格隆汇2月24日丨东芯股份(688110.SH)在投资者互动平台表示，公司"1xnm闪存产品研发及产业化项 目"已实现量产，设计与工艺持续优化，产品可靠性指标显著提升，并已实现产品销售。公司持续推进 Wi-Fi7无线通信芯片的研发，已完成原型机样片测试，其核心性能符合设计目标。公司将凭借多年来在 行业内的资源、客户、供应链、经验等方面积累的优势，进一步丰富公司产品品类，以存储为核心， 向"存、算、联"一体化领域进行技术探索，拓展行业应用领域，优化业务布局，以期为客户提供更多样 化的芯片解决方案。 ...

证券日报网讯2月24日，东芯股份在互动平台回答投资者提问时表示，公司"1xnm闪存产品研发及产业 化项目"已实现量产，设计与工艺持续优化，产品可靠性指标显著提升，并已实现产品销售。公司持续 推进Wi-Fi7无线通信芯片的研发，已完成原型机样片测试，其核心性能符合设计目标。公司将凭借多年 来在行业内的资源、客户、供应链、经验等方面积累的优势，进一步丰富公司产品品类，以存储为核 心，向"存、算、联"一体化领域进行技术探索，拓展行业应用领域，优化业务布局，以期为客户提供更 多样化的芯片解决方案。 ...

Core Viewpoint - Dongxin Co., Ltd. forecasts a revenue of approximately 921 million yuan for 2025, representing a year-on-year increase of 43.75%, while expecting a net loss attributable to shareholders of between 214 million yuan and 174 million yuan, indicating a loss increase of 4.1% to 28.03% compared to the previous year [2] Group 1: Performance Forecast - The company anticipates a revenue of about 921 million yuan for 2025, with a year-on-year growth rate of 43.75% [2] - The net profit attributable to shareholders is expected to be between -214 million yuan and -174 million yuan, reflecting a loss increase of 4.1% to 28.03% compared to the previous year [2] - The net profit after deducting non-recurring gains and losses is projected to be between -241 million yuan and -201 million yuan, with a loss increase of 0.15% to 20.09% [2] Group 2: Market Drivers - The small-capacity storage chip market is benefiting from an AI-driven industry upcycle, with an ongoing optimization of supply-demand structure and steady price increases [2] - The advancement of 5G base station construction, smart city initiatives driving security equipment upgrades, innovations in smart wearable devices, and the electrification and intelligence wave in the automotive sector are collectively boosting demand in downstream fields [2] Group 3: Business Development - The company is deepening its technological layout in the "storage, computing, and connectivity" integration field while maintaining high levels of R&D investment [3] - Dongxin Co., Ltd. is consolidating its technological leadership in the SLC NAND Flash industry, with 1xnm flash products already in mass production [3] - The company is enhancing the reliability of storage products and advancing the R&D and industrialization of automotive-grade storage products, with Nand Flash and Nor Flash automotive series products achieving mass production in multiple vehicle models [3] Group 4: Investment Strategy - In 2024, the company made a strategic investment of 200 million yuan in Lishan Technology (Shanghai) Co., Ltd., with an additional investment of approximately 211 million yuan planned for 2025, focusing on the high-performance GPU sector [4] - Lishan Technology specializes in the R&D and design of multi-level graphics rendering GPU chips, with its first self-developed GPU chip "7G100" successfully completing initial wafer production in 2025 [4] - The company will recognize an investment loss of approximately 166 million yuan for 2025, which is a significant factor contributing to the overall increase in losses [4]

