Core Viewpoint - Dongxin Co., Ltd. has received the first batch of packaged G100 chips from Shanghai Lishuan, which have successfully completed major functional testing, indicating progress in the development of their first-generation GPU product [1] Group 1: Company Progress - On May 26, Dongxin Co., Ltd. announced the receipt of a notification from Shanghai Lishuan regarding the progress of the G100 chip [1] - The first batch of G100 chips was received by Shanghai Lishuan on May 24, and functional testing was initiated immediately [1] - As of May 25, the G100 chip has completed major functional testing, with results meeting expectations [1] Group 2: Future Plans - Shanghai Lishuan will continue with detailed and comprehensive performance testing and optimization of the G100 chip [1] - Based on the performance tuning results, Shanghai Lishuan plans to expedite the delivery of the product for testing to industry clients [1] - Dongxin Co., Ltd. indicates that further work remains, including complete functional testing, performance testing, and reliability testing for the G100 chip [1]

Core Viewpoint - The company has approved an investment in Lishan Technology (Shanghai) Co., Ltd. during the board meeting held on August 18, 2024, indicating a strategic move to enhance its investment portfolio [1] Investment Details - The company signed an investment agreement with Nanjing Lishan Technology Co., Ltd. and others, planning to invest 200 million yuan in Lishan Technology, which will increase its registered capital by 5 million yuan [1] - Other investors are set to contribute an additional 128 million yuan, raising Lishan Technology's registered capital to 13.2 million yuan post-investment [1] - The company has already paid the investment amount of 200 million yuan [1]

Investment Rating - The industry investment rating is "Maintain Buy" [7] Core Insights - Samsung Electronics is developing a hybrid CXL module that combines NAND flash memory, aiming for commercialization by 2027 [1][28] - The global DRAM market size in Q1 2025 grew by 42.5% year-on-year to $26.729 billion, driven by strong demand from AI servers and a recovery in PC and mobile demand [2][28] - HBM4 production is imminent, with significant improvements in speed and power efficiency compared to HBM3E, expected to boost demand in AI and high-performance computing markets [3][28] - There is a tightening supply of LPDDR4X resources, leading to significant price increases in the spot market due to production cuts by DRAM manufacturers [4][29] Summary by Sections NAND - Samsung is developing a hybrid CXL module that integrates NAND flash memory, with a target for commercialization in 2027. Recent spot prices for 22 NAND products showed an average fluctuation of 0.64% [1][28] DRAM - The DRAM market saw a 42.5% year-on-year growth in Q1 2025, reaching $26.729 billion, despite an 8.5% quarter-on-quarter decline. The demand is supported by AI server needs and a recovery in PC and mobile sectors [2][28] HBM - HBM4 is set for mass production, featuring a 60% increase in data transfer speed and a 30% reduction in power consumption compared to HBM3E. The number of TSV interfaces has doubled, and the capacity per DRAM has increased from 24Gb to 32Gb [3][28] Market Dynamics - The LPDDR4X market is experiencing supply constraints due to production cuts, resulting in significant price increases. The long-term outlook suggests continued tight supply due to reduced production capacity [4][29] Investment Recommendations - The report maintains a positive outlook on the HBM industry chain and the semiconductor cycle recovery, recommending stocks such as Saiteng Co., Yishitong, and Dongxin Co. [5]

证券代码：688110 证券简称：东芯股份 公告编号：2025-031 东芯半导体股份有限公司 关于董事会换届完成及聘任高级管理人员与 证券事务代表的公告 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。 东芯半导体股份有限公司（以下简称"公司"）于2025年5月15日召开2024年 年度股东大会，审议通过了《关于董事会换届选举第三届董事会非独立董事的议 案》《关于董事会换届选举第三届董事会独立董事的议案》，选举产生了公司第 三届非独立董事与独立董事，任期自股东大会审议通过之日起三年。 同日，公司召开了第三届董事会第一次会议，审议通过了《关于选举第三届 董事会董事长的议案》《关于选举董事会专门委员会委员、召集人的议案》《关 于聘任总经理的议案》《关于聘任副总经理的议案》《关于聘任财务总监的议案》 《关于聘任董事会秘书的议案》《关于聘任证券事务代表的议案》。 现将公司董事会换届选举、聘任高级管理人员与证券事务代表的具体情况公 告如下： 一、第三届董事会组成情况 公司第三届董事会由9名董事组成，其中非独立董事6名、独立董事3名， ...

北京德恒（深圳）律师事务所 关于东芯半导体股份有限公司 2024 年年度股东大会的 法律意见 深圳市福田区金田路 4018 号安联大厦 B 座 11 层 电话：0755-88286488 传真：0755-88286499 邮编：518038 北京德恒（深圳）律师事务所 关于东芯半导体股份有限公司 2024 年年度股东大会的法律意见 北京德恒（深圳）律师事务所 致：东芯半导体股份有限公司 东芯半导体股份有限公司（以下简称"公司"）2024 年年度股东大会（以下简称 "本次股东大会"）于 2025 年 5 月 15 日（星期四）召开。北京德恒（深圳）律师事务 所（以下简称"德恒"或"本所"）受公司委托，指派何雪华律师、王蕾律师（以下简 称"本所律师"）列席了本次股东大会。根据《中华人民共和国证券法》（以下简称"《证 券法》"）《中华人民共和国公司法》（以下简称"《公司法》"）《上市公司股东会 规则》（以下简称"《股东会规则》"）等法律、行政法规、部门规章、规范性文件和 《东芯半导体股份有限公司章程》（以下简称"《公司章程》"）的规定，本所律师就 本次股东大会的召集、召开程序、出席会议人员资格、表决程序、表决结果等 ...

