AI demand-driven semiconductor listed companies' revenue growth by 2025

Recently, listed companies in China’s A-share semiconductor sector have been rapidly releasing their 2025 performance briefings. Choice data shows that as of March 2, out of 173 semiconductor companies classified by Shenwan industry categories, 115 have disclosed performance reports. Among them, 101 companies achieved year-over-year growth in total operating revenue.

Notably, Cambrian, Byte Storage, and TuoJing Technology have seen leading revenue growth, reflecting strong demand for computing storage and robust growth in upstream equipment in the current market.

Analysts believe that global tech giants are currently in a high-intensity, high-growth capital expenditure cycle. AI computing power demand remains the main growth driver, with increased capacity expansion in advanced logic and storage, further boosting demand for core manufacturing equipment such as etching and thin film tools.

Domestic Computing Power Moving Toward Value Realization

The domestic computing chip industry features high industry barriers, heavy R&D investment, and long development cycles. Companies generally follow a development path of “R&D breakthroughs—revenue growth—narrowing losses—profit realization.” Recent performance reports from chip manufacturers like Moore Thread and Muoxi indicate that domestic computing power is entering a stage of value realization driven by AI demand.

Cambrian, with a significant year-over-year revenue increase of over four times, expects a net profit of 2.059 billion yuan in 2025, turning profitable after losses.

Cambrian stated that benefiting from the continuous rise in AI computing power demand, the company has expanded its market through excellent product competitiveness, promoting AI application scenarios, and significantly increasing revenue in 2025 compared to 2024.

Moore Thread’s performance report shows: revenue for 2025 is 1.505 billion yuan, up 243.37% year-over-year; net profit attributable to parent company is -1.024 billion yuan, narrowing losses by 36.70% compared to the same period last year.

Notably, Moore Thread achieved explosive revenue growth. From 2022 to 2025, revenue increased from 4.6 million yuan to 1.505 billion yuan, with a compound annual growth rate exceeding 200%.

This high growth is attributed to the booming AI industry and strong market demand for high-performance GPUs. The company’s AI training and inference integrated smart computing card MTT S5000 further expanded its competitive advantage, increasing market attention and recognition, which drove revenue and gross profit growth, while overall losses narrowed year-over-year.

Muoxi’s performance report shows: in 2025, the company achieved total operating revenue of 1.644 billion yuan, a 121.26% increase from the previous year; net profit attributable to parent was -781 million yuan, narrowing losses by 44.53%; net profit after deducting non-recurring items was -822 million yuan, a 21.28% reduction in losses compared to last year.

Muoxi stated that in 2025, its products and services gained widespread recognition and ongoing procurement from downstream clients, leading to significant business scale growth.

Storage Still in a “Super Cycle”

The surge in demand for high-performance computing for AI large model training and inference has not only increased the need for advanced computing chips but also driven a “super cycle” of demand for high-speed, high-capacity storage chips. Nomura Securities forecasts that in 2026, demand for DRAM (Dynamic Random Access Memory) and NAND (flash memory) will grow by 30% each, with average selling prices rising by 46% and 65%, respectively.

Against this backdrop, some A-share storage companies performed well in 2025.

Byte Storage’s performance report shows: in 2025, revenue reached 11.296 billion yuan, up 68.72%; net profit attributable to parent was 867 million yuan, up 437.56%; net profit after deducting non-recurring items was 796 million yuan, up 1,088.86%.

In 2025, Byte Storage’s AI emerging storage products generated about 1.751 billion yuan in revenue, including approximately 960 million yuan from AI glasses storage products. In 2026, with the volume release of AI glasses, ongoing cooperation with key clients like Meta will drive continuous high-speed growth in related storage product businesses.

Puran’s 2025 revenue was 2.32 billion yuan, a 28.62% increase year-over-year. The company stated that starting in Q2 2025, benefiting from favorable changes in the supply structure of storage chips and the concentrated release of demand from AI servers, high-end mobile phones, and PC upgrades, revenue from its main storage chips increased compared to the previous year.

Dongxin, operating in the small to medium capacity storage chip market driven by AI’s new industry cycle, also benefited from ongoing supply-demand optimization and stable price increases. In 2025, Dongxin’s storage segment achieved profitability, with total revenue increasing by 43.76% year-over-year.

Looking at main control chips, Lianyun Technology’s 2025 revenue was 1.331 billion yuan, up 13.42%; net profit attributable to parent was 142 million yuan, up 20.36%; net profit after deducting non-recurring items was 101 million yuan, up 130.29%.

Lianyun stated that, benefiting from the recovery of the storage industry and rapid AI development, demand for storage products continued to grow. In 2025, shipments of PCIe 3.0, PCIe 4.0, and enterprise-level SATA main control chips increased significantly, driving a steady improvement in overall gross margin.

Etching and Thin Film Equipment Benefit Significantly

The expansion of advanced logic and storage chips requires support from semiconductor equipment, especially as process technology advances on both logic and storage sides. Core front-end manufacturing equipment such as etching and thin film tools with higher value shares have benefited notably.

Performance reports show that in 2025, Advanced Micro-Fabrication Equipment (AMEC) had revenue of approximately 12.385 billion yuan, up about 36.62%. Specifically, etching equipment sales reached about 9.832 billion yuan, up 35.12%; LPCVD and ALD equipment sales were about 506 million yuan, up 224.23%.

AMEC’s plasma etching equipment continues to gain recognition domestically and internationally. The high-end products for critical etching processes in advanced logic and memory device manufacturing saw significant increases in shipments, with mass production of key etching processes for advanced logic devices and ultra-high aspect ratio etching for advanced memory devices.

TuoJing Technology, leveraging breakthroughs in PECVD, ALD, SACVD, HDPCVD, and Flowable CVD thin film deposition equipment, as well as advanced bonding equipment, has significantly enhanced its core competitiveness in advanced process fields, leading to substantial business growth.

In 2025, TuoJing’s revenue was approximately 6.519 billion yuan, up 58.87%; net profit attributable to parent was about 929 million yuan, up 35.05%; net profit after deducting non-recurring items was about 726 million yuan, up 103.79%.

Micro-transport Nano’s ALD and CVD equipment received validation and mass production approval from key clients. The production scale of core products such as Highk, metal compounds, and hard masks continued to expand, with new products and technologies steadily increasing market penetration. In 2025, Micro-transport Nano’s semiconductor equipment revenue was 881 million yuan, up 169.12%, accounting for 33.50% of main business revenue.