奇点国峰公告，附属公司上海绘流与沐曦股份订立为期一年的非独家领先渠道经销商合作协议。根据协 议，上海绘流为中国大陆市场销售及推广沐曦股份授权产品，年度采购业绩指标为当年向沐曦股份采购 2000颗GPU产品，对应的潜在业务规模约为人民币2亿元。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） （股份代號：1280） 根據該協議，上海繪流的年度採購業績指標為當年向沐曦股份採購2,000顆GPU產 品。依據當前市場價值估算，此年度採購框架對應的潛在業務規模約為人民幣 2億 元。該業績目標的達成情況將是評估雙方合作持續性的重要依據。 本公司認為，訂立該協議標誌著本集團業務發展的重要里程碑。通過此次合作，本 集團正式進軍國產AI算力硬件市場，實現向「軟硬一體」綜合解決方案提供商的戰略 轉型。本次合作將整合沐曦股份的高性能國產GPU芯片技術與本集團的市場開拓能 力，形成「繪流牌」國產AI服務器整體解決方案，為互聯網大型企業、智算中心、科 研機構及高算力需求商業企業提供訓練與推理一體化的國產化替代選擇。此外，該 協議賦予的「領先渠道經銷商」身份及項目報備保護機制，為本集團在競爭激烈的市 場中建立了獨特的先發優勢和渠道壁壘。進軍國產高端硬件領域，有望為本集團開 闢新的、可 ...

Core Viewpoint - Runtao Co., Ltd. (002440.SZ) is expected to achieve significant growth in its 2025 performance, driven by both its main business and investment activities, with projected net profit ranging from 600 million to 700 million yuan, representing a year-on-year increase of approximately 181.05% to 227.89% [1][2] Group 1: Main Business Performance - The main business of Runtao Co., Ltd. includes the research, production, and sales of textile dyes, printing and dyeing auxiliaries, and chemical raw materials, with a focus on dyes and auxiliaries [2] - After a decline in 2022 and 2023, the company's main business began to recover in 2024, achieving an operating income of 5.695 billion yuan, a year-on-year increase of 1.91%, and a net profit of 213 million yuan, a year-on-year increase of 366.42% [2] - In the first three quarters of 2025, the company reported a significant improvement in profitability, with operating income of 4.163 billion yuan, a year-on-year increase of 2.25%, and a net profit of 225 million yuan, a year-on-year surge of 49.10% [2] Group 2: Investment Contributions - The explosive growth of the investment business has been a key driver for Runtao Co., Ltd.'s performance in 2025, with tax-pre profit investment income estimated at around 330 million yuan, accounting for 55% of the lower limit of the projected net profit [4] - The company has been proactive in cross-industry investment since 2019, establishing an investment system through its wholly-owned subsidiary, Runtao Jinheng, with over 300 million yuan invested in multiple industry funds focusing on emerging fields such as artificial intelligence and semiconductors [4] - The investment in Muxi Co., a leading company in the high-performance general GPU sector, has been highlighted as a successful case, contributing significantly to the company's core earnings [4][5] Group 3: Market Trends and Future Outlook - The dye industry is experiencing a differentiation pattern in 2025, characterized by pressure on traditional categories and premium pricing for high-end products, which Runtao Co., Ltd. is navigating through vertical integration and optimized capacity layout [2][3] - The company's gross margin has shown an upward trend over the past three years, with a gross margin of 18.98% in the first three quarters of 2025, compared to 15.78% in 2023 and 17.41% in 2024 [3] - The stock price of Runtao Co., Ltd. has seen a significant increase since 2026, with a cumulative rise of 20.69% over five trading days from January 19 to 23 [6]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月22日晚间，闰土股份（002440）发布2025年度业绩预告，公司预计2025年归属于上市公司股东的净 利润为6.00亿元—7.00亿元，比上年同期增长181.05%—227.89%；同时预计扣非后净利润为2.70亿元— 3.70亿元，比上年同期增长26.75%—73.70%。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司股 东的净利润 | 盈利:60,000万元~70,000万元 | 盈利:21,348.74万元 | | | 比上年同期增长:181.05%~227.89% | | | 扣除非经常性损益 后的净利润 | 盈利:27,000万元~37,000万元 | 盈利:21,301.39 万元 | | | 比上年同期增长:26.75%~73.70% | | | 基本每股收益 | 盈利:0.53元/股~0.62元/股 | 盈利:0.19元/股 | 对于2025年净利润大幅增长的原因，公告称，公司活性染料及基础化学品经营利润较去年同期有所增 加，使得公司2025年经营业绩较去年同 ...

Core Viewpoint - Luni Technology Co., Ltd. (002440) forecasts a net profit attributable to shareholders of 600 million to 700 million yuan for the year 2025, representing a year-on-year growth of 181.05% to 227.89% [1] Group 1: Financial Performance - The increase in operating profit from active dyes and basic chemicals compared to the same period last year has contributed to the improvement in the company's 2025 performance [1] - The estimated impact of investment income and fair value changes from investments held by the company and other special investment funds on pre-tax profit is approximately 330 million yuan [1]

人民财讯1月20日电，据沐曦股份官微消息，近日，教育部哲学社会科学实验室"食品安全与国家战略治 理实验室"揭牌暨合作签约仪式、学术委员会会议在无锡隆重举行。活动现场，沐曦集成电路(上海)股 份有限公司与江南大学签署共建协议，并同步揭牌"江南大学沐曦食品安全与人工智能联合研究中心"。 此次合作中，沐曦将核心算力技术与食品安全、食品分子生物合成场景深度绑定，为实验室提供坚实的 AI算力支撑，以产学研协同模式推动技术成果高效转化，加速AI技术在现实场景的落地应用。此外， 沐曦还将助力实验室交叉学科建设及校级人工智能课程设计等。 ...

