东芯股份: 关于股票交易停牌核查结果暨复牌的公告

Core Viewpoint - The company is experiencing significant stock price volatility, with a cumulative increase of 207.85% from July 29 to August 28, 2025, leading to heightened market risks and potential irrational speculation [2][7][8] Stock Trading and Market Conditions - The company's stock will resume trading on September 3, 2025, after a temporary suspension due to abnormal trading fluctuations [2][6] - The stock's average turnover rate on August 28 was 11.77%, significantly higher than previous levels, indicating increased trading activity [2][7] - The rolling P/E ratio for the company is currently negative, while the industry average is 53.35, suggesting a disconnect between stock performance and financial fundamentals [2][7] Financial Performance - For the first half of 2025, the company reported revenue of 342.99 million yuan, a year-on-year increase of 28.81%, but incurred a net loss of 110.97 million yuan, which is an increase in losses compared to the previous year [3][8] - The company's financial performance has not aligned with the recent stock price surge, indicating potential risks related to market trading without corresponding improvements in profitability [3][8] Investment in Shanghai Lishuan - The company plans to invest approximately 500 million yuan in Shanghai Lishuan, with a portion of 210.53 million yuan coming from its own funds, resulting in a reduced ownership stake of about 35.87% post-investment [5][11] - Shanghai Lishuan has launched its first self-developed GPU chip and graphics card, but the products are still in the early stages of market introduction and have not yet generated revenue [4][8] Risks Associated with Investment - The investment in Shanghai Lishuan carries several risks, including industrialization progress risk, market competition risk, product concentration risk, performance risk, and ongoing operational and cash flow risks [9][10] - The global graphics card market is dominated by Nvidia and AMD, posing significant competitive challenges for domestic GPU manufacturers like Shanghai Lishuan [9][10]