证券代码：688110 证券简称：东芯股份 公告编号：2025-030 东芯半导体股份有限公司 2024年年度股东大会决议公告 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： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2025 年 5 月 15 日 （二） 股东大会召开的地点：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 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 90 | | --- | --- | | 普通股股东人数 | 90 | | 2、出席会议的股东所持有的表决权数量 | 178,323,618 | | 普通股股东所持有表决权数量 | 178,323,618 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 41.1334 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 ...

Core Viewpoint - The storage chip market is experiencing a structural transformation driven by AI technology, with domestic manufacturers like Dongxin Co. striving for self-research and development to meet local demand and enhance competitiveness [2][3]. Industry Overview - Major NAND manufacturers, including Samsung, SK Hynix, Micron, Western Digital, and Kioxia, have implemented production cuts since Q4 2024 to address oversupply, leading to a tightening supply that is expected to drive up storage chip prices in Q1 2025 [1]. - The global semiconductor market is projected to reach approximately $626.87 billion in 2024, with the storage chip market expected to grow to about $167.05 billion, reflecting an 81% year-on-year increase [3]. Company Performance - Dongxin Co. reported a revenue of 641 million yuan for 2024, a year-on-year increase of 20.80%, while the net profit attributable to shareholders was a loss of 167 million yuan, narrowing by 45.42% [3]. - In Q1 2025, the company achieved a revenue of 142 million yuan, representing a year-on-year growth of 33.90%, although it still faced a net loss of approximately 59.24 million yuan due to rising R&D and financial expenses [3]. Future Growth Drivers - The company is focusing on integrated technology innovation in the "storage, computing, and connectivity" domain, aiming to expand its application range in various sectors such as network communication, surveillance, consumer electronics, industrial control, and automotive electronics [4]. - The demand for high-reliability storage chips is expected to grow due to the acceleration of AI technology and the rise of edge computing devices, providing more market opportunities for the company [4]. - In 2024, the company established a subsidiary for Wi-Fi 7 wireless communication chip development, targeting high bandwidth and low latency scenarios to meet the needs of smart terminal applications [4]. - The company made a strategic investment of 200 million yuan in Shanghai Lishuan to enter the high-performance GPU market, with its first-generation graphics processing chip G100 already in the testing phase [5].

Group 1 - The company has successfully passed AEC-Q100 certification for various automotive-grade storage products, including SLC NAND, NOR, and MCP, indicating readiness for stringent automotive applications [2] - In 2024, the company plans to complete the whitelist onboarding for several domestic automakers and gain supplier qualifications from multiple Tier 1 automotive suppliers, including well-known international ones [2] - Revenue growth in 2024 is primarily driven by increased shipment volumes, with significant year-on-year sales growth and improved gross margins due to optimized product structure and operational efficiency [2] Group 2 - The market for NAND-based MCP is expected to reach a scale of tens of billions of dollars, with applications in industrial controllers and automotive ADAS due to its high reliability and performance [3] - The first quarter revenue growth was mainly attributed to the recovery in demand from networking and consumer electronics, while the second quarter is expected to see sustained demand growth in the networking sector [3] - The demand in the Internet of Things (IoT) and Vehicle-to-Everything (V2X) sectors remains stable, with gradual recovery anticipated in the surveillance and security market in the third quarter [3]

Summary of Key Points Core Viewpoint - Wang Qinqiang, a supervisor of Dongxin Semiconductor Co., Ltd., has decided to terminate his share reduction plan early due to confidence in the company's future development and changes in personal financial needs [2][3]. Shareholding Situation - As of the announcement of the reduction plan, Wang Qinqiang held 476,705 shares, representing 0.1078% of the company's total share capital [1][2]. - The shares were acquired before the IPO [2]. Reduction Plan Implementation Results - The planned reduction was set to occur from March 6, 2025, to May 9, 2025, with a maximum reduction of 0.0249% of the total share capital [1][2]. - No shares were sold during the reduction period, resulting in a total reduction amount of 0 yuan [2][3]. - The actual reduction situation was consistent with the previously disclosed reduction plan, confirming that no shares were sold [2][3].

证券代码：688110 证券简称：东芯股份 公告编号：2025-029 东芯半导体股份有限公司 关于董监高提前终止减持计划 暨集中竞价减持股份结果公告 一、减持主体减持前基本情况 | 股东名称 | 王亲强 | | | | --- | --- | --- | --- | | 股东身份 | 控股股东、实控人及一致行动人 | □是 | √否 | | | 直接持股 5%以上股东 | □是 | √否 | | | 董事、监事和高级管理人员 | √是 | □否 | | | 其他：无 | | | | 持股数量 | 476,705股 | | | | 持股比例 | 0.1078% | | | | 当前持股股份来源 | IPO 前取得：476,705股 | | | 上述减持主体无一致行动人。 本公司董事会、全体董事及相关股东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： 董监高持股的基本情况 截至本次减持计划公告前，公司监事王亲强先生持有东芯半导体股份有限公 司（以下简称"公司"或"本公司"）股份 476,705 股，占公司总股本的比例为 0.10 ...