Investment Rating - The report maintains a "Buy" rating for the company [4] Core Viewpoints - The company has significantly increased its market share in SLC NAND sales, with a notable year-on-year growth in sales volumes of NAND, NOR, and DRAM chips by 61.79%, 16.80%, and 20.79% respectively [2] - The demand for large-capacity SLC NAND has been driven by the growth in network communication, particularly in base stations, as well as the recovery in demand for consumer electronics and security applications [2] - The rapid development of AI terminals is expected to accelerate the demand for niche storage solutions, benefiting the company as it focuses on small-capacity storage chips [3] - The company has successfully completed the first wafer processing of its first-generation GPU chip, which aims to address key issues in the domestic GPU architecture [3] Financial Performance - In 2024, the company achieved a revenue of 641 million yuan, a year-on-year increase of 20.80%, but reported a net loss of 167 million yuan [1] - For Q1 2025, the company reported a revenue of 142 million yuan, reflecting a year-on-year growth of 33.90%, with a net loss of 59 million yuan [1] - The forecast for net profit from 2025 to 2027 is projected to be -131 million yuan, 3 million yuan, and 177 million yuan respectively, with corresponding EPS of -0.30, 0.01, and 0.40 yuan [4][6] Market Outlook - The company is expected to benefit from the recovery of the storage cycle, leading to simultaneous growth in volume and price, alongside accelerated domestic substitution and enhanced product advantages [4] - The integration of storage, computing, and networking is anticipated to further open up growth opportunities for the company [4]

Group 1 - Dongxin Co., Ltd. (688110.SH) reported its Q1 2025 financial results on April 30, 2025, with 13 institutional investors holding a total of 197 million shares, representing 44.55% of the total share capital [1] - The top ten institutional investors collectively hold 44.42% of the shares, with a slight decrease of 0.68 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, while four funds decreased their holdings, with a total reduction of 0.34% [2] - Three new public funds disclosed their holdings this quarter, while 123 funds were not disclosed compared to the previous quarter [2]

国泰海通证券股份有限公司 国泰海通证券股份有限公司 关于东芯半导体股份有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 国泰海通证券股份有限公司（以下简称"国泰海通"、"保荐人"）作为东芯 半导体股份有限公司（以下简称"东芯股份"或"公司"）首次公开发行股票并 在科创板上市的保荐人，根据《中华人民共和国公司法》《中华人民共和国证券 法》《证券发行上市保荐业务管理办法》、《上海证券交易所科创板股票上市规则》 （以下简称"《上市规则》"）和《上海证券交易所上市公司自律监管指引第 11 号 ——持续督导》等有关法律法规的规定，对公司 2024 年度（以下简称"本持续 督导期间"）的规范运作情况进行了现场检查，现就现场检查的有关情况报告如 下： （二）保荐代表人 一、本次现场检查的基本情况 张坤、陈城 （一）保荐人 张坤、陈城 （五）现场检查内容 现场检查人员对本持续督导期内发行人公司治理及内部控制、信息披露、独 立性、与关联方的资金往来、募集资金使用情况、关联交易、对外担保、重大对 1 外投资、公司经营状况以及承诺履行情况等方面进行了现场检查。 （六）现场检查手段 （三）现场检查时间 2024 年 ...

国泰海通证券股份有限公司 关于东芯半导体股份有限公司 2024 年度持续督导年度跟踪报告 | 保荐机构名称：国泰海通证券股份有限公司 | 被保荐公司简称：东芯股份 | | --- | --- | | 保荐代表人姓名：张坤、陈城 | 被保荐公司代码：688110 | 重大事项提示 2024 年，公司所处的半导体设计行业景气度回升，网络通信、消费电子等 下游市场需求有所回暖，公司积极把握市场机遇，加大市场拓展力度，有效推动 了产品销售。公司持续布局网络通信、监控安防、消费电子、工业控制等关键应 用，并逐步向汽车电子领域不断拓展，立足头部客户并不断开拓新的客户。报告 期内公司实现营业收入 6.41 亿元，同比增加 20.80%；营业利润-1.69 亿元，亏损 收窄 51.93%；归属于母公司所有者的净利润-1.67 亿元，亏损收窄 45.42%；归 属于母公司所有者的扣除非经常性损益的净利润-2.01 亿元，亏损收窄 38.65%。 报告期内公司产品销售数量与上年同期实现较大增长，且各季度营业收入均实 现环比增长。同时公司持续优化产品结构和市场策略，提升运营效率，降低产品 成本，毛利率与去年同期相比有所提升。 若未 ...

