{ "licence": "CC BY 4.0 — https://creativecommons.org/licenses/by/4.0/", "attribution": "China Semiconductor Tracker, Takshashila Institution (https://fabs-china.pranaykotas.com)", "exported": "2026-10-11", "design_firms": [ { "id": "hisilicon", "name_en": "HiSilicon", "name_zh": "海思技术有限公司", "name_pinyin": "Hǎisī Jìshù Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2004, "location": { "city": "Shenzhen", "province": "Guangdong", "lat": 22.543, "lon": 114.058 }, "product_focus": "Smartphone SoCs (Kirin), server/PC CPUs (Kunpeng), AI accelerators (Ascend), modem/baseband (Balong)", "design_scope": "Full SoC and chiplet design across mobile, server, and AI compute", "node_sophistication": "7nm-class via multipatterning (Kirin 9000S, August 2023); the Kirin 9050 Pro (launched 1 October 2026 in the Mate 90 series) and the rest of that 'tau-law' cohort use 3D 'logic folding' (dual-layer vertical die stacking) to raise effective transistor density by a claimed 53.5% (238 MTr/mm²) without requiring a smaller lithography node", "entity_list": { "status": true, "date_added": "2019-05-16", "list": "US Commerce BIS" }, "design_score": { "ip_ownership": 5, "design_completeness": 5, "domain_difficulty": 5, "market_readiness": 4 }, "narrative": { "significance": "Huawei's wholly-owned chip design arm, and the entity behind China's most publicized export-control test case: the Kirin 9000S in the August 2023 Mate 60 Pro, fabricated domestically by SMIC at a 7nm-class node despite Huawei itself being Entity List-restricted since 2019. In May 2026, Huawei semiconductor unit president He Tingbo announced at ISCAS 2026 a new 'logic folding' (τ/韬 scaling) architecture — stacking two device layers vertically to raise transistor density by a claimed 53.5% — as a way to keep advancing performance without smaller lithography. The Kirin 9050 Pro shipped on 1 October 2026 across the Mate 90 series (claimed +31% overall device performance, first Geekbench results ~1,117/5,076); an updated September 2026 paper claims 41%/58%/66% CPU/GPU/NPU power reductions versus the prior generation at equal performance. On AI, Huawei Connect 2026 (Shanghai, 17 September) unveiled the Ascend 960 SuperPoD — a 4,096-card supernode using near-package optics (Hi-ONE), 8 EFLOPS FP8 — with the roadmap pulled forward: 960DT Q1 2027, Ascend 970 in 2028, 980 in 2029.", "what_it_designs": "Full-stack SoCs across smartphone (Kirin), server/PC (Kunpeng, based on ARM architecture licensed before restrictions tightened), AI accelerator (Ascend), and modem (Balong) product lines." }, "sources": [ { "url": "https://en.wikipedia.org/wiki/HiSilicon", "title": "HiSilicon (Wikipedia)", "date": "2026-09-28" }, { "url": "https://www.androidauthority.com/huawei-hisilicon-852231/", "title": "HiSilicon: What you need to know about HUAWEI's chip design unit", "date": "2026-09-28" }, { "url": "https://www.sina.cn/news/detail/5302408323273587.html", "title": "麒麟2026芯片今秋面世 (新浪)", "date": "2026-09-28" }, { "url": "https://www.reuters.com/business/retail-consumer/huawei-unveils-mate-90-phones-leans-homegrown-chip-design-offset-us-curbs-2026-10-01/", "title": "Huawei unveils Mate 90 phones, leans on homegrown chip design to offset US curbs (Reuters)", "date": "2026-10-01" }, { "url": "https://www.globaltimes.cn/page/202610/1371635.shtml", "title": "Huawei unveils Mate 90 series with flagship Tau chips adopting logic folding (Global Times)", "date": "2026-10-01" }, { "url": "https://finance.sina.com.cn/roll/2025-09-04/doc-infpkxsr1059506.shtml", "title": "华为麒麟芯片'重出江湖'：性能提升36%，去年海思营收翻倍 (新浪财经)", "date": "2025-09-04" } ] }, { "id": "unisoc", "name_en": "UNISOC", "name_zh": "紫光展锐（上海）科技有限公司", "name_pinyin": "Zǐguāng Zhǎnruì (Shànghǎi) Kējì Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2001, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.2304, "lon": 121.4737 }, "product_focus": "Mobile communication chipsets (mid-range and entry-level), IoT chipsets, automotive chipsets", "design_scope": "SoC and baseband design, mass-market focus rather than flagship performance", "node_sophistication": "Mid-range mobile nodes; not confirmed at the most advanced nodes", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 3, "market_readiness": 5 }, "narrative": { "significance": "Part of Tsinghua Unigroup (the same state-linked group behind YMTC), formed from the 2018 merger of Spreadtrum Communications (founded 2001) and RDA Microelectronics — one of the highest-volume mobile chipset vendors globally by unit shipments, concentrated in the mass market rather than flagship tier. The fourth-largest smartphone SoC vendor worldwide per Counterpoint, behind MediaTek, Qualcomm and Apple, with 12.1% share for full-year 2025 and 14% in Q1 2026; FY2025 revenue was ~¥20 billion (first time above that mark, up from ¥14.5 billion in 2024). IPO: sponsors 国泰海通+中信建投 filed the third tutoring-progress report in April 2026 (prospectus framework and filing drafts reportedly assembled), but as of 11 October 2026 no SSE acceptance or published prospectus had occurred.", "what_it_designs": "Mobile SoCs and baseband chipsets for entry-level and mid-range smartphones, plus IoT and automotive chip lines — a global top-two player in sub-$99 smartphone silicon, with Transsion its largest customer. The 6nm T8300 (launched March 2025, benchmarking >510k) was its first SoC integrating 5G NR NTN satellite communications, first shipped in nubia's Neo 3 gaming phones; 5G handsets on UNISOC silicon ship to 76+ countries." }, "sources": [ { "url": "https://www.cls.cn/detail/1990697", "title": "紫光展锐完成股改！2024年营收145亿 加速冲刺IPO (财联社)", "date": "2025-04-01" }, { "url": "https://www.ithome.com/0/962/610.htm", "title": "Counterpoint：2026 年 Q1 智能手机芯片出货 ... 紫光展锐 14% (IT之家)", "date": "2026-06-10" }, { "url": "https://m.c114.com.cn/w16-1308696.html", "title": "登陆科创板在望：紫光展锐即将完成IPO辅导验收 (C114通信网)", "date": "2026-04-18" }, { "url": "https://www.eet-china.com/mp/a489604.html", "title": "全球第四！年销16亿颗芯片，营收突破200亿，国产手机芯片第一股要来了 (电子工程专辑)", "date": "2026-04-22" }, { "url": "https://www.unisoc.com/cn/news/T8300-2025-03-13", "title": "紫光展锐发布5G SoC T8300，首次融合5G NR NTN卫星通信 (UNISOC官方)", "date": "2025-03-13" } ] }, { "id": "loongson", "name_en": "Loongson Technology", "name_zh": "龙芯中科技术股份有限公司", "name_pinyin": "Lóngxīn Zhōngkē Jìshù Gǔfèn Yǒuxiàn Gōngsī", "category": "State-Backed Design House", "founded": 2010, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 39.984, "lon": 116.317 }, "product_focus": "General-purpose CPUs for government, industrial, and (increasingly) consumer use", "design_scope": "Full CPU design on a self-developed instruction set architecture (LoongArch), not licensed from ARM, x86, or MIPS", "node_sophistication": "Not confirmed at leading-edge nodes; primarily mature-node CPU production", "entity_list": { "status": true, "date_added": "2023-03-02", "list": "US Commerce BIS" }, "design_score": { "ip_ownership": 5, "design_completeness": 4, "domain_difficulty": 4, "market_readiness": 3 }, "narrative": { "significance": "Formally established in Beijing's Zhongguancun district in April 2010 with funding traced to China's 10th and 11th Five-Year Plans — the clearest case in this tracker of a design house built explicitly for indigenous instruction-set independence, developing its own LoongArch ISA rather than licensing ARM or x86. Revenue is growing but the company remains unprofitable: the formal H1 2026 report (29 August) showed revenue ¥271.9 million (+11.6% YoY) with a net loss of ¥223.9 million (narrowed 24%), gross margin up 9.6 points to 52.1%, and R&D absorbing 90.9% of revenue. The sell-side 2026 forecast has been cut (Huachuang, ¥771M on 31 August) and the equity-incentive hurdle — 2026 revenue +80%/+100% vs 2024 (~¥907M/¥1.01B) — looks a near-certain miss at the H1 run-rate. A ¥2.3 billion private placement to fund the 7000-series server CPU and GPU programs passed inquiry on 31 August and remains under SSE review.", "what_it_designs": "General-purpose CPUs (the Loongson 3-series and successors) built on the self-developed LoongArch architecture, used primarily in government, state-owned enterprise, and industrial systems, with growing consumer availability. H1 2026 segment mix: informatization/IT chips ¥147M (+27.8% YoY), industrial-control chips ¥68M (-22.6% YoY), and solutions/services ¥58M (+38.7% YoY). The 3C6000 server family (16C 3C6000/S, 32C dual-die 3D6000, 64C quad-die 3E6000, all on LA664 cores) entered small-batch shipment, with management guiding order-of-magnitude 2026 growth off a tiny base; the 9A1000 GPGPU returned from fab and is scheduled for card launch H1 2027, and the 3D7000 server chip is slated for tape-out before H1 2028." }, "sources": [ { "url": "https://en.wikipedia.org/wiki/Loongson", "title": "Loongson (Wikipedia)", "date": "2026-09-28" }, { "url": "http://static.cninfo.com.cn/finalpage/2026-08-29/1225524354.PDF", "title": "龙芯中科2026年半年度报告 (巨潮资讯)", "date": "2026-08-29" }, { "url": "https://finance.eastmoney.com/a/202609113871997130.html", "title": "龙芯中科半年报业绩说明会：3C6000出货量将数量级增长、9A1000显卡H1 2027上市 (科创板日报 via 东方财富)", "date": "2026-09-11" }, { "url": "https://www.tomshardware.com/news/us-govt-blacklists-loongson-and-inspur", "title": "U.S. Govt Blacklists Chinese Tech Firms Loongson and Inspur", "date": "2023-03-06" } ] }, { "id": "cambricon", "name_en": "Cambricon Technologies", "name_zh": "寒武纪科技股份有限公司", "name_pinyin": "Hánwǔjì Kējì Gǔfèn Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2016, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 39.98, "lon": 116.31 }, "product_focus": "AI accelerator chips for cloud training/inference and edge devices", "design_scope": "Full-stack AI chip design, including its own instruction set extensions for neural-network workloads", "node_sophistication": "Not disclosed; treated by markets as China's leading domestic alternative to Nvidia accelerators", "entity_list": { "status": true, "date_added": "2022-12-16", "list": "US Commerce BIS" }, "design_score": { "ip_ownership": 5, "design_completeness": 4, "domain_difficulty": 5, "market_readiness": 5 }, "narrative": { "significance": "Spun out of the Chinese Academy of Sciences' Institute of Computing Technology in March 2016; originally supplied AI silicon IP to Huawei before going independent, Cambricon is now one of China's most closely watched Nvidia-alternative plays, briefly becoming China's most valuable listed company by market cap. Added to the US Entity List on 16 December 2022 alongside YMTC and SMEE. Full-year 2025 revenue reached ¥6.497 billion with ¥2.059 billion net profit — its first clearly profitable year — and H1 2026 brought ¥5.996 billion revenue (+108.1% YoY) and ¥2.311 billion net profit (+122.6%); Q1 2026 alone was ¥2.885 billion revenue (+159.6% YoY). The stock crossed a ¥1 trillion market capitalization on 30 June 2026 (first STAR Market member to reach it), easing to roughly ¥7,500亿 after the 7 August results. Its July 2026 restricted-share incentive plan sets a 2026 revenue target of ≥¥13.5 billion (implying H2 ≥¥7.5 billion) and a cumulative 2026–28 target of ¥100 billion; supply remains the binding constraint — inventory was ¥8.248 billion (45.3% of assets) at mid-2026.", "what_it_designs": "AI accelerator chips spanning cloud training/inference and edge inference, positioned as a domestic substitute as US export controls restrict Nvidia GPU access in China." }, "sources": [ { "url": "https://en.wikipedia.org/wiki/Cambricon_Technologies", "title": "Cambricon Technologies (Wikipedia)", "date": "2026-09-28" }, { "url": "https://www.digitimes.com/news/a20250829PD213/cambricon-huawei-ai-chip-startup-shanghai.html", "title": "Cambricon's second act: From Huawei's castoff to China's AI hopeful", "date": "2026-09-28" }, { "url": "https://www.nbd.com.cn/articles/2026-04-29/4374207.html", "title": "寒武纪2026年一季度归母净利润增超185%，存货跌价计提2.46亿元 (每日经济新闻)", "date": "2026-04-29" }, { "url": "https://www.caixin.com/m/2022-12-16/101978580.html", "title": "长江存储、上海微电子、寒武纪等36家公司被美纳入实体清单 (财新)", "date": "2022-12-16" }, { "url": "https://www.nbd.com.cn/articles/2026-08-07/4535627.html", "title": "寒武纪交出半年报：营收60亿元、净利23亿元双双翻倍 (每日经济新闻)", "date": "2026-08-07" }, { "url": "http://static.cninfo.com.cn/finalpage/2026-08-08/1225464971.PDF", "title": "中科寒武纪科技股份有限公司2026年半年度报告摘要 (巨潮资讯)", "date": "2026-08-08" } ] }, { "id": "biren-technology", "name_en": "Biren Technology", "name_zh": "上海壁仞智能科技有限公司", "name_pinyin": "Shànghǎi Bìrèn Zhìnéng Kējì Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2019, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.03, "lon": 121.38 }, "product_focus": "General-purpose GPUs for AI training and inference (BR100 series)", "design_scope": "Full GPU architecture design", "node_sophistication": "Designed for leading-edge nodes; fabrication access constrained by its Entity List status", "entity_list": { "status": true, "date_added": "2023-10-17", "list": "US Commerce BIS (Footnote 4 Foreign Direct Product Rule)" }, "design_score": { "ip_ownership": 4, "design_completeness": 3, "domain_difficulty": 5, "market_readiness": 4 }, "narrative": { "significance": "Founded September 2019 by former SenseTime president Zhang Wen and former Huawei engineer Jiao Guofang; one of two Chinese GPU startups (with Moore Threads) directly named in the US Commerce Department's October 17, 2023 Entity List action targeting AI chip designers with a Foreign Direct Product Rule designation, the most restrictive tier. Listed on the Hong Kong Stock Exchange's main board on January 2, 2026 (06082.HK) — the first new HK listing of the year and, at the time, the largest IPO under HKEX's 18C mechanism — issuing about 248 million shares at HK$19.60, with the stock closing up ~94.6% on debut. It has since raised twice more: ~HK$7.04 billion net in a July 2026 placing at HK$46.20, and a second placing announced 8 October 2026 (130 million shares at HK$31.08, HK$4.04 billion gross, ~70% earmarked for supply-chain procurement), taking 2026 capital raised past HK$17 billion; the shares fell ~12% on the October announcement to a market cap around HK$78.9 billion.", "what_it_designs": "General-purpose GPUs for AI compute, led by the BR100 series, competing directly in the segment most exposed