Financial Performance - The company forecasts a revenue of approximately 921 million yuan for 2025, representing a year-on-year increase of 43.75% [1][2] - The net profit attributable to shareholders is expected to be a loss of 174 to 214 million yuan, which is an increase in loss compared to 2024's loss of 167 million yuan [1][2] - The non-recurring net profit is projected to be a loss of 201 to 241 million yuan [1] Business Recovery - The storage chip segment benefits from an AI-driven industry upcycle, with product prices steadily recovering and quarterly revenue and gross margins showing sequential growth [2] - The storage business has achieved profitability, marking a significant turning point after a prolonged price decline in the small-capacity storage chip market [2] Investment Impact - The company has made a cumulative investment of approximately 411 million yuan in Lishuan Technology, with an expected investment loss of about 166 million yuan in 2025, which significantly impacts overall performance [3] - The first self-developed GPU chip "7G100" has successfully completed its first tape-out in 2025, but the investment is not expected to yield short-term returns [3] R&D Investment - The company maintains high levels of R&D investment, focusing on integrated technology in storage, computing, and networking [5] - The 1xnm flash memory product has achieved mass production and sales, and automotive-grade NAND Flash and NOR Flash products have been mass-produced in multiple vehicle models [5] Future Considerations - There are concerns regarding the sustainability of profitability in the storage business, the strategic logic behind GPU investments, the ramp-up speed of automotive-grade products, and the commercialization timeline for Wi-Fi 7 chips [6] - The company faces challenges in converting revenue growth into sustainable profits despite the positive momentum in its core business [6][7]

Group 1 - The storage "super cycle" narrative is gaining momentum, with several companies in the storage industry chain reporting positive news, including expected significant profit growth for 2025 [2][5] - Shannon Chip Creation (香农芯创) forecasts a net profit of 480 million to 620 million yuan for 2025, representing a year-on-year increase of 81.77% to 134.78% [2] - Dongxin Co. (东芯股份) anticipates a net loss of 17.4 million to 21.4 million yuan for 2025, although the storage segment has achieved profitability [3] Group 2 - Zhongwei Company (中微公司) expects a net profit of 2.08 billion to 2.18 billion yuan for 2025, reflecting a year-on-year growth of approximately 28.74% to 34.93% [4] - Shengen Co. (神工股份) projects a net profit of 90 million to 110 million yuan for 2025, with a year-on-year increase of 118.71% to 167.31% [5] - The companies involved in storage chip design, semiconductor equipment, and materials are benefiting from the storage market's positive impact on their performance, driven by the growing demand for enterprise-level storage due to the rise of artificial general intelligence (AGI) [5] Group 3 - Shannon Chip Creation's proprietary brand "Haipu Storage" has launched multiple products in the enterprise SSD and DRAM segments, expecting sales revenue of 1.7 billion yuan for 2025, with 1.3 billion yuan projected for Q4 [6] - Zhongwei Company reports increased recognition for its plasma etching equipment, with significant growth in shipments for advanced logic and storage device manufacturing [6] - Shengen Co. indicates that the global semiconductor market is recovering, leading to increased revenue from its large-diameter silicon materials business due to rising demand for key consumables in the domestic market [6] Group 4 - Future storage product prices are expected to continue rising, with a significant increase in procurement costs for DRAM products anticipated in 2026 [7] - The market expects a general increase in wafer foundry prices in 2026, with TSMC and SMIC likely to raise prices for advanced processes [7] - The anticipated increase in storage prices is expected to tighten foundry capacity, benefiting domestic foundry companies like SMIC and Huahong [7] Group 5 - The demand for storage price increases is expected to transmit to the upstream packaging and testing sector, with companies like Licheng and Huadong adjusting their packaging prices by up to 30% due to high capacity utilization [8] - The advanced packaging and storage-related packaging sectors are likely to benefit from the price increases driven by demand [8]

