Xinhua Finance | 128 Semiconductor Companies on STAR Market Post Combined Revenue of Over RMB 360 Billion in 2025, Up 25% Year-on-Year

Semiconductor companies listed on the STAR Market have entered a period of intensive annual report disclosure. According to statistics based on performance express reports, 128 semiconductor companies on the STAR Market achieved combined revenue of more than RMB 360 billion in 2025, representing a year-on-year growth rate of 25%. Behind this performance are both the effective implementation of long-term policy support such as national-level industrial funds and major science and technology projects, and the strong demand driven by new technologies and applications including artificial intelligence. This reflects the resilience and vitality of China's semiconductor industry.

Xinhua Finance, Shanghai, April 3 (Reporter - Du Kang) Semiconductor companies listed on the STAR Market have stepped into intensive annual report disclosure. Statistics based on performance express reports show that 128 semiconductor firms on the STAR Market posted aggregate revenue of over RMB 360 billion in 2025, up 25% year on year. This result is attributed to the effective delivery of long-term policy support including national industrial funds and major scientific and technological programs, as well as robust demand from new technologies and applications such as artificial intelligence, which speaks to the resilience and dynamism of China's semiconductor industry.

To date, the STAR Market hosts 128 semiconductor companies, accounting for more than 60% of A-share listed peers in the sector. It has formed a full-industry-chain layout covering integrated circuit design, manufacturing, packaging & testing, equipment and materials, with combined IPO fundraising exceeding RMB 320 billion. These enterprises have pressed ahead with technological breakthroughs across the entire chain, resolving a host of key "bottleneck" problems including domestic AI computing power chips, large semiconductor silicon wafers, advanced etching machines and independent semiconductor IP.

As the "heart" and "brain" of high-tech industries, integrated circuits serve as the underlying support for the development of various emerging sectors such as artificial intelligence, satellite internet, communications and new energy.

Taking the STAR Market as an example: Cambricon, a leading domestic AI chip manufacturer, provides core computing power for large model training and inference with its Siyuan series chips, and has become a key supplier to intelligent computing centers and cloud computing providers.

The development of satellite internet is closely linked to technological breakthroughs in radio frequency chips. Beijing OnMicro's satellite communication products are compatible with Beidou, Tiantong and low-earth orbit satellite communication systems simultaneously, and have been mass-produced for high-end models of multiple branded mobile phone customers. The iterative upgrade of 5G communications relies on innovations in baseband chips. ASR delivers core chip support for 5G and IoT communications; its first 5G intelligent SoC chip has basically completed functional verification and entered the system validation and testing phase. The development of new energy vehicles and energy storage industries has raised new requirements for the performance and quality of power devices. China Resources Microelectronics, a leader in semiconductor power devices, has achieved mass shipment of its silicon carbide (SiC) products to multiple top-tier industry customers for vehicle applications.

Based on a reliable, controllable and secure industry ecosystem, China's semiconductor industry has built a dual-circulation industrial system. On one hand, customs data shows that in the first two months of 2026, China's integrated circuit exports soared by 72.6% year-on-year to USD 43.3 billion, with a 13% increase in volume and a 52% rise in price. This export data marks the industry's successful removal of the "low-end and low-cost" label and its emergence as a global supplier of high-end products. Annual reports indicate that: Montage Technology derived over 70% of its revenue from overseas markets in 2025, with a gross margin 13 percentage points higher than that of its domestic business. Amlogic's products are sold in major global economies including North America, Europe and Latin America. In 2025, the company collaborated with Google, a global tech leader, to launch a range of new products compatible with its on-device large model Gemini.

On the other hand, from a medium-to-long-term development perspective, the demand for chips is continuously rising in sectors where China has made significant progress and built competitive advantages, such as new energy vehicles, industrial control, smart home appliances, and AI server power supplies. This trend will bring priority benefits to local industrial chain enterprises.

Notably, with the sustained surge in AI computing power demand, multiple niche sectors on the STAR Market have experienced explosive growth. Annual reports reveal that net profits of AI computing chip companies on the STAR Market have generally turned around from losses or significantly reduced losses. In the memory sector, boosted by strong demand for AI memory capacity, both volume and price of products have increased. Biwin Storage Technology's net profit surged by 429.07% year-on-year, and the company recently secured USD 1.5 billion in wafer procurement contracts. On-device AI has also entered a harvest period. Bestechnic has successfully taped out and mass-produced multiple wearable chips, driving a 29% year-on-year increase in net profit.

New technology layouts derived from AI are also creating new growth drivers for enterprises. Many hard tech companies on the STAR Market are intensively investing in core areas such as AI computing power, advanced packaging, and high-speed memory. Metax Integrated Circuits is developing and promoting the implementation of 10,000-card clusters, which have successfully supported innovations in model architectures including Mixture of Experts (MoE) large models, brain-inspired large models, and reinforcement learning, as well as full-scale pre-training and inference. Yuanjie Semiconductor Technology's high-margin continuous wave (CW) silicon photonics light source products saw large-scale volume growth in the data center market in 2025, and are expected to continue benefiting from the silicon photonics application trend. Biwin Storage Technology has successfully launched a wafer-level advanced packaging and testing manufacturing project, becoming the world's only independent memory solution provider with wafer-level packaging and testing capabilities.