I. Overview of Domestic Power Semiconductor IDMs
In 2026H1, the recovery of domestic power semiconductors showed clear divergence. Companies such as CR Micro and Silan Micro experienced revenue growth, while Sanan Optoelectronics' silicon carbide (SiC) business continued to face profitability pressures, with new demand and capacity digestion not synchronized. Overseas, Infineon disclosed strong AI power supply demand and improved automotive orders; domestic manufacturers continued to vie for market share through automotive-grade qualification, product upgrades, and local supply.
Compared to 2025, competition has become more focused on efficient power supply and effective capacity: AI servers have opened up incremental space for high-performance devices, while NEV, photovoltaic and energy storage, and industrial customers still demand cost reduction and reliability. Whether capacity expansion can translate into profit depends on yield rate, customer certification, and order fulfillment. The Nexperia incident has also made cross-border supply continuity a competitive variable.
II. Classification and Comprehensive Strength Comparison of Domestic Power Semiconductor IDMs
Note:
1. Yandong Micro, BYD Semiconductor, and Galaxy Micro were excluded from the quantitative comparison due to insufficiently detailed disclosure of revenue data for their power semiconductor product lines in the 2026H1 financial reports.
2. Sanan Optoelectronics' businesses are separated by different subsidiaries; this quantification only adopted the revenue data of Hunan Sanan. Chongqing Sanan mainly engages in the SiC substrate business, and SICC (STMicroelectronics-Sanan) is not consolidated; their revenues were not included in this quantification.
Introduction to the Quantitative Model of the Market Performance Index for Listed Semiconductor Companies:
This index is a refined evaluation tool for China's listed semiconductor companies. By quantifying five key business dimensions from public reports and financial statements—technological innovation, financial health, profitability, market position, and capacity & potential—it strives to comprehensively and objectively segment the market performance of each product line.
1. In the "Technological Innovation" dimension, the index uses the R&D investment intensity indicator (10% weight) to directly reflect the company's resource allocation towards technological innovation; and uses the proportion of R&D personnel indicator (10% weight) to focus on the quality of human resource allocation;
2. In the "Financial Health" dimension, the index considers both short-term liquidity and long-term solvency, comprehensively evaluating the company's risk resistance using the quick ratio (5% weight) and "1 - debt-to-asset ratio" (5% weight). (Note: Since the debt-to-asset ratio is a negative indicator, this transformation method is used);
3. In the "Profitability" dimension, the index estimates the company's net profit attributable to shareholders based on the revenue proportion of each product line (20% weight), and adopts the product gross margin (10% weight) to explain the pricing power and cost control efficiency in segmented markets;
4. In the "Market Position" dimension, the index uses the revenue scale by product (30% weight) to highlight market share and business volume, serving as a key anchor for industry bargaining power;
5. In the "Capacity & Potential" dimension, the index uses the year-over-year growth rate of intangible assets on the balance sheet (10% weight) to measure long-term development momentum, reflecting the efficiency of R&D-to-production conversion.
Finally, we calculated the final index using the Z-score shifted and standardized data for each dimension, presenting the absolute values of the index directly. Additionally, please note that due to the different numbers of listed companies in various semiconductor sectors and different bases for data standardization, the data for tertiary classifications are not comparable across sectors.
1. Heavy-Asset Camp
This camp undertakes long-term capital investment through self-owned wafer manufacturing or material platforms, establishing barriers through process accumulation and scaled production. The advantages lie in capacity and process control, while the constraints include depreciation, yield ramp-up, and capital recovery; the group's total assets do not equal the effective capacity of power devices.
(1) CR Micro
Company Profile: A comprehensive semiconductor enterprise under China Resources Group, primarily operating an IDM model, while also engaging in wafer manufacturing, packaging and testing, and photomask manufacturing services.
Core Technologies: Covers IC design, 6/8/12-inch specialty process manufacturing, and packaging/testing, forming a collaborative platform for MOSFET, IGBT, SiC, GaN, and modules.
Main Products: Silicon-based MOSFET, IGBT, SiC/GaN devices, IGBT/SiC/IPM modules, as well as power ICs, sensors, and control chips.
Main Application Markets: NEVs, wind/solar/energy storage, smart grids, home appliances, industrial equipment, smart terminals, and AI server power supplies.
Market Competitiveness: Relatively complete product lines and manufacturing processes; in 2026H1, high-end MOSFET, IGBT, and wide bandgap products continued to see volume growth; returns on new capacity still depend on utilization rates and product mix.
Main Customer Groups: Automotive and parts manufacturers, leading home appliance companies, PV/energy storage and industrial power supply customers, smart terminal brands, and domestic and overseas IC design companies.
