Dosilicon(SH:688110) Xin Lang Cai Jing·2025-11-27 10:27Core Viewpoint - Dongxin Co., Ltd. announced that its stock price has deviated significantly, with a cumulative increase of 30% over three consecutive trading days, due to market rumors regarding a large GPU chip order with Lishan Technology (Shanghai) Co., Ltd. [1] Group 1: Stock Trading and Market Reaction - The stock price of Dongxin Co., Ltd. experienced an abnormal fluctuation, with a cumulative increase of 30% over the trading days of November 25, 26, and 27, 2025 [1] - The market rumors were linked to a supposed large GPU chip order signed with Lishan Technology [1] Group 2: Strategic Cooperation Agreement - Lishan Technology has signed a Strategic Cooperation Framework Agreement with a leading domestic cloud computing service provider, focusing on collaboration in areas such as domestic cloud desktop systems, domestic AIPC, cloud rendering, and digital twin solutions [1] - Currently, only the framework agreement has been signed, and no specific orders have been placed, meaning no revenue has been generated yet [1] Group 3: Product Application and Risks - The chip products from Lishan Technology are primarily used in personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twin scenarios, rather than in large model computing clusters [1] - The sales of these products require product certification, customer onboarding, and mass production supply, all of which carry uncertainties [1] - Lishan Technology faces various risks, including industrialization progress risk, market competition risk, product singularity risk, performance risk, ongoing operation risk, and funding flow risk [1] Group 4: Accounting Treatment - Dongxin Co., Ltd. accounts for its investment in Lishan Technology using the equity method, and it is not included in the consolidated financial statements [1]