Core Viewpoint - Dongxin Co., Ltd. (688110.SH) is increasing its investment in Shanghai Lishuan Technology, a domestic GPU manufacturer, aiming to strengthen its position in the GPU market and enhance its core competitiveness [1][5]. Group 1: Investment Details - Dongxin Co. plans to invest approximately 500 million yuan in Shanghai Lishuan, with Dongxin contributing about 211 million yuan to acquire around 35.87% of Lishuan's shares, making it the largest shareholder [1][5]. - The investment is part of Dongxin's strategy to advance its "storage, computing, and networking" integration strategy and create more value for shareholders [5]. Group 2: Company Performance and Market Reaction - Following the announcement of the investment, Dongxin's stock price surged by 207.85% from July 29 to August 28, with an average turnover rate of 11.77% [1][4]. - Shanghai Lishuan has not generated revenue in 2024 and the first seven months of 2025, reporting losses of 210 million yuan and 156 million yuan, respectively [3]. Group 3: Product Development - Shanghai Lishuan launched its first GPU chip, the "7G100" series, and the Lisuan eXtreme series graphics cards in July 2023, with plans for mass production starting in September 2025 [3][4]. - The 7G100 series is designed with a fully self-developed architecture and aims to compete with NVIDIA's DLSS technology [3]. Group 4: Market Interest and Future Prospects - The domestic GPU sector has gained significant attention in the capital market, with Dongxin's stock performance reflecting this interest [4]. - Dongxin has engaged with numerous institutional investors regarding Lishuan's product developments and market strategies, indicating strong market interest [4].

Mergers and Acquisitions - Huahong Company plans to acquire 97.5% equity of Huali Microelectronics through a combination of issuing shares and cash payment, with the stock resuming trading on September 1, 2025 [1] - Olin Bio intends to acquire 15% equity of Xinnuo Ming Bio from minority shareholders through a public transfer at a price not exceeding 4.5 million yuan, with a potential increase of up to 5% from the base price [2] - Dongxin Co. plans to invest approximately 211 million yuan in Shanghai Lishuan, holding about 35.87% equity post-investment, as part of a total investment of around 500 million yuan [3] Shareholding Changes - Gaon Environment's controlling shareholder plans to reduce holdings by up to 3%, amounting to no more than 45.697 million shares [4] - Hushen Co.'s senior executive intends to reduce holdings by up to 160,400 shares, representing approximately 0.0083% of the total share capital [5] - Macao Di's shareholders have collectively reduced their holdings by 2.17%, with one shareholder reducing approximately 5.41 million shares and another reducing about 5.86 million shares [6] Risk Matters - *ST Tianmao plans to voluntarily withdraw its A-share listing on the Shenzhen Stock Exchange and will initiate a protection mechanism for dissenting shareholders, offering cash options to certain shareholders [7] - China Rare Earth confirms no undisclosed matters that should be reported, despite unusual trading fluctuations [8][9] Lock-up Release - Suda Co. announces that approximately 27.937 million shares, accounting for 36.76% of the total share capital, will be released from lock-up on September 3, 2025 [10]

Major Events - Huahong Company plans to acquire 97.4988% equity of Huali Micro through a combination of share issuance and cash payment, with stock resuming trading on September 1, 2025, pending shareholder and regulatory approvals [1] - Dongxin Co. intends to invest approximately 211 million yuan in Shanghai Lisan, increasing its stake to 35.87%, as part of a total investment of around 500 million yuan in Lisan Technology [1] - Huaxin Cement is planning to integrate its overseas assets into a subsidiary for potential listing on an overseas stock exchange to enhance financing channels and operational capabilities [2] - *ST Tianmao is voluntarily terminating its A-share listing due to business restructuring uncertainties and will initiate a cash option for shareholders [2] - Meikailong's Vice President Che Guoxing has resigned for personal reasons, with no adverse impact on daily operations [3] - China Rare Earth announced that there are no undisclosed significant matters affecting its stock, despite recent price fluctuations [3] - Maiwei Bio has re-submitted its application for H-share issuance and listing on the Hong Kong Stock Exchange [4][5] Shareholding Changes - Gao Neng Environment's controlling shareholder Li Weiguo plans to reduce his stake by up to 3% to repay debts, with the reduction period set from September 23 to December 22, 2025 [6] - Hu Dian Co.'s senior executive Li Minggui intends to sell up to 0.0083% of the company's shares within three months following the announcement [6] Financing Activities - Maohua Shihua plans to raise no more than 532 million yuan through a private placement at a price of 3.41 yuan per share, with proceeds aimed at enhancing liquidity [7] Major Contracts - Junxin Co.'s subsidiary has signed an investment agreement with the Ministry of Ecology and Natural Resources of Kazakhstan for a solid waste disposal power generation project in Almaty, with a planned processing capacity of at least 2,000 tons per day and an investment of no less than 145 billion tenge (approximately 28 million USD) [8]

证券代码：688110 证券简称：东芯股份 公告编号：2025-049 东芯半导体股份有限公司 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： ? 股东会召开日期：2025年9月16日 ? 本次股东会采用的网络投票系统：上海证券交易所股东会网络投票系统 一、 召开会议的基本情况 （一） 股东会类型和届次 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 16 日 14 点 00 分 召开地点：上海市青浦区徐泾镇诸光路 1588 弄虹桥世界中心 L4A-F5 东芯 半导体股份有限公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 16 日 至2025 年 9 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9: ...

