Breaking Through the Cycle! Semiconductors’ Revenue Goes Global—“Dual Boost” Speeds Up Exports; 16 Strong-Performing Stocks That Were “Wrongly Overlooked” Exposed

In recent times, the global pricing boom for key semiconductor components such as storage chips and MCUs has arrived once again, directly feeding through to consumer end markets. Combined with the surge in demand for AI compute and multiple other factors including geopolitics, the semiconductor industry’s overall business outlook is expected to continue recovering.

Semiconductor companies’ revenue and net profit accelerate in growth

According to statistics compiled by Securities Times · Data Bao, as of now, the relevant net profit data for A-share listed semiconductor companies in 2025 (including guidance; for guidance, the lower end is used, the same below) have basically been disclosed (only a few companies have not yet disclosed annual reports or performance guidance).

Overall, among 165 companies that disclosed net profits, 115 companies recorded profits in 2025. The proportion of profitable companies is close to 70%, slightly exceeding the 2024 level.

Looking back at history, in 2024, semiconductor companies’ revenue increased year over year by 21.44%, more than 20 percentage points higher than the previous year; net profit grew year over year by 15.42%, up nearly 66 percentage points from the previous year. In 2025, revenue rose year over year (comparable basis) by nearly 24%, and net profit increased year over year by 29.09%. The growth rates of both revenue and net profit have continued to move upward compared with the previous year.

With listed companies’ performance continuing to improve, it is a microcosm of how the semiconductor industry has shifted from stagnation to recovery. After the sluggish periods in 2022 and 2023, since 2024 the semiconductor industry has seen a strong rebound, and in 2025 it has accelerated further.

As reported by Gelonghui, the so-called “bellwether” of the semiconductor industry—at the 2026 SEMICON exhibition—sent a clear signal: AI-driven storage capacity expansion, ramp-up of advanced logic process nodes, and an explosion in demand for advanced packaging. The three major themes together are pushing the semiconductor equipment industry into a high-growth turning point.

Meanwhile, domestic equipment has made rapid breakthroughs in areas such as etching, thin films, and cleaning. It is also gaining momentum in measurement, photoresist coating and development, ion implantation, and other steps. Top platform-type enterprises have continued to refine their layout, and 2026 to 2027 will become a key phase for a major increase in domestic localization rates.

At the same time, at the above exhibitions, several leading companies unveiled major technologies. Microsystem (MOCRO-TECH) launched four new products covering key processes for silicon-based and compound semiconductor manufacturing, further enriching the company’s product lineup and systemized solution capabilities in the fields of etching equipment, thin-film deposition equipment, and core intelligent components; Wuhai Qingke showcased its full range of advanced semiconductor equipment and process integrated solution packages, including in the ion implantation segment—where domestic localization rates are relatively low—the company also brought a high-current ion implanter, iPUMA-LE.

Nearly 50 companies’ 2025 net profits hit new highs since 2019

From the perspective of individual companies, 46 semiconductor companies saw their 2025 net profit reach new highs since 2019, and 14 companies had 2025 net profit exceeding 1 billion yuan. Among them, Hygon Information, Ruenteng Technology, Micro-TECH, and Cambricon all exceeded 2 billion yuan.

Hygon Information reported 2025 net profit of 2.542 billion yuan, up 31.66% year over year. The lower bound of the year-on-year growth rate of net profit in the company’s first quarter this year reached 22.56%.

Dongwu Securities said that Hygon Information has two major domestically leading products: CPU and DCU. For the CPU side, as industry innovation driven by information technology advances steadily, the company’s CPU product revenue is expected to grow steadily. For the DCU side, with the release of AI compute demand and the acceleration of domestic substitution trends, domestic AI chip manufacturers are presented with a historic opportunity. The company’s DCU product performance occupies the top tier within its segment. New products continue to iterate, and the company’s sustained high growth in performance validates the industry’s favorable business conditions.

Ruenteng Technology saw its 2025 net profit growth exceed 58% year over year, mainly benefiting from AI industry trends. With strong industry demand, the company’s interconnect chip shipments increased significantly, driving a substantial year-over-year rise in the company’s operating performance for 2025 compared with the same period of last year.

Cambricon achieved profitability for the first time since listing. In 2025, its net profit reached 2.059 billion yuan. The company said that during the reporting period, driven by the continued rise in AI industry compute demand, it leveraged its outstanding product competitiveness to keep expanding the market and actively promoting the deployment of AI application scenarios.

