<p>➀ Hanwenji's stock price surged to a historical high, surpassing 140 billion yuan in market value, during the recent A-share bull market.</p><p>➁ Despite the company's consistent losses and declining revenue, the market's enthusiasm for Hanwenji is driven by its AI chip technology and the rise of AI and domestic substitution trends.</p><p>➂ Hanwenji, as a domestic AI chip leader, faces challenges such as funding and supply chain issues, but also has significant growth potential in the AI chip market.</p>