I have been very busy recently, but I still managed to spare time to debug the AI Agent and continue using AI to automatically collect and organize industry data. Over the past two days, I finally completed a new version of the data report and added content on wafer foundries.
Currently, I have selected a total of 4 foundries as samples for data statistics (the latest data is up to 2026-Q1):
Aggregate Statistical Analysis
The following is the trend of the total revenue of the four wafer foundries: in 2026-Q1, the total revenue of the four reached 27.12 billion RMB, a year-on-year growth of 10.6% (in the previous issue, the year-on-year growth of the total revenue of the semiconductor equipment companies I compiled was 28.1%).
The lower trend line in the chart represents the revenue development trend after normalization and eliminating the impact of data from newly added companies. Later, I will use it as a standard reference to compare and measure the development speed of each company.
As can be seen from the chart below, among the four, SMIC alone accounts for nearly two-thirds of the revenue, and its dominant position in the domestic market is clearly visible from the chart; while in the remaining part, Hua Hong accounts for a little over half.
The chart below shows the total gross profit of the four foundries. Currently, its overall growth rate in recent quarters is slower than that of revenue, resulting in a relatively low gross profit margin (around 20%).
Up to last year, the overall R&D expenditure growth of the four was still relatively fast. However, from the overall trend, R&D investment over the past three years has basically reached its peak, so its proportion of revenue shows a continuous downward trend.
The business characteristics of wafer foundries determine that their business is greatly affected by the market environment. After experiencing drastic fluctuations from 2021 to 2024H1, the overall operating profit margin of the four is currently relatively stable.
The detailed data and original documents of the tables in this article: "Financial Statistics of A-Share Listed Companies" have been uploaded to the cloud drive of Knowledge Planet for members. If you are interested in such data, you are welcome to join my Knowledge Planet to obtain them -- detailed introduction and joining methods are at the end of the article
The following are the statistical data for each of the four manufacturers:
SMIC
Since SMIC's revenue accounts for too high a proportion of the total revenue (over 65%), its revenue trend is basically consistent with the total revenue trend (slightly higher).
The same applies to gross profit.
SMIC's R&D investment is basically very stable, without significant fluctuations.
Its operating profit margin outperforms the aggregate level.
Hua Hong
The financial data of Hua Hong is generally mediocre overall. The highlight in its financial report is the continuous growth of R&D investment (Chart 3), but on the other hand, this also drags down the operating profit, resulting in a negative value (Chart 4).
Jinghe Integration
The revenue growth of Jinghe Integration is slightly slower, but fortunately, its gross profit margin level is acceptable. It has some similarities with Hua Hong in terms of the continuous increase in R&D investment. Although this also severely drags down its operating profit margin, the data is still positive.
Xinlian Integration
As a new company, the revenue growth of Xinlian Integration outperforms the aggregate level. However, its excessively low gross profit margin remains a major problem. Its R&D investment has significantly decreased in the last two quarters, leading to a notable improvement in its operating profit loss. But whether this can be sustained remains to be seen. Its technical level has a good reputation, and the next question is when it can turn a profit.