Several integrated circuit companies listed on the STAR Market disclose annual reports, showing impressive performance and an upward trend in industry prosperity.

Securities Daily Reporter Mao Yirong

In recent years, under the trend of global supply chain restructuring and the support of policies in industry, talent, and taxation by the Chinese government, the domestic semiconductor manufacturing and supporting industry chains have accelerated into a new stage of scale and high-end development.

Driven by the wave of artificial intelligence and domestic substitution, integrated circuit industry chain companies are entering a golden period of development. According to previous performance reports, 128 related listed companies in the STAR Market’s integrated circuit sector achieved a total revenue of 365.1 billion yuan and a net profit of 27.9 billion yuan, representing year-on-year increases of 25% and 83%, respectively. More than 60% of these companies are expected to see performance growth or turn losses into profits.

Among leading AI chip companies, Cambrian Technology Co., Ltd. (hereinafter “Cambrian”) achieved a historic breakthrough, with full-year revenue reaching 6.497 billion yuan in 2025, a significant increase of 453.21% year-on-year; net profit attributable to shareholders was 2.059 billion yuan. This is the company’s first annual profit since listing on the STAR Market. From 2020 to 2024, the company invested over 5.6 billion yuan in R&D, iterated multiple chip products, and completed key transformations within five years of listing, accelerating the industrialization of domestic computing power chips.

Additionally, performance reports show that domestic computing power chip companies Mooresoft Technology (Beijing) Co., Ltd. and Muxi Integrated Circuits (Shanghai) Co., Ltd. saw revenue increases of 243.4% and 121.3%, respectively. Although they are not yet profitable, their losses have significantly narrowed, indicating a positive overall development trend for the domestic AI chip industry.

Benefiting from the upward cycle in the global storage chip industry, Shenzhen Baiwei Storage Technology Co., Ltd. (hereinafter “Baiwei Storage”) has experienced explosive growth since Q4 2025. The net profit attributable to shareholders in the first two months of 2026 is expected to be 1.7 to 2.1 times that of the entire year of 2025. In 2025, the company achieved revenue of 11.302 billion yuan, up 68.82% year-on-year, and net profit of 853 million yuan, a surge of 429%, greatly exceeding market expectations. The annual report shows that Baiwei Storage continued to increase R&D investment in 2025, with R&D expenses reaching 630 million yuan, a 41.34% increase.

Hefei Xinhuicheng Microelectronics Co., Ltd. (hereinafter “Hui Cheng”) in the packaging and testing segment has gradually released new capacity expansion, with customer orders continuously growing. The full-year revenue was 1.783 billion yuan, up 18.79%, with shipment volume and profitability both improving. Hui Cheng increased R&D efforts in advanced IC packaging and testing, with annual R&D expenditure exceeding 100 million yuan for the first time, and introduced multiple projects such as wafer thinning surface stress improvement technology and composite copper-nickel gold bump process into mass production.

In the MCU sector, SMIC Microelectronics (Shenzhen) Co., Ltd. (hereinafter “SMIC Micro”) continued R&D investment, launching 22 new products in the year. The new products enhanced market competitiveness, with shipments increasing rapidly. The overall gross profit margin rose from 30% to 34%. The company achieved revenue of 1.122 billion yuan, up 23.09% year-on-year, and net profit attributable to shareholders of 284 million yuan, a 107.68% increase.

Leading semiconductor cleaning equipment manufacturer, Shenmei Semiconductor Equipment (Shanghai) Co., Ltd. (hereinafter “Shenmei Shanghai”), reported that in 2025, revenue reached 6.786 billion yuan, up 20.80%, and net profit attributable to shareholders was 1.396 billion yuan, up 21.05%. Shenmei Shanghai plans to distribute a cash dividend of 299 million yuan in 2025, sharing development results with investors.

Jucheng Semiconductor Co., Ltd. (hereinafter “Jucheng”) mainly focuses on R&D, design, and sales of high-performance, high-quality integrated circuit products, providing application solutions and technical support. Its main products include storage chips, mixed-signal chips, and NFC chips. In 2025, Jucheng achieved revenue of 1.221 billion yuan, up 18.77%, and net profit attributable to shareholders of 364 million yuan, up 25.25%.

Benefiting from the positive trend in the storage chip market, strong industry demand, and the steady implementation of the “Storage+” strategy, the market share of new MCU and analog products continued to expand. Through acquisitions, the company further optimized its product line layout. In 2025, Puran Semiconductor (Shanghai) Co., Ltd. achieved revenue of 2.32 billion yuan, an increase of 28.62%, setting a new high since its establishment.

In 2025, Anhui XinDonglian Micro Systems Co., Ltd. (hereinafter “XinDonglian”) reported total revenue of 524 million yuan, up 29.48%, and net profit attributable to the parent company of 303 million yuan, up 36.56%. With leading product performance and自主研发 (independent R&D) advantages, XinDonglian’s products are increasingly applied in various fields, with rising market penetration and strong downstream customer orders, leading to substantial revenue growth.

From the disclosed annual reports, the overall performance of STAR Market companies remains strong, with steady growth in both revenue and net profit. A large number of high-tech enterprises are delivering impressive annual results driven by core technological breakthroughs, increasing market demand, and accelerated commercialization, fully demonstrating the resilience and growth potential of China’s tech innovation companies.