On September 11, Enflame Technology is poised to make its official debut on the Science and Technology Innovation Board. This milestone means that four leading Chinese AI chip companies—Moore Threads, Maxel Technology, Biren Technology, and Enflame Technology (collectively known as the “Four Little Dragons of AI Chips”)—have all made their entry into the capital market. This development not only signifies the completion of their initial technological validation and capitalization journeys but also heralds a new era of intense competition.

Wang Peng, a researcher at the Beijing Academy of Social Sciences, highlighted that, against the backdrop of a growing supply-demand imbalance in China’s AI computing power landscape and an urgent need for domestic alternatives, the “Four Little Dragons” are poised for rapid revenue growth. However, their profitability remains a variable to watch closely. Looking ahead, these companies will engage in a comprehensive competition that spans multiple dimensions, including large-scale delivery capabilities, efficiency in full-stack software and hardware integration, speed of product iteration, and the establishment of unique advantages in specific industries and computing power scenarios.

Only those companies that can first establish a seamless profit chain—spanning from R&D investment to product performance, software ecosystem development, and customer order acquisition—will be able to secure a solid foothold in this dynamic industry.