CoinW Research Institute

September 2 is the online and offline subscription day for SiYuan Technology, and the company plans to issue 43.0352 million shares, accounting for 10% of the total share capital after issuance. As the issuing process enters the public pricing stage, investors' judgment focuses gradually clarifies. SiYuan Technology achieved revenue of 1.12 billion yuan in the first half of 2026, exceeding the full year 2025 revenue, while still incurring a loss of 632 million yuan during the same period; in 2025, sales related to Tencent accounted for 83.79% of operating revenue. This indicates that the company’s high growth has already received real order support, but revenue is still highly dependent on a single customer, so the market's willingness to provide a high valuation will depend on whether this growth can continue and reach more customers.

To understand the IPO pricing of SiYuan Technology, it is necessary to observe the position in the industry chain, operational quality, and peer valuations together. The company is responsible for the R&D of AI chips, accelerator cards, computing software, and cluster solutions, while upstream it relies on wafer manufacturing, packaging testing, and key materials, and downstream orders follow the capital expenditure of internet companies and intelligent computing projects. Meanwhile, the recent equity pricing before the listing mainly comes from external financing or equity transfer transactions in the Pre-IPO stage, corresponding to a valuation range of approximately 13.7 billion to 20.2 billion yuan. Since this type of transaction belongs to primary market pricing, its price reflects investors' expectations for the company's growth potential and is also influenced by share liquidity, entry stage, and transaction terms; thus, it is more suitable as a reference anchor for the IPO pricing and should not be directly equated with secondary market valuations. According to the planned fundraising amount and issuance ratio, the post-IPO valuation corresponding to SiYuan Technology may approach 60 billion yuan, significantly higher than the previous Pre-IPO pricing range.

However, it is not unusual for there to be a price difference between Pre-IPO valuations and IPO issuance valuations; the former is usually affected by share liquidity, lock-up periods, exit uncertainties, and transaction terms, naturally bearing a certain discount. Therefore, this gap should not be simply understood as a similar magnitude improvement in the company's fundamentals in the short term, but should be combined with liquidity premiums upon listing, the valuation center of the AI chip sector, expectations for domestic computing power substitution, as well as the company's subsequent product delivery, customer expansion, improvement in gross margins, and progress in narrowing losses. Currently, the related varieties of Tencent, global AI chips, wafer manufacturing, and the semiconductor sector that have gone live on CoinW provide another set of clues for observing the external market environment.

Tencent contributes 80% of revenue; can new customers form continuous orders?

Chips entering customer data centers must also overcome model migration and bulk delivery challenges

SiYuan Technology is an AI chip company aimed at data centers. The company is responsible for the R&D of chip architecture, accelerator cards, Yusuan TopsRider software, and computing cluster solutions, while wafer manufacturing, packaging testing, and board processing are completed by external vendors. For customers, procuring chips is just the first step; existing models must go through migration, debugging, and stability validation in order to run in the new chip environment; the supply chain must then complete production and delivery as planned. Thus, chip performance determines whether the product can enter testing, while model migration and bulk delivery determine when orders convert into revenue.

From the revenue structure, SiYuan's current primary focus is on hardware delivery. In 2025, revenue from AI accelerator cards and modules reached 856 million yuan, accounting for 86.83% of main business revenue, while computing systems and clusters accounted for 13.00%. To allow hardware to enter customers' data centers, the company has completed adaptations for nearly 1,000 models and over 300 application scenarios; it sold approximately 66,300 accelerator cards that year. According to market data from IDC cited in the prospectus and the company’s sales, SiYuan's share of the AI accelerator card market in China is about 1.7%. The next focus will be on whether the fourth-generation training and inference integrated product L600 can move from sample validation to large-scale delivery. Public information shows that L600 is positioned for training clusters and high-performance inference, with video memory capacity of 144GB, memory bandwidth of 3.6TB/s, and interconnect bandwidth of 800GB/s. The company's management claims its computing power performance is comparable to Nvidia's H20 GPU officially released on March 21, 2024. If this product can subsequently achieve stable bulk delivery and cover more training and inference scenarios, it will impact the company's revenue structure and gross margin levels in the next stage.

However, expanding delivery scale does not necessarily lead to a simultaneous improvement in profits; key factors include upstream costs, product structure, and customer bargaining power. In 2025, in terms of procurement, direct materials accounted for 52.21%, board processing accounted for 17.53%, and packaging testing accounted for 10.09%; the top five suppliers collectively accounted for 62.27%, with the largest accounting for 22.32%. Although no single supplier accounts for over half, the optional range for wafer manufacturing, chip design software, and some key materials remains limited. In 2025, the company's main business gross margin slightly increased from 30.59% to 31.78%, yet the gross margin for AI accelerator cards and modules, which account for the highest revenue share, dropped from 40.78% to 32.71%. This indicates that current revenue growth is still constrained by both cost and price; increased purchases from key clients may bring certain price discounts, while rising prices of core materials like storage particles may increase unit costs. Therefore, if L600 enters the bulk delivery phase subsequently, its impact on gross margin will depend not only on product pricing and customer structure but also on yield ramp-up, core material procurement costs, and the proportion of cluster solutions.