to Nvidia export restrictions. H1 2026 revenue (formal filing, 28 August) was ¥1.236 billion, up ~2,000% year-on-year, with net loss narrowing to ¥377 million and R&D at ¥804 million; stock-plus-prepayment rose 230% to ¥1.534 billion. The next-generation BR20X has been successfully lit up and is in post-tapeout validation, with reported performance benchmarked against Nvidia's H200 class and launch slated within 2026; at WAIC (July 2026) Biren demonstrated a BLink 2.0 optical-interconnect supernode scaling to 1,024 cards." }, "sources": [ { "url": "https://en.wikipedia.org/wiki/Biren_Technology", "title": "Biren Technology (Wikipedia)", "date": "2026-09-28" }, { "url": "https://www.cls.cn/detail/2246285", "title": "'港股GPU第一股'壁仞科技大涨94.59% 2026科技企业IPO潮加速来袭 (财联社)", "date": "2026-01-02" }, { "url": "https://www.hkexnews.hk/listedco/listconews/sehk/2026/0828/2026082800453.pdf", "title": "壁仞科技2026年中期业绩公告 (HKEXnews)", "date": "2026-08-28" }, { "url": "https://www.stcn.com/article/detail/4208943.html", "title": "壁仞科技拟配股融资逾40亿港元 新一代产品已进入流片后验证阶段 (证券时报)", "date": "2026-10-09" } ] }, { "id": "moore-threads", "name_en": "Moore Threads", "name_zh": "摩尔线程智能科技（北京）有限责任公司", "name_pinyin": "Mó'ěr Xiànchéng Zhìnéng Kējì (Běijīng) Yǒuxiàn Zérèn Gōngsī", "category": "Fabless", "founded": 2020, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 39.92, "lon": 116.46 }, "product_focus": "Consumer and data-center GPUs", "design_scope": "Full GPU architecture design", "node_sophistication": "Designed for leading-edge nodes; fabrication access constrained by its Entity List status", "entity_list": { "status": true, "date_added": "2023-10-17", "list": "US Commerce BIS (Footnote 4 Foreign Direct Product Rule)" }, "design_score": { "ip_ownership": 4, "design_completeness": 3, "domain_difficulty": 5, "market_readiness": 4 }, "narrative": { "significance": "Founded June 2020 by Zhang Jianzhong, Nvidia's former China general manager; filed for a mainland China IPO in late 2024 and completed it on the Shanghai STAR Market on December 5, 2025 at an issue price of ¥114.28/share — the stock later traded as high as ¥657.02 intraday. Added to the Entity List the same day as Biren (October 17, 2023), underscoring how directly the US targeted China's two leading GPU startups together. On 7 August 2026 its board approved a plan to pursue an H-share listing on the Hong Kong Stock Exchange (announced 9–10 August); a special shareholders' meeting approved the H-share plan (≤10% of post-issuance shares plus a 15% greenshoe) on 28 August 2026, though no CSRC overseas-listing filing or HKEX A1 had been published as of 11 October 2026.", "what_it_designs": "Consumer and data-center GPUs, explicitly positioned in domestic coverage as 'China's answer to Nvidia.' H1 2026 (filing 9 August): revenue ¥1.736 billion (+147.4% YoY — already more than full-year 2025's ¥1.506 billion), cloud/data-center products 97.5% of sales, headline net loss narrowed 95.7% to ¥11.6 million (still ¥151 million loss on an adjusted basis) with gross margin 56.95%; the Kuae (夸娥) cluster business booked ¥660 million of contracted sales in the half. Next-generation '花港' architecture (unpublished December 2025) targets >100,000-card clusters." }, "sources": [ { "url": "https://en.wikipedia.org/wiki/Moore_Threads", "title": "Moore Threads (Wikipedia)", "date": "2026-09-28" }, { "url": "https://static.sse.com.cn/stock/disclosure/announcement/c/202509/002098_20250919_IP6Z.pdf", "title": "摩尔线程智能科技（北京）股份有限公司首次公开发行股票并在科创板上市招股说明书 (Shanghai Stock Exchange prospectus)", "date": "2025-09-19" }, { "url": "https://pdf.dfcfw.com/pdf/H2_AN202608091827791238_1.pdf", "title": "摩尔线程关于筹划发行H股股票并在香港联交所主板上市的提示性公告（公告2026-030）", "date": "2026-08-09" } ] }, { "id": "enflame-technology", "name_en": "Enflame Technology", "name_zh": "上海燧原科技股份有限公司", "name_pinyin": "Shànghǎi Suìyuán Kējì Gǔfèn Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2018, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.18, "lon": 121.56 }, "product_focus": "AI training and inference accelerators (GCU — general-purpose compute units)", "design_scope": "Full-stack AI accelerator design plus software stack", "node_sophistication": "Not disclosed", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 3, "domain_difficulty": 5, "market_readiness": 4 }, "narrative": { "significance": "Founded March 2018 by two former AMD engineers, with Tencent among its backers; completed its Shanghai STAR Market IPO on September 11, 2026 — priced 31 August at ¥142.18/share for ¥6.119 billion gross ($912M), the stock closed up 179% on debut at ¥397, pushing market capitalization past ¥170 billion. The concentration caveat that defined its prospectus carried into listing: Tencent (a ~20% shareholder through affiliated vehicles) accounted for 83.79% of FY2025 revenue, and the top five customers 96.89%; long-term strategic allotments included GigaDevice, Xiaomi, Tongfu Microelectronics and Hua Hong subsidiaries (Tencent's vehicle 上海启善 locked up for 36 months). H1 2026 revenue was ¥1.12 billion (+279% YoY) against a ¥632 million net loss, with January–September revenue guided at ¥2.3–3.0 billion; chairman Zhao Lidong said signed orders are executable into 2027 and the Gen4 product has passed multiple customers' hardware and model tests, with small-volume delivery expected within 2026.", "what_it_designs": "AI training and inference accelerators (branded GCUs) for cloud compute, with an accompanying software stack." }, "sources": [ { "url": "https://en.wikipedia.org/wiki/Enflame", "title": "Enflame (Wikipedia)", "date": "2026-09-28" }, { "url": "https://finance.yahoo.com/technology/ai/articles/ai-chipmaker-enflame-sets-subscription-date-for-near-900-million-shanghai-ipo-030523823.html", "title": "AI chipmaker Enflame sets subscription date for near $900 million Shanghai IPO", "date": "2026-09-28" }, { "url": "https://techorange.com/2026/09/14/tencent-enflame-shanghai-912-million-ipo/", "title": "美禁令重塑半導體供應鏈？中國燧原科技搭上「國產替代」熱潮，IPO 籌 61 億攻自主算力 (TechOrange)", "date": "2026-09-14" } ] }, { "id": "horizon-robotics", "name_en": "Horizon Robotics", "name_zh": "北京地平线机器人技术研发有限公司", "name_pinyin": "Běijīng Dìpíngxiàn Jīqìrén Jìshù Yánfā Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2015, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 39.95, "lon": 116.35 }, "product_focus": "Automotive-grade AI processors for intelligent driving and ADAS", "design_scope": "SoC design plus accompanying software/algorithm platform for autonomous driving", "node_sophistication": "Not disclosed", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 5, "design_completeness": 4, "domain_difficulty": 4, "market_readiness": 5 }, "narrative": { "significance": "Founded July 2015; listed on the Hong Kong Stock Exchange (9660.HK, entered the Hang Seng Tech Index March 2025 and the blue-chip Hang Seng Index itself at ~0.5% weight by the August 2026 review), one of the clearer success cases of a Chinese fabless firm reaching volume automotive design wins without an Entity List designation. Full-year 2025 revenue reached ¥3.758 billion (+57.7% YoY), while R&D spending grew even faster, up 63.3% to ¥5.154 billion — deliberately outspending revenue growth. H1 2026 (HKEX interim, 31 August) revenue was ¥2.055 billion (+32.9% YoY) with ¥1.356 billion gross profit (66% margin), licensing/services ¥1.129 billion (+52.7%) and chip shipments 2.218 million sets; the cumulative Journey milestone passed 15 million chips in September 2026, ~500 lifetime vehicle design wins, and city-NOA installed share rose to 22.8% (No. 2 behind Nvidia). VW/CARIAD converted early to become a ~9.9% strategic shareholder (closed 3 August 2026), with the Carizon joint venture's full-scenario AD (Journey 6 + HSD) entering mass production across seven new VW-group EV models; HSD V2.0's active-use ratio exceeds 88% of equipped vehicles, the cockpit-driving fusion '星空' SoC targets Q4 2026 production, and Journey 7 tape-out is expected around Q2 2027.", "what_it_designs": "Automotive-grade processors and the accompanying software platform for intelligent/autonomous driving systems." }, "sources": [ { "url": "https://cs.com.cn/qs/202410/t20241025_6448740.html", "title": "赋能高质量发展 中信建投助力地平线港股上市 (中国证券报)", "date": "2024-10-25" }, { "url": "https://www.yicai.com/news/103096908.html", "title": "地平线的2025年：收入和亏损都扩大了 (第一财经)", "date": "2026-03-20" }, { "url": "https://www.cls.cn/detail/2432692", "title": "地平线半年业绩预告：营收高增、账面“浮盈” 经营亏损小幅扩大 (财联社)", "date": "2026-07-21" }, { "url": "https://stock.10jqka.com.cn/20260902/c679536300.shtml", "title": "地平线机器人2026半年报：营收、毛利双增 (经济参考网 via 同花顺)", "date": "2026-09-02" }, { "url": "https://www.hkexnews.hk/listedco/listconews/sehk/2026/0831/2026083101010_c.pdf", "title": "地平线机器人2026中期业绩公告 (HKEXnews)", "date": "2026-08-31" } ] }, { "id": "black-sesame-technologies", "name_en": "Black Sesame Technologies", "name_zh": "黑芝麻智能科技有限公司", "name_pinyin": "Hēizhīma Zhìnéng Kējì Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2016, "location": { "city": "Wuhan", "province": "Hubei", "lat": 30.58, "lon": 114.3 }, "product_focus": "Automotive AI computing chips for self-driving and ADAS", "design_scope": "SoC design, including image processing and perception algorithms", "node_sophistication": "Not disclosed", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 4, "market_readiness": 4 }, "narrative": { "significance": "Founded July 2016, also Hong Kong Stock Exchange-listed alongside Horizon Robotics, its closest domestic competitor in automotive AI chips. H1 2026 revenue reached ¥458 million (+81.3% YoY, its fourth consecutive year of high YoY growth) with gross margin nearly doubling to 49.5% (gross profit +261.9% YoY) and chip shipments of more than 6 million units in the half — but net loss still widened slightly to ¥770 million, underscoring that revenue growth has not yet translated into profitability.", "what_it_designs": "AI chips for self-driving cars and advanced driver assistance systems (ADAS), including image processing and perception algorithms. The 7nm, 250+ TOPS A2000 entered mass production in H2 2026 with first scale-order deliveries from September (design wins at Dongfeng, Yutong, Chery), positioned against the 1 July 2027 mandatory national ADAS standard; the Wudang C1200 cockpit-driving fusion chip is in production on Dongfeng's Tianyuan platform. A 60% acquisition of edge-SoC maker 亿智电子 (Yizhi, standalone H1 2026 revenue ¥164.5 million, profitable) completed in September 2026 adds 0.5–2 TOPS low-power parts and a second curve in embodied AI (H1 embodied-AI revenue ¥47.2 million)." }, "sources": [ { "url": "https://www.jiemian.com/article/11531065.html", "title": "智能车AI芯片第一股上市 (界面新闻)", "date": "2024-08-08" }, { "url": "https://finance.eastmoney.com/a/202609013861372692.html", "title": "黑芝麻智能盘中涨超12% 上半年营收4.58亿元同比增长81.3% (科创板日报)", "date": "2026-09-01" }, { "url": "https://wap.stockstar.com/detail/IG2026090300040971", "title": "黑芝麻智能车载业务规模效应失效 (证券之星)", "date": "2026-09-03" }, { "url": "https://www1.hkexnews.hk/listedco/listconews/sehk/2026/0831/2026083100442_c.pdf", "title": "黑芝麻智能2026中期报告 (HKEXnews)", "date": "2026-08-31" } ] }, { "id": "phytium", "name_en": "Phytium Technology", "name_zh": "飞腾信息技术有限公司", "name_pinyin": "Fēiténg Xìnxī Jìshù Yǒuxiàn Gōngsī", "category": "State-Backed Design House", "founded": 2014, "location": { "city": "Tianjin", "province": "Tianjin Municipality", "lat": 39.1, "lon": 117.15 }, "product_focus": "Server, desktop, and embedded CPUs (ARM-based)", "design_scope": "Full CPU design across server (Tengyun S series), desktop (Tengrui D series), and embedded (Tenglong E series) product lines", "node_sophistication": "Not disclosed; cumulative CPU sales passed 15 million units by August 2026 (from 10M in early 2025), primarily for government and state-enterprise use", "entity_list": { "status": true, "date_added": "2021-04-08", "list": "US Commerce BIS" }, "design_score": { "ip_ownership": 4, "design_completeness": 5, "domain_difficulty": 4, "market_readiness": 3 }, "narrative": { "significance": "Jointly established in 2014 by China Electronics Corporation (a central state-owned enterprise), the Tianjin Binhai New Area government, and the Tianjin Advanced Technology Research Institute — one of the most directly state-backed design houses in this tracker. Added to the Entity List in April 2021 over supercomputing ties to Chinese military modernization; TSMC subsequently stopped supplying it. Remains privately held (not publicly listed), so financial disclosure is limited, but reported a notable deployment milestone in February 2026: its chips went into production for the first time at a major international hub airport (Ürümqi Tianshan International, 10M+ annual passenger throughput) in civil aviation systems.", "what_it_designs": "ARM-based CPUs across server, desktop, and embedded product lines, used primarily in government and state-sector systems. Verified 2026 milestones: the Tengyun S5000C-E paired with China Telecom Cloud scored #1 worldwide on SPEC Cloud IaaS 2018 (168.2, May 2026); both S5000C and S5000C-E entered China Mobile's 2026–2027 PC/server procurement (late September 2026); the desktop D3000 took a 130,000-unit win at a major state-owned bank and the D3000M won 100% of a provincial government unified tender (~60,000 units, September 2026). At its August 2026 12th-anniversary briefing Phytium disclosed its first AI accelerator, the 飞腾A1000, now in mass production, a 'CPU+XPU dual-drive' roadmap, and cumulative R&D spend over ¥6 billion; a June 2026 CCB-Tianjin retrospective said an IPO is imminent ('上市在即') — no CSRC/exchange filing visible as of October 2026." }, "sources": [ { "url": "https://en.wikipedia.org/wiki/FeiTeng", "title": "FeiTeng (Wikipedia)", "date": "2026-09-28" }, { "url": "https://www.commerce.gov/news/press-releases/2021/04/commerce-adds-seven-chinese-supercomputing-entities-entity-list-their", "title": "Commerce Adds Seven Chinese Supercomputing Entities to Entity List", "date": "2021-04-08" }, { "url": "https://www.phytium.com.cn/homepage/news/940/", "title": "筑牢智慧民航数字底座，飞腾芯护航春运'大考' (Phytium official site)", "date": "2026-09-28" }, { "url": "https://www.jjckb.cn/20260827/fbcc3bc3b4354491b038fbdda8f88aaa/c.html", "title": "飞腾公司成立12周年：累计销量超1500万片、首款AI芯片A1000量产 (经济参考报)", "date": "2026-08-27" } ] }, { "id": "gigadevice", "name_en": "GigaDevice Semiconductor", "name_zh": "兆易创新科技集团股份有限公司", "name_pinyin": "Zhàoyì Chuàngxīn Kējì Jítuán Gǔfèn Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2005, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 39.98, "lon": 116.3 }, "product_focus": "NOR flash memory, microcontrollers (MCUs), sensors", "design_scope": "Mature-market fabless IC design, not leading-edge logic", "node_sophistication": "Mature nodes typical of flash memory and MCU products", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 5, "domain_difficulty": 2, "market_readiness": 5 }, "narrative": { "significance": "Founded 2005; one of the largest NOR flash and MCU suppliers globally, representing the mass-market, lower-complexity end of China's fabless sector rather than the leading-edge/AI segment most export-control coverage focuses on. It has gone dual-listed (H shares on HKEX since 13 January 2026, 03986.HK, ~HK$4.61bn net) and is a listed proxy on China's memory champion: it holds ~1.80% of CXMT/长鑫科技, which IPO'd on the STAR Market on 27 July 2026 in the largest STAR listing ever (¥57.92 billion raised, day-one market cap >¥3 trillion) — though, per the interim report, that stake is carried as 其他权益工具投资, so its revaluation flows to equity, not to P&L. The 2026 global memory supply crunch (AI-driven DRAM/NAND demand tightening prices across the board) lifted GigaDevice's pricing power sharply: H1 2026 revenue of ¥11.57 billion (+178.7% YoY) and net profit of ¥6.86 billion (+1,091.5% YoY, incl. ¥2.23bn fair-value gains on listed securities other than CXMT), per the interim report of 18 August 2026. Management's 1 September briefing guided H2 DRAM up 'moderately', expects 2027 tightness not to ease, and SLC NAND strength to run at least through 2027; the CXMT foundry-related procurement cap was raised again on 29 September to ¥7.85 billion for 2026 (¥4.41 billion pre-estimated for Jan–Apr 2027).", "what_it_designs": "NOR flash memory chips, general-purpose microcontrollers, and sensors for consumer electronics, industrial, and automotive applications." }, "sources": [ { "url": "https://www.cls.cn/detail/2457600", "title": "兆易创新上半年净利润同比增长逾10倍 (财联社)", "date": "2026-08-18" }, { "url": "https://wallstreetcn.com/articles/3771244", "title": "存储芯片供不应求，兆易创新Q1营收同比增长119% (华尔街见闻)", "date": "2026-04-29" }, { "url": "https://m.jiemian.com/article/3449968.html", "title": "市场底部信号已现？存储芯片龙头兆易创新二季度业绩显著回暖 (界面新闻)", "date": "2019-08-27" }, { "url": "http://static.cninfo.com.cn/finalpage/2026-01-14/1224931525.PDF", "title": "兆易创新关于H股挂牌并上市交易的公告（2026年1月13日，03986.HK） (巨潮资讯)", "date": "2026-01-14" }, { "url": "https://m.cls.cn/detail/2438405", "title": "长鑫科技上市首日哪些数据刷A股纪录？ (财联社)", "date": "2026-07-28" } ] }, { "id": "rockchip", "name_en": "Rockchip", "name_zh": "福州瑞芯微电子股份有限公司", "name_pinyin": "Fúzhōu Ruìxīnwēi Diànzǐ Gǔfèn Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2001, "location": { "city": "Fuzhou", "province": "Fujian", "lat": 26.08, "lon": 119.3 }, "product_focus": "Application processor SoCs for tablets, set-top boxes, IoT, and embedded devices", "design_scope": "Mature-market fabless SoC design", "node_sophistication": "Mature nodes typical of embedded/IoT application processors", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 5, "domain_difficulty": 3, "market_readiness": 5 }, "narrative": { "significance": "Founded 2001 in Fuzhou, Fujian — one of China's longest-running fabless SoC vendors, widely used in white-label and embedded hardware globally (notably in the single-board-computer and IoT hobbyist hardware market). H1 2026 revenue reached ¥2.877 billion (+40.6% YoY) with net profit of ¥859 million (+61.7% YoY), Q2 alone ¥1.67 billion (+44%) with a strategic inventory build (¥1.52 billion) against tight foundry capacity; management citing an edge-AI product push across multiple end markets. At the 11 September interim briefing management guided Q3 to 'continue growing normally' and confirmed its RK186X next-gen AI co-processor for a Q4 launch window (RK182X already in mass production across AI TVs, robots and NAS); the long-promised flagship RK3688 remained unannounced as of 11 October, with the company only promising it 'as soon as possible'.", "what_it_designs": "Application processor SoCs for tablets, set-top boxes, and embedded/IoT devices." }, "sources": [ { "url": "https://m.cls.cn/detail/438950", "title": "国产IC设计龙头瑞芯微上市首日涨44% (财联社)", "date": "2020-02-07" }, { "url": "https://stock.10jqka.com.cn/20260818/c679025072.shtml", "title": "下游需求持续释放 瑞芯微上半年净利同比增逾六成 (上海证券报)", "date": "2026-08-18" } ] }, { "id": "allwinner-technology", "name_en": "Allwinner Technology", "name_zh": "珠海市全志科技股份有限公司", "name_pinyin": "Zhūhǎi Shì Quánzhì Kējì Gǔfèn Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2007, "location": { "city": "Zhuhai", "province": "Guangdong", "lat": 22.27, "lon": 113.58 }, "product_focus": "Application processor SoCs for tablets, IoT, and consumer electronics", "design_scope": "Mature-market fabless SoC design", "node_sophistication": "Mature nodes typical of consumer/IoT application processors", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 5, "domain_difficulty": 2, "market_readiness": 5 }, "narrative": { "significance": "Founded 2007 in Zhuhai, Guangdong; alongside Rockchip, one of the two dominant Chinese SoC vendors in the budget tablet and embedded/IoT hardware segment. H1 2026 (interim filed 26 August) revenue reached ¥1.888 billion (+41.2% YoY) with net profit of ¥490 million (+204.2% YoY) and gross margin up 5.3 points to 43.1% — driven by new-product volume ramp plus price hikes passing through storage/packaging cost inflation. No Q3 pre-announcement was on file as of 11 October (ChiNext deadline 15 October; last year's came 10 October).", "what_it_designs": "Application processor SoCs for tablets, streaming devices, and consumer IoT hardware." }, "sources": [ { "url": "https://govt.chinadaily.com.cn/s/201902/19/WS5c6b7c1d498e27e338038901/allwinner-technology-co.html", "title": "Allwinner Technology Co (China Daily)", "date": "2019-02-19" }, { "url": "https://www.21jingji.com/article/20260826/herald/368f127ce51aa3c399b7b894a52ca7bf.html", "title": "全志科技2026年半年报：新产品量产放量，净利翻倍增长 (21世纪经济报道)", "date": "2026-08-26" } ] }, { "id": "montage-technology", "name_en": "Montage Technology", "name_zh": "澜起科技股份有限公司", "name_pinyin": "Lánqǐ Kējì Gǔfèn Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2004, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.21, "lon": 121.59 }, "product_focus": "Memory interface chips (DDR5 registering clock drivers) and data-center/AI interconnect chips", "design_scope": "Analog/mixed-signal IC design for memory and data-center interconnect", "node_sophistication": "Not disclosed", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 5, "design_completeness": 5, "domain_difficulty": 3, "market_readiness": 5 }, "narrative": { "significance": "Founded 2004 in Shanghai; a global leader in server memory interface chips (DDR5 registering clock drivers), a niche but structurally important part of the data-center supply chain, with an active collaboration with Intel on AI-related chips. H1 2026 revenue reached ¥3.335 billion (+26.7% YoY) with net profit of ¥1.997 billion (+72.3%; adjusted ¥1.322 billion +21.2%) — one of the stronger, steadier growth stories among this tracker's design firms, benefiting from the same AI-driven memory/data-center demand cycle; the four 'new products' (MRCD/MDB second-gen, PCIe retimer, CKD, CXL MXC) grew 80.7% to ¥538 million. A+H completed on 9 February 2026 (6809.HK, ~HK$8bn incl. greenshoe). The season's tail risk is regulatory, not commercial: on 15 July 2026 Seoul prosecutors raided Montage's Korean office (alongside Renesas and Rambus) over alleged price collusion in memory interface chips — the three hold >93% share — with no charges announced as of early October; Korea accounted for ¥2.93 billion of FY2025 revenue.", "what_it_designs": "Memory interface chips for server DRAM modules and data-center/AI interconnect chips, including CXL-related products." }, "sources": [ { "url": "https://en.wikipedia.org/wiki/Montage_Technology", "title": "Montage Technology (Wikipedia)", "date": "2026-09-28" }, { "url": "https://ijiwei.com/n/850608", "title": "Chinese IC design company Montage Technology cooperates with Intel to produce more AI chips", "date": "2026-09-28" }, { "url": "https://news.qq.com/rain/a/20260829A04V7600", "title": "澜起科技：2026年中报净利润为19.97亿元 (腾讯新闻)", "date": "2026-08-29" } ] }, { "id": "omnivision-will-semiconductor", "name_en": "OmniVision (formerly Will Semiconductor)", "name_zh": "豪威集成电路（集团）股份有限公司", "name_pinyin": "Háowēi Jíchéng Diànlù (Jítuán) Gǔfèn Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2007, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.23, "lon": 121.47 }, "product_focus": "CMOS image sensors, analog and display solutions", "design_scope": "Full image-sensor and analog IC design", "node_sophistication": "Not disclosed", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 5, "domain_difficulty": 3, "market_readiness": 5 }, "narrative": { "significance": "OmniVision Technologies (originally a US company) was acquired by a Chinese consortium led by Will Semiconductor in 2019; the parent formally renamed itself from Will Semiconductor (韦尔股份) to OmniVision Group (豪威集团/豪威集成电路（集团）股份有限公司) and completed its Hong Kong listing in mid-January 2026 (first day +16.2%, market cap >HK$152.9bn) — a notable case of a Chinese fabless firm acquiring a once-independent Western chip brand outright rather than building one from scratch. Unlike most other entries updated in this tracker's 2026 sweep, OmniVision's recent results moved the other direction: Q1 2026 net profit fell 41.9% YoY to ¥503 million, and H1 2026 revenue was essentially flat at ¥14.03 billion with net profit down 39.9% to ¥1.22 billion (CIS -10.5% on smartphone softness and storage-cost crowding-out; analog +17.1%, display +12.9%, 'emerging' machine-vision/robotics CIS +47.1% and +71.2% respectively) — a useful reminder that China's chip sector is not uniformly booming even where AI/memory-linked names are. Management then did something unusual for an A-share name and pre-disclosed Q3 operating data (25 August): Q3 revenue ¥7.58–8.13 billion, i.e. between -3.2% and +3.9% YoY, with gross margin recovering sequentially to 29.4–30.7% — stabilization guidance rather than a new spiral. 2025 full-year net profit had been reported up ~498% YoY to ¥3.3 billion, making the 2026 decline a reversal from an unusually strong prior-year base.", "what_it_designs": "CMOS image sensors (smartphone and automotive cameras), plus analog and display driver solutions." }, "sources": [ { "url": "https://en.wikipedia.org/wiki/OmniVision_Group", "title": "OmniVision Group (Wikipedia)", "date": "2026-09-28" }, { "url": "https://law.asia/omnivision-hkex-ipo/", "title": "Firms act on sensor maker OmniVision's HKD4.8bn IPO on HKEX", "date": "2026-09-28" }, { "url": "https://m.rccaijing.com/news-7330236719361095012.html", "title": "千亿芯片龙头韦尔股份拟更名'豪威集团'，去年净利增498%至33亿 (瑞财经)", "date": "2026-09-28" } ] }, { "id": "goodix-technology", "name_en": "Goodix Technology", "name_zh": "深圳市汇顶科技股份有限公司", "name_pinyin": "Shēnzhèn Shì Huìdǐng Kējì Gǔfèn Yǒuxiàn Gōngsī", "category": "Fabless", "founded": 2002, "location": { "city": "Shenzhen", "province": "Guangdong", "lat": 22.52, "lon": 114.07 }, "product_focus": "Fingerprint and touch sensor ICs, biometric and display-integrated sensors", "design_scope": "Full analog/mixed-signal sensor IC design", "node_sophistication": "Not disclosed", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 5, "domain_difficulty": 3, "market_readiness": 5 }, "narrative": { "significance": "Founded 2002 in Shenzhen; once called China's 'fingerprint chip king,' a major global supplier of fingerprint and touch sensor ICs to smartphone makers. FY2025 revenue was ¥4.74 billion (+8.2%) and net profit ¥837 million (+38.7%), helped by ultrasonic fingerprint sensors in commercial use since Q4 2024. H1 2026 reversed: revenue ¥2.06 billion (−8.4%) and net profit ¥252 million (−41.6%). The September 2026 CSRC penalty decision (〔2026〕36号) against former president Liu Yuping for insider trading (≈¥98,400 gains confiscated, ¥1.5m total fines) closed a governance overhang that had shadowed the stock — market cap ~¥24 billion in early September vs a ~¥170 billion peak. Design-win momentum persisted: the Nubia NaviX Ultra (16 September) pairs Goodix ultrasonic + side-capacitive fingerprint sensors, the car-grade BLE GR5410 (Bluetooth 6.1 Channel Sounding) won multiple OEM/Tier-1 projects with trial production in H1, and management targets ~20% ultrasonic penetration of Android flagships in 2026 (from ~10% in 2025). Its 'fingerprint chip king' standing dates from its 2017 market lead.", "what_it_designs": "Fingerprint sensors (ultrasonic, optical in-display, and capacitive) and touch/display-integrated sensor ICs." }, "sources": [ { "url": "https://www.nbd.com.cn/articles/2017-10-16/1154201.html", "title": "每经专访汇顶科技董事长张帆 (每日经济新闻)", "date": "2017-10-16" }, { "url": "https://www.ithome.com/0/933/393.htm", "title": "汇顶科技 2025 年净利润 8.37 亿同比增长 38.7% (IT之家)", "date": "2026-03-27" }, { "url": "https://www.tmtpost.com/8125384.html", "title": "炸了！