September 17, 2024—The much-anticipated “computing power” unicorn, Hyper Fusion, has released its IPO prospectus for listing on the ChiNext Board. In the first half of the year, the company achieved revenue of RMB 37.286 billion, up 20.78% year-on-year; its net profit attributable to the parent company was RMB 2.108 billion, approaching twice the RMB 1.03 billion figure for all of 2025; its main gross margin rebounded to 15.49%, reversing the downward trend since 2023. Meanwhile, revenue from AI servers rose to RMB 19.852 billion, increasing its share to 53.29%, while the company shipped 180,200 units of complete systems. The company was founded in 2021, and its actual controller is the Henan Provincial State-owned Assets Supervision and Administration Commission. In 2025, it ranked second in China’s server market, and its standard liquid-cooling servers have remained #1 for four consecutive years. This time, the company plans to raise RMB 8.0 billion to invest in R&D for computing-power infrastructure. However, during the reporting period, net operating cash flow was negative RMB 15.685 billion, and inventories also increased 68.2% compared with the end of the previous year. Under rapid expansion, investors should still watch for funding and inventory pressure.#比特币突破8万美元大关 $AKE
