Chinese semiconductor thread II

[tphuang]

China's top memory chip maker YMTC to build 3rd plant, eyeing 2027 start​

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https://twitter.com/i/web/status/1988085335004508367

Total capital spending in 2025 on NAND to be 19B$ -> 20% -> 3.8B$

We can assume almost all that 4B$ will end up spent on local SME companies. That's a lot of money, almost like the full revenue of NAURA!

Here is the archived article.

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I was actually expecting more than $4B given their current pace of expansion, but then again adding capacity in NAND doesn't cost as much as for DRAM. CXMT capex is probably close to that of SMIC. $4B is probably enough for 50k wpm, which probably allow them to fully fill up that 2nd plant with equipment.

Also, my impression is that a good portion of that is still going to TEL & ASML for the past 2 years. Although going forward, if the all domestic production line actually is working well.

 

[tokenanalyst]

Looks like Piotech is benefiting a lot with YMTC and CXMT expanding.

Toujing Technology : Significant Revenue Growth Benefits from Storage Capacity Expansion Trend.​

Q3 2025, the company achieved operating revenue of RMB 2.266 billion, a year-on-year increase of 124.15%; net profit attributable to the parent company was RMB 462 million, a year-on-year increase of 225.07%; net profit excluding non-recurring items was RMB 420 million, a year-on-year increase of 822.50%; gross profit margin was 34.42%, a year-on-year decrease of 4.85 percentage points.

From Q1 to Q3 2025, the company achieved operating revenue of RMB 4.22 billion, a year-on-year increase of 85.27%; net profit attributable to the parent company was RMB 557 million, a year-on-year increase of 105.14%; net profit excluding non-recurring items was RMB 458 million, a year-on-year increase of 599.67%; gross profit margin was 33.28%, a year-on-year decrease of 10.31 percentage points.

The delivery of core products brought about high revenue growth, and the continuous improvement of the product line opens up future growth potential. The company achieved significant revenue growth in Q3 2025, primarily due to the continuous expansion of its product process coverage, further enhancement of product performance and core competitiveness, and the entry of advanced process verification equipment into mass production. Verification equipment for advanced processes, based on new equipment platforms (PF-300T Plus and PF-300M) and new reaction chambers (pX and Supra-D), including PECVD Stack (ONO stack), ACHM, PECVD Bianca, and ALD SiCO, successfully passed customer certification and entered mass production, generating revenue. In terms of equipment categories, the company currently focuses primarily on thin film deposition equipment (PECVD, ALD, Gapfill), advanced bonding equipment in the 3D integration field, and related metrology equipment. In addition, the company has expanded its reach through investments and equity participation, covering equipment such as furnace-type thin film deposition and ALE (atomic layer etching).
​

 

[sunnymaxi]

Looks like Piotech is benefiting a lot with YMTC and CXMT expanding.

Toujing Technology : Significant Revenue Growth Benefits from Storage Capacity Expansion Trend.​

Q3 2025, the company achieved operating revenue of RMB 2.266 billion, a year-on-year increase of 124.15%; net profit attributable to the parent company was RMB 462 million, a year-on-year increase of 225.07%; net profit excluding non-recurring items was RMB 420 million, a year-on-year increase of 822.50%; gross profit margin was 34.42%, a year-on-year decrease of 4.85 percentage points.

From Q1 to Q3 2025, the company achieved operating revenue of RMB 4.22 billion, a year-on-year increase of 85.27%; net profit attributable to the parent company was RMB 557 million, a year-on-year increase of 105.14%; net profit excluding non-recurring items was RMB 458 million, a year-on-year increase of 599.67%; gross profit margin was 33.28%, a year-on-year decrease of 10.31 percentage points.

The delivery of core products brought about high revenue growth, and the continuous improvement of the product line opens up future growth potential. The company achieved significant revenue growth in Q3 2025, primarily due to the continuous expansion of its product process coverage, further enhancement of product performance and core competitiveness, and the entry of advanced process verification equipment into mass production. Verification equipment for advanced processes, based on new equipment platforms (PF-300T Plus and PF-300M) and new reaction chambers (pX and Supra-D), including PECVD Stack (ONO stack), ACHM, PECVD Bianca, and ALD SiCO, successfully passed customer certification and entered mass production, generating revenue. In terms of equipment categories, the company currently focuses primarily on thin film deposition equipment (PECVD, ALD, Gapfill), advanced bonding equipment in the 3D integration field, and related metrology equipment. In addition, the company has expanded its reach through investments and equity participation, covering equipment such as furnace-type thin film deposition and ALE (atomic layer etching).
​

another billion dollars revenue worth domestic SME company.. YMTC/CXMT continue to expand so their revenue will increase further.

