Dosilicon(SH:688110) Zhi Tong Cai Jing·2026-01-23 11:21Core Viewpoint - Dongxin Co., Ltd. (688110.SH) anticipates a net loss attributable to shareholders of the parent company for 2025, estimated between -174 million to -214 million yuan, representing an increase in loss of 4.10% to 28.03% compared to the previous year [1] Group 1: Financial Performance - The company expects a revenue growth of approximately 43.75% year-on-year, with all quarters showing sequential revenue growth [1] - The overall gross margin has significantly improved compared to the previous year, with all quarters achieving sequential growth in gross margin [1] - The storage segment has achieved profitability during the reporting period [1] Group 2: Market and Industry Trends - The small-cap storage chip market is benefiting from a new industry upcycle driven by artificial intelligence, with continuous optimization of supply-demand structure and steady recovery in product sales prices [1] - Demand in downstream application areas such as network communication, security monitoring, consumer electronics, industrial control, and automotive electronics is showing overall recovery and structural growth [1] Group 3: Technological Development - The company continues to focus on its core "storage" business, maintaining high levels of R&D investment and ongoing technical layout in the "storage, computing, and connectivity" integration field [2] - The company has solidified its technological leadership in the SLC NAND Flash industry, with 1xnm flash products achieving mass production and significant improvements in product reliability [2] - The company is advancing the development of automotive-grade storage products and has achieved scale production of NAND Flash and Nor Flash automotive series products in multiple vehicle models [2] Group 4: Strategic Investments - In 2024, the company made a strategic investment of 200 million yuan in Lishan Technology (Shanghai) Co., Ltd., which focuses on the R&D and design of scalable GPU chips [3] - The first self-developed GPU chip "7G100" successfully completed its first tape-out in 2025, with a small number of graphics cards delivered to customers [3] - The company plans to increase its investment in Lishan Technology by approximately 211 million yuan in 2025, continuing to deepen its layout in the high-performance GPU sector [3]