What are the key players in the semiconductor chessboard? By reviewing the entire industry chain from top to bottom, you'll understand.

**Five Pillars of the Storage Chip Sector**

GigaDevice has secured the top position—world's No.1 in Flash sales without wafer fabs, No.1 domestic MCU brand, NOR Flash ranked in the top three globally, SLC NAND and specialized DRAM applications have seen rapid volume growth in recent years, with a market cap surpassing 140 billion yuan by 2025, making it the only company in the A-share storage sector to enter the billion-yuan club.

Biwistorage takes a rare approach—simultaneously possessing R&D, design, manufacturing, packaging, and testing capabilities for NAND and DRAM. In 2024, revenue reached 6.695 billion yuan, up 86%, with a five-year CAGR of 42%. Its scale and growth rate rank first among listed storage module manufacturers.

Jiangbolong, holding brands Lexar and Foresee, is the second-largest global consumer storage card supplier. Its automotive-grade and enterprise-level products have entered supply chains of major clients like Alibaba, Baidu, and Xiaopeng. Cumulative main control chip shipments have exceeded 80 million units, forming a rare integrated pattern of chips, modules, and brands.

Shen Technology is the largest independent DRAM packaging and testing factory in China. It ranks second globally in hard disk head manufacturing. Its Hefei base is advancing cooperation with Changxin and Yangtze Memory Technologies. In Q1, storage packaging and testing revenue increased 23.75% year-over-year.

Shannon Chip Innovation acts as a core agent for SK Hynix and MediaTek. Its HBM distribution and server storage module business are growing fastest. In Q1, revenue reached 24.27 billion yuan, up 115% year-over-year, making it the leader in the storage distribution sector. The explosive demand for HBM in AI servers provides the greatest flexibility for growth.

**Semiconductor Design: Six Major Directions, Eight Companies**

In digital chips, GigaDevice is positioned as a "domestic semiconductor design flagship" by multiple brokerages, leveraging its annual shipment of over 400 million MCUs and dual-platform advantage in storage design; Montage Technology's multimedia SoCs are among the top three globally, with the fastest technological iteration; Beijing Junzheng specializes in automotive-grade processors and memory, making it a rare player in this field.

In image and analog design, OmniVision became a top three CIS supplier globally after acquiring OmniVision Technologies. Its image sensor chips generate the largest domestic revenue scale. Sunband Semiconductor offers over 1,600 product models covering signal chains and power management, with gross margins consistently above 50%.

In RF chips, Qorvo Micro's RF switches and LNAs rank in the top five globally, recognized industry-wide as the "No.1 domestic RF stock"; in power semiconductors, Starda Semiconductor ranks in the top ten globally for IGBT modules and is the leading domestic player.

Ziguang Guowei, driven by FPGA and security chips, holds over 90% market share in specialized FPGAs, with monopoly advantages in high-end applications like communications, aerospace, and security.

**Progress in Domestic Lithography Machines and Photoresists**

The "eyes" of lithography machines are supplied by Maolai Optics—its DUV objective lens system has been mass-produced for Shanghai Microelectronics, with a single machine valued at around 50 million yuan, accounting for 20-30% of the optical cost of lithography machines. Aopu Photonics participates in EUV objective lens R&D, achieving positioning accuracy of 0.8 nanometers. Blue Yonder Equipment is the only global supplier of EUV cleaning equipment for ASML, with an over 80% domesticization rate in this segment. Zhangjiang Hi-Tech holds a 9.09% stake in Shanghai Microelectronics through its subsidiary; if asset securitization occurs, it could realize maximum valuation potential.

In photoresists, Nanda Optoelectronics is the only domestic enterprise to achieve mass production of 193nm ArF photoresists and supply to 12-inch wafer fabs like SMIC and Yangtze Memory Technologies. Its 5,000-ton annual capacity expansion is underway for 2025. Tongcheng New Materials' KrF photoresists hold a 40% domestic market share, with raw material costs 35% lower than imports. Shanghai Xinyang offers full coverage of KrF and ArF photoresists, with sales expected to surpass 800 tons in 2025, co-building an EUV laboratory with Heraeus. Jak Technology's acquisition of LG Chemical's photoresist division has opened dual tracks in display and semiconductor markets, with photoresist revenue share rising to 27% in 2025. Jingrui Electric's subsidiary Suzhou Ruihong has pioneered i-line and KrF mass production, with 0.35-micron resolution already used in 8/12-inch production lines; KrF shipments rank among the top three domestically.