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。 ...

Financial Performance - The company forecasts a revenue of approximately 921 million yuan for 2025, representing a year-on-year increase of 43.75% [1][2] - The net profit attributable to shareholders is expected to be a loss of 174 to 214 million yuan, which is an increase in loss compared to 2024's loss of 167 million yuan [1][2] - The non-recurring net profit is projected to be a loss of 201 to 241 million yuan [1] Business Recovery - The storage chip segment benefits from an AI-driven industry upcycle, with product prices steadily recovering and quarterly revenue and gross margins showing sequential growth [2] - The storage business has achieved profitability, marking a significant turning point after a prolonged price decline in the small-capacity storage chip market [2] Investment Impact - The company has made a cumulative investment of approximately 411 million yuan in Lishuan Technology, with an expected investment loss of about 166 million yuan in 2025, which significantly impacts overall performance [3] - The first self-developed GPU chip "7G100" has successfully completed its first tape-out in 2025, but the investment is not expected to yield short-term returns [3] R&D Investment - The company maintains high levels of R&D investment, focusing on integrated technology in storage, computing, and networking [5] - The 1xnm flash memory product has achieved mass production and sales, and automotive-grade NAND Flash and NOR Flash products have been mass-produced in multiple vehicle models [5] Future Considerations - There are concerns regarding the sustainability of profitability in the storage business, the strategic logic behind GPU investments, the ramp-up speed of automotive-grade products, and the commercialization timeline for Wi-Fi 7 chips [6] - The company faces challenges in converting revenue growth into sustainable profits despite the positive momentum in its core business [6][7]

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. (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]

Core Viewpoint - Dongxin Co., Ltd. reported a revenue of 343 million yuan for the first half of 2025, marking a year-on-year increase of 28.81%, but incurred a net loss of 111 million yuan, compared to a loss of 91 million yuan in the same period last year [1][2]. Financial Performance - For the first half of 2025, the company achieved an operating income of 343 million yuan, up 28.81% from 266 million yuan in the previous year [1][2]. - The total profit for the period was -129 million yuan, compared to -93 million yuan in the same period last year [2]. - The net profit attributable to shareholders was -111 million yuan, worsening from -91 million yuan year-on-year [1][2]. - The net profit after deducting non-recurring gains and losses was -127 million yuan, compared to -99 million yuan in the previous year [1][2]. - The net cash flow from operating activities was -56 million yuan, an improvement from -173 million yuan in the same period last year [1][2]. Future Projections - The company forecasts revenues of 531 million yuan and 641 million yuan for 2023 and 2024, respectively [1][3]. - Projected net losses for the same years are -306 million yuan and -167 million yuan, respectively [1][3]. - The net cash flow from operating activities is expected to be -302 million yuan in 2023 and -278 million yuan in 2024 [1][3]. Fundraising and Use of Proceeds - Dongxin Co., Ltd. raised a total of 3.337 billion yuan, with a net amount of 3.064 billion yuan after deducting issuance costs [4]. - The final net fundraising amount exceeded the original plan by 2.314 billion yuan [4]. - The funds are intended for the development and industrialization of 1xnm flash memory products, automotive-grade flash memory products, research center construction, and working capital supplementation [4].

Group 1 - The company has successfully passed AEC-Q100 certification for various automotive-grade storage products, including SLC NAND, NOR, and MCP, indicating readiness for stringent automotive applications [2] - In 2024, the company plans to complete the whitelist onboarding for several domestic automakers and gain supplier qualifications from multiple Tier 1 automotive suppliers, including well-known international ones [2] - Revenue growth in 2024 is primarily driven by increased shipment volumes, with significant year-on-year sales growth and improved gross margins due to optimized product structure and operational efficiency [2] Group 2 - The market for NAND-based MCP is expected to reach a scale of tens of billions of dollars, with applications in industrial controllers and automotive ADAS due to its high reliability and performance [3] - The first quarter revenue growth was mainly attributed to the recovery in demand from networking and consumer electronics, while the second quarter is expected to see sustained demand growth in the networking sector [3] - The demand in the Internet of Things (IoT) and Vehicle-to-Everything (V2X) sectors remains stable, with gradual recovery anticipated in the surveillance and security market in the third quarter [3]