Core Viewpoint - The company has experienced significant stock price increases recently, which may not be supported by its financial performance, indicating potential risks for investors [1][2][3] Group 1: Stock Price Fluctuations - The company's stock price has seen a cumulative increase of over 20% in the last three trading days, with specific daily increases of 20%, 17.33%, and 20% [1] - The stock price increase has outpaced that of most peers in the industry and the Shanghai Composite Index, raising concerns about a potential correction [1][2] Group 2: Financial Performance - The company reported a net loss of 59,241,841.00 yuan for the first quarter of 2025, indicating ongoing financial difficulties [1][2] - The company is expected to remain in a loss position for the first half of 2025, with no significant changes in its core business operations or external environment [2] Group 3: Valuation Metrics - As of July 31, 2025, the rolling P/E ratio for the industry is 42.12, while the company's rolling P/E ratio is negative, indicating a significant deviation from industry averages [2] Group 4: Investment in Shanghai Lishuan Technology - The company has invested in Shanghai Lishuan Technology, which is developing a self-researched GPU chip and graphics card, with applications in various fields such as AI and cloud gaming [2][3] - The products from Shanghai Lishuan are still in the development phase and have not yet generated revenue, highlighting potential risks related to market entry and competition [3][4] Group 5: Risks Associated with Product Development - The development of graphics rendering chips requires continuous investment and market adaptation, with risks of funding shortages impacting the company's core competitiveness [4] - The company faces challenges in market competition, and failure to meet market demands could lead to decreased product competitiveness and profitability [3][4]