Three integrated circuit industry companies listed on Shanghai's STAR Market—China Micro Semicon(Shenzhen) Limited, Biwin Storage Technology Co.,Ltd., and Huicheng Co., Ltd.—disclosed their 2025 annual reports on the evening of March 19th, revealing positive news across mixed-signal chip design, storage modules, and packaging and testing segments.
According to the annual report, MCU manufacturer China Micro Semicon(Shenzhen) Limited achieved operating revenue of 11.22 billion yuan in 2025, a year-on-year increase of 23.09%. Net profit attributable to owners of the parent company reached 2.84 billion yuan, surging 107.68% compared to the previous year. The company continued its investment in research and development, launching 22 new products into the market during the year. These new product introductions enhanced its market competitiveness, leading to a rapid increase in shipments across various product lines. The annual chip shipment volume approached 40 billion units, setting a new historical record. Product gross margin recovered significantly, with the overall gross margin rising from 30% to 34%.
Benefiting from the global memory chip industry entering an upcycle, Biwin Storage Technology Co.,Ltd. experienced explosive growth starting from the fourth quarter of 2025. The net profit attributable to the parent company for the first two months of 2026 is forecasted to be 1.7 to 2.1 times the total for the entire year of 2025. The annual report shows the company's 2025 operating revenue was 113.02 billion yuan, a 68.82% year-on-year increase. Net profit attributable to owners of the parent company was 8.53 billion yuan, a substantial increase of 429.07%. The company persistently increased its R&D expenditure in 2025, with R&D costs reaching 6.3 billion yuan, up 41.34% year-on-year. Its self-developed eMMC controller achieved mass production and was delivered in volume to major customers. Its Mini SSD product won an prestigious international award, its automotive-grade storage solutions passed authoritative certification, and breakthroughs were made in its wafer-level packaging and testing and testing equipment businesses.
In the packaging and testing sector, Huicheng Co., Ltd. saw its newly expanded production capacity gradually come online, leading to continuously increasing customer orders and steadily rising shipment volumes. This drove an 18.79% year-on-year increase in operating revenue, while net cash flow from operating activities grew 38.25% year-on-year. The company continued to intensify R&D efforts in areas like advanced integrated circuit packaging and testing. Its annual R&D investment exceeded 1 billion yuan for the first time, with several projects, including the development of wafer thinning surface stress enhancement technology and composite copper-nickel-gold bump process technology, moving into mass production. The company reported 2025 operating revenue of 17.83 billion yuan, up 18.79% year-on-year, and a net profit attributable to owners of the parent company of 1.55 billion yuan.
Additionally, leading semiconductor cleaning equipment maker ACM Research (Shanghai) disclosed plans to hold a briefing on its 2025 annual results and cash dividend distribution at the end of March. As a key player in the domestic substitution effort within the semiconductor manufacturing process, the company's annual report indicated that its global market share for cleaning equipment and electroplating equipment ranked fourth and third worldwide, respectively, in 2025. The company plans to distribute a cash dividend of 299 million yuan for the 2025 fiscal year, sharing its development achievements with investors.
A recently released draft of the outline for the 15th Five-Year Plan explicitly states that, looking towards the medium term, efforts will focus on building emerging pillar industries such as integrated circuits, biomedicine, and aerospace, establishing new pillars for national economic development. Among these, the integrated circuit industry is listed as the foremost emerging pillar industry and has entered a phase of large-scale development. From a broader sector perspective, the 128 integrated circuit companies listed on the STAR Market account for over 60% of similar listed companies in the A-share market, forming a development landscape with a complete upstream and downstream chain and comprehensive industrial functions. This ecosystem is collectively advancing breakthroughs in key core technologies for critical "bottleneck" areas. Preliminary performance data indicates that these companies are expected to achieve a combined operating revenue exceeding 3.6 trillion yuan in 2025, a 25% year-on-year increase, with a combined net profit surpassing 27 billion yuan, an 83% year-on-year rise.
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