Rising prices and volumes boost performance; AI injects "core" power into semiconductor companies

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Data shows that as of March 25, in the A-share semiconductor industry (Shenwan industry classification), 23 companies have disclosed their 2025 annual reports. Among them, 14 companies achieved year-on-year growth in net profit, 3 turned losses into profits, and 2 reduced losses. Driven by explosive demand in high-performance computing (HPC) and AI, listed companies in multiple sub-sectors, such as computing chips, memory chips, and power semiconductors, are reporting good earnings.

Data shows that, driven by demand for AI investment, global semiconductor sales in 2025 reached $791.7 billion, up 25.6% year on year, setting a new historical record. The Chinese market also performed strongly: in 2025, semiconductor sales grew more than 15% year on year.

It can be seen that the semiconductor industry is being strongly driven by computing power demand brought by artificial intelligence, especially large models, entering a new round of upward growth and profound transformation.

AI Demand Ignites the “Compute and Storage” Market

At present, large-model AI technologies represented by ChatGPT, DeepSeek, and others require powerful computing support for both the training and inference stages. As model complexity continues to rise, the corresponding computing power demand also keeps increasing, and the smart chip market is expected to usher in an entirely new round of incremental demand.

Cambrian’s performance confirms the industry’s growth potential. In 2025, Cambrian achieved operating revenue of 6.497 billion yuan, up 453.21% year on year; net profit attributable to shareholders of listed companies was 2.059 billion yuan, marking the first time it achieved annual profitability.

Meanwhile, technological paths such as compute-storage integration, compute-optimized storage, and storage-based computing are attracting increasing attention, and storage demand is showing explosive growth. With overseas cloud service providers locking in long-term storage original-manufacturer capacity early in the second half of 2025, it is accelerating the shift of storage original-manufacturer R&D and capacity toward the enterprise storage market. The strong rise in demand has already reshaped the supply-and-demand pattern in the storage industry.

In the consumer market, AI PCs and AI phones have both entered the stage of scaled mass production and shipments, further providing incremental support for storage demand. Looking ahead, local large-model runtime experience may become a differentiated selling point, and terminal device single-machine memory configurations are expected to continue to move upward, thereby further driving improvements in memory speed and capacity expansion. The domestic storage industry is now entering a huge development opportunity.

Against this backdrop, the relevant companies delivered impressive performances in 2025. Beijing Weida Storage achieved operating revenue of 11.302 billion yuan, up 68.82%; and attributable net profit to the parent company was 853 million yuan, up 429.07%. Among them, revenue from emerging AI-side edge storage products was approximately 1.751 billion yuan, up sharply year on year.

Demei Li achieved operating revenue of 10.789 billion yuan in 2025, up 126.07%; and attributable net profit to the parent company was 688 million yuan, up 96.35%.

Power Semiconductors Benefit from AI Deployment

The continued expansion of cloud and edge computing also brings good news for power-semiconductor-related companies.

On the server side, as computing demand grows exponentially, the market for server power supply chip is seeing a “blowout”-like development. Thanks to this, Xinpengwei achieved operating revenue of 1.143 billion yuan in 2025, up 18.47%; and attributable net profit to the parent company was 186 million yuan, up 67.34%. Among them, revenue in emerging markets (servers, communications, industrial motors, optical storage and charging, new energy vehicles) grew by about 50% year on year, while revenue from new product categories (DC-DC, Driver, etc.) grew by about 39% year on year.

It is reported that in 2025, Xinpengwei launched 12 core new products aimed at the AI computing and energy field, completing a full-chain layout from server primary power, secondary power, to tertiary power.

On the consumer electronics side, shipments of AI terminal devices are seeing a notable increase, driving higher demand for charging chips.

For smartphones, IDC expects that in 2026, shipments of China’s new-generation AI phones will reach 147 million units, up 31.6% year on year, accounting for 53% of the overall market. In smart glasses, the market will also see an inflection point toward large-scale production in 2026. Global shipments of smart glasses are expected to exceed 23.687 million units, including shipments in China expected to exceed 4.915 million units.

Xindao Technology states that the company is actively promoting product upgrade and iteration. Based on its own mature design modules, it keeps innovating, developing a full range of charging chips, protection chips, and other products with higher efficiency and more intelligent features. In 2025, Xindao Technology achieved operating revenue of 394 million yuan, up 11.52%; and attributable net profit after deducting non-recurring gains and losses was 68.8864 million yuan, up 17.54%.

Packaging: Materials and Equipment to Scale Up

As demand for technologies such as HPC and AI continues to grow, electronic products are further developing toward smaller size and more functionality. The chip sizes mentioned above are shrinking, and the number of categories continues to increase. In the post–Moore era, their physical performance is approaching the limit, while the incremental economic benefits of advanced process nodes are gradually slowing down.

This causes the focus of the semiconductor industry to shift from improving wafer process nodes to innovation in packaging technology. The development of advanced packaging technologies such as WLCSP (wafer-level chip-scale packaging) and FCCSP (flip-chip chip-scale packaging) has become one of the key paths to continue and even surpass Moore’s law and improve system performance.

Annual reports from relevant listed companies show that their 2025 performance benefited significantly from increased volume of materials and equipment in the packaging stage.

In 2025, Huahai Chengke’s order volume grew steadily, driving a 38.12% year-on-year increase in operating revenue to 458 million yuan. Huahai Chengke stated that as advanced packaging technology continues to progress, requirements for packaging materials are also increasing. The advanced packaging materials industry is entering a new round of development opportunities, with market capacity increasing year by year, and is expected to continue growing.

On the equipment side, Nanke Equipment had sufficient production orders in 2025, completing the manufacturing of 843 sets of various equipment, including 115 sets of semiconductor packaging equipment and molds. In 2025, Nanke Equipment achieved operating revenue of 295 million yuan, up 9.96%; and attributable net profit to the parent company was 80.33 million yuan, up 25.49%.

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