1. Report Industry Investment Rating - No relevant information provided. 2. Core Viewpoints - The company focuses on the "storage, computing, and connectivity" integrated technology layout, aiming to become a leading domestic memory chip design enterprise, and is committed to providing multi - product line memory chip products. The investment in Shanghai Lisuan is based on its development potential, which may increase short - term profit pressure but is beneficial for long - term strategy. The 7G100 series products of Shanghai Lisuan are self - designed, and the domestic GPU chip market has large development space. [27][34][35] 3. Summary by Directory 3.1. Research Basic Situation - The research object is Dongxin Co., Ltd., belonging to the semiconductor industry. The reception time was on September 4, 2025. The company's reception staff included the chairman, general manager, deputy general manager, board secretary, financial director, and independent director. [16] 3.2. Detailed Research Institutions - The institutions are investors who participated in the company's 2025 semi - annual performance briefing online. [19] 3.3. Research Institution Proportion - No relevant information provided. 3.4. Main Content Data - **Pre - solicited Questions**: Shanghai Lisuan's GPU products are mainly used in scenarios such as personal computers, professional design, AIPC, cloud gaming, cloud rendering, and digital twins, and do not involve chiplet technology for now. The company will consider business and cooperation according to strategic planning and disclose information as required. The management pays attention to Lisuan's development, and the 7G100 series graphics cards can be used in multiple scenarios. [23][25][25] - **Formal Questions**: - **Lisuan's Business Plan**: It is a GPU chip design enterprise focusing on graphic rendering, aiming to meet various graphic rendering and general computing needs. It adheres to self - developed architecture, products are for mainstream graphic rendering and AI acceleration at the edge, cloud, and terminal, and strives to solve the problem of independent and controllable domestic mainstream GPU architecture. [25] - **Information Disclosure**: The company will disclose major impact matters of Lisuan as required, and specific information should be based on official announcements. [26][29][36] - **Dongxin's Work Focus**: It will adhere to the strategy, provide diversified products for key applications and customers, explore new application fields, and promote technology innovation and product process iteration. It also conducts technology layout in the "storage, computing, and connectivity" integrated field. [27] - **Investment in Lisuan**: The investment is based on development potential. Although it may increase short - term profit pressure, it helps the long - term strategy. The impact on performance depends on Lisuan's operation. The company has a low asset - liability ratio and good financial stability. [34] - **Response to Physical AI**: The company will continue to pay attention to the development of cutting - edge technologies and conduct strategic layout according to its actual situation. [29] - **Lisuan's Product Development**: The planning and R & D design of the new product 7G200 are in progress. As of now, Lisuan has sent samples to some customers and is continuously optimizing, and will continue to promote production and sales. [29][31][37] - **Cooperation with Giants**: The company and Lisuan actively seek cooperation with mainstream manufacturers, and will disclose major cooperation matters that meet the disclosure standards. [32] - **Competition and Strategy**: The company will drive through technological innovation, ensure quality systems, collaborate in the supply chain, and support with talent strategies to enhance global market competitiveness. [35] - **Technical Threshold and Commercialization**: Shanghai Lisuan's 7G100 series products have independent GPU architecture, and the domestic GPU chip market has large development space. The profit cycle of large - scale chips is difficult to accurately estimate. [35][36]