Tencent has completed scale validation, but customer concentration amplifies operational volatility

The relationship between Tencent and SiYuan can be divided into three layers. First, Tencent Technology and its concerted parties collectively hold 20.26% of SiYuan's shares, making it an important shareholder; secondly, the two have been cooperating since 2019, with SiYuan’s multiple generations of products gradually entering Tencent's various AI business scenarios, with the current deployments mainly focusing on inference applications, and both sides are also advancing training and inference integrated products and super-node solutions; during the sales phase, SiYuan supplies directly to Tencent and also delivers some products to designated server manufacturers as per Tencent's requirements, ultimately serving Tencent's business. In 2025, SiYuan's direct sales to Tencent amounted to approximately 768 million yuan, and along with designated deliveries, total sales related to Tencent amounted to approximately 830 million yuan.

This level of cooperation helps SiYuan cross the threshold from sample testing to bulk delivery, and it also makes the company's performance more susceptible to the purchasing rhythm of Tencent, with the revenue share from the top five customers reaching 96.89% in 2025. The demand for cloud-based AI chips mainly follows the capital expenditure, server deployment, and project acceptance of large clients. Therefore, once Tencent adjusts the scale of purchases, acceptance progress, or prices, SiYuan's revenue, gross margins, and collection speeds may change accordingly.

Meanwhile, the next phase of critical changes comes from outside Tencent. SiYuan is advancing testing with other internet companies, operators, and industry clients, with some customers already completing hardware and model matching. If these customers can move from small batch trial use to continuous procurement, the product validation brought by Tencent could then translate into more stable growth; if new revenue continues to concentrate on Tencent, customer concentration will still limit valuation space. It is also worth noting that the growth of domestic AI computing power demand brings new order opportunities for the company, while the supply side still needs to pay attention to changes in the international trade environment. The company disclosed that there are fewer selectable suppliers for some materials, chip design tools, and wafer manufacturing processes, and there are overseas purchases, and changes in related supply conditions may affect R&D and delivery rhythms. Whether L600 can achieve stable ramp-up, and whether non-Tencent customers can form continuous orders, will early reflect whether this growth path can be established.

From financing valuation to public issuance, what growth is the market willing to pay for?

Pre-listing equity trading provides a reference; public offerings will create a new pricing starting point

To judge the issuing valuation of SiYuan Technology, one can first return to the equity transactions that occurred before listing. By the end of 2024, the company completed round E financing, with a pre-investment valuation of approximately 17.5 billion yuan, and after adding approximately 2.72 billion yuan of financing, the post-investment valuation was approximately 20.2 billion yuan. Subsequently, the equity transfers corresponded to a company value of about 13.7 billion to 19.2 billion yuan, with most transactions priced at 18.2 billion yuan. From this perspective, the recent equity transactions before SiYuan's listing formed a price range of approximately 13.7 billion to 20.2 billion yuan, and the public issuance will accept a broader market pricing based on this.

Another group of references comes from the current fundraising plan. The company plans to issue 43.0352 million shares, with new shares accounting for 10% of the total share capital after issuance, intending to raise 6 billion yuan for fifth-generation and sixth-generation AI chips and hardware-software collaborative projects. If the actual total fundraising approaches 6 billion yuan, based on a simple calculation of the issuance ratio, the corresponding post-issuance market value would be approximately 60 billion yuan. The distance between the pre-listing trading range of approximately 13.7 billion to 20.2 billion yuan and the reference of approximately 60 billion yuan actually corresponds to the market's higher requirements for new product ramp-up, new customer purchases, gross margin improvement, and profit timelines.

SiYuan is currently still in a loss phase, and the price-to-earnings ratio lacks direct reference significance. The market typically observes the price-to-sales ratio, which indicates how many times the company’s market value is compared to its annual operating revenue. Based on 990 million yuan in revenue for 2025, the pre-listing trading range of approximately 13.7 billion to 20.2 billion yuan corresponds to 13.8 to 20.4 times annual revenue, 40 billion yuan corresponds to about 40.4 times, and 60 billion yuan corresponds to about 60.6 times. It can be observed that the higher the valuation starting point, the higher the market's expectations for subsequent revenue growth, profit improvement, and customer expansion.

Peer valuations provide a reference; SiYuan still needs to support its valuation through operational improvements

As of now, based on total market value divided by 2025 operating revenue estimates, Cambrian is about 98 times, Haiguang Information is about 38 times, and Moore Threads and Muxi are approximately 166 times and 160 times respectively. These companies all serve domestic computing power demands, but there are significant differences in business structure and operational stages. Cambrian and Haiguang have already achieved annual profitability, while Moore Threads and Muxi are still in the stages of commercialization expansion and profit improvement; Haiguang Information’s revenue also includes central processing unit and coprocessor businesses, which are not completely comparable to AI accelerator chip companies. Observing SiYuan's revenue of 990 million yuan in 2025, a net loss of 1.164 billion yuan, and a main business gross margin of 31.78%; in the first half of 2026, revenue increased to 1.12 billion yuan, but losses were still 632 million yuan during the same period. Therefore, peer valuations can reflect the market's attention level towards the domestic computing power sector, and whether SiYuan can obtain and maintain a high valuation still needs to be validated by new product deliveries, customer structure, gross margins, and improvement in losses.

