Carton Factories Crossing Over Into Core Manufacturing? Dashengda Has Invested 550 Million Yuan On Domestic GPUs, With The 300 Million Yuan Down Payment Already Received!

Carton factories crossing over into core manufacturing? Dashengda has invested 550 million yuan on domestic GPUs, with the 300 million yuan down payment already received!

What kind of sparks will fly when traditional paper packaging leaders meet hardcore domestic GPUs? Dashengda crossed over to invest in Xintong Semiconductor, with the first installment of 300 million yuan already completed. Is this dual-driven strategy of "packaging + technology" a bold gamble or a precise positioning strategy?

When a leading company in the A-share paper packaging industry suddenly announces it will spend 550 million yuan in real money to "make chips," would you think this is a cross-industry stunt or a precise bet?

Recently, paper packaging giant Dashengda (603687. SH) has made a major strategic investment and provided its own answer. According to the latest news, Dashengda has successfully completed the first phase of its strategic investment in domestic GPU company Xintong Semiconductor, with 300 million yuan officially received. This cross-industry marriage, which has attracted much attention in the capital market, is moving from a blueprint to reality.

550 million yuan invested, with phased capital injection to hedge risks

According to previous announcements, Dashengda plans to invest a total of 550 million yuan through equity transfer and capital increase, acquiring 22.98% equity in Xintong Semiconductor and becoming its second-largest shareholder.

This investment is not a one-time "all-in" move but a highly rational commercial consideration. The 550 million yuan was divided into two parts: 50 million yuan for acquiring existing shares, and 500 million yuan for capital increase. The capital increase portion is divided into two phases: the first installment of 250 million yuan will be paid after meeting conditions (currently, this amount plus the transfer of old shares, totaling 300 million yuan, has been completed); the remaining 250 million yuan balance will be paid under a strict condition-it must wait until the third-generation graphics processor of Xinyong Semiconductor is "tape-out" before payment.

This phased investment model of "don't release hawks until you see the rabbit" not only provides ample funding for chip R&D but also maximizes the protection of listed companies' investment security.

Hardcore Target: A pioneering company deeply engaged in GPUs for over ten years

What gives Xinyong Semiconductor the confidence to make packaging leaders willing to pay hundreds of millions of yuan?

Founded in 2019, Xintong Semiconductor is a rare domestic company specializing in independent GPU chip design and overall solutions. Its founding team has been deeply involved in the GPU field for over a decade, holding hundreds of invention patents. The company's independently developed new generation general-purpose high-performance GPU chips are fully compatible with mainstream domestic processors such as Loongson, Phytium, Huawei Kunpeng, as well as operating systems like Galaxy Kirin.

In the current explosive demand for AI computing power, Xintong Semiconductor's products can broadly cover diverse scenarios such as digital twins, healthcare, autonomous driving, and artificial intelligence, providing a solid computing foundation for the digital economy. As the Xinchuang industry accelerates, domestically produced GPUs with independent intellectual property rights are entering an unprecedented period of policy dividends.

Valuation Restructuring: From "Traditional Manufacturing" to "Dual Drive"

For Dashengda, this is by no means a blind cross-industry follow-up, but an inevitable extension of its long-term strategy.

In recent years, Dashengda's core business foundation has become increasingly solid. In 2025, the company's net cash flow from operating activities will surge by 73% year-on-year, its high-end premium cigarette pack business will grow by over 41%, and its overseas production base in Thailand is also steadily advancing. More importantly, Dashengda has been investing in digitalization for many years, and its independently developed "X-FUN" AIGC platform has reduced the packaging design cycle from 15 days to 1 hour.

GPU chips are naturally coupled with Dashengda's packaging core business in fields such as industrial digitalization and AI rendering. By positioning itself in the domestic GPU sector, Dashengda is evolving from a traditional "cyclical manufacturing stock" to a "technology-empowered platform enterprise."

Opportunities and challenges coexist, patiently awaiting the blooming of "tape-outs."

Of course, cross-industry chip manufacturing has never been a smooth path. High-performance GPU tape-out is challenging, costly, and faces supply chain uncertainties and fierce market competition. Xintong Semiconductor is still in the R&D investment phase and has not yet achieved profitability.

But as Dashengda stated in its announcement, this is an important initiative for the company to actively explore "new quality productivity." While ensuring the stability of its core business, it shares growth gains from the hard technology sector at relatively low costs, and has set up multiple protection mechanisms such as a veto power, performance commitments, and buyback clauses.

From cardboard boxes to chips, Dashengda's cross-industry journey has only just begun. Once the 300 million yuan down payment is secured, can the remaining 250 million be successfully cashed out? Let us look forward together to the successful tape-out news of Xintong Semiconductor's third-generation GPU!