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GigaDevice兆易创新

603986Beijing (Haidian)gigadevice.comReviewed 2026-08-30

GigaDevice is a Beijing-headquartered fabless semiconductor company whose value to the tracker is not one heroic frontier chip, but a broad set of memory, MCU, sensor, and analog products that sit close to real electronics demand.

Scale

~$1.3Brevenue FY2025 · CNY 9.2B
~$34.6Bmarket cap · 2026-10-04

Gap vs frontier

Close behindsector position

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

GigaDevice: close behind tier in MCU / control chips, ~$1.3B FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
MCU · Close behind
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 60% since FY2023

Growth prospects

Expanding customer base and product roadmap

FY2025 revenue approximately 9.20B CNY (+25% YoY); trailing-twelve-month revenue approximately 11.48B CNY; Q1 2026 revenue approximately 4.19B CNY

China competition

Competes with Nationz, Chipsea, Fudan Micro, Sino Wealth in MCU — peers listed at sector level.

Close behind

Global comparables

Global reference set: STMicroelectronics, Infineon, NXP.

Winbond and Macronix for NOR flash.

Technical gap

Sector rated close behind vs the frontier.

Obstacles

US export-control exposure

No company-specific U.S. Entity List status found in the reviewed sources.

Official filings: static.sse.com.cn ↗

All sourced facts (11)
  • Headquarters: Beijing (Haidian), China
  • Employees: Approximately 2,333 employees
  • Revenue / scale: FY2025 revenue approximately 9.20B CNY (+25% YoY); trailing-twelve-month revenue approximately 11.48B CNY; Q1 2026 revenue approximately 4.19B CNY
  • Market cap / valuation: Approximately 549.34B CNY market capitalization
  • Listing status: Shanghai Stock Exchange (Main Board) · 603986 · A-shares (证券简称：兆易创新)
  • Founding and HQ: Founded in 2005 and headquartered in Beijing.
  • Listings: Listed on the Shanghai Stock Exchange in 2016 and held a Hong Kong secondary listing on January 13, 2026.
  • Product milestone: Launched China's first SPI NOR flash memory chip in 2008.
  • MCU expansion: Entered the MCU market in 2013; GD32 MCU families span Cortex-M and RISC-V lines.
  • Strategic deal history: Participated in the 2015 buyer consortium that acquired ISSI for about US$731M.
  • Sanctions / export controls: No company-specific U.S. Entity List status found in the reviewed sources.

About

Fabless semiconductor company that designs and sells flash memory (SPI NOR / SPI & Parallel NAND), 32-bit GD32 MCUs, sensors, and analog/power ICs to automotive, industrial, consumer, IoT, and communications customers. Revenue comes from product IC sales; as a fabless company it relies on wafer foundry and OSAT partners, which it does not name publicly.

Beijing (Haidian) · Ticker 603986

Why it matters

GigaDevice matters because NOR flash and MCUs are boring in exactly the useful way: they show where domestic fabless companies can build commercial product breadth across automotive, industrial, IoT, consumer, and embedded systems.

Where it sits in the stack

Compute

MCU / control chips

Close behind

Automotive qualification, reliability, analog integration, and broad developer ecosystem.

RoboticsEV / autoConsumer / IoTIndustrial

Key semiconductor products

  • Analog / Power / Motor-driver / Charging ICsAnalog and power-management ICs including motor-driver and charging devices.
  • Sensor and analog/power IC integration (touch, fingerprint, pressure, motor-driver, charging) — statuscommercial. Moves GigaDevice beyond pure memory/MCU into broader system-level ICs.
  • SPI NOR flash
  • 32-bit MCUs
  • sensors
  • DRAM·in development

Financials

603986.SS · Shanghai 603986 (A+H; H shares 3986.HK) · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 5.76BRMB 0.16B
2023
RMB 7.36BRMB 1.1B
2024
RMB 9.2BRMB 1.65B
2025

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

Ecosystem

Customers / end markets

  • Espressif Systems
  • Espressif Systems (乐鑫信息科技)
  • End-market exposure captured in the pilot: Automotive, Industrial, PC and Peripherals, Consumer Electronics, IoT / Network Communication / Mobile / Humanoid Robotics

Investors / affiliates

  • 上海格易电子有限公司 (Shanghai Gexin Electronics)

Global peer set

  • Winbond and Macronix for NOR flash
  • STMicroelectronics, NXP, Renesas, Microchip, and Infineon for MCU/embedded-control reference points

Affiliates

  • 上海格易电子有限公司 (Shanghai Gexin Electronics, subsidiary)
  • Giga Device Semiconductor (HK) Limited (subsidiary)

Competitive position

  • China position: Leading / Substitute in SPI NOR flash and broad domestic MCU coverage.
  • Global reference companies: Winbond, Macronix, Infineon/Cypress, Renesas, STMicroelectronics, NXP, Microchip, and Silicon Labs depending on memory versus MCU category.
  • Strength metric: product family breadth, automotive-grade qualification, density/voltage coverage, MCU core/peripheral tiers, and foundry/OSAT resilience.
  • Leading domestic SPI NOR flash position and broad MCU line; DRAM program is earlier-stage with no node or capacity data in signals.
  • Fabless model depends on external foundry and OSAT capacity for both flash and DRAM.
  • Global comparables: Winbond and Macronix for NOR flash.
  • Global comparables: STMicroelectronics, NXP, Renesas, Microchip, and Infineon for MCU/embedded-control reference points.
  • As a fabless supplier, GigaDevice depends on foundry capacity, OSAT capacity, embedded nonvolatile-memory process access, automotive qualification, and product-cycle discipline.

Recent activity

  • 2025-Q1 2026—Strong revenue growth reported: FY2025 +25% YoY and Q1 2026 +119% YoY [via stockanalysis.com]
  • 2024-09-10—Added wholly-owned subsidiaries as implementation entities/locations for the DRAM chip R&D and industrialization project [via big5.sse.com.cn]

Milestones and signals

  • 2026-10-04—Market cap: RMB 248B
  • FY2025—Revenue: RMB 9.2B
  • FY2025—Net Profit: RMB 1.6B
  • Listing—Shanghai Stock Exchange (Main Board) · 603986 · A-shares (证券简称：兆易创新)
  • unspecified—Funding / Valuation: Approximately 2,333 employees

What to watch

  • NOR and NAND flash roadmaps across density, process node, voltage, and automotive-grade coverage.
  • GD32 MCU expansion across its High-Performance, Mainstream, Entry, Low-Power, Wireless, Automotive, and application-specific tiers.
  • Reported revenue and market-cap trajectory in exchange filings.
  • Which wafer foundries and OSAT partners GigaDevice relies on, and at what nodes.

Questions

Last reviewed 2026-07-01

Answered questions

How much revenue comes from NOR flash versus MCU versus analog/sensor products?

Against Winbond and Macronix for NOR flash and STMicroelectronics, NXP, Renesas, Microchip, and Infineon for MCU/embedded-control reference points: Leading domestic SPI NOR flash position and broad MCU line; DRAM program is earlier-stage with no node or capacity data in signals.

Which automotive-grade products have real qualification and volume shipments?

On the record: GigaDevice (Customer validation) at end markets and GigaDevice (Customer validation) at the automotive end market.

Open questions

  • Which foundry and OSAT partners support the main product families?