摘要：Another Boost for Domestic GPUs: Dosilicon Invests 211 Million Yuan to Boost Lisuan TechOn the evening of August 31, Dosilicon ann
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Another Boost for Domestic GPUs: Dosilicon Invests 211 Million Yuan to Boost Lisuan TechOn the evening of August 31, Dosilicon announced plans to invest approximately 211 million yuan of its own funds in Lisuan Tech's latest funding round. Following this capital increase, Dosilicon's stake in Lisuan Tech will slightly decrease from 37.88% to 35.87%, though it will remain the largest shareholder. The total amount raised in this round is about 500 million yuan, with a pre-investment valuation of 3.5 billion yuan and a post-investment valuation exceeding 4 billion yuan. Founded in April 2022, Lisuan Tech is dedicated to the development of high-performance graphics rendering GPUs. Its first product, the "7G100" series graphics card, was launched in July this year. Benchmark tests show its performance is comparable to NVIDIA's RTX 4060, with slight advantages in some tests, and it can smoothly run large-scale games like Black Myth: Wukong. However, Lisuan Tech has yet to generate revenue, and its losses continue to widen, with its net assets turning negative. Despite this, Dosilicon emphasized in its announcement that the investment is an independent decision based on Lisuan Tech's "growth potential," aimed at strengthening Dosilicon's core competitiveness. From a strategic perspective, Dosilicon's capital injection not only provides Lisuan Tech with the funds needed for mass production but also clarifies the cooperative relationship between the two companies in terms of governance structure. Lisuan Tech's board of directors consists of seven seats: four appointed by the founding team, two by Dosilicon, and one by other investors. The general manager is appointed by the board, while the financial director is appointed by Dosilicon. This arrangement preserves the founding team's technical leadership while reflecting Dosilicon's risk control awareness as the major shareholder through financial oversight. In terms of valuation, Lisuan Tech's pre-investment valuation of 3.5 billion yuan is significantly lower than some domestic peers but still reflects market recognition of its technological accumulation and product progress. Compared to overseas counterparts like the U.S.-based Rivos, which reached a valuation of $500 million without achieving mass production and plans to begin production in 2026 (about a quarter later than Lisuan Tech), Lisuan Tech's valuation has room for growth if it can start mass production as planned in September and gradually generate revenue. However, challenges remain. Lisuan Tech operates in a high-barrier market dominated by international giants like NVIDIA and AMD, while also competing with domestic players such as Moore Threads and MetaX. Its current products focus on graphics rendering, and although Dosilicon's announcement mentions potential in "AI acceleration," success in the computing card segment will depend on technological iteration and ecosystem adaptation. Additionally, uncertainties exist in customer adoption, market acceptance, and mass production yield. For Dosilicon, this investment represents both an opportunity and a risk. Its stock price has surged over 200% since late July, with its market capitalization exceeding 50 billion yuan, indicating high market expectations for Lisuan Tech's technological breakthroughs. However, Dosilicon itself reported a loss of 111 million yuan in the first half of the year, as growth in its core memory business remains insufficient to cover R&D expenses. If Lisuan Tech succeeds in mass production and market penetration, Dosilicon could benefit from increased equity value and strategic synergies. Conversely, it may face investment impairment and a loss of market confidence. The competition in domestic GPUs has entered a critical phase. Technological breakthroughs are only the first step; mass production, ecosystem development, and commercialization capabilities are the real tests. Whether Lisuan Tech can carve out an independent path amidst fierce competition and whether Dosilicon's investment will yield the expected returns remain to be seen.来源：与非网
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