Core Viewpoint - Dongxin Co., Ltd. announced an investment in Shanghai Lishuan Technology Co., Ltd. with a pre-investment valuation of 3.5 billion yuan, aiming to enhance its strategic layout in the integrated "storage, computing, and networking" sector [2][11]. Investment Details - Dongxin plans to invest approximately 210.53 million yuan to acquire about 80.99 million yuan of new registered capital in Shanghai Lishuan, resulting in a 35.87% ownership stake post-investment [5][11]. - The total investment amount from all investors is around 500 million yuan, with the investment price set at 259.95 yuan per 1 yuan of registered capital [2][5]. Company Background - Shanghai Lishuan was established on April 26, 2022, with a registered capital of 13.464 million yuan, focusing on the research and design of scalable GPU chips for graphics rendering and AI acceleration [6][8]. - The company has not generated revenue yet, with total assets of 34.34 million yuan and total liabilities of 121 million yuan as of July 2023, resulting in a net asset deficit of 86.33 million yuan [9][10]. Financial Performance - For the fiscal year 2024, Shanghai Lishuan is projected to incur a net loss of 210 million yuan, with a loss of 155 million yuan recorded from January to July 2025 [9][10]. - The company's financials indicate a significant increase in liabilities compared to assets, highlighting potential financial challenges [9][10]. Strategic Implications - The investment is part of Dongxin's strategy to strengthen its core competitiveness and create more value for shareholders, while Shanghai Lishuan remains a non-consolidated subsidiary [11].

Core Viewpoint - Dongxin Co., Ltd. plans to invest approximately 500 million yuan in Shanghai Lishuan, acquiring about 35.87% equity through a capital increase of approximately 21.1 million yuan [1][2] Investment Details - The total investment amount from Dongxin Co., Ltd. and other investors is around 500 million yuan, with Dongxin contributing approximately 21.1 million yuan [1] - After the capital increase, Dongxin will hold approximately 35.87% of Shanghai Lishuan [1][2] Corporate Governance - Dongxin Co., Ltd. has appointed two directors and a financial director to Shanghai Lishuan, with one of the appointed directors also serving as Dongxin's financial director [2] - Shanghai Lishuan is considered an affiliated entity of Dongxin due to this investment, constituting a related party transaction [2] Business Focus - Shanghai Lishuan specializes in the research and design of scalable GPU chips for multi-layer graphics rendering, aiming to address key issues in the domestic GPU architecture [2] - The products developed by Shanghai Lishuan are designed for mainstream graphics rendering and AI acceleration, compatible with external ecosystems [2] Strategic Rationale - The investment is part of Dongxin's strategy to enhance its "storage, computing, and networking" integration, strengthening its core competitiveness and creating more value for shareholders [2] - The funding for this investment comes from Dongxin's own resources, ensuring that the main business operations remain unaffected [2] Market Performance - Dongxin Co., Ltd. has seen a significant stock price increase of 211.95% from July 29 to August 28 [3] - The company has experienced multiple instances of stock trading anomalies during this period, leading to a temporary suspension of trading [5] Product Development and Risks - Shanghai Lishuan has recently announced its first self-developed GPU chip "7G100" and the first graphics card product Lisuan eXtreme, targeting various applications [5] - The commercialization of these products involves several uncertain steps, including market certification and customer onboarding, which may pose risks to the investment [5]

(责任编辑：宋政 HN002) 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 格隆汇8月27日｜北京利尔(002392)在互动平台表示，公司投资的曦望是国产全栈自研芯片企业，公司 专注于高性能GPU的研发与商业化，首代及第二代自研GPU产品已成功量产，可应用于数据中心建设， 在性能、能效比等关键技术指标上具备优势，下一代高性能芯片预计将于明年流片。 ...

Group 1 - The company invested in Xiwang, a domestic full-stack self-research chip enterprise focused on high-performance GPU development and commercialization [1] - The first and second generation of self-researched GPU products have successfully achieved mass production, applicable to data center construction, with advantages in performance and energy efficiency [1] - The next generation of high-performance chips is expected to tape out next year [1]

