886 million	1429%
2024	RMB 827 million	245%
First Half of 2025	RMB 572 million	971%

[3]

The company’s specialized technology products only launched commercialization in August 2022 [4]. It is still in the stage of customer expansion and market cultivation, and its revenue scale cannot offset the large early-stage investment in the short term.

The company expects that the net loss will increase significantly in 2025, mainly due to [4]:

• Increased R&D Expenses
  : Due to the accelerated tape-out process of the new-generation BR20X product
• Increased Financial Costs
  : Expected increase in redemption liability balance

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Biren Technology has built a complete product line [2][3]:

Product Series	Positioning	Status
BR106/BR110	First-Generation GPGPU	Commercialized
BR166	High-Performance Chiplet Technology Product	Commercialized in 2025
BR20X	Second-Generation Architecture for Cloud Training/Inference	Expected to be Commercialized in 2026
BR30X	Next-Generation Cloud Training and Inference	Expected in 2028
BR31X	Edge Inference Product	Expected in 2028

• Total Employees
  : 792
• R&D Personnel
  : 657 (accounting for
  83%
  of the total)
• Educational Background
  : Over 78% hold master’s or doctoral degrees
• Patent Layout
  : A total of over
  1,500 patents
  have been filed globally (ranking first among Chinese general-purpose GPU companies), with over 600 patents granted, and the authorization rate for invention patents is
  100%
  [3]

Biren Technology adopts an

, achieving higher performance by co-packaging two BR106 chip dies [3]. The company’s GPU has realized support for the core part of the SUPA-Q quantum-classical hybrid computing platform, achieving an important breakthrough for domestic GPUs in this field [2].

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Among the company’s three major revenue sources,

, making it the main revenue source [4]. The products include:

• Hardware systems based on GPGPU architecture and chips
• BIRENSUPA computing software platform

The revenue growth of intelligent computing solutions in the first half of 2025 mainly comes from [4]:

• Sustained increase in customer demand
• Optimization of customer structure, covering more
  leading enterprises in selected industries

As of December 15, 2025 [3]:

• Binding Orders
  : 24 orders with a total value of approximately
  RMB 822 million
• Framework Agreements
  : Total value of
  RMB 1.241 billion

: In the short term, the company’s revenue growth rate is guaranteed. The RMB 822 million in binding orders is equivalent to the full-year revenue of 2024, indicating strong downstream demand.

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Company	Expected Break-Even Time	2025 Forecasted Revenue
Muxi Semiconductor	2026	RMB 1.5-1.98 billion
Moore Thread	—	RMB 1.218-1.498 billion
Biren Technology	Not Yet Specified	—

Unlike the two A-share GPU companies that have provided clear profitability timelines,

[4].

1. Guaranteed Revenue Growth Rate
   : With RMB 822 million in hand orders plus RMB 1.241 billion in framework agreements, revenue growth is highly certain in the short term
2. Commercialization of BR166 Chip
   : The volume release of high-end products in 2025 is expected to improve gross profit margin
3. IPO Fundraising Support
   : Total fundraising of
   HK$5.583 billion
   , 85% of which will be used for product R&D and commercialization [2]
4. Domestic Substitution Dividend
   : The booming development of AI and accelerated chip localization process bring market opportunities

1. Sustained High R&D Investment
   : The tape-out of BR20X requires a large amount of capital investment
2. Fluctuating Gross Profit Margin
   : The decline in gross profit margin in the first half of 2025 indicates cost control pressure
3. Accelerated Competitors
   : Muxi Semiconductor and Moore Thread have listed on the A-share market first and obtained more capital support
4. Customer Concentration Risk
   : Need to pay attention to the impact of customer structure changes on revenue

Based on the analysis of existing information:

Scenario	Expected Break-Even Time	Basis
Optimistic	2027	Revenue maintains a growth rate of 200%+ and BR20X is successfully commercialized
Neutral	2028	Revenue maintains a growth rate of 100%+ and gross profit margin improves to 40%+
Conservative	2029 or later	Intensified industry competition and continuous expansion of R&D investment