Core Viewpoint - The establishment of Muxi Smart (Shanghai) Technology Co., Ltd. marks a significant step in the domestic GPU industry, with a focus on integrated circuit design and sales, indicating a strategic move towards enhancing China's capabilities in high-performance computing and AI applications [1][3]. Company Overview - Muxi Co., Ltd. specializes in the independent research and development of high-performance GPU chips and computing platforms, covering areas such as AI training and inference, general computing, and graphics rendering [3]. - The company aims to provide high-performance GPU chips and related software stack and computing platform solutions, contributing to the development of digital economy [3]. Market Context - The GPU market has traditionally been dominated by foreign manufacturers, but there is significant potential for domestic alternatives, especially in light of geopolitical tensions and the rise of new AI technologies [4]. - Muxi Co., Ltd. is positioned as a leading domestic GPU enterprise, actively investing in product research and technological breakthroughs to break foreign monopolies and increase market share [4]. Technological Advancements - The company has built a core R&D team with global vision and expertise in top-tier GPU technology, focusing on achieving self-sufficiency in the smart computing industry chain [4]. - Muxi has developed capabilities in the research, design, and mass production of high-performance GPU chips and foundational system software, overcoming key technological bottlenecks [4]. Product Offerings - Muxi's product lineup includes the Xisi N series GPU for AI inference, the Xiyun C series GPU for integrated training and general computing, and the upcoming Xicai G series GPU for graphics rendering [5]. - The products are based on self-developed GPU IP and a unified architecture, showcasing significant advantages in versatility, single-card performance, cluster stability, and ecosystem compatibility [5]. Industry Collaboration - The company actively promotes industry collaboration, having completed extensive adaptations with upstream and downstream partners in server systems, operating systems, AI frameworks, and large models [5]. - Muxi provides domestic computing power support for distributed inference of leading large models, facilitating the transition from technological breakthroughs to commercial applications in the "domestic computing power + large model industry" [5].

Group 1 - The core point of the article is the establishment of a new company, Muxi Smart (Shanghai) Technology Co., Ltd., which is fully owned by Muxi Co., Ltd. [1] - The legal representative of the new company is Chen Weiliang [1] - The registered capital of Muxi Smart is 100 million yuan [1] Group 2 - The business scope of Muxi Smart includes integrated circuit design, electronic product sales, integrated circuit chip and product sales, and software sales [1]

Investment Rating - The report indicates a strong enthusiasm for new stock offerings on the Beijing Stock Exchange (BSE), with a sufficient reserve of new stocks available for issuance [2][11]. Core Insights - In 2025, the BSE listed 26 new stocks, raising a total of 7.527 billion yuan, with a significant increase in issuance speed in the second half of the year. The amount of frozen funds for participating in new stock offerings nearly doubled from 451.8 billion yuan at the beginning of the year to 846.1 billion yuan by year-end [2][12]. - The average first-day price increase for newly listed stocks on the BSE remains high, sustaining investor enthusiasm for participating in new stock offerings. The report suggests that to stabilize allocation, investors should consider increasing their cash account size due to rising thresholds for stock acquisition [2][18]. - There are currently 210 new stocks awaiting approval on the BSE, with 28 already having passed the review process [19]. Summary by Sections New Stock Offerings on BSE - The BSE's new stock offerings have seen a significant increase in participation, with the total frozen funds rising dramatically throughout 2025. The report highlights that the minimum threshold for acquiring stocks has increased significantly, making it necessary for investors to allocate more funds to ensure stable allocations [2][12][19]. Recent New Stock Performance - The report tracks the performance of new stocks across various boards, indicating that the average first-day price increase for stocks on the Sci-Tech Innovation Board is 258.09%, while for the Growth Enterprise Market, it is 231.27% [31][38]. - The report also provides insights into the effective bidding account numbers for recent new stocks, showing a robust interest from investors [38]. Recent Market Trends - The report notes that the average return from participating in new stock offerings for A-class accounts with a scale of 200 million yuan is 3.82%, while for B-class accounts, it is 2.89% [25][32]. - The report emphasizes the importance of monitoring the performance of new stocks and suggests that investors should be aware of the potential for high returns, particularly in the current market environment [31][51].

Group 1 - The core viewpoint of the news is that Muxi Co., Ltd. has experienced a decline in stock price and significant changes in financing activities, indicating potential volatility in its market performance [1] - On January 19, Muxi's stock price fell by 1.02%, with a trading volume of 530 million yuan. The financing buy-in amount was 49.73 million yuan, while the financing repayment was 89.36 million yuan, resulting in a net financing outflow of 39.64 million yuan [1] - As of January 19, the total balance of margin trading for Muxi was 969 million yuan, which represents 8.97% of its circulating market value [1] Group 2 - Muxi Co., Ltd. was established on September 14, 2020, and is located in the Pudong New Area of Shanghai. The company specializes in the research, design, and sales of full-stack GPU products for artificial intelligence training and inference, general computing, and graphics rendering [1] - The revenue composition of Muxi's main business includes 97.55% from training and inference GPU boards, 1.25% from intelligent computing inference GPU boards, 0.80% from other sources, 0.32% from training and inference GPU servers, and 0.08% from IP licensing [1] - As of December 17, the number of shareholders of Muxi was 25,100, an increase of 20138.71% compared to the previous period, with an average of 722 circulating shares per person [2] - For the period from January to September 2025, Muxi achieved a revenue of 1.236 billion yuan, representing a year-on-year growth of 453.52%. However, the net profit attributable to the parent company was -34.6 million yuan, showing a year-on-year increase of 55.79% [2]