关于东芯半导体股份公司 首次公开发行股票并在科创板上市持续督导保荐总结报告 书 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为 东芯半导体股份有限公司（以下简称"东芯股份"或"公司"）的首次公开发行 并在科创板上市的持续督导机构，持续督导期为自证券上市之日起的当年剩余时 间及其后三个完整会计年度，截至 2024 年 12 月 31 日，持续督导期已届满， 由于东芯股份募集资金尚未使用完毕，国泰海通仍需对募集资金使用相关事项履 行督导义务。 国泰海通根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板 上市公司自律监管指引第 1 号——规范运作》等相关法律法规的要求，出具本持 续督导保荐总结报告书，具体情况如下： 国泰海通证券股份有限公司 | 项目 | 内容 | | --- | --- | | 公司名称 | 东芯半导体股份有限公司 | | 证券代码 | 688110 | | 上市时间 | 2021 年 12 月 10 日 | | 注册资本 | 44,224.9758 万元 | | 注册地址 | 上海市青浦区赵巷镇沪青平公路 2875 号 3 幢 13 层 B 区 1336 室 | | ...

Group 1 - The core point of the article is that Dongxin Co., Ltd. has announced that its investment enterprise, Lishuan Technology, has completed the first wafer processing of the G100 chip and has entered the packaging testing and product validation stage [1] Group 2 - As of the date of the company's Q1 2025 report release, the G100 chip product has made significant progress in its development [1]

证券代码：688110 证券简称：东芯股份 公告编号：2025-028 东芯半导体股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于 2025 年 05 月 06 日（星期二）至 05 月 12 日（星期一）16:00 前 登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 contact@dosilicon.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 东芯半导体股份有限公司（以下简称"公司"）已分别于 2025 年 04 月 23 日、 2025 年 04 月 30 日发布公司《2024 年年度报告》《2025 年第一季度报告》，为便 于广大投资者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财 务状况，公司计划于 2025 年 05 月 13 日（星期二）上午 10:00-11:00 举行 2024 年 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥142,253,839.61, representing a year-on-year increase of 33.90% compared to ¥106,242,243.58 in the same period last year[6]. - The net profit attributable to shareholders of the listed company was -¥59,241,841.00, an increase of 33.11% in absolute terms compared to -¥44,504,563.57 in the previous year[7]. - Total operating revenue for Q1 2025 reached ¥142,253,839.61, a 33.9% increase from ¥106,242,243.58 in Q1 2024[22]. - Net loss for Q1 2025 was ¥63,380,422.92, compared to a net loss of ¥48,249,770.80 in Q1 2024, representing a 31.3% increase in losses[23]. - The total comprehensive income attributable to minority shareholders for Q1 2025 was -4,678,725.43 RMB, compared to -8,470,291.61 RMB in Q1 2024, indicating an improvement[24]. - Basic and diluted earnings per share for Q1 2025 were both -0.14 RMB, compared to -0.10 RMB in Q1 2024[24]. Research and Development - Research and development expenses totaled ¥55,944,104.14, up 14.47% from ¥48,872,070.49 in the previous year, accounting for 39.33% of operating revenue, a decrease of 6.67 percentage points[6]. - Research and development expenses for Q1 2025 amounted to ¥55,944,104.14, an increase of 14.3% from ¥48,872,070.49 in Q1 2024[22]. - The company continues to focus on high-level R&D investments to upgrade storage chip processes and improve reliability, aiming for integration in the "storage, computing, and connectivity" field[7]. Cash Flow and Liquidity - The net cash flow from operating activities was -¥54,353,654.24, an improvement from -¥69,692,257.96 in the previous year[6]. - The company's cash flow from operating activities showed a significant decline, impacting overall liquidity[22]. - Cash inflow from operating activities for Q1 2025 was 220,609,141.59 RMB, slightly up from 220,598,639.02 RMB in Q1 2024[25]. - Cash outflow from operating activities for Q1 2025 was 274,962,795.83 RMB, down from 290,290,896.98 RMB in Q1 2024[25]. - Net cash flow from operating activities for Q1 2025 was -54,353,654.24 RMB, an improvement from -69,692,257.96 RMB in Q1 2024[25]. - The ending cash and cash equivalents balance for Q1 2025 was 477,369,159.92 RMB, down from 1,565,314,292.55 RMB in Q1 2024[26]. - The company reported a significant increase in cash received from investment recoveries, totaling 592,047,500.00 RMB in Q1 2025, compared to 136,215,000.00 RMB in Q1 2024[26]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,435,584,092.64, a decrease of 2.70% from ¥3,530,781,006.35 at the end of the previous year[6]. - Total liabilities decreased from ¥161,204,671.14 to ¥126,303,254.71, a reduction of about 21.6%[19]. - The total equity attributable to shareholders decreased from ¥3,209,317,640.11 to ¥3,153,700,868.26, a decline of approximately 1.7%[19]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 20,372[14]. - The largest shareholder, Dongfang Hengxin Group Co., Ltd., holds 151,624,562 shares, representing 34.28% of the total shares[15]. - The second largest shareholder, Suzhou Dongxin Kechuang Equity Investment Partnership, holds 22,500,000 shares, accounting for 5.09%[15]. - The company has a repurchase account holding 8,725,033 shares, which is 1.97% of the total share capital of 442,249,758 shares[15]. - There are no significant changes in the shareholding structure due to the transfer of shares for margin trading[16]. Investment Activities - The company confirmed an investment loss of approximately ¥14,780,000 related to its investment in Lishan Technology (Shanghai) Co., Ltd., which is still in the R&D and industrialization phase[7]. - The company reported an investment loss of ¥9,878,364.20 in Q1 2025, compared to a gain of ¥4,849,880.59 in Q1 2024[22]. - Cash inflow from investment activities for Q1 2025 was 631,685,070.84 RMB, significantly higher than 136,996,768.47 RMB in Q1 2024[26]. - Net cash flow from investment activities for Q1 2025 was -185,344,799.23 RMB, compared to -45,716,005.32 RMB in Q1 2024[26]. Operational Overview - The company is actively expanding its market presence in key applications such as network communication, security monitoring, consumer electronics, industrial control, and automotive electronics[7]. - The company has not reported any other significant operational issues during the reporting period[17].