“指纹芯片一哥”原总裁，栽在9.8万上 (钛媒体, via 深蓝财经)", "date": "2026-09-02" }, { "url": "https://www.stcn.com/article/detail/4187671.html", "title": "努比亚NaviX Ultra发布：汇顶超声波指纹+侧边电容方案 (证券时报)", "date": "2026-09-16" } ] }, { "id": "verisilicon", "name_en": "VeriSilicon", "name_zh": "芯原微电子（上海）股份有限公司", "name_pinyin": "Xīnyuán Wēidiànzǐ (Shànghǎi) Gǔfèn Yǒuxiàn Gōngsī", "category": "EDA & IP Provider", "founded": 2001, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.2, "lon": 121.58 }, "product_focus": "Semiconductor IP licensing and one-stop chip customization (ASIC/SoC design services)", "design_scope": "IP licensing plus full turnkey chip design services for third-party customers", "node_sophistication": "Not applicable — a design-service and IP-licensing firm, not a chip brand owner", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 3, "market_readiness": 4 }, "narrative": { "significance": "Founded August 2001; the world's seventh-largest silicon IP vendor by one industry ranking (IPnest, 2023), and China's leading chip-design-service/IP-licensing firm — a different business model from every other entry in this tracker, since it designs chips for customers rather than selling its own branded product. Revenue has grown very fast but profitability has not followed: H1 2026 revenue reached ¥1.864 billion (+91.4% YoY, a record half-year, with chip量产 services +185%), while net loss widened to ¥612 million (roughly 91% worse than the prior year). Demand visibility sharpened in August: backlog stood at ¥12.45 billion at 30 June (+142.5% vs Q1-end, 83%+ from data-center/AI ASIC work) and ¥15.14 billion of new orders were booked 1 January–17 August — and management issued its first-ever profit outlook (adjusted EBITDA positive in H2 2026; adjusted net profit positive in FY2027). Its UCIe die-to-die PHY IP passed silicon validation inside customer projects, and an H-share listing A1 was filed with HKEX on 1 April 2026 (CITIC/UBS), pending CSRC and HKEX clearance.", "what_it_designs": "Licensable semiconductor IP blocks and full custom ASIC/SoC design services for other companies' chip products, increasingly weighted toward AI ASIC design services." }, "sources": [ { "url": "https://www.digitimes.com/news/a20230425VL206/ic-design-distribution-ip-verisilicon.html", "title": "China-based VeriSilicon became the world's 7th largest silicon IP vendor, says IPnest", "date": "2023-04-25" }, { "url": "https://cn.technode.com/post/2026-08-18/verisilicon-first-half-2026-revenue-loss-orders/", "title": "芯原股份上半年营收增长91%，仍亏损6.12亿元 (TechNode China)", "date": "2026-08-18" }, { "url": "https://static.cninfo.com.cn/finalpage/2026-04-02/1225073660.PDF", "title": "芯原股份关于向香港联交所递交H股发行并上市申请并刊发申请资料的公告 (巨潮资讯)", "date": "2026-04-02" } ] }, { "id": "empyrean-technology", "name_en": "Empyrean Technology", "name_zh": "北京华大九天科技股份有限公司", "name_pinyin": "Běijīng Huádà Jiǔtiān Kējì Gǔfèn Yǒuxiàn Gōngsī", "category": "EDA & IP Provider", "founded": 2009, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 39.9, "lon": 116.4 }, "product_focus": "Electronic design automation (EDA) software", "design_scope": "EDA tool development, not chip design itself", "node_sophistication": "Not applicable — an EDA software vendor", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 4, "market_readiness": 3 }, "narrative": { "significance": "Founded May 2009; China's largest domestic EDA software vendor, positioned to benefit directly as US export controls restrict Chinese chip designers' access to foreign EDA tools (Synopsys, Cadence, Siemens EDA). H1 2026 revenue reached ¥566 million (+13.0% YoY) but the company posted a net loss of ¥45.06 million for the half; analyst forecasts cited in domestic coverage project a return to profitability by full-year 2026 (roughly ¥40 million net profit), rising toward ¥180 million by 2028 as revenue growth continues at a projected ~20%/year. Its M&A is now the strategic story: on 8 October 2026 Empyrean announced ¥149 million for a 6.90% stake in digital place-and-route specialist 芯行纪 (X-Linkage) — after similar fund-routed buys — having already taken equity in 亿方联创, and seeded two more EDA-industry funds (¥91m and ¥90m, Aug–Sep 2026), assembling a domestic toolchain by balance sheet rather than organic build. Product-wise it shipped a full 3DIC/advanced-packaging verification suite (Argus 3DIC, Storm, ALPS 3D cross-node simulation) in mid-2026 — directly aimed at the heterogeneous-stacking designs that leading-edge-node denial makes China's fallback path (the 'τ-scaling/logic folding' wave it was reported to be riding when its stock re-rated in June 2026).", "what_it_designs": "EDA software tools used by chip designers for layout, verification, and simulation — the software layer that every other fabless firm in this tracker depends on." }, "sources": [ { "url": "https://en.wikipedia.org/wiki/Empyrean_Technology", "title": "Empyrean Technology (Wikipedia)", "date": "2026-09-28" }, { "url": "https://www.scmp.com/tech/article/3315237/chinas-top-player-empyrean-eyes-opportunities-us-chip-curbs-design-software", "title": "China's top player Empyrean eyes opportunities from US chip curbs on design software", "date": "2026-09-28" }, { "url": "https://caifuhao.eastmoney.com/news/20260317220822529826630", "title": "华大九天（301269）投资价值分析报告：国产EDA龙头迈入攻坚期，全流程突破在即 (东方财富)", "date": "2026-03-17" }, { "url": "https://finance.cnr.cn/ycbd/20261008/t20261008_527836587.shtml", "title": "华大九天拟1.49亿元收购芯行纪6.90%股份 补齐数字后端布局 (央广网)", "date": "2026-10-08" } ] }, { "id": "primarius", "name_en": "Primarius Technologies", "name_zh": "上海概伦电子股份有限公司", "name_pinyin": "Gàilún Diànzǐ", "category": "EDA & IP Provider", "founded": 2010, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.22, "lon": 121.52 }, "product_focus": "EDA for device-level design and characterization (SPICE modeling, TCAD, memory/compound-semiconductor flows) plus test/verification systems; since 2026, a large semiconductor-IP portfolio via the 锐成芯微 acquisition", "design_scope": "EDA tool development plus IP licensing after the year's largest domestic EDA M&A — China's first self-declared 'EDA + IP' dual-engine platform", "node_sophistication": "Not applicable — an EDA software and IP vendor; tools qualified across mature-to-advanced domestic nodes", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 3, "domain_difficulty": 4, "market_readiness": 3 }, "narrative": { "significance": "STAR-listed (688206, January 2022) specialist in the most physics-heavy corner of EDA — compact modeling/TCAD and memory design tools, the layer where Synopsys/Cadence still set the bar — that pivoted in 2026 into consolidation: its purchase of analog-IP vendor 锐成芯微 (100%) and its subsidiary 纳能微 (45.64%) for ~¥2.17bn in shares and cash cleared CSRC registration on 26 June 2026 (证监许可〔2026〕1505号, ~6 months from acceptance to approval), assets transferred by 31 July, and 67.5m new shares registered at ¥17.42 in mid-August with a ≤¥1.05bn matching financing still in progress — the template deal for Beijing's push to build scale domestic EDA champions. The organic business remains small: H1 2026 revenue ¥2.40亿 (+10.1%) swinging to a ¥6.7m net loss (deal fees, lower investment income), with domestic EDA license revenue +19.8% and test systems +31.1% and R&D at 55.9% of revenue.", "what_it_designs": "EDA tools (device characterization, compact models, memory and power-semiconductor flows, DTCO) and, post-deal, 1,000+ physical IP packages across 30+ global foundry processes licensed to chip designers." }, "sources": [ { "url": "http://static.cninfo.com.cn/finalpage/2026-08-27/1225514208.PDF", "title": "概伦电子2026年半年度报告 (巨潮资讯)", "date": "2026-08-27" }, { "url": "http://static.cninfo.com.cn/finalpage/2026-08-04/1225455594.PDF", "title": "概伦电子关于发行股份及支付现金购买锐成芯微100%股权及纳能微45.64%股权之标的资产过户完成的公告 (巨潮资讯)", "date": "2026-08-04" } ] }, { "id": "smartsens", "name_en": "SmartSens Technology", "name_zh": "思特威（上海）电子科技股份有限公司", "name_pinyin": "Sītèwēi", "category": "Fabless", "founded": 2017, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.16, "lon": 121.4 }, "product_focus": "CMOS image sensors for security/AIoT, smartphone, automotive and machine vision", "design_scope": "Pure-play fabless CIS design — pixel array, readout, on-chip ISP and LOFIC HDR IP in-house; wafer and assembly outsourced", "node_sophistication": "Specialty CIS platforms; 50MP flagship main-camera sensors (SC585XS family, LOFIC HDR 2.0) described by the company as a fully domesticated process flow; exact nm not disclosed", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 5, "design_completeness": 4, "domain_difficulty": 4, "market_readiness": 5 }, "narrative": { "significance": "The clearest import-substitution winner in CIS: #1 globally in surveillance CIS, now cracking flagship smartphone cameras (Xiaomi/OPPO main and sub cameras) and scaling automotive CIS — FY2025 revenue ¥90.31亿 (+51.3%), of which smartphone ¥46.75亿 and automotive ¥11.22亿 (+113%). H1 2026 (formal filing 21 Aug): revenue ¥46.00亿 (+21.5%), net profit ¥5.28亿 (+33.2%); automotive ¥6.36亿 (+28.6%, Q2 +106% QoQ); its 200MP SCC62HS flagship sensor (announced June) is slated for mass production from Q3. The ≤¥32亿 capital raise — first floated in March 2026 — cleared CSRC registration on 4 June and launched issuance on 30 September, funding high-performance CIS (¥1.445bn), automotive CIS (¥753m) and AI-CIS/edge-ASIC (¥740m) — an attempt to outgrow the sensor business.", "what_it_designs": "1–50MP+ CMOS image sensors (security, smartphone, automotive, machine vision) plus emerging AI-vision/edge ASIC solutions." }, "sources": [ { "url": "http://dataclouds.cninfo.com.cn/shgonggao/hsomarket/2026/20260327/cbe93bc5c61443d880f37708a0126825.PDF", "title": "思特威2025年年度报告 (巨潮资讯)", "date": "2026-03-27" }, { "url": "https://news.qq.com/rain/a/20260825A034UX00", "title": "思特威半年报：营收46亿+21%，拟定增32亿投向高性能CIS与端侧AI (腾讯新闻)", "date": "2026-08-25" } ] }, { "id": "galaxycore", "name_en": "GalaxyCore Inc.", "name_zh": "格科微有限公司", "name_pinyin": "Gékēwēi", "category": "Fabless", "founded": 2003, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.21, "lon": 121.6 }, "product_focus": "High-volume CMOS image sensors (VGA–50MP) and display driver ICs", "design_scope": "Self-declared transition from Fabless to Fab-Lite: in-house 12-inch Lingang fab + Jiashan test/packaging, with portions still outsourced — a hybrid not captured well by any single tracker category", "node_sophistication": "GalaxyCell 2.0 BSI platform (0.61–1.0µm pixels); world-first single-chip 0.61µm 50MP CIS; first domestic 12-inch LOFIC sensor (140dB, automotive)", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 5, "design_completeness": 4, "domain_difficulty": 3, "market_readiness": 4 }, "narrative": { "significance": "The volume counterweight to OmniVision/SmartSens in domestic CIS — top-4 by unit shipments globally, 1.45 billion CIS units in 2025 — and a live experiment in whether a Chinese design house can run its own 12-inch specialty fab: FY2025 revenue ¥77.82亿 (+21.9%) but net profit collapsed to ¥0.51亿 as the Lingang line absorbed depreciation; a ≤¥42亿 placement for 12-inch CIS capacity expansion was pre-announced 18 September 2026 (exchange acceptance/CSRC registration still pending as of 11 October). H1 2026: revenue ¥41.53亿 (+14.2%), net ¥7.3 million (扣非 -¥31 million), with the Lingang fab running at full capacity and fully converted to the 50MP platform — cumulative 50MP shipments passed 100 million units — and the first domestically-made 12-inch LOFIC automotive sensor (3MP GC3903, 140dB) fabbed in-house in June.", "what_it_designs": "Smartphone/IoT automotive CIS and LCD/OLED display driver ICs, increasingly on its own 300mm line." }, "sources": [ { "url": "https://static.cninfo.com.cn/finalpage/2026-08-28/1225521830.PDF", "title": "格科微2026年半年度报告（经营模式由Fabless转变为Fab-Lite） (巨潮资讯)", "date": "2026-08-28" }, { "url": "https://www.cnfin.com/gs-lb/detail/20260929/4475920_1.html", "title": "格科微拟定增募资约42亿元扩产 (新华财经)", "date": "2026-09-29" } ] }, { "id": "maxscend", "name_en": "Maxscend Microelectronics", "name_zh": "江苏卓胜微电子股份有限公司", "name_pinyin": "Zhuóshèngwēi", "category": "Fabless", "founded": 2012, "location": { "city": "Wuxi", "province": "Jiangsu", "lat": 31.5, "lon": 120.3 }, "product_focus": "Smartphone RF front-end: switches, LNAs, DiFEM/L-DiFEM modules, SAW/MAX-SAW filters, L-PAMiD, WiFi/BLE, satellite NTN front-ends", "design_scope": "Deep Fab-Lite vertical integration — in-house 6-inch SAW filter line (15,000 wafers/month) and 12-inch SiGe RF platform; ~¥9.17 billion cumulative invested in the 芯卓 fab program; ¥3.475 billion placement completed April 2026 to expand it", "node_sophistication": "12-inch silicon-based RF platform (switch/LNA, second-gen in volume); 6-inch TCSAW/MAX-SAW filter process; fully domestic-supply-chain L-PAMiD transmit module shipping to top brands — a Chinese first", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 5, "design_completeness": 4, "domain_difficulty": 5, "market_readiness": 3 }, "narrative": { "significance": "The boldest bet by a Chinese design house to conquer RF filters — the last big chokepoint held by Broadcom/Murata/Skyworks — and the financially punish-ing one: FY2025 revenue ¥37.26亿 (-17.0%) with the company's first-ever annual loss (¥-2.93亿), deepening to ¥-3.71亿 in H1 2026 (interim 25 Aug, on revenue +6.2%) as fab depreciation hit. The industrial payoff is arriving even as P&L suffers: the 6-inch SAW line runs at 15,000 wafers/month, the 12-inch RF platform at ~9,000 wafers/month SOI capacity (expandable within existing cleanroom), yield 'first-tier' per management, and the fully-domestic-supply-chain L-PAMiD entered large-scale batch shipment at multiple flagship-brand customers in H2 2026 — so much so that L-PAMiD shipment growth is the core KPI of the company's 2026–28 equity incentive.", "what_it_designs": "RF front-end chips and modules for smartphones/IoT, WiFi-7 and NTN satellite front-ends, plus 6G-stage research." }, "sources": [ { "url": "http://static.cninfo.com.cn/finalpage/2026-04-28/1225220150.PDF", "title": "卓胜微2025年年度报告摘要（Fab-Lite转型细节） (巨潮资讯)", "date": "2026-04-28" }, { "url": "https://finance.cnr.cn/ycbd/20260826/t20260826_527792588.shtml", "title": "卓胜微半年报亏损3.71亿元 (央广网)", "date": "2026-08-26" } ] }, { "id": "sgmicro", "name_en": "SGMICRO Corp.", "name_zh": "圣邦微电子（北京）股份有限公司", "name_pinyin": "Shèngbāng", "category": "Fabless", "founded": 2007, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 39.93, "lon": 116.32 }, "product_focus": "Broadline analog: signal chain (amps, ADC/DAC, interface) + power management (LDO, DC-DC, AMOLED, battery) — 7,200+ SKUs across 38 categories", "design_scope": "Pure fabless (TSMC main, SMIC/Eastever secondary; assembly at JCET/Tongfu/Huatian); no owned fab or IP from foreign analog houses", "node_sophistication": "Mature specialty analog nodes; high-end parts include 140dB log amps, 24-bit ADCs, 120V monitoring AFE, GaN drivers, automotive 100V buck controllers", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 