(2) Silan Micro
Company Profile: A comprehensive IDM extending from IC design to manufacturing and packaging/testing, with businesses covering ICs, power devices, power modules, and MEMS sensors.
Core Technologies: Capable of collaborative development of chips, modules, and applications; expanding capacity on the 12-inch silicon-based platform, with 6-inch and 8-inch SiC power device production lines in the volume ramp-up stage.
Main Products: IGBT, MOSFET, FRD, SiC devices, IPM/PIM modules, as well as PMIC, MCU, and MEMS products.
Main Application Markets: White goods, industrial variable frequency drives, NEVs, PV and energy storage, server power supplies, and high-end consumer electronics.
Market Competitiveness: Strong IPM mass production experience and home appliance customer base; silicon-based devices and SiC platforms can share application resources; depreciation, yield, and order conversion brought by capacity expansion still need simultaneous improvement.
Main Customer Groups: Domestic and overseas mainstream home appliance OEMs, automotive and Tier 1 customers, industrial control and NEV equipment manufacturers.
(3) Sanan Optoelectronics
Company Profile: A compound semiconductor material and device platform enterprise. The power semiconductor business is mainly carried out by Hunan Sanan, SICC is responsible for the joint-venture wafer manufacturing, and Chongqing Sanan undertakes substrate supporting.
Core Technologies: Covers SiC crystal growth, substrates, epitaxy, diode, and MOSFET manufacturing, with layouts in silicon-based GaN; advancing 8-inch processes based on 6-inch mass production.
Main Products: SiC substrates and epitaxial wafers, SiC diodes and MOSFETs, as well as silicon-based GaN epitaxy, devices, and foundry services.
Main Application Markets: NEVs, charging facilities, PV and energy storage, data center and AI server power supplies, industrial automation, and white goods.
Market Competitiveness: Vertical integration from materials to devices and batch delivery to leading customers constitute advantages; in 2026H1, Hunan Sanan remained in the loss-making and capacity digestion stage.
Main Customer Groups: PV/energy storage inverter manufacturers, data center power supply companies, leading home appliance companies, automotive electronics customers, and international power semiconductor partners.
(4) Innoscience
Company Profile: An IDM enterprise focusing on silicon-based GaN power devices, supporting the expansion of consumer electronics and high-value applications with an 8-inch manufacturing platform.
Core Technologies: Capable of developing high/low voltage GaN, bidirectional VGaN, low-voltage motor drives, and power ICs, continuously optimizing process layers, on-resistance, and system integration.
Main Products: 15V to 650V GaN devices, bidirectional GaN, DrGaN, and integrated solutions for power conversion and motor drives.
Main Application Markets: Fast charging and smart terminals, AI data center power supplies, energy storage BMS, NEV OBC/DC-DC, white goods, and humanoid robots.
Market Competitiveness: Large-scale shipments and a single 8-inch platform facilitate cost amortization; in 2026H1, the proportion of high-value applications increased; automotive and data center businesses still require continuous validation of long-term reliability and profitability quality.
Main Customer Groups: Global cloud service and power supply manufacturers, energy storage and industrial customers, automotive and Tier 1 enterprises, leading home appliance companies, and consumer electronics brands.
(5) Wingtech Technology
Company Profile: The semiconductor business is now centered on Nexperia's domestic operating entity in China; in 2026H1, the listed company's control over Nexperia's overseas entity remained restricted, which needs to be distinguished from the historical global business scope.
Core Technologies: Domestic businesses rely on self-owned packaging/testing and local wafer cooperation, advancing the migration of discrete devices, MOSFETs, logic, and analog ICs to 12-inch processes.
Main Products: Diodes, transistors, ESD/TVS protection devices, MOSFETs, logic and analog ICs, as well as IGBTs and power modules.
Main Application Markets: Automotive, computer equipment, consumer electronics, industrial and power, AI servers, and data centers.
Market Competitiveness: Product portfolio, automotive-grade experience, and customer base remain valuable; the reconstruction of the domestic supply chain brings opportunities for cost and autonomy; wafer switching, product recertification, and restrictions on overseas assets remain major constraints.
Main Customer Groups: OEMs and automotive Tier 1s, AI equipment and server power supply customers, industrial and consumer electronics brands, and distribution channel customers.
(6) Leon Micro
Company Profile: A platform enterprise spanning semiconductor silicon wafers, power device chips, and compound semiconductor chips, with the group's revenue still dominated by the silicon wafer business.
Core Technologies: Mastering heavily doped single crystal and epitaxy, defect and resistivity control, and 6-inch power chip design and manufacturing; internal silicon wafer supporting forms material and device synergy.
