Dosilicon(SH:688110) Xin Lang Cai Jing·2025-11-28 00:12Core Viewpoint - Dongxin Co., Ltd. (688110) has disclosed an announcement regarding abnormal stock trading fluctuations, emphasizing that its investee, Shanghai Lishuan, has only signed a framework agreement with a cloud computing service provider and has not yet signed any orders or generated revenue [1][2]. Group 1: Company Performance - Dongxin's stock price has surged by 337% in the second half of this year, with a recent increase of 35% over the past two trading days, bringing its total market capitalization to 59.3 billion yuan, nearing its historical peak [1]. - The company reported a net profit attributable to shareholders of -35.22 million yuan for the third quarter of 2025, indicating a loss, and it expects to remain in a loss position for the entire year [1][2]. Group 2: Business Developments - Dongxin confirmed that Shanghai Lishuan has signed a strategic cooperation framework agreement with a leading domestic cloud computing service provider, focusing on areas such as domestic cloud desktop system development and digital twin solutions, but no orders have been signed yet [2]. - The first self-developed GPU chip "7G100" from Shanghai Lishuan is currently undergoing customer sampling and testing, with related work progressing normally, but it has not yet generated any revenue [2]. Group 3: Market Context - The global independent graphics card market is dominated by Nvidia and AMD, exhibiting a highly concentrated oligopoly, with these international giants holding a significant competitive advantage due to their technological accumulation and strong capital [3]. - Recent trading activity for Dongxin has shown a significant increase, with a total trading volume of approximately 14 billion yuan over the past two days, indicating notable market interest [3].