Core Insights - The company expects to expand its losses in 2025, with projected revenue of approximately 921 million yuan, a year-on-year increase of about 43.75% [1] - The storage segment has achieved profitability, while the company continues to invest heavily in the high-performance GPU sector, reporting an investment loss of 166 million yuan last year [1] Financial Performance - The company anticipates a net profit loss ranging from 214 million yuan to 174 million yuan in 2025, representing an increase in losses of 4.1% to 280.3 million yuan compared to the previous year [1] - The net profit loss after deducting non-recurring items was between 241 million yuan and 201 million yuan last year, with a slight increase in losses of 0.15% to 200.9 million yuan [1] Market Dynamics - The small-capacity storage chip market has benefited from an AI-driven industry upcycle, with improved supply-demand dynamics and steady product price recovery [1] - The company’s products are experiencing a structural growth in demand due to ongoing 5G base station construction, smart city upgrades, innovations in wearable devices, and the electrification and intelligence trends in the automotive industry [1] Technological Advancements - The company is focusing on the integration of storage, computing, and networking, maintaining high levels of R&D investment, with significant expenditures reported during the period [2] - In the storage segment, the company is solidifying its technological leadership in SLC NAND Flash, with 1xnm flash products achieving mass production and sales [2] - The company is also enhancing the reliability of its storage products, advancing the development and industrialization of automotive-grade storage products [2] Investment Strategy - In 2024, the company made a strategic investment of 200 million yuan in Lishuan Technology (Shanghai) Co., Ltd., which specializes in GPU chip design [3] - The first self-developed GPU chip, "7G100," successfully completed its first tape-out in 2025, with initial graphics cards delivered to customers [3] - The company plans to invest an additional 211 million yuan in 2025 to deepen its engagement in the high-performance GPU sector, with an expected investment loss of approximately 166 million yuan for the year [3] Market Performance - Since the press conference held by Lishuan Technology in July last year, the company's stock price has surged, with a cumulative increase of over 200%, and the latest market capitalization stands at 53.2 billion yuan [3]

Core Viewpoint - Dongxin Co., Ltd. (688110.SH) anticipates a net loss attributable to shareholders of the parent company for 2025, estimated between -174 million to -214 million yuan, representing an increase in loss of 4.10% to 28.03% compared to the previous year [1] Group 1: Financial Performance - The company expects a revenue growth of approximately 43.75% year-on-year, with all quarters showing sequential revenue growth [1] - The overall gross margin has significantly improved compared to the previous year, with all quarters achieving sequential growth in gross margin [1] - The storage segment has achieved profitability during the reporting period [1] Group 2: Market and Industry Trends - The small-cap storage chip market is benefiting from a new industry upcycle driven by artificial intelligence, with continuous optimization of supply-demand structure and steady recovery in product sales prices [1] - Demand in downstream application areas such as network communication, security monitoring, consumer electronics, industrial control, and automotive electronics is showing overall recovery and structural growth [1] Group 3: Technological Development - The company continues to focus on its core "storage" business, maintaining high levels of R&D investment and ongoing technical layout in the "storage, computing, and connectivity" integration field [2] - The company has solidified its technological leadership in the SLC NAND Flash industry, with 1xnm flash products achieving mass production and significant improvements in product reliability [2] - The company is advancing the development of automotive-grade storage products and has achieved scale production of NAND Flash and Nor Flash automotive series products in multiple vehicle models [2] Group 4: Strategic Investments - In 2024, the company made a strategic investment of 200 million yuan in Lishan Technology (Shanghai) Co., Ltd., which focuses on the R&D and design of scalable GPU chips [3] - The first self-developed GPU chip "7G100" successfully completed its first tape-out in 2025, with a small number of graphics cards delivered to customers [3] - The company plans to increase its investment in Lishan Technology by approximately 211 million yuan in 2025, continuing to deepen its layout in the high-performance GPU sector [3]

智通财经APP讯，东芯股份(688110.SH)发布2025年年度业绩预告，2025年度实现归属于母公司所有者的 净利润将出现亏损，实现归属于母公司所有者的净利润预计-1.74亿元至-2.14亿元。与上年同期(法定披 露数据)相比，亏损将增加685.81万元至4,685.81万元，亏损增加4.10%至28.03%。 2025年度，公司所处的中小容量存储芯片市场受益于人工智能驱动的新一轮行业上升周期，供需结构持 续优化，产品销售价格稳步回升。在此背景下，随着5G基站建设的持续推进、智慧城市建设带动的安 防设备升级、智能穿戴设备的功能创新、以及汽车电动化与智能化的产业浪潮，公司产品所面对的网络 通信、安防监控、消费电子、工业控制、汽车电子等下游应用领域需求整体呈现复苏与结构性增长。面 对上述持续向好的市场机遇，公司积极把握行业发展态势，坚定深耕存储芯片主业，通过有效的市场策 略与客户拓展，带动了公司营业收入与盈利能力的同步提升。 2025年度，公司围绕"存储"核心业务，在"存、算、联"一体化领域持续进行技术布局，并维持了高水平 的研发投入。在存储板块，公司继续巩固SLCNANDFlash行业的技术领先优势，推动产 ...