Main Products: 6/8/12-inch silicon wafers and epitaxial wafers, as well as power device chips such as SBD, FRD, MOSFET, and TVS.
Main Application Markets: AI server power supplies, NEVs, PV/energy storage inverters, charging piles, industrial power supplies, and PMICs.
Market Competitiveness: The vertical synergy between heavily doped silicon wafers and power chips possesses differentiation, and automotive-grade FRD and other products are accelerating volume growth; when evaluating the power business, the impact of the silicon wafer and RF optoelectronics segments must be excluded.
Main Customer Groups: Domestic and overseas power device and PMIC manufacturers, automotive Tier 1s, PV/energy storage and industrial power supply customers.
(7) Yandong Micro
Company Profile: A semiconductor technology and manufacturing service provider adopting a dual-wheel model of Foundry + IDM, with businesses divided into manufacturing services and proprietary product solutions.
Core Technologies: Possesses 6/8/12-inch production lines, covering specialty process platforms such as BCD, CMOS, SGT/Trench MOS, IGBT, FRD, and SiC.
Main Products: Specialty process wafer foundry, as well as power discrete devices, analog and logic chips, isolators, and silicon photonics-related products.
Main Application Markets: Consumer electronics, mobile communications, power electronics, PV, BMS, industrial control, and smart terminals.
Market Competitiveness: Multi-size production lines and specialty process platforms facilitate serving multi-category customers; in 2026H1, manufacturing service revenue grew; 12-inch capacity expansion and high R&D investment also brought losses and depreciation pressures.
Main Customer Groups: Power, analog, logic, and silicon photonics chip design enterprises, as well as strategic customers requiring customized processes and product solutions.
2. Application Terminal/Customer Binding Camp
Relying on terminal scenarios, system synergy, or long-term customer relationships to drive design-in, supporting manufacturing investment with order visibility. BYD and CRRC Times Electric possess group application foundations; StarPower and Basic Semiconductor lean more towards customer synergy, which does not equate to having internal order guarantees of the same intensity.
(1) BYD Semiconductor
Company Profile: An automotive-grade semiconductor platform under BYD Group. The power business synergizes with the whole vehicle, electric drive, and electronic control systems, but 2026H1 financial data was not disclosed separately.
Core Technologies: Capable of IGBT and SiC chip design, wafer manufacturing, module packaging/testing, and whole vehicle application validation, forming an internal design-manufacturing-application closed loop within the group.
Main Products: Automotive-grade IGBT, SiC chips and power modules, as well as MCUs, BMS AFEs, current sensors, and automotive-grade LEDs.
Main Application Markets: NEV main drives, electronic controls, OBCs and high-voltage platforms, covering scenarios such as industrial control, PV and energy storage, and variable frequency home appliances.
Market Competitiveness: The group's vehicle model scale and application data facilitate rapid iteration and validation; the 1500V SiC solution has been applied in whole vehicles; there is a lack of latest public data on external customer expansion and independent profitability.
Main Customer Groups: Primarily applied by various brands and the electric drive/electronic control systems of BYD Group, with some products facing external automotive and industrial customers.
(2) CRRC Times Electric
Company Profile: A rail transit electrical equipment platform within the CRRC system. Power semiconductors are one of its multiple business segments, possessing an application foundation from devices to systems.
Core Technologies: Formed design and manufacturing capabilities for high-voltage IGBT, SiC chips and modules; the 8-inch IGBT production line operates stably, and the 8-inch SiC production line is in the capacity ramp-up stage.
Main Products: High-voltage and medium/low-voltage IGBT chips and modules, SiC MOSFET chips and modules, as well as high-power bipolar devices.
Main Application Markets: Rail transit, NEV electric drives, wind/solar/energy storage, industrial converters, smart grids, and high-voltage power transmission.
Market Competitiveness: High-reliability rail transit applications and system synergy capabilities constitute entry barriers; internal applications aid in new product validation; the group's overall performance cannot be equated to the semiconductor segment's performance.
Main Customer Groups: CRRC system and rail transit customers, automotive OEMs and Tier 1s, NEV equipment, industrial converter and grid customers.
(3) StarPower Semiconductor
Company Profile: A supplier centered on power chips and modules, currently extending from chip design and module packaging to an IDM with self-owned wafer manufacturing capabilities.
Core Technologies: Capable of IGBT, FRD, SiC MOSFET, and GaN chip design, as well as power module packaging, thermal design, and application development; the self-built SiC production line continues to ramp up.
Main Products: IGBT/SiC chips and modules, GaN modules, low-voltage MOSFETs, DrMOS, as well as supporting gate driver ICs and MCUs.