Core Insights - The company expects to expand its losses in 2025, with projected revenue of approximately 921 million yuan, a year-on-year increase of about 43.75% [1] - The storage segment has achieved profitability, while the company continues to invest heavily in the high-performance GPU sector, reporting an investment loss of 166 million yuan last year [1] Financial Performance - The company anticipates a net profit loss ranging from 214 million yuan to 174 million yuan in 2025, representing an increase in losses of 4.1% to 280.3 million yuan compared to the previous year [1] - The net profit loss after deducting non-recurring items was between 241 million yuan and 201 million yuan last year, with a slight increase in losses of 0.15% to 200.9 million yuan [1] Market Dynamics - The small-capacity storage chip market has benefited from an AI-driven industry upcycle, with improved supply-demand dynamics and steady product price recovery [1] - The company’s products are experiencing a structural growth in demand due to ongoing 5G base station construction, smart city upgrades, innovations in wearable devices, and the electrification and intelligence trends in the automotive industry [1] Technological Advancements - The company is focusing on the integration of storage, computing, and networking, maintaining high levels of R&D investment, with significant expenditures reported during the period [2] - In the storage segment, the company is solidifying its technological leadership in SLC NAND Flash, with 1xnm flash products achieving mass production and sales [2] - The company is also enhancing the reliability of its storage products, advancing the development and industrialization of automotive-grade storage products [2] Investment Strategy - In 2024, the company made a strategic investment of 200 million yuan in Lishuan Technology (Shanghai) Co., Ltd., which specializes in GPU chip design [3] - The first self-developed GPU chip, "7G100," successfully completed its first tape-out in 2025, with initial graphics cards delivered to customers [3] - The company plans to invest an additional 211 million yuan in 2025 to deepen its engagement in the high-performance GPU sector, with an expected investment loss of approximately 166 million yuan for the year [3] Market Performance - Since the press conference held by Lishuan Technology in July last year, the company's stock price has surged, with a cumulative increase of over 200%, and the latest market capitalization stands at 53.2 billion yuan [3]

Core Viewpoint - Dongxin Co., Ltd. confirms that Lishuan Technology is operating well, with the first self-developed GPU chip 7G100 undergoing customer sampling, testing, production, software optimization, and sales expansion [1] Group 1 - The company emphasizes the importance of Lishuan Technology as a strategic investment to integrate storage, computing, and networking technologies [1] - Lishuan Technology is actively working on the 7G100 graphics rendering GPU chip, with various related tasks progressing normally [1]

Core Viewpoint - Dongxin Co., Ltd. focuses on independent research, design, and sales of small-capacity storage chips while innovating in the integrated "storage, computing, and connectivity" field to expand industry applications and optimize business layout [1] Group 1: Company Strategy - The company aims to provide diversified chip solutions for customers [1] - Dongxin Co., Ltd. has invested in Lishan Technology based on recognition of its technology and future market potential, aligning with the company's strategic direction [1] - The company will continue to evaluate investment strategies and optimize asset allocation to create long-term value for itself and its shareholders [1]

Core Viewpoint - Dongxin Co., Ltd. has seen a significant increase in stock price, rising 337% in the second half of the year, with a recent 35% surge, bringing its market capitalization to 59.3 billion yuan, nearing historical highs [3] Group 1: Company Performance - Dongxin Co., Ltd. specializes in various storage products serving multiple sectors including network communication, surveillance, consumer electronics, industrial control, and automotive electronics [3] - The company reported a net profit of -35.22 million yuan for Q3 2025, indicating a loss, and anticipates remaining in a loss position for the entire 2025 fiscal year [3] - Despite an increase in main business revenue, Dongxin Co., Ltd. noted that there has been no significant change in the internal and external operating environment [3] Group 2: Strategic Developments - Dongxin Co., Ltd. confirmed that its investee, Shanghai Lishuan, signed a strategic cooperation framework agreement with a leading domestic cloud service provider, but no formal orders have been placed yet [4][6] - The framework agreement focuses on future collaboration in areas such as domestic cloud desktop systems, AIPC, cloud rendering, and digital twin solutions, with specific projects to be defined later [6] - Dongxin Co., Ltd. invested approximately 211 million yuan in Shanghai Lishuan, acquiring about 35.87% equity, aiming to advance its "storage, computing, and networking" integrated strategy [6] Group 3: Market Context - The global discrete graphics card market is dominated by NVIDIA and AMD, creating a highly concentrated oligopoly, while domestic GPU development is still in its early stages [7] - Dongxin Co., Ltd. highlighted significant challenges for domestic GPU manufacturers, including limitations in R&D capabilities, ecosystem development, and overall technological maturity compared to international leaders [7] - Recent trading activity showed a substantial increase in transaction volume for Dongxin Co., Ltd., with a total trading amount of approximately 14 billion yuan over two days [7]

