硅基流动递表港交所：中国最大独立生态词元供应成立3年就冲刺港股IPO

According to the Hong Kong Exchanges and Clearing Limited (HKEX) disclosure on 6 30, Beijing Silicon Flow Technology Co., Ltd. has officially submitted an application for listing on the Main Board of HKEX. The joint sponsors are Huatai International and Haitong International. This filing comes at a strategic window as companies in the AI infrastructure layer accelerate their entry into capital markets.

Beijing Sidong Technology Co., Ltd. (Silicon Flow), founded on 2023/8/29, is headquartered at Building 8, Zone D, Floor 2301, No. 1 Zhongguancun East Road, Haidian District, Beijing. The Chairman and Legal Representative is Yuan Jinhui. It operates as a limited liability company focused on developing AI foundation software, AI application software, and general-purpose AI systems.

China's largest independent ecosystem token provider, with a market share of 1.5%

硅基流动是一家开放、独立的词元供应平台，处于AI模型在企业中快速部署及应用的时代前沿。根据弗若斯特沙利文的资料，按2025年的词元年吞吐量计，SiliconFlow is China's largest independent ecosystem token provider and ranks among the top five token providers in China.。2025年，硅基流动占有中国词元供应市场1.5%的份额。

公司凭借专有的推理引擎及算力资源编排系统，有效聚合、优化及编排来自不同供应商、不同硬件架构的异构算力资源，将底层算力转化为标准化、可靠及可扩展的词元供应。硅基流动在跨芯片及多模型适配能力上位居全球前列，已成功在Ascend, MetaX, and Moore ThreadsAchieve large-scale deployment on domestic computing platforms. In terms of the number of supported chips and models, the company also holds a leading position in the industry.

平台爆发式增长：注册用户破千万，日吞吐量达5785亿次

As of 2026/4/30, the SiliconFlow platform has surpassed 1000 million registered users, serves over 13000 enterprise customers, and supports more than 170 models.

平台吞吐量呈现指数级攀升。2026年4月，日均词元吞吐量已达到5785亿次，单日最高吞吐量更是突破了1万亿次。

The Chinese token supply market is experiencing explosive growth. Measured by token throughput, the market size grew by 1602.6% from 2024 to 2025, and is projected to reach approximately 53.2 quintillion tokens in 2030, with a CAGR of 638.3% from 2025 to 2030.

Explosive revenue growth while still in the R&D investment phase

Financial data shows that Silicon Flow is in a rapid commercialization phase. The company's revenue surged from 734.6 10,000 yuan in 2024 to 5533 10,000 yuan in 2025, representing growth of over sevenfold.

然而，作为AI基础设施领域的技术密集型公司，硅基流动仍处于大规模研发投入期。2023年、2024年及2025年，公司期内亏损分别为1222.3万元、8191.5万元及约3.45亿元。同期毛利率分别为83.3%、39.4%及-24%。亏损扩大主要源于研发开支的大幅增长，2025年研发开支达2.09亿元，占总收入的378.1%。

Seven rounds of funding, star-studded investors, and a valuation of 77.4 billion yuan.

From 2023 to 6, SiliconFlow completed seven rounds of pre-IPO financing through capital increases and equity transfers. Its investor lineup is impressive, including阿里巴巴、美团、华为哈勃等科技巨头。

Valuation surged in less than three years:2025年2月Pre-A轮投后估值为9.85亿元；2025年6月A轮投后估值22.86亿元；2026年3月A+轮投后估值31.2亿元；2026年6月完成5.2亿元B轮融资，投后估值50.2亿元；随后完成7.4亿元融资，投后估值达77.4亿元。2026年以来，硅基流动累计融资近15亿元。

Recently, the company also completed a Series B financing round exceeding 20 billion yuan, jointly invested by industry investors including Ctrip Strategic Investment, Jinko Energy Holdings, Kingdee Shares, Unicom Xinwo, Biren Strategic Investment, NIO Capital, SenseTime Strategic Investment, Giant Network, Guotai Junan Innovation Investment, and Genesis Capital, alongside top-tier financial institutions and state-owned capital.

募资用途：研发、算力、全球化三线并进

According to the prospectus, the proceeds from this IPO will be primarily used to: further strengthen R&D capabilities, with a focus on improving token production efficiency and expanding token application scenarios; lease computing resources to support ongoing operational needs; expand coverage of key customers and enhance market influence; advance global expansion strategies; and for working capital and other general corporate purposes.

On the eve of its IPO, SiliconFlow has already made strategic moves: securing a 60-month long-term computing power service agreement in 2026 6 to strengthen supply resilience, and partnering withOneFlow订立资产购买协议收购其知识产权组合，进一步强化去中心化推理架构与大规模上下文记忆系统。