Main Application Markets: NEVs, renewable energy generation and storage, industrial control, power supplies, white goods, AI data centers, and low-altitude aircraft.
Market Competitiveness: Strong automotive-grade module mass production and customized development capabilities; the increased proportion of self-developed chips aids in supply and cost control; during the IDM expansion period, it still faces pressures from depreciation, production line yield, and profit realization.
Main Customer Groups: Domestic and overseas OEMs and Tier 1s, PV and wind power inverter manufacturers, industrial control, power supply and home appliance customers.
(4) Basic Semiconductor
Company Profile: An IDM enterprise focusing on SiC power devices, covering chip design, wafer manufacturing, module packaging, and gate driver design and testing.
Core Technologies: Continuously iterating around SiC chip fine-pitch processes, automotive and industrial modules, high-reliability packaging, and gate drivers, possessing module customization and application validation capabilities.
Main Products: Automotive-grade and industrial-grade SiC power modules, SiC MOSFET and SBD discrete devices, as well as power semiconductor gate driver products.
Main Application Markets: NEVs, AI data centers, PV and energy storage, industrial power supplies, rail transit, and consumer electronics power supplies.
Market Competitiveness: The combination of SiC devices and drivers facilitates providing application solutions; in 2026H1, design-ins in industrial and consumer markets accelerated; the company is still in the loss-making period, with capacity utilization, cost, and scaled delivery being major constraints.
Main Customer Groups: Automotive OEMs and Tier 1s, telecom operators and data center customers, industrial power supply and electrical equipment manufacturers, PV/energy storage and consumer electronics customers.
3. Upgrade/Transformation Camp
Supporting investments in higher-performance products and manufacturing platforms with existing discrete device businesses and customer bases. Upgrade directions vary: Yangjie and Jiejie expand product portfolios, Jilin Sino-Microelectronics advances technological and structural upgrades, and Galaxy strengthens power device layout; the key to judgment is the profit contribution of new businesses.
(1) Yangjie Technology
Company Profile: A power semiconductor enterprise covering silicon materials, chip design and manufacturing, device packaging/testing, and sales services, adopting a combined IDM and Fabless model for high-end products.
Core Technologies: Capable of silicon wafer and epitaxy, 5/6/8-inch silicon-based and 6-inch SiC wafer processes, automotive-grade packaging, and module development.
Main Products: Rectifier and protection devices, MOSFETs, IGBTs, SiC devices and modules, as well as supporting silicon wafers, epitaxial wafers, and power chips.
Main Application Markets: AI data centers, NEVs, PV/energy storage/charging, industrial control, embodied intelligence, and consumer electronics.
Market Competitiveness: Strong product coverage, channels, and scaled delivery capabilities; automotive-grade and high-end power products continue to expand; new module capacity and high-end products still need validation through order and gross margin improvements.
Main Customer Groups: Automotive OEMs and Tier 1s, data center and telecom power supplies, PV/energy storage equipment, industrial control and consumer electronics customers.
(2) Jiejie Microelectronics
Company Profile: An IDM enterprise expanding from thyristors and protection devices to a full spectrum of power devices and system solutions, covering chips, devices, modules, and some isolation control products.
Core Technologies: Capable of thyristor, protection device, MOSFET, and IGBT chip processes and packaging/testing, with 4/5/6/8-inch platforms running in parallel; some MOSFET and IGBT chips adopt outsourced collaboration.
Main Products: Thyristors, TVS/ESD, MOSFETs, IGBTs, diodes, SiC devices, optocouplers, isolators, and power modules.
Main Application Markets: Automotive electronics, PV and energy storage, industrial control, smart grids, charging piles, home appliances, consumer electronics, and AI data centers.
Market Competitiveness: Solid foundation in traditional thyristors and protection devices; product matrix expansion facilitates cross-selling; high-end MOSFET, IGBT, and module businesses still need to continuously improve self-sufficiency rates and profit contributions.
Main Customer Groups: Automotive Tier 1s, home appliance and industrial customers, PV/energy storage and charging facility manufacturers, consumer electronics brands and channel customers.
(3) Jilin Sino-Microelectronics
Company Profile: An IDM enterprise long engaged in power device design, wafer processing, packaging/testing, and sales, possessing a multi-size manufacturing system of 4/5/6/8 inches.
Core Technologies: Formed SGT MOS, super-junction MOS, IGBT, SiC device, and IPM/PM module platforms, and possesses AEC-Q101 testing capabilities.
Main Products: IGBTs, MOSFETs, IPM/PM modules, SiC MOSFETs and SBDs, BJTs, FRDs, Schottky diodes, and thyristors.
