Dosilicon(SH:688110) Xin Lang Zheng Quan·2025-10-31 13:47Core Viewpoint - Dongxin Co., Ltd. is a leading domestic company in the semiconductor industry, focusing on NAND, NOR, and DRAM storage chips, with a strong emphasis on small to medium capacity general-purpose storage chip development and sales [1] Group 1: Business Performance - In Q3 2025, Dongxin's revenue was 573 million yuan, ranking 36th out of 48 in the industry, significantly lower than the top competitors, with the industry leader, Huanwei Group, reporting 21.783 billion yuan [2] - The net profit for the same period was -165 million yuan, placing the company 45th in the industry, again far behind the leaders [2] Group 2: Financial Ratios - As of Q3 2025, Dongxin's debt-to-asset ratio was 5.21%, slightly down from 5.28% year-on-year, well below the industry average of 24.46%, indicating strong solvency [3] - The gross profit margin was 21.92%, up from 14.42% year-on-year, but still below the industry average of 36.52%, suggesting room for improvement in profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 168.45% to 51,300, while the average number of circulating A-shares held per shareholder decreased by 62.75% [5] - Notable changes among the top ten circulating shareholders include a decrease in holdings by the third-largest shareholder, and new entries from Hong Kong Central Clearing Limited and Guolian An Semiconductor ETF [5] Group 4: Strategic Developments - Dongxin holds a 37.88% stake in Shanghai Lishuan, which is developing high-performance GPU chips, with the first self-developed GPU chip "7G100" having completed initial tape-out and is moving towards customer sampling and mass production [6] - The company is advancing its storage technology, with the "1xnm flash memory product R&D and industrialization project" already in mass production, and ongoing developments in 2xnm process SLC NAND Flash, NOR Flash, and DRAM [6] - Revenue projections for 2025 to 2027 are 858 million, 1.121 billion, and 1.406 billion yuan respectively, with a forecasted net profit of 86 million yuan in 2027 [6]