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Dosilicon (东芯股份)东芯股份

688110Founded 2014Reviewed 2026-08-30

Dosilicon (东芯半导体股份有限公司) was founded on November 26, 2014, headquartered in Shanghai's Qingpu District with branches in Shenzhen, Nanjing, Hong Kong and South Korea, and listed on the STAR Market on December 10, 2021 (688110); SMIC's investment arm participated in 2018. It is one of the few mainland Chinese designers offering small/medium-capacity NAND, NOR, DRAM and MCP products focused on the niche-memory market. FY2025 revenue was RMB 921 million (+43.76%) with a net loss of RMB 195 million; the AI-driven shortage then produced H1 2026 revenue of RMB 1.497 billion (+336.44%) and net profit of RMB 659 million at a 67.66% gross margin. The board approved an H-share listing plan on May 22, 2026.

Scale

~$128.2Mrevenue FY2025 · CNY 0.9B
~$7Bmarket cap · 2026-10-04

Gap vs frontier

Bottlenecksector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

Dosilicon (东芯股份): bottleneck tier in Memory: DRAM / HBM / NAND, ~$128.2M FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
Memory · Bottleneck
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
4 · EquipmentMachines inside the plants
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Revenue up 74% since FY2023

Growth prospects

Expanding customer base and product roadmap

via money.finance.sina.com.cn ↗Revenue RMB 641 million (+20.80%); net loss attributable RMB 167 million (loss narrowed 45.42%)via static.cninfo.com.cn ↗Revenue RMB 921 million (+43.76%); net loss attributable RMB 195 million amid niche-memory price recovery

China competition

Competes with CXMT, YMTC, JHICC in Memory — peers listed at sector level.

Bottleneck

Global comparables

Global reference set: SK hynix, Samsung, Micron.

Winbond (华邦电子)

Technical gap

Sector rated bottleneck vs the frontier.

Obstacles

Sector bottleneck applies

HBM, advanced DRAM nodes, tool restrictions, yield, packaging integration, and export controls.

Official filings: static.cninfo.com.cn ↗ · Dosilicon 2024 annual report (Sina Finance) ↗ · Dosilicon 2025 annual report summary (PDF, CNINFO) ↗ · Sina Finance: 2025 annual report inquiry response ↗

All sourced facts (8)
  • Listing status: Shanghai Stock Exchange STAR Market (科创板) · 688110 · A-share
  • Founded / HQ: November 26, 2014; Shanghai (Qingpu), with Shenzhen, Nanjing, Hong Kong and Korea branches; legal representative Jiang Xueming via data.eastmoney.com ↗
  • Listing: Shanghai Stock Exchange STAR Market (688110), December 10, 2021 via vip.stock.finance.sina.com.cn ↗
  • FY2024 results: Revenue RMB 641 million (+20.80%); net loss attributable RMB 167 million (loss narrowed 45.42%) via money.finance.sina.com.cn ↗
  • FY2025 results: Revenue RMB 921 million (+43.76%); net loss attributable RMB 195 million amid niche-memory price recovery via static.cninfo.com.cn ↗
  • H1 2026 results: Revenue RMB 1.497 billion (+336.44%); net profit attributable RMB 659 million, turnaround; gross margin 67.66% (+48.9pp) via wap.eastmoney.com ↗
  • H-share plan: Board approved on May 22, 2026 an H-share issuance of up to 10% of post-issue capital (plus 15% greenshoe) to list on the HKEX main board via stock.10jqka.com.cn ↗
  • Market logic: Overseas memory majors continue shifting capacity to 3D NAND and HBM, tightening niche-memory supply; Dosilicon expects niche prices to keep trending up via money.finance.sina.com.cn ↗

About

Fabless design and sale of niche memory chips - SLC NAND as the core line plus NOR Flash, niche DRAM and multi-chip packages - sold into communications, consumer, industrial and automotive electronics. Its cycle economics mirror the niche-memory supply squeeze: as Samsung, SK hynix and Micron shift capacity to 3D NAND and HBM, niche prices firmed from 2025 and Dosilicon swung from multi-year losses to steep profitability in H1 2026.

Founded 2014 · Ticker 688110

Why it matters

Dosilicon is the listed pure-play on the Chinese niche-memory (SLC NAND) replacement trade, with the most violent 2025-to-2026 earnings inflection among the NOR/NAND specialists: from a RMB 195 million loss in FY2025 to RMB 659 million profit in H1 2026 alone. Its planned Hong Kong listing would fund a global expansion of that franchise.

Where it sits in the stack

Memory

Memory: DRAM / HBM / NAND

Bottleneck

HBM, advanced DRAM nodes, tool restrictions, yield, packaging integration, and export controls.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • SLC NAND Flash·small/medium capacity, core product
  • NOR Flash
  • Niche DRAM
  • MCP (multi-chip package) storage solutions

Financials

688110.SS · Shanghai STAR Market 688110.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 0.53BRMB -0.31B
2023
RMB 0.64BRMB -0.17B
2024
RMB 0.92BRMB -0.19B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Ecosystem

Global peer set

  • Winbond (华邦电子)
  • GigaDevice (兆易创新)
  • Macronix (旺宏电子)
  • Kioxia (SLC NAND)

Competitive position

  • One of the few mainland Chinese fabless vendors spanning NAND, NOR and DRAM in the small/medium-capacity niche segment
  • Niche-memory competitor to Winbond, GigaDevice and Macronix as global majors exit lower-density products
  • FY2025 revenue of RMB 921 million is the smallest among listed Chinese niche-memory designers covered, with the steepest 2026 recovery
  • Memory market dominated by global incumbents.
  • Global comparables: Winbond (华邦电子)
  • Global comparables: GigaDevice (兆易创新)
  • Global comparables: Macronix (旺宏电子)
  • Global comparables: Kioxia (SLC NAND)

Milestones and signals

  • 2014—Dosilicon (东芯股份) was founded.
  • 2026-10-04—Market cap: RMB 50.3B
  • FY2025—Revenue: RMB 921M
  • FY2025—Net Profit: RMB -195M
  • Listing—Shanghai Stock Exchange STAR Market (科创板) · 688110 · A-share

What to watch

  • H-share issuance progress in Hong Kong following the May 2026 board approval
  • Durability of 67%+ gross margins if niche-memory supply loosens
  • Capacity commitments at foundry partners to sustain H1 2026 shipment levels

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

One of the few mainland Chinese fabless vendors spanning NAND, NOR and DRAM in the small/medium-capacity niche segment.

Open questions

  • Which products are qualified beyond pilots in memory?
  • Which customers, fabs, or end markets show real adoption rather than policy interest?