2年融资数亿、实控人台湾籍，砺算首款显卡对标英伟达4060？

Core Viewpoint - Dongxin Semiconductor Co., Ltd. (Dongxin) announced an investment of approximately 500 million RMB in Shanghai Lisan Technology Co., Ltd. (Lisan), with Dongxin contributing about 210 million RMB, increasing its stake to approximately 35.87% [1][7] Investment Details - The investment in Lisan is based on a pre-investment valuation of 3.5 billion RMB, raising Lisan's valuation to 4.21 billion RMB post-investment [1] - Dongxin previously invested 200 million RMB in Lisan in August 2024, acquiring a 37.88% stake [1] - After the new investment, Lisan's registered capital will increase from 13.464 million RMB to 16.1973 million RMB [1] Product Development - Lisan's first GPU product, the "7G100" series, has garnered significant attention, with claims of being fully designed in-house based on the TrueGPU architecture [2] - The 7G100 series is manufactured using TSMC's 6nm process and supports major APIs, although it does not support ray tracing [2] - Performance benchmarks show that the GPU outperforms the RTX 4060 by approximately 10% in OpenCL tests [2][4] Market Reaction - Following the GPU launch, Dongxin's stock price surged from 37.35 RMB to 119.57 RMB, marking a nearly 220% increase over 24 trading days [4] - The stock price volatility has attracted regulatory scrutiny, leading to a temporary suspension of trading for Dongxin [7] Company Background - Lisan was founded in April 2022 and focuses on high-performance GPU development [1] - The founding team has extensive experience in the GPU industry, with backgrounds in leading companies and significant contributions to GPU technology [6] Financial Performance - Lisan reported zero revenue and a net loss of approximately 20.95 million RMB for 2024, with a negative net asset value of 8.63 million RMB as of July 2025 [8] - The company faces significant competition from established players like NVIDIA and AMD, as well as emerging domestic GPU manufacturers [9] Future Outlook - Lisan plans to launch its Lisuan eXtreme series, which includes professional and consumer versions, with sample delivery expected in August 2025 and mass production starting in September 2025 [9] - The company acknowledges various risks, including market competition and product certification uncertainties, which could impact its commercialization efforts [9]