 

[tokenanalyst]

Lithography company CFMEE is accelerating the development for 90nm and 65nm lithography machines, they don't say if it is for mask or IC manufacturing they said it will use a MultiBeam scanning technology, but for 90-65nm IC manufacturing they will have to use a high power high repetition rate ArF excimer laser or they can use DUV LEDs and super resolution techniques but the word "multi-beam" lead me to believe that are going with DUV lasers.​

Xinge Microelectronics: 25Q3 Revenue Continues to Grow Year-on-Year; PCB Business Driven by High-End Development and Internationalization​

The company released its Q3 2025 financial report. In the first three quarters of 2025, the company achieved operating revenue of RMB 934 million, a year-on-year increase of 30.03%; net profit attributable to the parent company was RMB 199 million, a year-on-year increase of 28.20%; and net profit excluding non-recurring items was RMB 193 million, a year-on-year increase of 30.45%. In Q3 2025, the company achieved operating revenue of RMB 279 million, a year-on-year increase of 3.98% and a quarter-on-quarter decrease of 32.25%; net profit attributable to the parent company was RMB 57 million, a year-on-year increase of 4.41% and a quarter-on-quarter decrease of 37.03%; and net profit excluding non-recurring items was RMB 57 million, a year-on-year increase of 15.38% and a quarter-on-quarter decrease of 32.71%.

Q3 2025 performance continued to grow year-on-year, and profitability further improved: The company's performance in Q3 2025 increased year-on-year, mainly due to the company's efforts to ensure production and operation, increase product development and accumulation of major customer resources, and continue to expand overseas markets. In Q3 2025, the company's gross profit margin was 42.15%, up 2.64 percentage points year-on-year; net profit margin was 20.34%, up 0.08 percentage points year-on-year; profitability further improved. On the expense side: in Q3 2025, the sales/administration/R&D/financial expense ratios were 7.64%/3.65%/9.82%/-1.84%, respectively, up 1.54/-1.03/+0.20/+1.01 percentage points year-on-year.

Breakthroughs across multiple semiconductor fields accelerate the localization of IC substrates: The company's WLP2000 wafer-level direct-write lithography equipment has secured repeat orders and shipments from leading mid-stage customers. This equipment can achieve a 2μm L/S ratio, providing customers with solutions for 2.xD packaging lithography processes. It adopts multi-optical engine parallel scanning technology, significantly improving capacity efficiency and yield. Simultaneously, through intelligent redistribution (RDL) technology and a real-time autofocus module, it effectively solves process challenges such as chip misalignment and substrate warping. The company's PLP3000 board-level direct-write lithography equipment, with its 3μm linewidth/spacing (L/S), provides high-performance lithography solutions for customers in the Yangtze River Delta region, further consolidating its competitiveness in specialty process areas. The company is accelerating the R&D of 90nm–65nm node equipment, focusing on breakthroughs in core technologies such as high-precision dynamic focusing and multi-beam parallel scanning, striving for breakthroughs in the logic chip and high-end display driver IC mask markets. The company's independently developed ICS packaging substrate LDI equipment MAS6P has successfully completed acceptance testing and entered mass production with a leading packaging substrate customer, while also securing bulk orders, marking a significant milestone for the company in the core equipment field of ICS packaging substrates. The MAS6P will meet the stringent mass production requirements of next-generation HPC/AI chips for high-end HDI (including mSAP) and ICS packaging substrates. This equipment boasts a linewidth and spacing resolution of 6/6μm, and its production efficiency is more than 50% higher than that of mainstream international equipment. The equipment has reached international leading levels in precision, yield, and capacity, achieving domestic substitution and significantly enhancing the company's position and core competitiveness in the global ICS packaging substrate LDI equipment market.

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[tphuang]

Looks like Piotech is benefiting a lot with YMTC and CXMT expanding.

Toujing Technology : Significant Revenue Growth Benefits from Storage Capacity Expansion Trend.​

Q3 2025, the company achieved operating revenue of RMB 2.266 billion, a year-on-year increase of 124.15%; net profit attributable to the parent company was RMB 462 million, a year-on-year increase of 225.07%; net profit excluding non-recurring items was RMB 420 million, a year-on-year increase of 822.50%; gross profit margin was 34.42%, a year-on-year decrease of 4.85 percentage points.

From Q1 to Q3 2025, the company achieved operating revenue of RMB 4.22 billion, a year-on-year increase of 85.27%; net profit attributable to the parent company was RMB 557 million, a year-on-year increase of 105.14%; net profit excluding non-recurring items was RMB 458 million, a year-on-year increase of 599.67%; gross profit margin was 33.28%, a year-on-year decrease of 10.31 percentage points.