Notably, among the above 14 companies, seven saw their net profit first break above 1 billion yuan. In addition to Cambricon, these include Simgui Microelectronics, ZK Blue-Signal, Changchuan Technology, and Tongfu Microelectronics.

Semiconductor companies accelerate “going global”

In recent years, the global semiconductor supply chain has experienced severe fluctuations, from the initial chip shortage wave to later inventory adjustments as the market warmed up. Against this backdrop, China has been accelerating its pace toward independent and controllable “chips,” and related products have gradually won recognition from global customers, demonstrating strong resilience and vitality.

According to customs data, in the first two months of this year, China’s integrated circuit (chip) exports reached 43.3 billion USD, surging 72.6% year over year. This growth rate far exceeds China’s overall export growth rate of 21.8% for the same period, and it also sets a historical high in recent years.

Meanwhile, A-share market semiconductor companies are also accelerating their move abroad. According to statistics compiled by Securities Times · Data Bao, among the 59 semiconductor companies that have already disclosed revenue from overseas businesses, the total overseas business revenue in 2025 exceeded 101.8 billion yuan, up nearly 23% year over year, and up more than 6 percentage points compared with the previous year. In 2025, overseas business revenue accounted for more than 34% of revenue, basically in line with the previous year.

Among these 59 companies, nearly 80% had overseas business revenue growing year over year in 2025. Eighteen companies had overseas business revenue exceeding 1 billion yuan, and all increased compared with the previous year. Demingli, Stingray Microelectronics-W, Pliant Memory, and Ruenteng Technology all saw year-over-year growth in 2025 overseas business revenue exceed 50%.

Demingli reported overseas business revenue of 6.914 billion yuan in 2025, an increase of nearly 108% year over year. The company said this was mainly affected by factors such as foreign exchange settlement, logistics convenience, trading habits, and taxation.

Notably, for Good-Touch Technology, Xinjieneng, LianDian Technology, and Fudan Microelectronics, whose overseas business revenue increased year over year in 2025, they all received additional holdings by the National Social Security Fund at the end of last year. And the National Social Security Fund newly became one of the top 10 tradable shareholders of LianDian Technology and Fudan Microelectronics.

16 high-quality stocks that were “mispriced” are unveiled

In terms of market performance, the 2025 performance of the semiconductor sector was strong. The Shenwan semiconductor industry index’s cumulative gain was close to 46%, ranking near the top among industries. Since this year began, the sector has entered a pullback situation. As of April 3, the Shenwan semiconductor industry index fell slightly by 0.85%. Many companies in the industry have pulled back sharply, including multiple high-quality stocks.

According to Data Bao statistics, there are 16 semiconductor companies that, since the beginning of this year, have had a cumulative stock price decline of no less than 5%, have underperformed the semiconductor industry index for the full year of 2025, and have delivered net profit with year-over-year growth of no less than 30% in 2025.

Ranked by market performance, there are 11 stocks with a decline of more than 10% since 2026, including SMIC, Allwinner Technology, Hualian Integration, and Silan Microelectronics.

SMIC had a cumulative gain in 2025 of below 30%, and its stock price has fallen more than 25% since 2026. The company said that its capital expenditures in 2025 were 8.1 billion USD; capital expenditures in 2026 are expected to be roughly flat compared with 2025, and corresponding capacity will also be added gradually in the subsequent period.

Silan Microelectronics had a cumulative gain in 2025 of below 10%, with a decline of nearly 13% since the beginning of this year. After experiencing a small loss in 2023, since 2024 the company’s performance has returned to its normal track. In 2024, it achieved net profit of 220 million yuan; in 2025, the lower bound of net profit was 330 million yuan. The lower bound of the year-over-year growth rate reached 50%. In 2025, the company implemented its “integrated” strategy in depth. By proactively expanding output and taking various cost-reduction and efficiency-improvement measures, it effectively responded to intense external market competition, keeping the company’s consolidated gross margin for products basically stable compared with 2024.

Meanwhile, the company’s subsidiaries Silan Integrated 5- and 6-inch chip production lines, Silan Xin 8-inch chip production line, and the 12-inch chip production line of an important investee company Silan Integrated Research have all achieved full-capacity production. The profitability levels of Silan Integrated, Silan Xin, and Silan Ke have all improved compared with 2024.

In terms of institutional attention, there have been 8 companies that received research visits from 10 or more institutions since the beginning of this year. Espressif Technologies and Stingray Microelectronics-W both received research visits from more than 100 institutions. Good-Touch Technology and Airoha? and Chipone Microelectronics each received research visits from more than 20 institutions.

（Source: Data Bao）