（文/方周 编辑/吕栋） 7G100系列芯片 砺算科技官网 8月31日晚，东芯半导体股份有限公司（以下简称"东芯股份"）公告，公司拟与亨通集团有限公司、上海道禾长期投资管理有限公司管理的基金、其他投 资主体、上海砺算（上海）有限公司之员工持股平台共同对外投资上海砺算（上海）有限公司（下称：上海砺算），投资人合计投资金额约为5亿元。 其中，东芯股份拟通过自有资金人民币约2.1亿元向上海砺算增资，认购其新增注册资本约80.99万元。 此次增资上海砺算以投前估值35亿元为依据，投资完成之后，上海砺算的注册资本从1346.4万元增加到1619.73万元。若依此计算，本轮增资完成之后，上 海砺算估值增加7.1亿元，达到42.1亿元。 此前，东芯股份在2024年8月份宣布以自有资金2亿元向上海砺算进行了增资，投资后持有上海砺算37.88%的股权。根据相关协定，该公司已向上海砺算 委派2名董事，并向上海砺算委派财务总监。因此本次对外投资构成关联交易。 在斥资2.1亿元又一次押注后，东芯股份持有上海砺算约35.87%的股权，虽然相比之前的37.88%略有下降，但仍与南京砺算并列上海砺算第一大股东。 上海砺算创立于2022年4 ...

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Views - The company is firmly investing in GPU research and development, aiming to enter the edge AI chip market. The growth of the domestic ecosystem and the increasing demand for computing power driven by AI technology are expected to accelerate the company's chip business growth [6][10]. - The company reported a significant decline in revenue and net profit for the first half of 2025, with revenue of 193 million yuan, down 44.78% year-on-year, and a net loss of 88 million yuan, down 356.51% year-on-year. The gross margin was 45.03%, a decrease of 7.9 percentage points [2][4]. Financial Performance Summary - In 2025H1, the company achieved revenue of 193 million yuan, a year-on-year decrease of 44.78%. The net profit attributable to the parent company was -88 million yuan, a decrease of 356.51%. The net profit after deducting non-recurring items was -96 million yuan, down 550.44%. The gross margin was 45.03%, down 7.9 percentage points [2][4]. - In Q2 2025, the company reported revenue of 91 million yuan, a year-on-year decrease of 62.42%, with a net profit of -33 million yuan, down 171.70%. The gross margin increased to 59.31%, up 10.8 percentage points [2][4]. Business Development Insights - The company's core business in graphics control is developing steadily, with a solid competitive landscape. The introduction of high-performance intelligent computing modules and products targeting AI training and inference is expected to drive growth in the chip business [6][10]. - The company is making a strategic investment of 220 million yuan in Chengheng Microelectronics to gain control over the company, which specializes in edge AI chip design and development [6][10].