Dosilicon(SH:688110) Xin Lang Zheng Quan·2025-09-03 09:59Core Viewpoint - Dongxin Co., Ltd. (688110) has experienced a significant stock price surge, with a year-to-date increase of 379% and a 250-day cumulative increase of 589.66%, despite reporting losses in its semi-annual financial results [1][4]. Financial Performance - For the first half of 2025, Dongxin reported a total revenue of approximately 342.99 million yuan, a year-on-year increase of 28.81% [3]. - The company recorded a net loss attributable to shareholders of approximately 110.97 million yuan, which is an increase in losses compared to the previous year [4]. - The net asset value attributable to shareholders decreased by 2.29% to approximately 3.14 billion yuan, while total assets decreased by 1.49% to approximately 3.48 billion yuan [3]. Market Activity - On September 3, 2025, Dongxin's stock resumed trading after a suspension due to unusual trading fluctuations, with a closing price of 119.38 yuan per share and a trading range of 19.49% on the first day back [1][2]. - The company’s stock price performance has drawn attention as a typical example of valuation bubbles in the A-share market [4]. Strategic Developments - Dongxin has invested in the Shanghai Lishuan GPU project, which has not yet generated revenue but has sparked market interest in domestic graphics processor alternatives [2]. - The company plans to expand its focus from traditional storage chips to an integrated approach involving storage, computing, and networking [6]. Shareholder Composition - As of the mid-year report, major shareholders include Dongfang Hengxin Group with a 34.28% stake and other notable investors, indicating strong support from retail investors [5]. - Two prominent retail investors entered the top ten shareholders in the second quarter, with a combined market value of over 970 million yuan based on the stock's closing price on the resumption day [5].