Core Viewpoint - The stock of Dongxin Semiconductor Co., Ltd. has experienced significant volatility, with a cumulative price increase of 126.59% from July 28 to August 11, 2025, raising concerns about potential risks associated with rapid price fluctuations [1][4]. Trading Anomalies - The company's stock price deviated by 30% over three consecutive trading days (August 7, 8, and 11, 2025), which is classified as abnormal trading activity according to Shanghai Stock Exchange regulations [1]. - As of August 11, 2025, the closing price was 84.63 CNY per share, with a rolling P/E ratio reported as negative, significantly diverging from the industry average P/E ratio of 43.43 [1][4]. Business Operations - The company reported a net loss of 59,241,841 CNY for Q1 2025, indicating ongoing financial challenges, and is expected to remain in a loss position for the first half of 2025 [1][2]. - The company confirmed that there have been no significant changes in its business operations or external environment that would justify the recent stock price increase [1][2]. Investment in Shanghai Lishuan Technology - The company has invested in Shanghai Lishuan Technology, which recently announced the launch of its first self-developed GPU chip "7G100" and graphics card product "Lisuan eXtreme" [1][2]. - The products are aimed at various applications, including personal computers and AI, but face uncertainties regarding market acceptance and sales due to the need for product certification and customer onboarding [1][3]. Risks Associated with Investment - The investment in Shanghai Lishuan Technology is subject to several risks, including industrialization progress, market competition, product singularity, performance, and ongoing operational funding [4][5][6][7]. - The GPU market is highly concentrated, with major players like NVIDIA and AMD dominating approximately 98% of the market share, posing significant competitive challenges for domestic GPU manufacturers [5][6]. Management Assurance - The board of directors has confirmed that there are no undisclosed significant matters that could impact the company's stock price, and no insider trading has occurred during the period of stock price volatility [2][3].

Core Viewpoint - Dongxin Co., Ltd. (688110.SH) announced significant fluctuations in stock trading due to media reports regarding its investment in Shanghai Lishuan, which recently launched its self-developed GPU chip "7G100" and the graphics card product Lisuan eXtreme [1] Investment Details - The company invested 200 million yuan in Shanghai Lishuan in 2024, acquiring a 37.88% stake, which is not included in the consolidated financial statements [1] - Shanghai Lishuan focuses on the research and design of scalable GPU chips for various applications, including personal computers, professional design, AI PCs, cloud gaming, cloud rendering, and digital twins, but not for large model computing clusters [1] Product Development Status - As of May 25, 2025, Shanghai Lishuan has completed the packaging of the first batch of G100 chips and has conducted major functionality tests [1] - The company is currently optimizing its products and plans to proceed with customer sampling and mass production, but it has not yet generated revenue, and the ability to achieve sales remains uncertain [1] Market Communication - Following a self-examination, the company found no other media reports or market rumors that could significantly impact its stock trading price [1]

Group 1 - Yunzhi Voice Technology Co., Ltd. listed on the Hong Kong Stock Exchange on June 30, becoming the "first AGI stock" in Hong Kong [1] - Yunzhi was founded in 2012 and has developed AI solutions based on deep learning models, including its core algorithm model UniCore [1] - The company has received investments from notable institutions such as Sequoia Capital, JD.com, and Qualcomm, with a significant investment from Sichuan Innovation and Entrepreneurship Equity Investment Fund in 2017 [1] Group 2 - Moore Threads submitted its prospectus for listing on the Sci-Tech Innovation Board, focusing on full-function GPU chip development [2] - The company supports various workloads including AI computing acceleration and 3D graphics rendering [2] - Chengdu Ciyuan Guoyi Electronic Information Equity Investment Fund invested in Moore Threads in 2023 [2] Group 3 - Wuhan Heyuan Biotechnology Co., Ltd. is preparing for an IPO on the Sci-Tech Innovation Board, with its core product HY1001 nearing market approval [2] - HY1001 is a new drug that has completed Phase III clinical trials and is under priority review by the National Medical Products Administration [2] Group 4 - Yaoke Ankang Technology Co., Ltd. successfully listed on the Hong Kong Stock Exchange on June 23, with significant investment from the National Investment (Guangdong) Technology Achievement Transformation Venture Capital Fund [5] - The company focuses on innovative drug development for cancer, inflammation, and cardiovascular diseases, with multiple candidates in clinical stages [5] Group 5 - Sichuan Southwest Jiaotong Railway Development Co., Ltd. listed on the Beijing Stock Exchange on June 10, specializing in rail transportation infrastructure safety [6] - The company is recognized as a national-level "little giant" enterprise and is the first IPO project of the Sichuan Science and Technology Investment's Academician Fund [6] - Multiple local funds, including Chengdu Lixin Jingrong Fund, participated in the investment of Jiaotong Railway Development [6]