The STAR Market's semiconductor companies are currently in a period of intensive annual report disclosures. According to statistics based on preliminary earnings reports, the 128 semiconductor firms listed on the STAR Market achieved a combined revenue exceeding 360 billion yuan in 2025, representing a year-on-year growth rate of 25%. This performance reflects 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 like artificial intelligence, highlighting the resilience and vitality of China's semiconductor industry.
Strategic focus has positioned integrated circuits at the forefront of emerging pillar industries. Over the past decade, consistent strategic commitment and increased policy and capital investment have accelerated innovation and development. The launch of the third phase of the National Integrated Circuit Industry Investment Fund has leveraged协同 social capital, while numerous industry experts have returned to China to start businesses and work on the front lines, propelling the industry from catching up to running neck-and-neck. The outline for the 15th Five-Year Plan explicitly calls for "decisive breakthroughs in key core technologies across the entire chain in critical areas such as integrated circuits, industrial machinery, high-end instruments, basic software, advanced materials, and biomanufacturing."
Integrated circuits serve as the "heart" and "brain" of high-tech industries, providing the foundational support for the development of various emerging sectors like artificial intelligence, satellite internet, communications, and new energy. On the STAR Market, for instance, leading domestic AI chipmaker Cambricon Technologies Corporation's Siyuan series chips provide core computing power for large model training and inference, making it a key supplier for intelligent computing centers and cloud providers. Breakthroughs in radio frequency chip technology are inseparable from the development of satellite internet. Beijing OnMicro Electronics Technology's satellite communication products are compatible with the BeiDou, Tiantong, and low-earth orbit satellite communication systems and have been mass-produced and shipped in high-end models of several major smartphone brands.
The level of self-sufficiency and control in integrated circuits determines the security and upper limits of China's tech industry. Currently, the STAR Market hosts 128 semiconductor companies, accounting for over 60% of similar A-share listed firms, forming a complete industrial chain layout encompassing design, manufacturing, packaging and testing, equipment, and materials. The total IPO fundraising amount for these companies has surpassed 300 billion yuan. These enterprises are advancing technological breakthroughs across the entire chain, solving a series of critical challenges such as domestic AI computing chips, large semiconductor silicon wafers, advanced etching machines, and independent semiconductor IP.
The capital raised through STAR Market listings has provided a strategic head start for building production capacity in China's high-end chip manufacturing, enabling the industry to seize a critical development window. Based on a reliable, controllable, and secure industry ecosystem, China's semiconductor sector has established a dual-circulation industrial system. On one hand, Chinese semiconductor companies continue to engage with friendly international partners and actively participate in global trade. Customs data shows that China's integrated circuit exports surged 72.6% year-on-year in the first two months of 2026, reaching a total value of $43.3 billion, signaling the industry's capability to supply high-end products globally.
Annual reports indicate that Montage Technology Co., Ltd. derived over 70% of its 2025 revenue from overseas markets, with gross margins 13 percentage points higher than in the domestic market. Actions Semiconductor (Shanghai) Co., Ltd. markets its products in major global economies including North America, Europe, and Latin America. In 2025, it collaborated with global tech giant Google to launch several new products compatible with Google's on-device large model, Gemini. On the other hand, companies are benefiting from localization trends, effectively mitigating the impact of global industry cycles. For example, semiconductor equipment and component companies on the STAR Market, acting as pioneers in import substitution, achieved revenue growth of 54% and 21% in 2022 and 2023, respectively, even during a global chip industry downturn. In the medium to long term, growing demand for chips from sectors where China is building competitive advantages—such as new energy vehicles, industrial controls, smart home appliances, and AI server power supplies—will also preferentially benefit domestic industrial chain companies.
The rapid development of AI technology is providing significant momentum for the semiconductor industry. Soaring demand for AI computing power has led to explosive growth in multiple sub-sectors on the STAR Market. 2025 annual reports show that STAR Market-listed AI computing chip companies generally turned losses into profits or significantly narrowed their losses. In the memory sector, rising demand for AI storage has driven increases in both volume and price. BIWIN Storage Technology Co., Ltd. saw its net profit surge by 429.07% year-on-year and recently secured a $1.5 billion wafer supply agreement. On-device AI is also gradually entering a harvest period. BES Technology (Shanghai) Co., Ltd. successfully taped out and mass-produced several wearable chips, driving a 29% year-on-year increase in net profit.
New technology layouts derived from AI are also creating new growth points for companies. Several hard-tech companies on the STAR Market are making intensive moves around core areas like AI computing power, advanced packaging, and high-speed memory. MetaX Integrated Circuits (Shanghai) Co., Ltd. is developing and promoting the deployment of 10,000-card clusters, having successfully supported innovations in model architectures like Mixture-of-Experts, brain-like models, and reinforcement learning, as well as full pre-training and inference. Shaanxi Yuanjie Semiconductor Technology Co., Ltd. saw large-scale volume growth in 2025 for its high-margin CW silicon photonics light source products in the data center market and is poised to benefit further from silicon photonics application trends. Shenzhen BIWIN Storage Technology Co., Ltd. has successfully implemented a wafer-level advanced packaging and testing manufacturing project.
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