5, "domain_difficulty": 3, "market_readiness": 5 }, "narrative": { "significance": "China's closest analogue to TI's broadline model and — by 2025 revenue — the #1 domestic analog supplier and #8 worldwide (1.8% share, Frost & Sullivan): FY2025 revenue ¥38.98亿 (+16.5%), H1 2026 ¥25.95亿 (+42.7%) on optical-module/AI-server demand, with net profit ¥4.20亿 (+109.3%) and Q2 revenue ¥14.97亿 a record. The A+H listing (26 June 2026, 3661.HK at HK$85.20; greenshoe fully exercised 23 July, ~HK$5.3bn combined) makes it the consolidation vehicle for Chinese analog — tuck-ins so far are 感睿智能 (magnetic sensing, 67%) and 亿存芯 (EEPROM, 77.5%), with no new deal announced by October; ADI/TI price hikes landing September 2026 give the domestic analog complex pricing cover.", "what_it_designs": "General-purpose and application-specific analog/mixed-signal ICs across consumer, industrial, automotive and now datacenter power/optical markets." }, "sources": [ { "url": "https://disc.static.szse.cn/disc/disk03/finalpage/2026-08-29/ebe4a5fa-a58d-4b69-8d4f-f4b531a51e55.PDF", "title": "圣邦股份2026年半年度报告 (深交所)", "date": "2026-08-29" }, { "url": "https://news.qq.com/rain/a/20260626A088UL00", "title": "圣邦股份H股港交所上市，市值一度超845亿港元 (腾讯新闻)", "date": "2026-06-26" } ] }, { "id": "southchip", "name_en": "Southchip Semiconductor Technology", "name_zh": "上海南芯半导体科技股份有限公司", "name_pinyin": "Nánxīn", "category": "Fabless", "founded": 2015, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.2, "lon": 121.6 }, "product_focus": "Wired/wireless charging and power management: charge pumps, switch charging, AC-DC adapters, BMS, automotive PMIC, power MCUs", "design_scope": "Pure fabless; founder team ex-TI; charge-pump architecture IP globally first-tier", "node_sophistication": "High-voltage BCD (700V-class), GaN combo/drive AC-DC, 4:1/6:2 charge-pump topologies at 98.65% peak efficiency (120W SC8571); Qi2.2 25W wireless modules among world's first certified", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 3, "domain_difficulty": 3, "market_readiness": 4 }, "narrative": { "significance": "Won the flagship fast-charging socket from TI/Qualcomm/NXP inside Xiaomi/OPPO/vivo/Honor/Samsung flagships — import substitution essentially completed — then hit the ceiling of that niche: FY2025 revenue ¥32.61亿 (+27.0%) but profit -22%, and the first half-year loss post-IPO in H1 2026 (-¥44.87 million on revenue of just ¥15.46亿, +5.2%) as smartphone demand softened, gross margin slipping to 35.3%. The pivot is now explicit in guidance rather than realized in numbers: consumer remains 87% of sales, AI-compute power revenue only ~¥20 million in H1, but management targets a 60A multiphase server controller in small-batch by year-end, 90A volume in 2027, 800V rack-power products within two years, and roughly doubling automotive revenue (from a ¥2亿+ base — the '+140.6% H1' figure circulating in sell-side notes is not supported by the filing); DrMOS SD13050/CPU controllers shipped into AI-server designs in August–September. A ¥1.587 billion convertible completed June 2026 funds the same escape route.", "what_it_designs": "10–300W charging/battery-management IC chains (adapter-to-cell), automotive PMICs, GaN-integrated AC-DC controllers, RISC-V power MCUs." }, "sources": [ { "url": "https://static.cninfo.com.cn/finalpage/2026-04-30/1225265339.PDF", "title": "南芯科技2025年年度报告 (巨潮资讯)", "date": "2026-04-30" }, { "url": "http://dataclouds.cninfo.com.cn/shgonggao/hsomarket/2026/20260817/e6e65d63adba4955a2cc6774d1f61c8d.PDF", "title": "南芯科技2026年半年度报告 (巨潮资讯)", "date": "2026-08-17" } ] }, { "id": "novosense", "name_en": "Novosense Semiconductor", "name_zh": "苏州纳芯微电子股份有限公司", "name_pinyin": "Nàxīnwēi", "category": "Fabless", "founded": 2013, "location": { "city": "Suzhou", "province": "Jiangsu", "lat": 31.31, "lon": 120.68 }, "product_focus": "Automotive and industrial analog: sensor signal-chain ASICs, magnetic/pressure sensors, digital isolators, gate drivers, LED/motor drivers", "design_scope": "Fabless with self-built automotive functional-safety system (ISO 26262/IATF 16949); 2025 consolidation of magnetic-sensor firm MagIc; founders ex-ADI", "node_sophistication": "Specialty analog nodes undisclosed; flagship metrics: <1µV-referred sensor ASICs, AEC-Q100/Q103 parts, ASIL-D safety chain, 4,200+ SKUs", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 4, "market_readiness": 3 }, "narrative": { "significance": "China's most credible challenger to ADI/TI in automotive/energy infrastructure analog, where certification — not lithography — is the moat. Revenue is exploding (+71.8% FY2025 to ¥33.68亿; +66.7% H1 2026 to ¥25.40亿), and the accounting turnaround arrived in H1 — net profit ¥67.6m, but ex-non-recurring items still -¥47.9m, with the true inflection being Q2's first positive adjusted quarter (+¥6.9m) partly flattered by PE-fund fair-value gains. Automotive now 32.4% of revenue (19.5亿 cumulative car chips) and pan-energy ~58%; the MagIc magnetic-sensor consolidation lifted sensors to the #2-margin line, a third-generation isolation platform (packages 50–70% smaller) launched 10 October, and the automotive HSMT SerDes (6.4Gbps) is verified at a head ADAS customer with mass-production adoption in progress — the 'buy share with R&D' stage of the climb, now with price-hike leverage as TI/ADI repriced in September 2026.", "what_it_designs": "Sensor signal conditioning, isolation/interface, gate drivers and power-path protection for EVs, PV/storage, and industrial systems." }, "sources": [ { "url": "http://static.sse.com.cn/disclosure/listedinfo/announcement/c/new/2026-08-28/688052_20260828_S5WN.pdf", "title": "纳芯微2026年半年度报告 (上交所)", "date": "2026-08-28" }, { "url": "http://static.cninfo.com.cn/finalpage/2026-03-31/1225059424.PDF", "title": "纳芯微2025年年度报告 (巨潮资讯)", "date": "2026-03-31" } ] }, { "id": "awinic", "name_en": "Shanghai Awinic Technology", "name_zh": "上海艾为电子技术股份有限公司", "name_pinyin": "Àiwéi", "category": "Fabless", "founded": 2008, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.15, "lon": 121.38 }, "product_focus": "Smartphone/IOE analog portfolio — audio amps, haptics, PMIC (charge pump/backlight/AMOLED), RF switches/LNA, LED/motor drivers", "design_scope": "Pure fabless; tens of billions of units shipped annually into Xiaomi/OV/Transsion plus BYD/Hyundai and overseas brands", "node_sophistication": "Mature BCD/analog nodes; no advanced-node dependency", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 3, "domain_difficulty": 2, "market_readiness": 4 }, "narrative": { "significance": "The archetypal volume-first Chinese consumer-analog house — where import substitution is done and the fight is now price: FY2025 revenue ¥28.54亿 (-2.7%) with profit +24% on mix, then H1 2026 归母 net profit -39.4% (ex-items -91.4%) as memory-driven smartphone cost inflation hit customers. Its ¥1.90 billion convertible (issued 22 January 2026) is earmarked for the auto/industrial escape, which is showing in the design wins — robot customers 拓竹/宇树/智元/优必选 disclosed in the H1 report, plus first car-grade LIN ambient-light SoCs in volume — but capital-markets pressure persists: in August the downward-revision clause on the convertible triggered and the board declined to reprice, leaving the bond deeply out-of-the-money.", "what_it_designs": "Audio/haptic/PMIC/RF analog for smartphones, wearables, robotics and increasingly automotive." }, "sources": [ { "url": "https://static.cninfo.com.cn/finalpage/2026-04-10/1225090195.PDF", "title": "艾为电子2025年年度报告 (巨潮资讯)", "date": "2026-04-10" }, { "url": "https://money.finance.sina.com.cn/corp/view/vCB_AllBulletinDetail.php?id=12506287&stockid=688798", "title": "艾为电子2026年半年度报告公告 (新浪财经)", "date": "2026-08-20" } ] }, { "id": "3peak", "name_en": "3PEAK Inc.", "name_zh": "思瑞浦微电子科技（苏州）股份有限公司", "name_pinyin": "Sīruìpǔ", "category": "Fabless", "founded": 2008, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.21, "lon": 121.6 }, "product_focus": "High-performance analog: precision/high-speed signal chain, ADC/DAC, RF PA-control and optical-module/server-power AFEs + power management (via 创芯微 acquisition)", "design_scope": "Pure fabless; Huawei's Hubble was an early significant shareholder; telecom-grade performance benchmarked to ADI/TI", "node_sophistication": "Nodes undisclosed; headline capabilities: 8GHz-bandwidth op-amps, 250MSPS 8/10-bit ADCs, 64-channel base-station AFE in volume, 1.6T optical-module SiPho AFE sampling, 120V ASIL-D BMS AFE", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 5, "market_readiness": 4 }, "narrative": { "significance": "Standard-bearer for high-end analog indigenization — real share in telecom base-station signal chains and now AI-server/optical-module AFEs, the categories ADI/TI margin most jealously guard. FY2025 revenue ¥21.42亿 (+75.7%, turnaround to profit) and H1 2026 ¥16.06亿 (+69.2%, net ¥3.08亿 +368.5%) after nine straight quarters of sequential growth. The optical-module line now spans 400G/800G/1.6T AFEs at head module vendors with a second top customer starting to ship and 3.2T/NPO/CPO parts in R&D — on 9 October management judged a rumored FCC rule requiring ≥65% US-origin content for 3.2T modules to have no near-term impact, since those parts aren't shipping yet; the 创芯微 power-management acquisition has effectively completed (its ¥383m consideration convertible bonds redeemed to a ¥100 residual by 8 October).", "what_it_designs": "Precision and high-speed analog/mixed-signal ICs for telecom, industrial instrumentation, optical modules, servers and automotive." }, "sources": [ { "url": "https://static.cninfo.com.cn/finalpage/2026-03-31/1225060234.PDF", "title": "思瑞浦2025年年度报告 (巨潮资讯)", "date": "2026-03-31" }, { "url": "http://file.finance.sina.com.cn/211.154.219.97:9494/MRGG/CNSESH_STOCK/2026/2026-8/2026-08-20/12505957.PDF", "title": "思瑞浦2026年半年度报告 (上交所披露)", "date": "2026-08-20" } ] }, { "id": "hygon", "name_en": "Hygon Information Technology", "name_zh": "海光信息技术股份有限公司", "name_pinyin": "Hǎiguāng Xìnxī", "category": "State-Backed Design House", "founded": 2014, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 39.98, "lon": 116.31 }, "product_focus": "x86-licensed server/desktop CPUs (C86 3000/5000/7000) + DCU GPGPUs (8000 series, DeepSeek-compatible DTK stack)", "design_scope": "In-house design/verification on the AMD Zen-1 derivative license frozen by 2019 Entity-List action; self-iterated since; fab/OSAT outsourced", "node_sophistication": "GF 14nm-class licensed lineage; 深算三号 DCU entering domestic first tier ('Hopper-class' claim not officially made — not verified)", "entity_list": { "status": true, "date_added": "2019-06-24", "list": "US Commerce BIS" }, "design_score": { "ip_ownership": 3, "design_completeness": 5, "domain_difficulty": 5, "market_readiness": 5 }, "narrative": { "significance": "China's only scaled x86 CPU + GPGPU dual-track design house and the anchor of 信创 server supply: FY2025 revenue ¥143.77亿 (+56.9%, net ¥25.45亿); the formal H1 2026 report (13 August) showed revenue ¥90.99亿 (+66.5%) and net profit ¥17.98亿 (+49.7%) — though operating cash flow swung to -¥4.28亿 (from +¥21.8亿) on the inventory build telegraphing an AI-demand run, and gross margin slipped 4.9 points to 55.2% on HBM/substrate cost inflation. Next-generation 深算四号 DCU is confirmed still in development (board secretary, 29 September: 'progressing smoothly', not yet shipping), with 深算三号 BW1000 the current volume part; the DCU stack claims adaptation to 400+ mainstream LLMs. Its planned ¥-with-中科曙光 absorption merger (announced May 2025) was terminated 9 December 2025, keeping chip and system layers separate — no revival as of October 2026.", "what_it_designs": "Server/desktop CPUs, AI accelerator DCUs, HSL interconnect bus, and the DTK CUDA-benchmarked software stack." }, "sources": [ { "url": "http://static.cninfo.com.cn/finalpage/2026-08-14/1225472510.PDF", "title": "海光信息2026年半年度报告 (巨潮资讯)", "date": "2026-08-14" }, { "url": "https://companies.caixin.com/2025-12-09/102391672.html", "title": "海光信息终止吸收合并中科曙光 (财新)", "date": "2025-12-09" } ] }, { "id": "metax", "name_en": "MetaX Integrated Circuits", "name_zh": "沐曦集成电路（上海）股份有限公司", "name_pinyin": "Mùxī", "category": "Fabless", "founded": 2020, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.19, "lon": 121.48 }, "product_focus": "Full-stack GPGPU: 曦云C training/inference (C500/C600, C700 in dev), 曦思N inference, 曦索X scientific compute, 曦彩G graphics", "design_scope": "Fabless with self-owned GPU architecture/ISA; MXMACA stack claims high CUDA compatibility; C600 built on a fully domestic supply chain (foundry/DRAM/OSAT/EDA)", "node_sophistication": "C500 N7-equivalent + HBM2e; C600 domestic advanced node + HBM; C700 targeting ~H100-level (per company statements relayed by 21经济, exact node undisclosed)", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 5, "market_readiness": 3 }, "narrative": { "significance": "The 'second stock of domestic GPU' — STAR IPO 17 December 2025 raised ¥41.97亿 with a +693% first day and ¥330 billion initial cap, the peak moment of the GPU listing frenzy; FY2025 revenue ¥16.44亿 (+121%) still loss-making (-¥7.89亿). H1 2026 (formal filing, 30 August): revenue ¥13.24亿 (+44.7%) with headline net profit turning positive at ¥6.12亿 — but only because of ¥8.87亿 of non-cash fair-value gains; excluding non-recurring items the company still lost ¥4900万, and gross margin was 57.2%. A tranche of IPO offline-allotment shares (3.49% of the company) came off lock-up on 17 September, and the market cap had eased to roughly ¥2,080亿 by late September. A plan to issue up to 5% new H shares in Hong Kong was announced 12 June 2026, pending CSRC filing. Its C600 fully-domestic-chain closure is the flagship proof that AI chips can be built without TSMC.", "what_it_designs": "Data-center GPGPU chips/cards, GPU IP, MetaXLink cluster interconnect, AI software stack. Flagship 曦云C600 — the first high-performance GPU on a fully domestic process chain, with HBM3e and FP8 support, having passed China's national security-certification (安可) evaluation — entered mass production and delivery in H1 2026 (May); the C700 (H100-class) is in core verification with tape-out targeted within 2026 and volume around H2 2027; MXMACA reports compatibility for 