TBC Home →
Company profiles›Hengshuo (恒烁股份)

Hengshuo (恒烁股份)恒烁股份

688416.SSFounded 2015Reviewed 2026-08-30

Hengshuo Semiconductor (Hefei) was founded in February 2015 in Hefei, Anhui, and listed on the Shanghai Stock Exchange STAR Market on August 29, 2022 (688416). A fabless chip designer, its revenue comes from NOR Flash memory chips and 32-bit general-purpose MCUs based on Arm Cortex-M0+ cores. Its NOR Flash portfolio spans 1Mb-128Mb, concentrated in mid-to-low density consumer applications; its largest customer is JieLi Technology, which uses Hengshuo 4Mb/8Mb NOR parts in Bluetooth audio chips. FY2025 revenue was RMB 474.6 million with a net loss of about RMB 98 million; the cycle turned sharply in H1 2026 with revenue of RMB 528 million (+203.21%) and net profit of RMB 140 million.

Scale

~$66Mrevenue FY2025 · CNY 0.5B
~$1.1Bmarket cap · 2026-10-04

Gap vs frontier

Bottlenecksector position

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

Hengshuo (恒烁股份): bottleneck tier in Memory: DRAM / HBM / NAND, ~$66M 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 55% since FY2023

Growth prospects

Expanding customer base and product roadmap

via m.cls.cn ↗JieLi Technology (杰理科技), buying 4Mb and 8Mb NOR Flash for Bluetooth headphone and speaker chips; IPO reviewers questioned related order returns and c…via file.finance.sina.com.cn ↗Revenue RMB 372.29 million (+21.73%), net loss attributable RMB 161.0 million

China competition

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

Bottleneck

Global comparables

Global reference set: SK hynix, Samsung, Micron.

GigaDevice (兆易创新)

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: Hengshuo 2025 annual report (Sina Finance) ↗ · Hengshuo 2024 annual report summary (PDF) ↗ · SSE IPO sponsorship document (March 2022) ↗

All sourced facts (6)
  • Founded / HQ: February 13, 2015; Hefei, Anhui (Luyang District) via static.sse.com.cn ↗
  • Listing: Shanghai Stock Exchange STAR Market (688416), August 29, 2022; sponsored by Guoyuan Securities; planned raise RMB 754 million via static.sse.com.cn ↗
  • Core products: NOR Flash (1Mb-128Mb) and 32-bit MCUs on Arm Cortex-M0+ cores via money.finance.sina.com.cn ↗
  • Largest customer: JieLi Technology (杰理科技), buying 4Mb and 8Mb NOR Flash for Bluetooth headphone and speaker chips; IPO reviewers questioned related order returns and customer concentration via m.cls.cn ↗
  • FY2024 results: Revenue RMB 372.29 million (+21.73%), net loss attributable RMB 161.0 million via file.finance.sina.com.cn ↗
  • H1 2026 turnaround: Revenue RMB 528 million (+203.21%), net profit RMB 140 million, as NOR prices rose; process migration from 65nm toward 50nm/4x nm continues via stcn.com ↗

About

Fabless design and sale of NOR Flash chips and MCUs, fabricated at third-party foundries, sold mainly into consumer electronics such as Bluetooth headphones and speakers. The company has prioritized shipment volume and market share over near-term margin, which produced losses during the 2023-2025 price downturn and a strong profit rebound when NOR prices recovered from late 2025.

Founded 2015

Why it matters

Hengshuo is one of the smaller listed Chinese NOR Flash specialists whose fortunes demonstrate the niche-memory price cycle: losses through FY2024-FY2025 from aggressive share-taking, then a dramatic profit swing in H1 2026 as supply tightened and NOR prices rose. It is also migrating process nodes from 65nm toward 50nm/4x nm to close the cost gap with larger rivals.

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

  • NOR Flash·1Mb-128Mb, consumer-oriented densities
  • 32-bit general-purpose MCUs·Arm Cortex-M0+ based

Financials

688416.SS · Shanghai STAR Market 688416.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 0.31BRMB -0.17B
2023
RMB 0.37BRMB -0.16B
2024
RMB 0.47BRMB -0.1B
2025

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

Ecosystem

Global peer set

  • GigaDevice (兆易创新)
  • WINBOND (华邦电子)
  • Macronix (旺宏电子)
  • Puya Semiconductor (普冉股份)

Competitive position

  • Global NOR Flash share around 2.7% and sixth worldwide at the 2021 IPO, versus GigaDevice at roughly 20% and second globally; WINBOND and Macronix also lead the market
  • Competes in mid-to-low density consumer NOR, without the 128Mb+ large-density parts offered by GigaDevice, WINBOND and Macronix
  • High customer concentration (JieLi largest) and high supplier concentration noted at IPO
  • Global comparables: GigaDevice (兆易创新)
  • Global comparables: WINBOND (华邦电子)
  • Global comparables: Macronix (旺宏电子)
  • Global comparables: Puya Semiconductor (普冉股份)

Milestones and signals

  • 2015—Hengshuo (恒烁股份) was founded.
  • 2022—Shanghai Stock Exchange STAR Market (688416), August 29, 2022
  • 2026-10-04—Market cap: RMB 7.8B
  • FY2025—Revenue: RMB 475M
  • FY2025—Net Profit: RMB -99.5M

What to watch

  • NOR Flash price trajectory after the late-2025 recovery
  • Yield and cost progress on 50nm/4x nm migration
  • Diversification beyond top customer JieLi and MCU attach rate

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Global NOR Flash share around 2.7% and sixth worldwide at the 2021 IPO, versus GigaDevice at roughly 20% and second globally; WINBOND and Macronix also lead the market.

Open questions

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