Company at a glance
Scale
Revenue up 13% since FY2023
Growth prospects
Expanding customer base and product roadmap
via community.aijishu.com ↗First Chinese maker of 100-million-gate (亿门级) high-capacity FPGAs; 28nm 亿门级 FPGA entered volume production and sale in 2019, with SerDes at 13.1 Gbps…via file.finance.sina.com.cn ↗FPGA and other products revenue RMB 1.420bn in FY2025, up 25.19%; smart-meter chip revenue about RMB 518mm, up 30.69%China competition
Competes with GigaDevice, Nationz, Chipsea, Sino Wealth in MCU — peers listed at sector level.
Close behindGlobal comparables
Global reference set: STMicroelectronics, Infineon, NXP.
AMD/Xilinx (FPGA)Technical gap
Sector rated close behind vs the frontier.
Obstacles
Sector bottleneck applies
Automotive qualification, reliability, analog integration, and broad developer ecosystem.Official filings: financialfilings.com ↗ · Fudan Micro FY2025 annual report (PDF) ↗
All sourced facts (8)
- Headquarters: Shanghai, China
- Listing status: HKEX · 1385 · equity
- Founding and listings: Founded July 1998; listed on Hong Kong GEM August 2000, moved to HK main board 2014 (1385.HK); listed on the STAR Market August 4, 2021 (688385) via roadshow.sseinfo.com ↗
- FPGA milestone: First Chinese maker of 100-million-gate (亿门级) high-capacity FPGAs; 28nm 亿门级 FPGA entered volume production and sale in 2019, with SerDes at 13.1 Gbps across 80 channels, close to Xilinx 7-series specifications via community.aijishu.com ↗
- Domestic chain: Its high-capacity FPGA family is designed and manufactured entirely with domestic core technology and domestic supply chain, per the company via fmsh.com ↗
- FY2025 segment growth: FPGA and other products revenue RMB 1.420bn in FY2025, up 25.19%; smart-meter chip revenue about RMB 518mm, up 30.69% via file.finance.sina.com.cn ↗
- Stake in SJ Semiconductor: H1 2026 net profit guidance of RMB 800mm-1.0bn (up 313%-416%) includes an unrealized gain of about RMB 470mm on its investment in SJ Semiconductor (盛合晶微) via cls.cn ↗
- End markets: FPGA demand driven by wired/wireless communications, satellite communications, video imaging, industrial control and AI; MCU shipments growing in automotive-grade and white-goods applications via file.finance.sina.com.cn ↗
About
Fabless design and sale of security/smart-card chips, FPGA and programmable SoC devices, non-volatile memory, smart-meter chips and MCUs for finance, government, utilities, communications, industrial control and AI applications.
Shanghai · Ticker 1385
Why it matters
Fudan Micro was the first Chinese company to design and mass-produce 100-million-gate-class FPGAs (28nm, since 2019), making it the flagship domestic alternative to Xilinx-class parts; it also holds a minority stake in SJ Semiconductor (盛合晶微) that materially affects earnings.
Where it sits in the stack
Key semiconductor products
- FPGA and programmable logic·28nm 100-million-gate class, moving toward 1xnm process nodes
- Security and identification chips·smart cards and secure devices
- Smart-meter chips for State Grid and Southern Grid procurement
- Non-volatile memory products
- MCUs with automotive-grade and white-goods traction
Financials
688385.SS · Shanghai STAR Market 688385.SS · via Yahoo Finance ↗
Financial trajectory via annual filings via Yahoo Finance
RMB billionsMarket data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.
Ecosystem
Global peer set
- AMD/Xilinx (FPGA)
- Microchip (via Microsemi) and Lattice (FPGA)
- NXP and Renesas (smart-card and metering MCUs)
Competitive position
- Domestic FPGA substitution leader; 28nm 亿门级 parts positioned as replacements for Xilinx 7-series and Zynq-7000 installed base
- Xilinx and Intel held about 87% of the global FPGA market in 2021, defining the substitution opportunity
- FPGA share of revenue rose from 10.24% (2023) to 15.22% (2024) per audit-related disclosures
- Not determinable from available URL-only signals; product content not fetched.
- Global comparables: AMD/Xilinx (FPGA)
- Global comparables: Microchip (via Microsemi) and Lattice (FPGA)
- Global comparables: NXP and Renesas (smart-card and metering MCUs)
Milestones and signals
- 2026-10-04—Market cap: RMB 46.3B
- FY2025—Revenue: RMB 4.0B
- FY2025—Net Profit: RMB 232M
- Listing—HKEX · 1385 · equity
What to watch
- Development of 1xnm FPGA process generation
- Revaluation of the SJ Semiconductor stake around its IPO
- Cyclicality of State Grid/Southern Grid meter tenders, which declined in 2025
- H1 2026 results landing at the guided RMB 800mm-1.0bn net profit
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Against AMD/Xilinx (FPGA), Microchip (via Microsemi) and Lattice (FPGA), and NXP and Renesas (smart-card and metering MCUs): Not determinable from available URL-only signals; product content not fetched.
Open questions
- Which products are qualified beyond pilots in fabless?
- Which customers, fabs, or end markets show real adoption rather than policy interest?