6,000+ CUDA applications." }, "sources": [ { "url": "https://www.jfdaily.com/news/detail?id=1037108", "title": "沐曦股份科创板上市首日涨693% (上观新闻)", "date": "2025-12-17" }, { "url": "https://www.eet-china.com/mp/a492274.html", "title": "沐曦2025年报：营收16.44亿，C600全国产供应链 (电子工程专辑)", "date": "2026-03-26" } ] }, { "id": "iluvatar", "name_en": "Shanghai Iluvatar CoreX Semiconductor", "name_zh": "上海天数智芯半导体股份有限公司", "name_pinyin": "Tiānshù Zhìxīn", "category": "Fabless", "founded": 2015, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.2, "lon": 121.5 }, "product_focus": "General GPGPUs: 天垓 training series (100/150, 天垓300 flagship of the new 4th-gen architecture launched at WAIC 19 July 2026), 智铠 inference series, 彤央 edge modules", "design_scope": "Fabless; self-developed architecture/ISA/software; HKEX-listed (9903.HK, IPO 8 January 2026 at HK$144.60, ~HK$3.7bn raised; 9 July 2026 placing of 14.857M H shares at HK$476, net ~HK$7.04bn; Hang Seng Tech constituent effective 7 September; 22 September capitalisation issue of two new shares per existing share)", "node_sophistication": "Gen2-class ~7/12nm-equivalent (undisclosed); HBM-equipped; domestic-node transition implied by 60%-of-placement supply-chain mandate — specifics not verified", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 5, "market_readiness": 4 }, "narrative": { "significance": "China's first company to mass-produce a general-purpose training GPU (天垓100, 2021). It posted a headline H1 2026 profit of ¥1.06亿 on revenue of ¥9.46亿 (+191.6%), but the profit came from about ¥7.56亿 of unrealised fair-value gains on its stake in 盛合晶微 (SJ Semiconductor); excluding that gain the core business lost roughly ¥6.5亿. A margin warning sits inside the growth: blended gross margin collapsed from 50.1% to 17.2% (GPGPU-only margin 43.9%) as low-margin 智铠 inference and a new negative-margin component-resale line mixed in — inference revenue ¥6.54亿 (+651.8%) vs training ¥2.62亿 (+38%). FY2025 revenue ¥10.34亿 (+91.6%). Its 天垓300 (4th-gen architecture, SIMT, >90% attention efficiency claimed) was released at WAIC in July 2026 with a 144-card supernode solution.", "what_it_designs": "Cloud training/inference GPGPU chips and cards, edge AI products, AI servers/cluster solutions." }, "sources": [ { "url": "https://www.stcn.com/article/detail/3578078.html", "title": "天数智芯港交所上市 (证券时报)", "date": "2026-01-08" }, { "url": "https://m.chinaventure.com.cn/news/108-20260331-390736.html", "title": "天数智芯 2025业绩报告深度解读：推理增长 238.2% (投中网)", "date": "2026-03-31" }, { "url": "https://www.stdaily.com/web/gdxw/2026-01/24/content_465708.html", "title": "企业密集上市，AI迈入“技术+资本”驱动成长期 (科技日报)", "date": "2026-01-24" }, { "url": "https://finance.eastmoney.com/a/202608313859600545.html", "title": "天数智芯扭亏背后：营收增191% 超7亿股权投资浮盈托底利润 (时代财经 via 东方财富)", "date": "2026-08-31" } ] }, { "id": "kunlunxin", "name_en": "Kunlunxin (Beijing) Technology", "name_zh": "昆仑芯（北京）科技股份有限公司", "name_pinyin": "Kūnlún Xīn", "category": "Fabless", "founded": 2011, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 39.98, "lon": 116.31 }, "product_focus": "AI accelerators: Kunlun 1/2 (2018/2021), P800 third-gen general AI chip (2024 mass production, FP16 345 TFLOPS)", "design_scope": "Baidu spin-off (Baidu 57.67%); full stack chip→32,000-card cluster→compiler; external anchor customers confirmed incl. Tencent, China Mobile (¥1bn+ order), Geely", "node_sophistication": "P800 on Samsung 7nm (per Lianhe Zaobao); next-gen node not verified", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 5, "market_readiness": 4 }, "narrative": { "significance": "The only internet-giant spin-off in the domestic AI-chip first tier — ~116,000 cards shipped in 2025, tied 3rd with Cambricon among domestic vendors (IDC: Huawei 81.2万, Alibaba's T-Head/平头哥 26.5万 led), trained ERNIE 5.1 on an all-domestic cluster. In 2026 it launched a dual listing path: an HKEX A1 filed confidentially 1 January 2026 (confirmed by Baidu 2 January; HKEX has cleared the spin-off) and STAR tutoring filed with the Beijing CSRC bureau 29 April (disclosed 7 May, CICC sponsor). Reporting in late June put the target HK valuation near US$50 billion — above Baidu's own ~US$35.5bn market cap — with cornerstone allocations reportedly tied to chip-purchase commitments of 3–7× subscription value; broker ranges span US$16bn (Jefferies) to US$57bn (CCB International). No public hearing (聆讯) as of 11 October. Parent Baidu was added to DoD's 1260H list (26 June 2026) — political, not export, exposure.", "what_it_designs": "Cloud AI training/inference XPU chips, cluster systems and software for search, ads, recommendation and reasoning workloads. P800 (FP16 345 TFLOPS, 96GB HBM, Samsung 7nm per Lianhe Zaobao) is the volume part; the M100 — a fourth-generation inference chip on a fully domestic supply chain positioned against Nvidia's H20 — made its first public appearance at WAIC in July 2026; 'Tianchi' 256/512-card supernodes are due in 2026, with the 512 claimed to support trillion-parameter training on a single node." }, "sources": [ { "url": "https://finance.sina.com.cn/tech/roll/2026-06-29/doc-iniezxcc0358752.shtml", "title": "昆仑芯P800：2.3倍H20性能，多家大客户落地 (新浪科技转联合早报)", "date": "2026-06-29" }, { "url": "https://stcn.com/article/detail/3899769.html", "title": "昆仑芯启动科创板上市辅导，中金保荐 (证券时报)", "date": "2026-05-08" } ] }, { "id": "zhaoxin", "name_en": "Shanghai Zhaoxin Semiconductor", "name_zh": "上海兆芯集成电路股份有限公司", "name_pinyin": "Zhàoxīn", "category": "State-Backed Design House", "founded": 2013, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.11, "lon": 121.59 }, "product_focus": "x86-compatible CPUs: 开先 KX desktop/embedded (KX-7000, 8-core/3.7GHz, chiplet), 开胜 KH servers (KH-50000 up to 192 cores dual-socket)", "design_scope": "In-house microarchitecture on the VIA-derived x86 license base (frozen pre-June-2013 IP); ZX86 instruction extensions; GPU carved out to 格兰菲 Glanville", "node_sophistication": "KX-6000 16nm; KX-7000/KH-50000 on more advanced undisclosed node (~N7-class presumed — not verified); domestic-fab pivot underway", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 3, "design_completeness": 4, "domain_difficulty": 5, "market_readiness": 3 }, "narrative": { "significance": "The state-backed (Shanghai United Investment 50.07%) second x86 path — the only domestic vendor natively running standard Windows+Linux binaries on desktops; a July 2026 central-government (央采) laptop procurement put Zhaoxin-based machines at ~50% of domestic portable PC awards (联想开天 N80z on KX-7000/ZX86). STAR IPO accepted June 2025 (¥41.69亿 planned raise); inquiry responses (May 2026 round two) showed FY2025 revenue ¥11.11亿 (+54.8%) against a ¥10.28亿 loss — and the review is currently paused: the SSE marked Zhaoxin's application '中止（财报更新）' on 30 September 2026 when the financials lapsed, a routine suspension expected to lift once H1 2026 audited numbers are re-filed; no listing-committee meeting (上会) has yet been held. Its KH-50000 server CPU (up to 96 cores) notched only ¥9.91 million of 2025 revenue in 500-chip volumes but is in validation at Lenovo Kaitian and China Mobile's DICT supplier library; the KX-8000 desktop chip (4GHz-class, iGPU, PCIe 5.0/DDR5) is promised but unlaunched as of October 2026.", "what_it_designs": "x86-compatible desktop/server/embedded CPUs, chipsets, instruction-set extensions; GPU affiliate." }, "sources": [ { "url": "http://dataclouds.cninfo.com.cn/sjother2/documents/2026/20260506/b643291faa98423784e45df45dc6e74c.pdf", "title": "兆芯第二轮审核问询函回复（2025年营收11.11亿） (巨潮资讯)", "date": "2026-05-06" }, { "url": "https://www.36kr.com/p/3343081803589128", "title": "兆芯科创板IPO获受理：上海国资控股的x86之路 (36氪)", "date": "2025-06-19" }, { "url": "https://stcn.com/ipo/detail/3362.html", "title": "兆芯集成科创板IPO项目动态：中止（财报更新），2026-09-30披露 (证券时报IPO库)", "date": "2026-10-11" } ] }, { "id": "jingjia", "name_en": "Changsha Jingjia Microelectronics", "name_zh": "长沙景嘉微电子股份有限公司", "name_pinyin": "Jǐngjiāwēi", "category": "Fabless", "founded": 2006, "location": { "city": "Changsha", "province": "Hunan", "lat": 28.2, "lon": 112.98 }, "product_focus": "Military/avionics graphics SoCs, JM9/JM11 GPUs, 景宏 AI modules/servers; 2025 edge-AI SoC expansion via 诚恒微 (CH37, 64 TOPS)", "design_scope": "Chip→module→system full chain with in-house GPU IP; top-5 customers (military programs) = 64.5% of 2025 sales", "node_sophistication": "JM9 mid-range domestic node; JM11 (taped out Dec 2024, cloud-desktop/vGPU small batches 2025-26) more advanced, undisclosed", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 3, "domain_difficulty": 4, "market_readiness": 2 }, "narrative": { "significance": "China's original 'GPU first stock' (ChiNext 2016) and only GPU house with deep military-aircraft incumbency; FY2025 revenue rebounded to ¥7.20亿 (+54.4%) yet posted a second straight annual loss (-¥1.65亿) with R&D at 59% of revenue — the military-specialist squeeze: qualification moat protects share but cannot fund a commercial AI pivot. H1 2026: revenue ¥3.34亿 (+73%), net loss ¥1.08亿, R&D 85.3% of revenue. JM11 (32 concurrent vGPU per server) is in small-batch delivery with cloud-desktop (Sangfor) and power-grid deployments; its new general-purpose GPU program (Model 1 rendering+GPGPU, Model 2 train-inference) is progressing but an 8 October investor-relations reply declined to give a tape-out date; subsidiary 诚恒微's CH37 edge-AI SoC (64 TOPS) entered small-batch production.", "what_it_designs": "Graphics/display processors for avionics and信创 desktops, AI accelerator modules, edge-AI SoCs." }, "sources": [ { "url": "https://www.nbd.com.cn/articles/2026-04-24/4357029.html", "title": "景嘉微2025年报：营收7.2亿，连续第二年亏损 (每日经济新闻)", "date": "2026-04-24" }, { "url": "http://static.cninfo.com.cn/finalpage/2026-08-21/1225484966.PDF", "title": "景嘉微2026年半年度报告 (巨潮资讯)", "date": "2026-08-21" } ] }, { "id": "innosilicon", "name_en": "Innosilicon Technology", "name_zh": "芯动科技", "name_pinyin": "Xīndòng Kējì", "category": "Fabless", "founded": 2006, "location": { "city": "Wuhan", "province": "Hubei", "lat": 30.51, "lon": 114.42 }, "product_focus": "High-speed interface IP (PCIe 3/4/5/6+CXL3.0, GDDR7, HBM3E/4 PHY, LPDDR6, 224G SerDes, UCIe, full UALink suite), 风华 Fenghua GPUs, custom ASIC/chiplet services", "design_scope": "IP licensing + design services + own GPU products; asset-light fabless; 120-lane PCIe Gen5 switch chip described as a world first (company claim, reported by 科技日报, Feb 2026)", "node_sophistication": "IP proven across advanced nodes (HBM/UCIe/224G PHY imply ≤N5-class enablement); Fenghua GPUs ≤12nm; latest node not verified", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 4, "market_readiness": 3 }, "narrative": { "significance": "China's most valuable domestic semiconductor-IP supplier — the quiet enabler whose PCIe/DRAM/UCIe/UALink PHYs sit inside AI-startup roadmaps across the tracker; its February 2026 120-lane Gen5 PCIe switch and June 2026 UALink suite (224G UALink IP taped out, licensing from H2 2026) make it central to de-NVLink scale-up fabrics, alongside a January 2026 first commercial LPDDR6/5X delivery and GDDR7 PHY pushed to 32Gbps. 风华3号 (September 2025) keeps a homegrown full-function GPU alive outside the four listed startups — and is now finding a commercial vehicle: an August 2026 战略合作 with 汉唐云 targets '万P级' all-domestic compute clusters, while GPU head 何颖 confirmed in May that 风华4/5 are in development. IPO remains rumor-only: an HKEX chapter-18C attempt at ¥8–15bn valuation is tracked by secondary sources but no prospectus or CSRC tutoring filing for 芯动 exists as of October 2026.", "what_it_designs": "Interface IP cores, PCIe switches, custom AI SoCs and chiplets, Fenghua-series graphics/compute GPUs." }, "sources": [ { "url": "https://www.stdaily.com/web/gdxw/2026-02/27/content_477518.html", "title": "全球首款120通道PCIe Gen5交换芯片在湖北武汉发布 (科技日报)", "date": "2026-02-27" }, { "url": "https://www.innosilicon.com/news/17", "title": "INNOSILICON Unveils Full Suite of High-Speed UALink IP (company site)", "date": "2026-06-04" }, { "url": "https://news.mydrivers.com/1/1076/1076214.htm", "title": "国产全功能GPU “风华3号” 重磅发布：拿下多项国内第一！(快科技, reprinting 芯智讯)", "date": "2025-09-22" } ] }, { "id": "fudan-micro", "name_en": "Shanghai Fudan Microelectronics Group", "name_zh": "上海复旦微电子集团股份有限公司", "name_pinyin": "Fùdàn Wēidiàn", "category": "Fabless", "founded": 1998, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.2, "lon": 121.5 }, "product_focus": "FPGA family (million-gate 28nm mainstream, billion-gate FinFET, RF-FPGA, PSoC, FPAI), security/ID chips, EEPROM/NOR/SLC NAND, metering MCUs; test via 华岭股份", "design_scope": "Chip design + in-house FPGA EDA (Procise) + test subsidiary; HK-listed 2000 (first domestic IC-design IPO), STAR 2021", "node_sophistication": "28nm CMOS mainline; 1x-nm-class FinFET products in customer intro; 2.5D packaging; FN4 constraint blocks foreign tools/output at advanced nodes", "entity_list": { "status": true, "date_added": "2025-09-12", "list": "US Commerce BIS (Entity List, Footnote 4)" }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 5, "market_readiness": 4 }, "narrative": { "significance": "Flagship of domestic FPGA independence — its parts underpin satellite, power-grid and telecom infrastructure — and the highest-profile pure-commercial design victim so far of US controls: added 12 September 2025 with Footnote 4, hitting fabs, EDA and IP outputs simultaneously; no status change through October 2026. The forced pivot (strategic wafer/tooling stockpile grew from ~¥600m 2020 to ~¥3.1bn by H1 2025; inventory was still 32.8% of current assets at mid-2026) paid off handsomely under scarcity: FY2025 revenue ¥39.82亿 (+10.9%); H1 2026 revenue ¥22.25亿 (+21.0%) and net profit ¥8.49亿 (+338.6%) — though ¥4.66–4.70亿 of that was a one-off fair-value gain on its 盛合晶微 (SJ Semi) strategic placement, leaving adjusted profit at ¥4.12亿 (+125.9%). FPGA was ¥7.4亿 (+8.7%) of the half, non-volatile memory ¥6.21亿 (+41.1%) on NAND/NOR price hikes, and car-grade MCUs passed 20M units annualized.", "what_it_designs": "FPGAs/PSoCs/RF-FPGAs/FPAI programmable-AI chips + EDA, secure-identity/smartcard ICs, non-volatile memory, smart-meter MCUs." }, "sources": [ { "url": "https://www.guancha.cn/economy/2025_09_15_790121.shtml", "title": "复旦微电回应被列入实体清单：战略备货与国产化工具链 (观察者网)", "date": "2025-09-15" }, { "url": "https://static.cninfo.com.cn/finalpage/2026-03-28/1225048628.PDF", "title": "复旦微电2025年年度报告 (巨潮资讯)", "date": "2026-03-28" } ] }, { "id": "anlogic", "name_en": "Shanghai Anlogic Infotech", "name_zh": "上海安路信息科技股份有限公司", "name_pinyin": "Ānlù Kējì", "category": "State-Backed Design House", "founded": 2011, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.2, "lon": 121.4 }, "product_focus": "FPGA/FPSoC (ELF, Eagle, Phoenix/Fenghuang lines) + in-house FPGA EDA toolchain", "design_scope": "Fabless design + own full-flow EDA; largest shareholder Huada Semiconductor (CEC) — the 'national team' FPGA complement to Fudan Micro", "node_sophistication": "55nm→domestic-28nm FPGA in volume→first advanced-node (FinFET) high-performance FPGA deliveries 2025; ¥1.262bn placement completed September 2026 (at the full cap, ¥25.49/share, 22 investors) funding a >4KK-LUT chiplet FPGA (2.5D multi-die) whose project kicked off June 2026, sampling 2026, volume 2027–28", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 3, "domain_difficulty": 5, "market_readiness": 2 }, "narrative": { "significance": "The most explicit domestic attempt to reach Xilinx/Altera-scale FPGA density (4M+ LUT chiplet program) — while still small and loss-making (FY2025 revenue ¥5.20亿, net -¥2.72亿). The turnaround signal is H1 2026: revenue ¥4.32亿 (+93.3%) with the net loss narrowed 47.7% to ¥74.5 million (Q2 alone +104.7% YoY, a fifth straight quarter of sequential growth), on 'multi-fold' data-center sales as FPGAs ride the AI-emulation wave; the ¥12.6亿 placement closed at the full cap in September 2026 to fund exactly that chiplet program.", "what_it_designs": "Reconfigurable logic (FPGA/FPSoC) for telecom, industrial, automotive (cockpit/LiDAR) and compute; FPGA design software." }, "sources": [ { "url": "https://pdf.dfcfw.com/pdf/H2_AN202603301820869925_1.pdf", "title": "安路科技2025年年度报告 (东方财富转巨潮)", "date": "2026-03-30" }, { "url": "http://www.zqrb.cn/gscy/gongsi/2026-08-29/A1787924786304.html", "title": "安路科技半年报营收翻倍：数据中心FPGA放量 (证券日报)", "date": "2026-08-29" }, { "url": "https://static.cninfo.com.cn/finalpage/2026-09-11/1225558042.PDF", "title": "安路科技2026年度向特定对象发行股票发行情况报告书（募资12.62亿元） (巨潮资讯)", "date": "2026-09-11" } ] }, { "id": "pango", "name_en": "Pango Micro (Shenzhen)", "name_zh": "深圳市紫光同创电子股份有限公司", "name_pinyin": "Zǐguāng Tóngchuàng", "category": "Fabless", "founded": 2013, "location": { "city": "Shenzhen", "province": "Guangdong", "lat": 22.54, "lon": 113.95 }, "product_focus": "FPGA: Logos-2/Titan-2/Kosmo-2 lines + in-house EDA — comms, industrial, consumer", "design_scope": "Unlisted; controlled (55.27%) by the restructured 新紫光集团, not by listed Unigroup Guoxin (which equity-accounts it)", "node_sophistication": "Mid-range FPGA nodes (28nm-class mainstream in domestic comms); high-end FinFET line not yet demonstrated vs Fudan/Anlogic", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 3, "domain_difficulty": 4, "market_readiness": 2 }, "narrative": { "significance": "The last big unlisted domestic FPGA asset and the volume player in comms-side programmable logic; 2025 net loss narrowed to ¥108m (from ¥344m). STAR listing tutoring (CICC) filed April 2025 — the fifth progress report was filed with the Shenzhen CSRC bureau on 15 July and published 3 August 2026, still pre-acceptance, with the fundraising plan undetermined; a January 2026 round made 北京京国管股权投资基金 a >5% shareholder. On the product front, it launched the PG3T500 (a first domestic ~50M-gate FPGA) and PG2K100 heterogeneous SoPC in October 2025, with 28nm in volume and 14nm capability claimed — a near-term test of FPGA valuations after Fudan Micro's scarcity-driven rally.", "what_it_designs": "Communication/industrial FPGAs (Logos-2/Titan-2/Kosmo-2) and in-house design software." }, "sources": [ { "url": "https://www.stcn.com/article/detail/1764250.html", "title": "紫光同创科创板上市辅导备案 (证券时报)", "date": "2025-04-30" }, { "url": "https://cs.ecitic.com/newsite/tzgg/ipoqyfdgg/202608/t20260803_1215249.html", "title": "中信证券关于紫光同创首次公开发行股票并上市辅导第五期工作报告 (CITIC Securities)", "date": "2026-08-03" }, { "url": "https://finance.sina.com.cn/roll/2026-01-20/doc-inhhxqwx6212594.shtml", "title": "紫光同创获新融资：京国管基金持股超5% (新浪财经)", "date": "2026-01-20" } ] }, { "id": "unigroup-guoxin", "name_en": "Unigroup Guoxin Microelectronics", "name_zh": "紫光国芯微电子股份有限公司", "name_pinyin": "Zǐguāng Guówēi", "category": "State-Backed Design House", "founded": 2001, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 39.99, "lon": 116.33 }, "product_focus": "Specialty (mil/aerospace-grade) ICs — >60% domestic share in special FPGA, 800+ part numbers; smart- security chips (eSIM/SIM global leader, car security); quartz devices", "design_scope": "Fabless specialty-IC champion; 联营 of Pango FPGA; DRAM arm (西安紫光国芯) carved out in the 2019 restructuring and now filing A-share tutoring (Jan 2026)", "node_sophistication": "Aerospace-grade qualification over geometry; 宇航用FPGA family + specialty HBM in customer test (2025); AI video chip completed", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 5, "market_readiness": 5 }, "narrative": { "significance": "China's specialty-IC national champion — the chip backbone of defense/avionics — and the profitable exception among design houses: FY2025 revenue ¥61.46亿 (+11.5%), net ¥14.37亿 at 55.6% gross margin; H1 2026 revenue ¥34.43亿 (+13.0%), net ¥7.98亿 (+15.3%). January 2026: agreed to buy power-semi maker 瑞能半导体 (NXP/WeEn lineage) for ¥1.9 billion (¥1.52bn in shares at ¥61.45 + ¥380m cash), extending the portfolio into power discretes and, since 瑞能 owns wafer fabs, from pure fabless toward 'fabless+IDM' — the deal was accepted by the SZSE on 15 June 2026 and a revised draft (audit base rolled to 30 June) was disclosed 12 September, still short of a clearance vote as of 11 October. August 2026: its 紫光同芯 unit launched a next-gen 'satellite-terrestrial converged' AI eSIM with China Unicom.", "what_it_designs": "Radiation/aerospace-tolerant CPUs/FPGA/memory/analog, eSIM and secure-element chips, quartz timing devices." }, "sources": [ { "url": "http://static.cninfo.com.cn/finalpage/2026-08-15/1225474653.PDF", "title": "紫光国微2026年半年度报告摘要 (巨潮资讯)", "date": "2026-08-15" }, { "url": "https://www.cls.cn/detail/2249957", "title": "西安紫光国芯启动A股IPO辅导：DRAM/CXL/堆叠存储 (财联社)", "date": "2026-01-07" }, { "url": "http://static.cninfo.com.cn/finalpage/2026-09-12/1225561834.PDF", "title": "紫光国微关于发行股份及支付现金购买瑞能半导体资产审核问询函回复更新（修订稿）的提示性公告 (巨潮资讯)", "date": "2026-09-12" } ] }, { "id": "espressif", "name_en": "Espressif Systems (Shanghai)", "name_zh": "乐鑫信息科技（上海）股份有限公司", "name_pinyin": "Yuèxīn Kējì", "category": "Fabless", "founded": 2008, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.23, "lon": 121.47 }, "product_focus": "Wi-Fi/Bluetooth/802.15.4 connectivity SoCs — the ESP32 family (C/H/P/S lines) from entry MCU to dual-band Wi-Fi 6 (ESP32-C5) and BLE 6.0 (ESP32-H4)", "design_scope": "Near-100% self-designed IP — RF, baseband/MAC, power management, and fully in-house RISC-V CPU cores (Xtensa legacy license retired from the mainstream); global developer ecosystem is the moat (180k+ GitHub projects)", "node_sophistication": "40nm-class mainstream — deliberately mature; value is in integration and software, not geometry", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 5, "design_completeness": 5, "domain_difficulty": 4, "market_readiness": 5 }, "narrative": { "significance": "The only Chinese fabless with genuine global developer-ecosystem dominance (Wi-Fi MCU #1 worldwide) — FY2025 revenue ¥25.65亿 (+27.8%), net ¥4.98亿, overseas revenue +40.4%. H1 2026 (interim 30 July): revenue ¥14.81亿 (+18.9%) with net profit ¥3.34亿 (+27.9%) and record 49.3% gross margin — Q2 was the first-ever >¥8亿 quarter; management also announced a ¥50–100m share buyback for equity incentives. Product cadence stayed fast: ESP32-E22 tri-band Wi-Fi 6E (CERTIFIED 6E mark obtained in Q2) and the ESP32-S31 dual-core RISC-V SoC (sampled May, in mass production since July); Wi-Fi 7 capability is targeted by mid-2027. Its pivot to fully self-developed RISC-V cores removes the last foreign-IP dependency across its mainstream line.", "what_it_designs": "Wi-Fi/BLE/Thread connectivity SoCs and MCUs with self-designed RISC-V CPUs, plus modules/devkits (M5Stack majority-owned)." }, "sources": [ { "url": "https://static.cninfo.com.cn/finalpage/2026-03-21/1225022430.PDF", "title": "乐鑫科技2025年年度报告摘要 (巨潮资讯)", "date": "2026-03-21" }, { "url": "https://finance.sina.com.cn/stock/aigc/stockfs/2026-03-20/doc-inhrrvnu0725505.shtml", "title": "乐鑫2025年报解读：净利4.98亿+47%，海外+40% (新浪财经)", "date": "2026-03-20" }, { "url": "https://finance.eastmoney.com/a/202607303827106633.html", "title": "乐鑫科技2026年上半年净利3.34亿元同比增27.93%，拟回购5000万-1亿元 (东方财富)", "date": "2026-07-30" } ] }, { "id": "amlogic", "name_en": "Amlogic (Shanghai) Co., Ltd.", "name_zh": "晶晨半导体（上海）股份有限公司", "name_pinyin": "Jīngchén Bàndǎotǐ", "category": "Fabless", "founded": 2003, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.21, "lon": 121.53 }, "product_focus": "Smart set-top-box/TV SoCs (S/T lines), AIoT, smart-vision (C line), Wi-Fi 6 (W line); ~270 global operator customers", "design_scope": "Full multimedia SoC design; company states >70% of functional modules self-designed incl. video codecs, NPU, Wi-Fi PHY/MAC; Arm CPU licensed", "node_sophistication": "6nm in mass production — first ARMv9-based 6nm STB SoC (~9M units 2025, 30M targeted 2026); the most advanced consumer-SoC node among the listed design houses", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 5, "domain_difficulty": 4, "market_readiness": 5 }, "narrative": { "significance": "China's most globally embedded video SoC designer — its chips run operator boxes worldwide (Netflix/Google-certified) and, from Q4 2026 batch mass production, Samsung TVs enter volume on its silicon; management says its smart-TV SoC shipments could reach roughly one-third of the global market in FY2026 (vs ~16.8% in 2025). FY2025: ¥67.93亿 revenue (+14.6%), record 174M chips; H1 2026 ¥43.91亿 (+31.9%) with net profit ¥6.11亿 (+23.0%), Q2 a record quarter (¥24.96亿 / ¥4.38亿). The Q3 2026 pre-announcement (8 October) is the sweep's standout datapoint: 9M revenue ¥70.8–71.8亿 (+39.6–41.6%), Q3 revenue ¥26.9–27.9亿 (+54.5–60.2%), Q3 net profit ¥6.49–6.99亿 (+223–248%) — and management's operational estimate that FY2026 revenue will top ¥100亿. An A+H listing is in motion: HKEX A1 refiled 12 April 2026 and CSRC overseas-listing备案 (国合函〔2026〕2027号) received 24 August.", "what_it_designs": "4K/8K STB and smart-TV SoCs, edge-AI NPU platforms, vision-AI and Wi-Fi 6 connectivity chips." }, "sources": [ { "url": "https://paper.cnstock.com/html/2026-02/12/content_2180614.htm", "title": "晶晨股份2025年度业绩快报：营收67.93亿 (上海证券报)", "date": "2026-02-12" }, { "url": "https://wap.stockstar.com/detail/RB2026081900043670", "title": "晶晨2026半年报点评：进入三星电视供应链 (证券之星)", "date": "2026-08-19" }, { "url": "https://m.cls.cn/detail/2499667", "title": "晶晨股份三季报预告：Q3营收同比增逾54%，全年剑指百亿 (财联社)", "date": "2026-10-08" } ] }, { "id": "ingenic", "name_en": "Ingenic Semiconductor", "name_zh": "北京君正集成电路股份有限公司", "name_pinyin": "Běijīng Jūnzhèng", "category": "Fabless", "founded": 2005, "location": { "city": "Beijing", "province": "Beijing Municipality", "lat": 40.05, "lon": 116.3 }, "product_focus": "Automotive/industrial memory via ISSI (¥29.11亿 of 2025 sales: SRAM world #2, niche DRAM, NOR/eMMC), MIPS/RISC-V AIoT & video SoCs, analog & car interconnect (LIN/CAN)", "design_scope": "Design fabless with own embedded CPU cores (MIPS heritage → fully self-developed RISC-V shipped in 100M+ chips) and ISSI's US/EU automotive memory franchise (acquired 2019-20)", "node_sophistication": "DRAM ramping 20nm→18nm→16nm; LPDDR5 in development; 3D DRAM targeting 2026 tape-out; SoCs ~22nm-class", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 5, "market_readiness": 5 }, "narrative": { "significance": "The closest thing China has to a global automotive/industrial memory design house — 82.7% of revenue is overseas and ISSI qualifies with world carmakers, precisely the niche US Dec-2024 rules tried to fence. The DRAM supercycle fully monetized in H1 2026 (interim, 28 August): revenue ¥39.57亿 (+76.0%) and net profit ¥11.98亿 (+489.6%), Q2 ¥23.97亿/¥8.79亿; storage line +90.1% to ¥26.32亿, compute +72.7%, gross margin 51.8%. DRAM contract re-pricing began Q1 and continued after July, with the company expecting tight supply until H2 2027 — but the 3D DRAM AI-bandwidth tape-out has slipped on the very capacity crunch it profits from. An A+H route opened: H-share application refiled 26 May 2026 with CSRC overseas-listing备案 received 24 June. FY2025 ¥47.41亿 (+12.5%).", "what_it_designs": "Car-grade SRAM/DRAM/NOR/eMMC, RISC/MIPS AIoT-video SoCs, automotive LED drivers and LIN/CAN transceivers." }, "sources": [ { "url": "https://finance.sina.com.cn/tech/roll/2026-03-29/doc-inhssmvq4607958.shtml", "title": "北京君正2025年报：存储收入占比61% (新浪科技)", "date": "2026-03-29" }, { "url": "https://finance.sina.com.cn/roll/2026-04-30/doc-inhwfpqq6340036.shtml", "title": "Q1净利3.19亿+332%：存储超级周期下的北京君正 (长江商报)", "date": "2026-04-30" }, { "url": "https://www.ijiwei.com/n/1101129", "title": "北京君正2026年半年报：营收39.57亿+76%，净利11.98亿+489.6% (爱集微)", "date": "2026-08-28" } ] }, { "id": "puya", "name_en": "Puya Semiconductor (Shanghai)", "name_zh": "普冉半导体（上海）股份有限公司", "name_pinyin": "Pǔrǎn", "category": "Fabless", "founded": 2016, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.22, "lon": 121.51 }, "product_focus": "NOR flash (global #5, 550M+ units 2025), EEPROM (leader in phone-camera VCM), MCUs, VCM/OIS drivers; SLC NAND/eMMC/MCP via the SHM acquisition", "design_scope": "Fully fabless; SONOS-process NOR is licensed (expiry 2038 — disclosed dependency); buying the remaining 49% of 珠海诺亚长天/SHM for ¥2.47bn (shares + convertible bonds + cash) — SSE restructuring committee review scheduled 14 October 2026", "node_sophistication": "40nm/4x-nm specialty NOR+MCU (2nd-gen SONOS, 3rd-gen '40E' in production); mature-node capacity scarcity (SMIC/Hua Hong) is its stated pricing driver", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 3, "design_completeness": 4, "domain_difficulty": 