东芯股份: 关于对外投资暨关联交易的公告

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]