Clarification on Days AI (09903.HK) PS Valuation: Actual 61-80x, Hong Kong Stock Connect Code 09903

Based on the latest data I have obtained, the claim that “Days AI’s PS valuation is only 1.2x” you mentioned contains obvious errors. Let me systematically sort out the actual situation for you:

Based on public information, the actual PS valuation of Days AI (Stock Code: 09903.HK) is as follows [0][1]:

Valuation Indicator	Data
IPO Offer Price	HK$144.6
IPO Market Capitalization	Approximately HK$35.4 billion
PS for 2024	Approximately 61x
PS on First Trading Day	Approximately 80x
Projected PS for 2025	Significantly lower than peers

The PS valuations of the “Four Little Dragons” of domestic general-purpose GPUs vary significantly [1][2][3]:

Company	PS Valuation Multiple	Listing Venue	Market Capitalization
Muxi Technology	153-200x	STAR Market (A-shares)	Over RMB200 billion
Moore Threads	150-233x	STAR Market (A-shares)	Over RMB200 billion
Biren Technology	36-109x	Hong Kong Stock Exchange	HK$80 billion
Cambricon	93x	STAR Market (A-shares)	High valuation
Days AI	61-80x	Hong Kong Stock Exchange	HK$35.4-48.4 billion

• Days AI’s PS valuation is only
  one-third to one-sixth
  that of its A-share peers
• Approximately 50% cheaper than its Hong Kong-listed peer Biren Technology

• Leading Commercialization Advantage
  : As the first Chinese enterprise to achieve mass production of both training and inference GPUs, it has delivered over 52,000 chips to more than 290 customers [0]
• Strong Revenue Growth
  : The compound annual growth rate (CAGR) of revenue from 2022 to 2024 reached 68.8%, with a year-on-year growth of 64.2% in the first half of 2025 [0]
• Improved Gross Margin
  : The gross margin rebounded to 50.09% in the first half of 2025, an increase of 5 percentage points compared to the same period last year [1]

• Track Scarcity
  : The only company among the “Four Little Dragons” of domestic general-purpose GPUs listed under Mechanism B, with a free float of only approximately HK$2 billion [2]
• Domestic Substitution Dividend
  : The market share of domestic general-purpose GPUs is expected to exceed 50% by 2029, up from 17.4% in 2024 [0]
• Technological Barriers
  : 7nm process, integrated training and inference, full-stack self-developed software stack, reducing migration costs by more than 50% [2]

1. Vertical Comparison
   : Compared to its own historical valuation and peer companies, Days AI’s PS multiple is indeed at a relatively low level
2. Horizontal Comparison
   : Compared to A-share peer companies, it has obvious valuation advantages, and there may be room for value regression
3. Risk Warning
   : The PS valuation is still in the 60-80x range, which falls into the high valuation category for growth tech stocks

: The third-generation GPGPU roadmap will be released on January 26, 2026, which may become an important timing for valuation re-rating [2].

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[0] Securities Times - “China’s First General-Purpose GPU Enterprise Days AI Lists on Hong Kong Stock Exchange” (https://www.stcn.com/article/detail/3578078.html)
[1] Eastmoney - “First IPO Stock of 2026: Days AI” (https://caifuhao.eastmoney.com/news/20260104114114337455330)
[2] Caifuhao - “Four Calculations to Clarify Days AI: Is HK$40 Billion Market Cap a Starting Point or a High Point?” (https://caifuhao.eastmoney.com/news/20260109135429578392680)
[3] Securities Times - “Year-End Review: Domestic Computing Power Underpins the Surge of GPU IPOs in the Capital Market” (https://www.stcn.com/article/detail/3559385.html)