Combined with business progress, the post-issuance market value range can be understood using three sets of conditions. If the bulk delivery of L600 is delayed, Tencent's procurement slows down, new customers remain in the testing phase, or main business gross margins continue to be under pressure, a range of 25 billion to 35 billion yuan is more closely aligned with these operational stresses; if revenue growth continues, fourth-generation products are delivered stably, non-Tencent customers begin to form continuous revenue streams, and losses gradually narrow, a range of 40 billion to 60 billion yuan would have more complete operational support; if the market value enters the range of 70 billion to 90 billion yuan, it will require stable ramp-up from non-Tencent customers, smooth collections, significantly rebounding main business gross margins, verifiable orders for fifth and sixth-generation products, and a clearer path to narrowing losses.

SiYuan enters the public pricing phase; which signals from the industry chain are worth observing?

Tencent and global AI chips reflect changes in demand

Before SiYuan officially lists, relevant industry chain targets that have gone live on CoinW can help investors observe changes in customer demand and the semiconductor market environment. Tencent (TENCENTUSDT) corresponds to the company's core customers, Nvidia (NVDAUSDT) and AMD (AMDUSDT) reflect global demand for training and inference chips, TSMC (TSMUSDT) represents the cycle of wafer manufacturing and advanced packaging, and semiconductor ETF (SMHUSDT) shows the overall direction of the overseas semiconductor sector. Observing these varieties together can help judge the price changes after SiYuan’s listing, primarily stemming from the company’s orders, global AI investments, or sector fluctuations.

Tencent has a direct business relationship with SiYuan, so it holds strong observational significance. Capital expenditure, cloud business, and AI investments in Tencent's financial reports will affect the market's judgment of its computing power procurement abilities; at the same time, Tencent's stock price may also be influenced by its gaming, advertising, and fintech businesses, and they may not necessarily maintain the same direction every trading day. If contracts related to Tencent display significant fluctuations after changes in financial reports or capital expenditures, it is necessary to combine SiYuan’s order and delivery information to assess whether customer demand has changed. Nvidia and AMD stand at the global AI chip segment, and their financial reports and product cycles are suitable for observing whether training and inference demand can continue to expand. When global cloud vendors increase capital expenditures, all three may benefit from similar demand drivers; during changes in the international trade environment or acceleration of domestic substitutes, overseas chips and SiYuan could also diverge.

TSMC and SMH help distinguish manufacturing cycles and sector directions

TSMC and SMH provide references from the manufacturing side and the sector side, respectively. TSMC's monthly revenue, capacity utilization rates, and expansion plans can reflect changes in the global wafer manufacturing and advanced packaging prosperity. SMH covers various overseas companies in chip design, manufacturing, equipment, and storage; while the information of individual companies may become dispersed, it can quickly show whether the semiconductor sector is affected by interest rates, the dollar, and overall risk appetite. Thus, Tencent more directly reflects SiYuan's core customer's computing power procurement demand, Nvidia and AMD reflect global AI investments, while TSMC and SMH present the manufacturing cycle and semiconductor sector environment, respectively.

It is essential to note that when observing the industry chain, one cannot directly equate co-directional fluctuations with business linkages. TSMC's data reflects the manufacturing cycle, while prices from SMH are also mixed with influences from interest rates, the dollar, and individual company financial reports; simultaneous changes in both can only indicate that the external environment is changing. Whether this change transmits to SiYuan still must return to Tencent's procurement, L600 delivery, new customer expansion, and gross margins.

Conclusion

In summary, SiYuan has completed the leap from product R&D to large-scale delivery, with revenue in the first half of 2026 exceeding that of the entire previous year, and Tencent has also provided a real business scenario for the products. Meanwhile, Tencent-related sales accounted for 83.79% of revenue in 2025, and the company’s main business gross margin was 31.78%, with losses still at 632 million yuan in the first half of the year. The pre-listing equity trading range of about 13.7 billion to 20.2 billion yuan recorded institutional capital pricing, while the approximately 60 billion yuan reference calculated based on the planned fundraising amount and issuance ratio contains more expectations about customer expansion, product ramp-up, and profit improvement.

After determining the issuance valuation, market focus will further turn to whether growth quality can match the expectations already accounted for. If the post-issuance market value is in a higher scenario, changes in revenue from non-Tencent customers, gross margins, and collections will need to provide support more quickly; if the market value is closer to the pre-listing equity trading range, the impact of L600 delivery, new customer orders, and loss narrowing on subsequent pricing will be more direct. Thus, the order of observation after SiYuan’s listing can focus on three operational changes: first, observe whether Tencent's procurement can continue; second, see if non-Tencent customers can form continuous revenue streams; finally, check whether the ramp-up of L600 can drive gross margin recovery and loss narrowing. However, as the trading period lengthens, the order structure, unit costs, and loss narrowing speed will determine whether the growth expectations during the issuance stage can settle into a more stable valuation.

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