Investment Overview - Dongxin Semiconductor Co., Ltd. plans to invest approximately RMB 500 million in Lisan Technology (Shanghai) Co., Ltd., with Dongxin contributing about RMB 210.53 million for a 35.87% stake [3][4][12] - The investment is part of a broader strategy to enhance core competitiveness and create more value for shareholders [11][12] Financial Data of Target Company - As of July 31, 2025, Lisan Technology reported total assets of RMB 34.34 million and total liabilities of RMB 120.67 million, resulting in a net asset deficit of RMB 86.33 million [7] - The company has not generated any revenue and reported a net loss of RMB 154.82 million for the same period [7] Market Position and Risks - The global discrete graphics card market is dominated by NVIDIA and AMD, creating a highly concentrated oligopoly, which poses significant competition risks for domestic GPU manufacturers like Lisan [2][14] - Lisan's core business is heavily reliant on its "7G100" graphics rendering GPU, making it vulnerable to market acceptance and technological advancements [14][15] Governance and Compliance - The investment transaction has been approved by the company's board and will be submitted for shareholder approval, adhering to relevant regulations [5][13] - Lisan Technology is classified as an associated entity, and the transaction does not constitute a major asset restructuring [5][6] Investment Valuation - The pre-investment valuation of Lisan Technology is set at RMB 3.5 billion, with a subscription price of RMB 259.95 per RMB 1 of registered capital [9][10] - The pricing follows market principles and is based on a comprehensive assessment of the target company's technology and market potential [13]

Investment Announcement - Dongxin Co., Ltd. plans to invest approximately 500 million RMB in Shanghai Lishuan, with the company contributing about 211 million RMB to acquire approximately 35.87% equity in Shanghai Lishuan [1][2] - Shanghai Lishuan focuses on the research and design of scalable GPU chips for multi-layer graphics rendering, aiming to address key issues in the independent control of mainstream GPU architecture in China [1] Financial Performance - For the first half of 2025, Dongxin Co., Ltd. reported revenue of 343 million RMB, representing a year-on-year increase of 28.81%, while the net loss attributable to shareholders was 111 million RMB, widening from a loss of 91.12 million RMB in the same period last year [5] Stock Market Activity - Dongxin Co., Ltd. announced a temporary suspension of its stock trading due to significant fluctuations, with a cumulative stock price increase of 207.85% from July 29, 2025, to August 28, 2025 [4] - The average turnover rate during this period was 11.77%, significantly higher than previous levels, indicating potential market overheating and speculative trading risks [4]

东芯半导体股份有限公司 关于对外投资暨关联交易的公告 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、准确性和完整性依法承担法律责任。 重要内容提示： 相关风险提示： 1、本次交易完成的不确定性风险 因参与上海砺算本次增资的其他投资人及其投资金额尚未完全确定，故本次 增资完成后的各投资人持股比例可能发生变化，具体持股比例以最终签署的投资 协议约定为准。本次交易各方尚未完成正式协议的最终签署，交易的达成尚存在 不确定性。 证券代码：688110 证券简称：东芯股份 公告编号：2025-048 1 交易简要内容：东芯半导体股份有限公司（以下简称"公司"、"东芯股份"） 拟与亨通集团有限公司、上海道禾长期投资管理有限公司管理的基金、其他 投资主体（以下简称"其他投资人"，与东芯股份合称"投资人"）、砺算 科技（上海）有限公司之员工持股平台（以下简称"持股平台"、"标的公 司持股平台"）共同对外投资砺算科技（上海）有限公司（以下简称"上海 砺算"或"标的公司"），投资人合计投资金额约为 50,000.00 万元。其中， 公司拟通过自有资金人民币约 21,052.6 ...

东芯半导体股份有限公司 关于召开2025年第二次临时股东会的通知 本公司董事会及全体董事保证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、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 证券代码：688110 证券简称：东芯股份 公告编号：2025-049 至2025 年 9 月 16 日 （一） 股东会类型和届次 2025年第二次临时股东会 （二） 股东会召集人：董事会 （三） 投票方式：本次股东会所采用的表决方式是现场投票和网络投票相结合 的方式 （四） 现场会议召开的日期、时间和地点 召开日期时间：2025 年 9 月 16 日 14 点 00 分 召开地点：上海市青浦区徐泾镇诸光路 1588 弄虹桥世界中心 L4A-F5 东芯 半导体股份有限公司会议室 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东会网络投票系统 网络投票起止时间：自2025 年 9 月 16 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00- ...

Group 1 - The company announced on August 31 that it plans to invest in Shanghai Lishuan alongside Hengtong Group Co., Ltd., a fund managed by Shanghai Daohua Long-term Investment Management Co., Ltd., and other investment entities [1] - The total investment amount from all investors is approximately 500 million yuan [1] - The company intends to use its own funds of approximately 210.53 million yuan to increase its capital in Shanghai Lishuan, acquiring about 35.87% equity after the capital increase [1]

Core Viewpoint - Dongxin Co., Ltd. (688110.SH) announced a joint investment of approximately 500 million RMB in Shanghai Lishuan, indicating a strategic move to enhance its capabilities in GPU chip development and align with its integrated strategy of "storage, computing, and networking" [1] Investment Details - The total investment amount from all investors is around 500 million RMB, with Dongxin contributing approximately 211 million RMB from its own funds [1] - After the capital increase, Dongxin will hold about 35.87% of the equity in Shanghai Lishuan, which will receive an additional registered capital of approximately 809,900 RMB [1] Company Focus - Shanghai Lishuan primarily engages in the research and design of multi-level (scalable) graphic rendering GPU chips, emphasizing self-developed architecture [1] - The products are designed to achieve mainstream graphic rendering and AI acceleration across edge, cloud, and terminal environments, aiming to address the critical issue of achieving a fully controllable domestic mainstream GPU architecture [1]