The delivery of core products brought about high revenue growth, and the continuous improvement of the product line opens up future growth potential. The company achieved significant revenue growth in Q3 2025, primarily due to the continuous expansion of its product process coverage, further enhancement of product performance and core competitiveness, and the entry of advanced process verification equipment into mass production. Verification equipment for advanced processes, based on new equipment platforms (PF-300T Plus and PF-300M) and new reaction chambers (pX and Supra-D), including PECVD Stack (ONO stack), ACHM, PECVD Bianca, and ALD SiCO, successfully passed customer certification and entered mass production, generating revenue. In terms of equipment categories, the company currently focuses primarily on thin film deposition equipment (PECVD, ALD, Gapfill), advanced bonding equipment in the 3D integration field, and related metrology equipment. In addition, the company has expanded its reach through investments and equity participation, covering equipment such as furnace-type thin film deposition and ALE (atomic layer etching).
​

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this is really good stuff

存储业务成业绩增长绝对引擎，核心护城河稳固。公司深度绑定国内存储产业发展，存储领域收入已占公司总体业务约三分之二，成为拉动业绩增长的绝对主力。公司的核心竞争力在于掌握了存储产线中用量大且技术壁垒高的核心薄膜工艺的独家供应能力，这种不可替代性构筑了强护城河。公司在稳固武汉客户高份额的基础上，于合肥客户的份额正大幅提升。展望未来，3D NAND 向更高层数演进将对薄膜沉积提出更高要求，其设备需求量和价值量有望持续提升。

memory chips accounted for 2/3 of revenue. Claims to be the most capable of the domestic supplier of thin film deposition technology. Specifically says that it has very stable YMTC orders and high market share. + increasing market share with CXMT. And expect increased layers of 3D NAND means more demand on thin film deposition.

It's increasing that at least in NAND, it seems like lithography machines is not that important, so it's a good testing ground for domestic lithography machines. Whereas, you need to actually be pretty good in etching & deposition, where the domestic firms are doing better in.

 

[tphuang]

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中国光谷/China Optical Valley weibo says that China's first 12-inch 40nm CMOS process line has entered production in all domestic Silicon Optical PDK, TDK & ADK taping out service platform. Done by NOEIC. SiPo chip is be PDK1.0 meets commercial requirements, processing precision, waveguide loss & optical coupling efficiency. NOEIC in past7 years have completed > 800 orders & broken through in key tech such as 1.6T transceivers, 2T core particle & 145GHz intensity modulator.

fyi, optical valley is in Wuhan

 

[tphuang]

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discussion here of the achievements from China's optical chips industry from Q3 report. Here is the important part

产业层面，国内光芯片国产化率从2020年45%提升至78%，其中AWG芯片市占率从15%跃升至67%，III-V族材料自主化率达83%，产业链自主可控能力显著增强。

optical chip domestic ratio has increased from 45 to 78% and AWG chips increased from 15 to 67%. This is important since China is the leading supplier of end products.

 

[vincent]

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discussion here of the achievements from China's optical chips industry from Q3 report. Here is the important part


optical chip domestic ratio has increased from 45 to 78% and AWG chips increased from 15 to 67%. This is important since China is the leading supplier of end products.

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根据最新统计数据，2.5G及以下速率光芯片国产化率超过90%，国内企业已实现全面替代；10G光芯片国产化率约60%；25G光芯片国产化率达到50%以上；但50G光芯片国产化率仅为20%-30%；100G及以上高速光芯片国产化率不到5%，其中100G的DFB国产化率接近50%，但EML较弱 。

 

[tokenanalyst]

This has to be the coolest name for a semiconductor equipment ever.​

Zhongke Feice's DRAGONBLOOD-800 overlay precision measurement equipment has been shipped in batches to advanced process customers' production lines.​

The DRAGONBLOOD-800 is a third-generation overlay accuracy measurement device (overlay error measurement device) independently developed and launched by Zhongke Feice based on rapid iteration and upgrades according to customer needs. The measurement accuracy has been further improved and the performance is more superior. It can meet customers' needs for 1X nanometer-level overlay error measurement and fully benchmark against leading international brands.

To date, CAS Flight Test's DRAGONBLOOD series equipment has shipped nearly 100 units, holding an absolute leading advantage in China in terms of equipment performance parameters, shipment volume, and market share.​

In addition, the DRAGONBLOOD series equipment, when used in conjunction with the intelligent software of the lithography overlay analysis and feedback system independently developed by CAS Test based on artificial intelligence and big data technology, can better help customers monitor and optimize deviations in the lithography process in a timely manner, effectively improve the yield level of the lithography process, and provide semiconductor industry customers with a full-process yield management solution covering equipment products, intelligent software products and related services.​

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[tphuang]

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根据最新统计数据，2.5G及以下速率光芯片国产化率超过90%，国内企业已实现全面替代；10G光芯片国产化率约60%；25G光芯片国产化率达到50%以上；但50G光芯片国产化率仅为20%-30%；100G及以上高速光芯片国产化率不到5%，其中100G的DFB国产化率接近50%，但EML较弱 。

that seems like 2024 numbers. So I guess the original article is also old data. Things are changing pretty quickly.

100G to 400G EML chips are all getting developed and put in production. And also, a lot of this stuff doesn't fully account for the Huawei's internal developments (at least it doesn't seem like it for me).