证券代码：688110 证券简称：东芯股份 东芯半导体股份有限公司 2024 年年度股东大会会议资料 二〇二五年五月 东芯半导体股份有限公司 2024 年年度股东大会会议资料 目 录 | 东芯半导体股份有限公司 2024 年年度股东大会会议须知 1 | | | --- | --- | | 东芯半导体股份有限公司 年年度股东大会会议议程 2024 3 | | | 议案一：关于取消公司监事会及修订《公司章程》并办理工商变更登记的议案 | | | 5 | | | 议案二：关于修订部分内部治理制度的议案 6 | | | 议案三：关于 2024 年度董事会工作报告的议案 7 | | | 东芯半导体股份有限公司 2024 年度董事会工作报告 8 | | | 议案四：关于 2024 年度监事会工作报告的议案 | 15 | | 东芯半导体股份有限公司 2024 年度监事会工作报告 16 | | | 议案五：关于 2024 年度财务决算报告的议案 | 20 | | 东芯半导体股份有限公司 2024 年度财务决算报告 21 | | | 议案六：关于 2024 年年度报告及其摘要的议案 | 28 | | 议案七：关于 2024 年 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Views - The company is expected to see a recovery in revenue in 2024, driven by industry recovery and market expansion, with a long-term growth potential supported by ongoing R&D investments and the "storage, computing, and connectivity" integrated strategy [4][6]. - The company reported a revenue of RMB 641 million in 2024, a year-on-year increase of 20.8%, and a narrowed net loss of RMB 167 million, down 45.4% year-on-year [9]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are RMB 810 million, RMB 1,019 million, and RMB 1,286 million, respectively, with corresponding net profits of RMB -45 million, RMB 68 million, and RMB 179 million [6][8]. - The company’s gross margin is expected to improve from 14.0% in 2024 to 31.6% by 2027, reflecting operational efficiency and product cost reduction [21]. Market Performance - The company's stock has shown a strong performance with a 52.2% increase over the past 12 months, outperforming the Shanghai Composite Index by 43.9% [2][3]. Strategic Developments - The company is deepening its storage technology layout and expanding its product matrix, including advancements in SLC NAND, NOR Flash, and DRAM products, with a focus on automotive and industrial applications [9]. - A significant investment in high-performance GPU technology is underway, with the first generation of graphics processing chips expected to support mainstream gaming [9].