东芯 “存算联” 战略落子：控股上海砺算 35.87%，自研 GPU 突围

Note: The English version is provided below.

摘要

2025年9月，东芯股份公告再次联合领投上海砺算科技，其中东芯股份出资 2.11 亿元认购 80.99 万元注册资本。此轮投前估值已跃升至35亿元，较前一轮增长16.5倍，增资完成后东芯股份持股比例微降至35.87%，仍为最大股东。

此前，2024年8月，东芯股份率先以2亿元自有资金对上海砺算进行增资，认购 500 万元注册资本，投前估值2亿元，增资后持有 37.88% 股权，成为重要战略投资者。

上海砺算科技有限公司成立于2022年4月，是一家专注于高性能图形渲染 GPU 芯片研发的半导体企业。2025年7月26日，砺算科技首款全自研高性能图形GPU系列发布，从指令集到计算核心完全由自主设计，基于自研TrueGPU天图架构。

该系列GPU包含专业级7G105和消费级7G106两款型号。其中，7G106内置FP16/INT8计算能力，可将低分辨率扩展到高分辨率，实现业界主流的超分辨率效果，提升50%以上游戏帧率。且支持SRIOV技术，最多支持16路虚拟GPU，无需收费，无需破解，为云端应用部署提供更多可能性。

点评：

砺算科技坚持全自研高性能图形GPU，成为国内新一代GPU领军企业。东芯股份对砺算科技的持续投资，也是公司对"存、算、联" 一体化战略布局的关键一环，是东芯股份从存储芯片向计算领域拓展的核心抓手。未来，若能成功量产，双方都将成为国产高性能GPU的重要竞争者。

Summary

In September 2025, DOsilicon announced that it had once again co-led an investment in Shanghai Lisuan Technology, with DOsilicon contributing 211 million yuan to subscribe for 809,900 yuan in registered capital. This round of pre-investment valuation has jumped to 3.5 billion yuan, a 16.5-fold increase from the previous round. After the capital increase, DOsilicon's stake slightly decreased to 35.87%, but it remains the largest shareholder.

Previously, in August 2024, Dongxin Co., Ltd. took the lead in increasing capital in Shanghai Lisuan with 200 million yuan of its own funds, subscribing to 5 million yuan of registered capital, with a pre-investment valuation of 200 million yuan. After the capital increase, it held 37.88% of the shares and became an important strategic investor.

Shanghai Lisuan Technology Co., Ltd. was established in April 2022. It is a semiconductor company focusing on the research and development of high-performance graphics rendering GPU chips.

On July 26, 2025, Lisuan Technology released its first fully self-developed high-performance graphics GPU series, which was completely independently designed from the instruction set to the computing core and based on the self-developed TrueGPU Tiantu architecture. This series of GPUs includes the professional-grade 7G105 and the consumer-grade 7G106. The 7G106 features built-in FP16/INT8 computing capabilities, enabling scaling of low-resolution images to high resolutions, achieving industry-leading super-resolution effects and boosting game frame rates by over 50%. It also supports SRIOV technology, enabling up to 16 virtual GPUs, free of charge and without requiring any installation, expanding the possibilities for cloud application deployment.

Comment

Lisuan Technology, committed to fully in-house development of high-performance graphics GPUs, has become a leading domestic next-generation GPU company. DOsilicon's continued investment in Lisuan Technology is a key component of the company's integrated "storage, computing, and connectivity" strategy and a key enabler for DOsilicon's expansion from storage chips into computing. If successful mass production is achieved in the future, both companies will become significant competitors in the domestic high-performance GPU market.