Multiple integrated circuit companies listed on the Sci-Tech Innovation Board have disclosed their annual reports, with impressive performance and rising industry prosperity.

Securities Daily Reporter Mao Yirong

In recent years, under the trend of global industrial chain restructuring and the policy support from the Chinese government in areas such as industry, talent, and taxation, the domestic semiconductor manufacturing and supporting industrial chain has accelerated its progression towards a new stage of scale and high-end development.

Driven by the dual forces of the artificial intelligence wave and domestic substitution, the integrated circuit industry chain enterprises are ushering in a golden period of development. According to previously released performance reports, 128 related listed companies in the Science and Technology Innovation Board’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 growth of 25% and 83%, respectively, with over 60% of enterprises expecting performance increases or turning losses into profits.

Leading AI chip company Cambrian Technology Co., Ltd. (hereinafter referred to as “Cambrian”) has achieved a historic breakthrough, with annual operating revenue in 2025 reaching 6.497 billion yuan, a significant year-on-year increase of 453.21%; the net profit attributable to shareholders reached 2.059 billion yuan, marking the first annual profit since the company’s listing on the Science and Technology Innovation Board. The company invested over 5.6 billion yuan in R&D from 2020 to 2024, iterating multiple chip products and completing a critical transformation within five years of listing, accelerating the commercialization process of domestic computing power chips.

Additionally, performance reports show that two domestic computing power chip enterprises, Moore Threads Intelligent Technology (Beijing) Co., Ltd. and Muxi Integrated Circuit (Shanghai) Co., Ltd., saw revenue growth 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 domestic AI chip companies.

Benefiting from the global memory chip industry entering an upward cycle, Shenzhen Bawei Storage Technology Co., Ltd. (hereinafter referred to as “Bawei Storage”) has experienced explosive growth in performance since the fourth quarter of 2025, with net profit attributable to shareholders in the first two months of 2026 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, a year-on-year increase of 68.82%, with net profit attributable to shareholders soaring by 429% to 853 million yuan, significantly exceeding market expectations. The annual report shows that Bawei Storage will continue to increase R&D investment in 2025, with R&D expenses reaching 630 million yuan, a year-on-year increase of 41.34%.

In the packaging and testing segment, Hefei Xinhui Microelectronics Co., Ltd. (hereinafter referred to as “Xinhui”) is gradually releasing new production capacity, with customer orders continuing to grow. The company achieved annual revenue of 1.783 billion yuan, a year-on-year increase of 18.79%, with shipment volume and profitability both improving. Xinhui continues to increase R&D efforts in advanced packaging and testing for integrated circuits, with annual R&D investment exceeding 100 million yuan for the first time, introducing multiple projects into mass production, including wafer thinning surface stress enhancement technology and composite copper-nickel gold bump process development.

Among MCU manufacturers, Zhongwei Semiconductor (Shenzhen) Co., Ltd. (hereinafter referred to as “Zhongwei”) continues to invest in R&D, launching 22 new products in the market that year. The introduction of new products enhances market competitiveness, with various product shipment volumes rapidly increasing, and overall gross margin rising from 30% to 34%. The company achieved annual revenue of 1.122 billion yuan, a year-on-year increase of 23.09%, with net profit attributable to shareholders of 284 million yuan, a year-on-year increase of 107.68%.

Leading semiconductor cleaning equipment company Shanghai Semei Semiconductor Equipment Co., Ltd. (hereinafter referred to as “Semei Shanghai”) reported that in 2025, the company achieved revenue of 6.786 billion yuan, a year-on-year increase of 20.80%, with net profit attributable to shareholders reaching 1.396 billion yuan, a year-on-year increase of 21.05%. Semei Shanghai plans to distribute a cash dividend of 299 million yuan in 2025, sharing development results with investors.

Jucheng Semiconductor Co., Ltd. (hereinafter referred to as “Jucheng”) specializes in the R&D design and sales of high-performance, high-quality integrated circuit products, providing application solutions and technical support services. The company’s main products include memory chips, mixed-signal chips, and NFC chips. In 2025, Jucheng achieved revenue of 1.221 billion yuan, a year-on-year increase of 18.77%, and net profit attributable to shareholders of 364 million yuan, a year-on-year increase of 25.25%.

Thanks to the positive trend in the memory chip market and strong industry demand leading to increased shipment volumes of core products, as well as the steady implementation of the “Storage +” strategy, the market share of new MCU and analog products continues to expand. Furthermore, through acquisitions, the company has further improved its product line layout. In 2025, Purun Semiconductor (Shanghai) Co., Ltd. achieved revenue of 2.320 billion yuan, a year-on-year increase of 28.62%, setting a historical high since its establishment.

In the 2025 fiscal year, Anhui Xindong Link Micro Systems Co., Ltd. (hereinafter referred to as “Xindong Link”) achieved total operating revenue of 524 million yuan, a year-on-year increase of 29.48%; the net profit attributable to the parent company was 303 million yuan, a year-on-year increase of 36.56%. Leveraging advantages in product performance and independent R&D, the application fields of Xindong Link products are continuously increasing, with improved market penetration and strong downstream customer orders, leading to significant growth in sales revenue.

From the annual reports that have been disclosed, it is evident that companies listed on the Science and Technology Innovation Board have shown strong overall performance, with both revenue and net profit steadily increasing. A large number of hard tech enterprises have delivered impressive annual results, demonstrating the strong development resilience and growth potential of China’s technology innovation companies through breakthroughs in core technology, increased market demand, and accelerated commercialization.