400 → 389,88 0 - 200 100 0 28 07 2 6 6 40.68 -65.64 -100 =135.9 -200 -300 3-09-30 124-03-30 -06-30 <3-12-30 24-06-30 4-09-30 4-12-30 2n. -○- 公司 -○- 行业均值 100 93o25 ହ 90 80 70 60 50 40 30 20 10 0 2023-12-30 ' +-12-30 · 4-06-30 4-03-30 2n- -O- 公司 -O- 行业均值 制图数据来自恒生聚源数据库 中证智能财讯东芯股份（688110）1月23日晚间披露2025年度业绩预告，预计2025年实现营业收入9.21亿元，同比增长43.75%；归母净利润亏损1.74亿元至 2.14亿元，上年同期亏损1.67亿元；扣非净利润亏损2.01亿元至2.41亿元，上年同期亏损2.01亿元。以最新收盘价计算，市净率（LF）约17.1倍，市销率 （TTM）约57.74倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 市净率(LF)历史分位(%) 100 ...

格隆汇1月23日丨东芯股份(688110.SH)公布，2025年度实现归属于母公司所有者的净利润将出现亏损， 实现归属于母公司所有者的净利润预计-21,400万元到-17,400万元。与上年同期（法定披露数据）相 比，亏损将增加685.81万元至4,685.81万元，亏损增加4.10%至28.03%。2025年度实现归属于母公司所有 者扣除非经常性损益后的净利润预计-24,100万元到-20,100万元。与上年同期（法定披露数据）相比， 亏损将增加31.04万元至4,031.04万元，亏损增加0.15%至20.09%。 ...

Core Viewpoint - Dongxin Co., Ltd. (688110.SH) anticipates a net loss attributable to shareholders of the parent company between 174 million and 214 million yuan for the fiscal year 2025, despite a significant revenue growth of approximately 43.75% year-on-year and a substantial increase in gross margin [1] Financial Performance - The company projects a net loss of 1.74 billion to 2.14 billion yuan for 2025 [1] - Revenue is expected to grow by about 43.75% compared to the previous year [1] - The storage segment has achieved profitability during the reporting period [1] Strategic Investments - In 2024, the company made a strategic investment of 200 million yuan in Shanghai Lishuan using its own funds [1] - Shanghai Lishuan successfully completed the first tape-out of its self-developed GPU chip "7G100" in 2025, with a small number of graphics cards already delivered to customers [1] - The company plans to invest an additional 211 million yuan in 2025 to further deepen its layout in the high-performance GPU sector [1] Accounting and Losses - The company will account for the aforementioned investments using the equity method, with an expected investment loss of approximately 166 million yuan recognized in 2025 [1]

Group 1 - The company Dongxin Co., Ltd. (688110.SH) forecasts a net loss attributable to shareholders of the parent company between 174 million to 214 million yuan for the year 2025 [1] - During the reporting period, the company's operating revenue is expected to grow approximately 43.75% year-on-year, with a significant increase in gross margin [1] - The storage segment of the company has achieved profitability [1] Group 2 - In 2024, the company made a strategic investment of 200 million yuan in Shanghai Lishuan using its own funds [1] - For 2025, the company plans to increase its investment in Shanghai Lishuan by approximately 211 million yuan, continuing its deep layout in the high-performance GPU sector [1] - The company will account for the aforementioned investment using the equity method, with an expected investment loss of about 166 million yuan recognized in 2025 [1]

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。 一、本期业绩预告情况 证券代码：688110 证券简称：东芯股份 公告编号：2026-006 东芯半导体股份有限公司 2025 年年度业绩预告 （一）业绩预告期间 2025 年 1 月 1 日至 2025 年 12 月 31 日。 （二）业绩预告情况 1、经财务部门初步测算，预计东芯半导体股份有限公司（以下简称"公司"） 2025 年度（以下又称"报告期"）实现营业收入约为 92,140 万元，与上年同期 （法定披露数据）相比，将增加约 28,044.65 万元，同比增加 43.75%左右。 2、2025 年度实现归属于母公司所有者的净利润将出现亏损，实现归属于母 公司所有者的净利润预计-21,400 万元到-17,400 万元。与上年同期（法定披露 数据）相比，亏损将增加 685.81 万元至 4,685.81 万元，亏损增加 4.10%至 28.03%。 3、2025 年度实现归属于母公司所有者扣除非经常性损益后的净利润预计 -24,100 万元到-20,100 万元。与 ...