3, "market_readiness": 5 }, "narrative": { "significance": "The textbook double-case of 2025-26 fabless China: buying a distressed global asset to jump product tiers (SHM = ex-SK Hynix 2D NAND carve-out, world #4 SLC NAND — the 51% cash purchase closed November 2025 and the ¥23.46亿 H1 consolidated contribution proves the thesis), then riding the AI memory supercycle — H1 2026 revenue ¥39.59亿 (+336.7%) and net ¥8.27亿 (+1930%), versus FY2025 ¥23.20亿/+28.6% with profit down. The remaining 49% (¥2.47bn in shares+convertibles+cash) goes to the SSE's M&A restructuring committee on 14 October 2026, the clearest near-term test of how domestic consolidation deals clear review. Its MCP modules already ship into HP/Motorola/Cisco/Bosch chains.", "what_it_designs": "NOR/EEPROM/SLC-NAND/eMMC/MCP memory and general/motor MCUs, camera VCM/OIS drivers." }, "sources": [ { "url": "https://static.cninfo.com.cn/finalpage/2026-03-21/1225023836.PDF", "title": "普冉股份2025年年度报告 (巨潮资讯)", "date": "2026-03-21" }, { "url": "https://www.mrjjxw.com/articles/2026-08-18/4545641.html", "title": "普冉半年报营收增336%：并购SHM+存储涨价双击 (每日经济新闻)", "date": "2026-08-18" } ] }, { "id": "dosilicon", "name_en": "Dosilicon Co., Ltd.", "name_zh": "东芯半导体股份有限公司", "name_pinyin": "Dōngxīn Gǔfèn", "category": "Fabless", "founded": 2014, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.16, "lon": 121.32 }, "product_focus": "Niche small-capacity memory — SLC NAND (domestic leader), NOR, DDR3/LPDDR4x DRAM, MCP combos for phone/module platforms", "design_scope": "Pure fabless (Korean subsidiary Fidelix lineage, US Nemostech); distinctive 35.87% stake in 砺算科技 (Lisuan Technology) — China's most 'pure' self-architected consumer GPU; ¥6.82亿 of surplus IPO funds redirected (Aug 2026) into an in-house compute-storage-interconnect chip project; board approved up-to-10% H-share plan 22 May 2026", "node_sophistication": "1x-nm-class SLC NAND in volume; affiliate Lisuan's 7G100 GPU on 6nm (taped out early 2025, retail launch ¥2,688 on JD 16 July 2026; 4th globally WHQL-certified Windows GPU vendor)", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 3, "design_completeness": 3, "domain_difficulty": 4, "market_readiness": 4 }, "narrative": { "significance": "A two-story firm: a niche-memory designer riding the 2025-26 shortage to 67.7% gross margin and H1 2026 net profit ¥6.59亿 (vs FY2025 loss) — with an interim dividend of ¥6/10 shares plus a bonus issue — and a listed proxy for Lisuan's consumer GPU incubation (¥0.42亿 equity-method loss H1, ~65% of RTX-3060 gaming performance per independent tests). The 7G100 sold through its ¥2,688 JD retail launch from 16 July and became the first Chinese GPU maker to exhibit standalone at ChinaJoy (July–August); Lisuan's next-gen architecture is in design with no tape-out date given, and Dosilicon says it holds no current integration of its own memory on Lisuan's GPUs. If the 7G100 scales, the off-balance-sheet GPU template becomes the model for design houses nurturing advanced logic.", "what_it_designs": "SLC/MLC NAND, NOR, niche DRAM and MCP/eMMC combos; affiliate's 6nm graphics GPUs." }, "sources": [ { "url": "https://static.cninfo.com.cn/finalpage/2026-04-23/1225153903.PDF", "title": "东芯股份2025年年度报告 (巨潮资讯)", "date": "2026-04-23" }, { "url": "https://www.cls.cn/detail/2461083", "title": "东芯股份半年报：扭亏为盈，毛利率67.66% (财联社)", "date": "2026-08-21" } ] }, { "id": "semidrive", "name_en": "SemiDrive Technology", "name_zh": "南京芯驰半导体科技有限公司", "name_pinyin": "Xīnchí Kējì", "category": "Fabless", "founded": 2018, "location": { "city": "Nanjing", "province": "Jiangsu", "lat": 32.06, "lon": 118.8 }, "product_focus": "Automotive compute across the E/E architecture: X9/X10 smart-cockpit SoCs, G9 central gateway (first ChinaSecurity-certified), V9 ADAS SoCs, E3-series ASIL-D MCUs (E3650 on 22nm)", "design_scope": "400+ independent IP claimed; full ISO 26262 ASIL-D process chain (first in China, 2019); founders ex-Freescale/NXP; ~$100m C-round May 2026 followed by a ~¥300m C+/C++ round (华登科技 Walden, 陕投基金 et al.) closed 21 September 2026 — 2026 C-series total ~¥1bn; no verified IPO filing as of October 2026", "node_sophistication": "First 16nm automotive SoC in China; E3650 22nm in volume; X10 AI-cockpit node undisclosed", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 5, "domain_difficulty": 5, "market_readiness": 4 }, "narrative": { "significance": "China's most credible NXP/Renesas challenger — the only domestic firm with cockpit+gateway+ADAS SoC+ASIL-D MCU all in production — now #1 domestic cockpit-SoC vendor (5th overall, 3.77%, ahead of HiSilicon per GGII 2025), with 12–14M+ units shipped and 2026 'Strategy 2.0' extending automotive safety silicon to robots: at the September 2026 服贸会 forum it detailed the full stack — R1 'cerebrum' SoC (ARMv9.2 + new NPU for on-device MLLM/VLA), D9-Max 'cerebellum' (EtherCAT ±5μs, dev kit shipping) and E3-R joint-control MCUs — claiming to be the only domestic vendor covering brain + small-brain + all motor-control MCU.", "what_it_designs": "Cockpit/gateway/ADAS automotive SoCs (X9/G9/V9, X10 AI-cockpit at 80 TOPS with BAIC leading adoption), ASIL-D safety MCUs, robotics compute and motion-control chips." }, "sources": [ { "url": "https://news.pedaily.cn/202605/563806.shtml", "title": "芯驰科技完成约1亿美元C轮融资 (投资界)", "date": "2026-05-13" }, { "url": "https://finance.sina.com.cn/jjxw/2026-05-14/doc-inhxvyep3941616.shtml", "title": "芯驰：智驾座舱舱泊一体出货超1400万片，切入具身智能 (中国经营报)", "date": "2026-05-14" }, { "url": "https://news.qq.com/rain/a/20260921A0C7JU00", "title": "芯驰科技完成C+、C++轮融资 合计约3亿元 (科创板日报 via 腾讯)", "date": "2026-09-21" } ] }, { "id": "nationz", "name_en": "NSING Technologies (Nations Technologies)", "name_zh": "国民技术股份有限公司", "name_pinyin": "Guómín Jìshù", "category": "Fabless", "founded": 2000, "location": { "city": "Shenzhen", "province": "Guangdong", "lat": 22.57, "lon": 113.95 }, "product_focus": "General+secure MCUs (N32 line), TPM/TCM security chips (Z32H330TC dual-algorithm for Windows PCs), BMS/PMIC, RF; legacy battery-materials arm", "design_scope": "Ex-ZTE IC arm; four self-built platforms (SoC/security/power/RF); 289 valid patents; A-share ChiNext 2010 + H-share 02701 listed 2026", "node_sophistication": "40nm-class secure MCU/TCM (NS350); mainstream N32 on mature nodes", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 3, "market_readiness": 3 }, "narrative": { "significance": "The security-silicon incumbent — much of China's compliant TPM/TCM supply for government PCs and banks — and an unexpectedly AI-adjacent one: its April 2026 N32H493 is the first domestic MCU designed for 800G/1.6T optical modules, now in 量产导入 at tier-1/2 module makers with the M32H5 (1.6T+) next in line. H1 2026 marked the first half-year profit after years of losses (revenue ¥9.06亿 +43.4%, 归母 net ¥4.41 million) — though ex-items it still lost ¥23.6 million, the chip line (¥4.30亿, +38.1%) roughly balanced by the still-sinking graphite-anode materials arm (¥4.38亿, +50.5% at tiny margins). Two price letters in 2026 (March +15–20%; 11 August, +10–20% effective 1 October) track the analog inflation cycle; H shares listed 23 March 2026 (02701.HK, HK$10.80, ~HK$945m). Live risk flag: outstanding guarantees to subsidiaries (¥1.24bn) equal ~135% of audited net assets. FY2025 revenue ¥13.60亿 with loss halved.", "what_it_designs": "32-bit general/auto MCUs, secure elements/TPM/TCM, BMS PMICs, optical-module control MCUs, IoT RF." }, "sources": [ { "url": "https://www.cls.cn/detail/2461409", "title": "国民技术半年报首盈+国内首款光模块MCU N32H493 (财联社)", "date": "2026-08-22" }, { "url": "https://www.hkexnews.hk/listedco/listconews/sehk/2026/0821/2026082101371.pdf", "title": "NSING Technologies 2026中期報告 (HKEXnews)", "date": "2026-08-21" } ] }, { "id": "chipsea", "name_en": "Chipsea Technologies (Shenzhen)", "name_zh": "芯海科技（深圳）股份有限公司", "name_pinyin": "Xīnhǎi Kējī", "category": "Fabless", "founded": 2003, "location": { "city": "Shenzhen", "province": "Guangdong", "lat": 22.52, "lon": 113.94 }, "product_focus": "Precision ADC/AFE + MCU platform: health-sensing SoCs (BIA/PPG), force-touch HMI SoCs, PC embedded controllers (EC/SuperIO/PD, Thunderbolt), BMS, HarmonyOS ecosystem chips", "design_scope": "Self-described full-signal-chain chip designer; founder ex-Huawei ASIC director; R&D 32.8% of revenue in 2025; first batch HarmonyOS Connect ISV (~50M devices)", "node_sophistication": "Mature mixed-signal (55/40nm-class typical, undisclosed); 24-bit ADC measuring ~21nV", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 4, "domain_difficulty": 4, "market_readiness": 3 }, "narrative": { "significance": "The TI/ADI-substitution test case for precision analog: its PC EC/SuperIO chips sit in domestic AI-PCs (Honor Book Pro 14, Intel PCL) — a quiet sovereign-PC node — and by the H1 2026 report Chipsea is mainland China's only Intel-PCL-and-AMD-AVL dual-certified EC vendor (the 4th globally), shipping into Lenovo with a world-first Zephyr-OS EC co-launched there and the second-gen EC through Intel PCL validation; an edge-BMC for AI-NAS/edge servers is in volume and an ASIL-D automotive MCU is at Tier-1 joint validation after sample light-up. Q2 2026 delivered a small quarterly profit (¥623k), though H1 2026 as a whole still lost ¥38.6m; FY2025 revenue ¥8.49亿 (+20.8%), still loss-making.", "what_it_designs": "High-precision ADC/AFE, health-sensing and haptic SoCs, PC embedded controllers and PD/BMS, MCUs." }, "sources": [ { "url": "https://paper.cnstock.com/html/2026-03/31/content_2194715.htm", "title": "芯海科技2025年报摘要 (上海证券报)", "date": "2026-03-31" }, { "url": "https://wap.stockstar.com/detail/RB2026090200007343", "title": "芯海科技2026年中报：端侧AI放量营收+16.43%、单季扭亏 (证券之星)", "date": "2026-09-02" }, { "url": "https://www.stcn.com/article/detail/3718301.html", "title": "芯海科技2025年营收8.49亿元 AI战略多点开花驶入增长快车道 (证券时报)", "date": "2026-03-31" } ] }, { "id": "xhsc", "name_en": "XHSC (Xiaohua Semiconductor)", "name_zh": "小华半导体有限公司", "name_pinyin": "Xiǎohuá Bàndǎotǐ", "category": "State-Backed Design House", "founded": 2021, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.2, "lon": 121.6 }, "product_focus": "HC32-family 32-bit MCUs: general control, motor, automotive (HC32A), ultra-low-power (HC32L); ~300M units/year shipped", "design_scope": "The MCU arm of Huada Semiconductor (CEC central-SOE IC platform that also spans 安路 FPGA, 积塔 fab, 上海贝岭 analog) — the 'national team' MCU champion", "node_sophistication": "Mature 55/40nm-class; anchored on CEC-affiliated 积塔 specialty fabs — node-agnostic by design; full IATF16949 + ASIL-D process certification, AEC-Q100 parts", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 3, "design_completeness": 4, "domain_difficulty": 3, "market_readiness": 4 }, "narrative": { "significance": "The state-aligned 'MCU + OS' stack for信创, white goods and automotive body/power domains: scale (300M units/yr), full automotive safety certification chain, and captive specialty-fab backing — plus a February 2025 AUTOSAR pact with CETC's 普华 OS vendor that pairs domestic silicon with a domestic car OS, deepened in July 2026 when the XC27x series (dual Cortex-M7, ASIL-B, 12×CAN-FD + GbE) completed adaptation to 普华 OrientAIS CP. In early February 2026 XHSC announced its XC38 automotive MCU had taped out on a fully domestic mature process: multi-core ASIL-D lockstep at 400MHz (claims higher DMIPS than comparable Infineon/NXP parts at the same node), targeting e-drive, 800V BMS, ZCU and AEB safety domains, with samples to OEMs/Tier-1s through 2026.", "what_it_designs": "General/motor/automotive/ultra-low-power 32-bit MCUs (HC32 lines, plus the XC-series automotive MCUs) and supporting RTOS/AUTOSAR software." }, "sources": [ { "url": "https://finance.sina.com.cn/roll/2025-03-13/doc-ineppeuc6667756.shtml", "title": "小华半导体与普华基础软件达成AUTOSAR战略合作 (新浪财经)", "date": "2025-03-13" }, { "url": "https://www.eetrend.com/content/2026-02/f2758328-6fc3-41f4-9abd-61ce6498e6e0-100598678.html", "title": "小华半导体高性能车规处理器XC38流片成功：纯国产工艺、400MHz ASIL-D锁步核 (电子创新网)", "date": "2026-02-05" } ] }, { "id": "sinowealth", "name_en": "Sino Wealth Electronic", "name_zh": "中颖电子股份有限公司", "name_pinyin": "Zhōngyǐng Diànzǐ", "category": "State-Backed Design House", "founded": 1994, "location": { "city": "Shanghai", "province": "Shanghai Municipality", "lat": 31.22, "lon": 121.42 }, "product_focus": "Home-appliance/industrial MCUs (~60% of revenue, domestic leader), battery-management ICs (~30%), AMOLED display drivers", "design_scope": "30-year in-house 8/32-bit MCU + BMIC + DDIC lineage; June-July 2025 founder sold 14.2% control to PE/SOE platform 致能工电 (武岳峰-run) — the first 'investor-becomes-operator' MCU control transfer; ≤¥1bn directed placement to 致能工电 for auto/industrial and humanoid-robot joint-control MCUs planned April 2026, CSRC registration approved late September, issuance still pending as of 11 October", "node_sophistication": "Mature MCU nodes; no advanced-node exposure", "entity_list": { "status": false, "date_added": null, "list": null }, "design_score": { "ip_ownership": 4, "design_completeness": 3, "domain_difficulty": 3, "market_readiness": 4 }, "narrative": { "significance": "Bellwether of China's most commoditized MCU market: FY2025 revenue ¥12.84亿 (-4.4%) in a price war, H1 2026 ¥7.22亿 (+10.8%, net ¥71m +72.9% incl. ¥23.8m partnership fair-value gains) recovering — with the control transfer, the pending ≤¥1bn placement (fully subscribed by controlling shareholder 致能工电 in cash; the company now discloses 无实际控制人 status) a deliberate consolidation play toward automotive/robotics as appliance MCU demand saturates. Roadmap disclosed in August: robot-joint control MCU in design with engineering samples targeted H2 2026, a 26-cell EV BMS AFE and first laptop fuel-gauge IC next year, 55nm MCU volume 2027, and a third car-grade MCU (after two shipping since Q3 2025 AEC-Q100 qualification) due within 2026.", "what_it_designs": "Appliance/industrial MCUs, BMICs for tools/batteries, AMOLED DDICs, early automotive MCUs." }, "sources": [ { "url": "https://m.huxiu.com/article/4495169.html", "title": "傅启明套现12.45亿：威朗国际转让中颖电子控制权 (虎嗅)", "date": "2025-06-22" }, { "url": "https://www.stcn.com/article/detail/3727506.html", "title": "中颖电子定增不超10亿元：致能工电全额认购 (证券时报)", "date": "2026-04-03" } ] } ] }