龙芯中科发布新一代CPU及GPGPU。龙芯中科一直致力于研究除ARM架构和X86架构 之后的第三套自研信息技术体系及产业生态。2025年龙芯产品发布会上，龙芯中科发布最新 一代3C6000系列处理器。本次产品主要打造了5种服务器主板方案（3C6000/S单路、双 路;3C6000/D双路;3C6000/Q双路;3C6000/D四路）主要针对不同应用群体，服务器性能全面 对标Intel第三代至强服务器系列，基本达到2023年市场主流产品水平，实测中64核心双路和 32核心四路产品整机性能比较Intel的8380有小幅优势。GPU9A1000定位入门级的显卡，支 持AI加速，AI算力预计在40TOPS，相较于公司上一代2K3000性能提升5倍以上，产品目前 已经在研发尾声，即将进入流片。 国内多家GPU企业发布招股说明，国内GPU算力发展脚步加快。摩尔线程，沐曦集成电 路（上海）股份有限公两家公司于2025年6月30日发布招股说明书。摩尔线程自主研发的全 功能GPU，沐曦股份是国内高性能通用GPU产品的主要领军企业之一。 国内政策利好算力市场发展。根据2023年10月工业和信息化部等六部门关于印发《算力 基础设施 ...

Core Viewpoint - The financial data and capital market trends are revealing the vulnerabilities of Longxin Zhongke, despite its narrative of "self-controllable" domestic chips, leading to a collective retreat of institutional investors [1][9]. Shareholder Reduction - Longxin Zhongke announced a shareholder reduction plan on May 9, with the third, fourth, fifth, and tenth largest shareholders planning to reduce their stakes, totaling approximately 3% of the company's total share capital [1][2]. - Seven out of the top ten shareholders have reduced their holdings, with specific plans to sell up to 3.88 million shares (0.97%), 3.58 million shares (0.89%), and 2.50 million shares (0.62%) among others [2]. Stock Performance - Following the reduction announcement, Longxin Zhongke's stock price dropped significantly, with the five-day average falling to 122.14 yuan [5]. - In the five trading days after the announcement, there was a substantial outflow of main funds totaling 98.17 million yuan [5]. Financial Performance - Longxin Zhongke reported a net loss of 625 million yuan for the full year of 2024, a year-on-year increase of 89.8%, and a first-quarter loss of 151 million yuan in 2025, worsening by 102.2% [9][12]. - The company has experienced negative operating cash flow for three consecutive years, with a net outflow of 335 million yuan in 2024 and further deterioration to -144 million yuan in the first quarter of 2025 [13][17]. Research and Development - The R&D expense ratio for Longxin Zhongke reached 105.3% in 2024, but the capitalization rate was only 19%, indicating ineffective output from the 980 million yuan R&D investment [12][13]. - The company faces significant inventory depreciation, with an inventory turnover period of 974 days, far exceeding the industry average of 300 days, leading to asset impairment losses of 249 million yuan [12]. Market Position and Challenges - Longxin Zhongke's revenue heavily relies on government procurement, which accounted for 53% of its income in 2024, but the collection period exceeds 270 days, resulting in a low accounts receivable turnover rate of 0.25 times [20]. - The company struggles with commercializing its technology, as its self-developed instruction set remains isolated, and the software ecosystem is underdeveloped, with only a few thousand compatible applications [19][20]. Future Outlook - Analysts suggest that the current market valuation of 492 billion yuan is inflated by 88% due to the "self-controllable" theme, with the actual hardware business valued at only 5.62 billion yuan [9]. - If the expected government procurement does not materialize in 2025, the price-to-sales ratio may need to be halved to below 50 times to align with the fundamentals, indicating a potential valuation bubble [9][20].