Main Application Markets: Automotive electronics, clean energy, charging facilities, industrial control, smart homes, energy storage inverters, and telecom power supplies.
Market Competitiveness: Relatively complete product portfolio and manufacturing foundation, capable of covering multiple power applications; the proportion of mid-to-high-end products, automotive-grade scaled delivery, and overseas channels remain upgrade priorities.
Main Customer Groups: Automotive Tier 1 suppliers, industrial control and NEV equipment manufacturers, home appliance and smart home customers, and overseas channel customers.
(4) Galaxy Microelectronics
Company Profile: A comprehensive IDM based on discrete devices and packaging/testing, currently making up for autonomous chips, power devices, and system application capabilities.
Core Technologies: Accumulated capabilities in miniaturization of small-signal devices, Clip top-side cooling, high-density packaging, and flexible manufacturing, while advancing MOSFET, IGBT, and SiC chip processes.
Main Products: Small-signal devices, power diodes and transistors, MOSFETs, IGBTs, rectifier bridges, TVS/ESD, optocouplers, and IPMs.
Main Application Markets: Automotive electronics, PV and energy storage, AI data centers, high-end industrial, 5G communications, home appliances, and consumer electronics.
Market Competitiveness: Wide coverage of models and packages, flexible manufacturing, and a good foundation for customer certification; the small-signal business still holds an important position, while high-end power and SiC products are still in the validation and volume ramp-up stages.
Main Customer Groups: Automotive OEMs and Tier 1s, industrial automation and motor customers, home appliance and consumer electronics brands, telecom and energy storage equipment manufacturers.
4. Niche Specialization Camp
Establishing competitive barriers around high reliability, long validation cycles, and specific projects, striving for returns with specialized devices and application accumulation. Demand is related to the delivery rhythm of grid and industrial projects; the scale is relatively limited, but technical value cannot be judged solely by revenue size.
(1) Parex Power Semiconductor
Company Profile: Focusing on high-voltage and high-power semiconductor devices, power electronics equipment, and device testing equipment, forming a device-equipment-testing service chain.
Core Technologies: Mastering the design, manufacturing, and reliability testing technologies of high-power thyristors, IGCTs, and FRDs, and advancing the serialization of new products such as IGBTs.
Main Products: High-voltage and high-power thyristors, IGCTs, FRDs, IGBTs, power electronics equipment, and power device testing equipment.
Main Application Markets: UHV DC power transmission, locomotive traction, metallurgy and chemical industry, industrial power supplies, power testing, and equipment inspection.
Market Competitiveness: Engineering validation and long-term operation experience of high-voltage and high-power thyristors constitute barriers; testing equipment can feed back into device R&D; performance is easily affected by the delivery rhythm of large projects.
Main Customer Groups: Grid and power transmission engineering units, rail transit and heavy industry customers, research institutes, and power device manufacturing and testing institutions.
(2) Tech Semiconductors
Company Profile: An IDM enterprise focusing on high-power semiconductor devices, possessing integrated capabilities in wafers, chips, packaging, and testing.
Core Technologies: Mastering chip and packaging processes for high-power thyristors, rectifiers, IGBT modules, and pulsed power switches, while continuously tracking SiC and GaN technologies.
Main Products: High-power thyristors, rectifiers, power modules, IGBT modules, pulsed power switches, and related components.
Main Application Markets: Industrial variable frequency, motor drives, high-power power supplies, digital energy, smart grids, rail transit, new energy, and cutting-edge scientific research equipment.
Market Competitiveness: Relatively complete product specifications, capacity delivery, and industrial customer coverage; pulsed power devices possess differentiation; demand is related to industrial equipment investment and project progress.
Main Customer Groups: Industrial power supply and motor drive enterprises, grid and rail transit customers, digital energy equipment manufacturers, and scientific research and special equipment units.
III. Conclusion and Outlook
In the future, silicon-based MOSFETs and IGBTs will still rely on cost and mature supply systems to cover large-scale demand; SiC will penetrate into high-voltage and high-power-density applications, while GaN will develop towards high-frequency power supplies and higher integration. AI power supplies, automotive high-voltage platforms, and grid investments will provide opportunities, but the degree of benefit depends on specific products and customer design-ins.
Industrial competition will focus more on the effective output brought by each unit of capital investment. Heavy-asset enterprises need to improve production line utilization; customer-binding enterprises need to convert design wins to mass production; transformation enterprises need to increase the contribution of high-value-added products; and niche enterprises need to maintain reliability and project barriers. Manufacturers that can balance technological upgrades, delivery quality, and cash recovery will be in a better position to expand their market share.
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