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Indicator	Biren Technology (Hong Kong Stock Market)	Muxi Semiconductor (A-share)	Moore Thread (A-share)
Listing Time	January 2026	December 2025	December 2025
2024 Revenue	RMB 337 million	Higher (not disclosed)	Higher (not disclosed)
Expected Profitability	Not disclosed	2026	Not disclosed
Core Advantage	Chiplet technology, software ecosystem	Product stability	Consumer-grade GPU
Valuation Feature	Valuation discount in Hong Kong Stock Market	High valuation in A-share	High valuation in A-share

[4]: “The Hong Kong Stock Market accepts long-term capital, which matches the globalization of GPU development. Biren Technology has high customer concentration and low market share, making it difficult to replicate the craze of A-share investors for Muxi Semiconductor and Moore Thread.”

The global intelligent computing chip market is expanding rapidly, and Biren Technology has obtained the “entry ticket” to the AI era [3]. The domestic GPU track is about to enter the “commercialization implementation” knockout stage, and technological strength and commercialization capabilities will become key competitive factors [3].

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1. Sustained Loss Risk
   : The company has not provided a profitability timeline, so investors need to prepare for long-term investment
2. R&D Failure Risk
   : There is uncertainty in the tape-out of new-generation chips
3. Market Competition Risk
   : Dual pressure from international giants (NVIDIA, AMD) and domestic competitors
4. Technology Iteration Risk
   : Rapid evolution of AI technology brings pressure for product renewal
5. Liquidity Risk
   : The liquidity of the Hong Kong Stock Market is relatively weaker than that of the A-share market
6. Customer Concentration Risk
   : Need to pay attention to changes in dependence on major customers

1. Sufficient orders in hand to support short-term growth
2. IPO fundraising provides long-term capital support
3. Technological strength is recognized by the market (oversubscribed by 2300 times)
4. Domestic substitution policy dividends continue to be released

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1. Rapid Revenue Growth but Sustained Losses
   : Biren Technology is in the early stage of commercialization, with revenue growing at a high speed, but high R&D investment leads to sustained losses, and it is expected to be difficult to achieve profitability in the short term.
2. Unclear Profitability Path
   : Unlike its A-share competitors, the company has not provided a clear break-even timeline. Based on orders in hand and new product plans,
   it is optimistically expected that profitability may be achieved between 2027 and 2028
   .
3. Technological Strength is the Core Competitiveness
   : The company ranks first among Chinese general-purpose GPU companies in the number of patent applications, and its Chiplet technology route has a differentiated advantage, laying a foundation for long-term competitiveness.
4. Short-Term Support, Mid-Term R&D Focus, Long-Term Commercialization Competition
   :
   • Short-term (1 year): RMB 822 million in binding orders guarantees revenue growth
   • Mid-term (1-2 years): R&D progress and commercial performance of products such as BR20X
   • Long-term (3-5 years): Customer expansion capabilities, improvement of gross profit margin, and market share growth

Biren Technology is suitable for investors who

. Since the company has not yet made a profit and its profitability timeline is unclear, it is recommended that investors pay attention to core indicators such as and make decisions prudently.

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[1] Sina Finance - “Soared HK$48.9 Billion in a Single Day! The "First GPU Stock" in Hong Kong Stock Market Accelerates Its Breakthrough” (https://cj.sina.cn/articles/view/5395803974/1419d6f4601901j88c)

[2] TMTPost - “Biren Technology’s First Trading Day on Hong Kong Stock Market Opens with Over 118% Increase, Ushering in a New Wave of Domestic AI in 2026” (https://finance.sina.com.cn/cj/2026-01-02/doc-inhewuuv4678390.shtml)

[3] Sina Finance - Biren Technology Prospectus and Financial Data

[4] Securities Times/DuShuYiZhi - “Biren Technology Lists: What is the True Value of the "First GPU Stock" in Hong Kong Stock Market?” (https://wap.stockstar.com/detail/IG2026010500014642)

[5] Beijing Daily - “Most Comprehensive Review! Biren Technology Lists, Market Capitalization Surges to HK$90 Billion, Unveiling the Behind-the-Scenes Capital Layout” (https://news.bjd.com.cn/2026/01/02/11500179.shtml)