Core Viewpoint - Dongxin Semiconductor Co., Ltd. has experienced a significant stock price fluctuation, with a cumulative closing price increase of 30% over three consecutive trading days, prompting an announcement regarding abnormal trading conditions [2][5]. Group 1: Stock Trading Abnormalities - The company's stock price increased by a cumulative 30% over three trading days (November 25, 26, and 27, 2025), which is classified as abnormal trading behavior according to Shanghai Stock Exchange regulations [2][5]. - The company confirmed that there are no undisclosed significant matters affecting its operations, and its production and business activities are normal [2][6]. Group 2: Financial Performance - In the third quarter of 2025, the company reported a net loss attributable to shareholders of approximately 35.22 million yuan, indicating a continued loss for the fiscal year [2][6]. - The company anticipates remaining in a loss position for the entirety of 2025, despite a slight recovery in market demand for its main business [6]. Group 3: Investment in Shanghai Lishuan Technology - The company has invested approximately 21.05 million yuan in Shanghai Lishuan Technology, acquiring about 35.87% of its equity, as part of a larger investment totaling 50 million yuan [7][8]. - Shanghai Lishuan is primarily engaged in the research and development of GPU chips for various applications, but has not yet generated revenue from its products [10][11]. Group 4: Market Rumors and Clarifications - Recent market rumors suggested that Shanghai Lishuan had signed a large GPU chip order; however, the company clarified that only a strategic cooperation framework agreement was signed with a leading domestic cloud service provider, with no actual orders or revenue generated yet [3][11]. - The company has conducted due diligence and found no significant undisclosed matters that could impact its stock price [12].

Core Viewpoint - Dongxin Co., Ltd. is focusing on integrating storage, computing, and networking technologies, with significant investment in Lishan Technology, which is developing a new GPU chip, the "7G100" [1][2] Group 1: Company Strategy and Investments - Dongxin Co., Ltd. is strategically investing in Lishan Technology to enhance its capabilities in the integrated "storage, computing, and networking" field [1] - The company holds approximately 35.87% of Lishan Technology, which is expected to contribute to its long-term growth despite current losses [1][2] Group 2: Product Development and Market Position - Lishan Technology is developing a scalable GPU chip that supports mainstream graphics rendering and AI acceleration, utilizing its proprietary TrueGPU architecture [1] - The first GPU product, "7G100," is undergoing customer sampling, testing, optimization, and market promotion, with progress reported as normal [1] Group 3: Financial Performance and R&D Investment - Dongxin Co., Ltd. reported a total R&D expenditure of 57.07 million yuan in Q3, a 9.31% increase year-on-year, focusing on storage chip advancements [2] - The company has recognized investment losses from Lishan Technology amounting to 15.84 million yuan in Q3 and 52.31 million yuan in the first half of the year [2]

Core Viewpoint - The company is focusing on integrating storage, computing, and networking technologies, with a strategic investment in Lishan Technology as a key initiative to support this direction [1] Group 1 - The company’s core focus is on storage technology, aiming to expand into the integrated field of "storage, computing, and networking" [1] - The investment in Lishan Technology is a significant step in executing the company's strategic plan [1] - Lishan Technology is currently working on its first graphics rendering GPU chip, "7G100," and is engaged in customer sampling, testing optimization, product production, and market promotion [1]