异动解读 | 壁仞科技盘中大跌5.11%，市场担忧高估值与持续亏损

异动解读01-05

国产GPU企业壁仞科技(06082.HK)今日盘中出现大幅下跌，跌幅达5.11%，引发市场关注。

消息面上，市场正在重新评估国产GPU概念股的高估值。壁仞科技虽上市首日表现不俗，但相比同行摩尔线程和沐曦股份的超5倍涨幅明显逊色。公司财报显示2025年上半年净亏损扩大至16.01亿元，研发投入占比持续超过70%，引发投资者对盈利能力的担忧。

行业分析指出，国产GPU板块正经历从"情绪驱动"到"价值回归"的转折点。壁仞科技虽在技术上取得突破，但其31.9%的毛利率和0.23%的市场份额，与国际巨头英伟达相比仍存显著差距，这可能是股价承压的主要原因。

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