Company at a glance
Scale
Revenue up 16% since FY2023
Growth prospects
Expanding customer base and product roadmap
via baike.baidu.com ↗Shanghai Xinsheng (300mm pioneer, first mainland volume producer of 300mm wafers), Xinao Technology (China's largest SOI maker, controlled since Marc…via finance.cnr.cn ↗Revenue about RMB 3.716 billion (+9.69%); attributable net loss about RMB 1.508 billion (2024 loss RMB 971 million), driven mainly by falling product…China competition
Competes with Anji Microelectronics, Dinglong Co., Nata Opto-electronic, Jingrui in Materials — peers listed at sector level.
SubstituteGlobal comparables
Global reference set: Shin-Etsu, SUMCO, JSR.
Shin-Etsu Handotai (Japan, global wafer leader)Technical gap
Sector rated substitute vs the frontier.
Obstacles
Sector bottleneck applies
High-purity inputs, advanced photoresists, repeatability, qualification cycles, and dependence on Japanese/US specialty suppliers.Official filings: NSIG FY2025 annual report summary (CNINFO) ↗
All sourced facts (7)
- Founded / HQ: Founded 2015 in Shanghai as Shanghai Silicon Industry Investment; listed on the STAR Market on 2020-04-20 with the stock rising about 180% on debut via cs.com.cn ↗
- Subsidiaries: Shanghai Xinsheng (300mm pioneer, first mainland volume producer of 300mm wafers), Xinao Technology (China's largest SOI maker, controlled since March 2019) and Finland's Okmetic (founded 1985, privatized acquisition completed 2016); also holds a stake in France's Soitec via baike.baidu.com ↗
- FY2025 results: Revenue about RMB 3.716 billion (+9.69%); attributable net loss about RMB 1.508 billion (2024 loss RMB 971 million), driven mainly by falling product prices via finance.cnr.cn ↗
- 300mm volume and capacity: 2025 300mm wafer sales volume up about 27% (revenue up about 15% on lower prices); end-2025 300mm capacity reached 850,000 wafers/month across Shanghai and Taiyuan versus 750,000 at mid-2025, within a plan of 1.2 million via wap.eastmoney.com ↗
- Cumulative 300mm shipments: 2024 300mm wafer shipments exceeded 5 million wafers for the year, with over 15 million shipped cumulatively; Xinsheng reached 300,000 wafers/month capacity at end-2022 via stcn.com ↗
- SOI capacity: Xinao Technology plus Okmetic hold over 65,000 wafers/month of 200mm-and-below SOI capacity; subsidiary Xinao Xinyi lifted 300mm SOI capacity to 160,000 wafers per year via static.cninfo.com.cn ↗
- Taiyuan ramp: The Taiyuan 300mm capacity-upgrade project continues to build out; subsidiary Jinke Silicon Materials has passed system certification at multiple customers and the Taiyuan plant has begun shipping via wap.eastmoney.com ↗
About
Holding platform that develops, manufactures and sells 200mm-and-below and 300mm polished/epitaxial silicon wafers and SOI wafers through subsidiaries Shanghai Xinsheng, Xinao Technology, Xinao Xinyi and Okmetic to logic, memory and image-sensor fabs, funding aggressive capacity build-out (Shanghai and Taiyuan) from its STAR listing.
Founded 2015
Why it matters
300mm silicon wafers are the largest materials input by value in chipmaking and were historically supplied almost entirely by Shin-Etsu, SUMCO, GlobalWafers and Siltronic; NSIG is the principal Chinese challenger, scaling 300mm output toward 1.2 million wafers per month and adding a Taiyuan plant as domestic fabs localize sourcing.
Where it sits in the stack
Key semiconductor products
- 300mm polished and epitaxial silicon wafers for logic, memory and CIS·850k wpm capacity end-2025·2025
- 200mm and below polished/epitaxial wafers
- SOI wafers200mm and below via Xinao/Okmetic (65k+ wpm) and 300mm SOI via Xinao Xinyi (160k wafers/year)
Financials
688126.SS · Shanghai Stock Exchange STAR Market 688126.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
- Shin-Etsu Handotai (Japan, global wafer leader)
- SUMCO (Japan)
- GlobalWafers (Taiwan)
- Siltronic (Germany)
- Soitec (France, SOI — NSIG is also a shareholder)
Competitive position
- Domestic leader and first-tier Chinese player in 300mm wafers, competing on localization demand from SMIC, CXMT, YMTC-class fabs
- Price-taker in a global wafer market where 2025 shipments rose but revenue fell, producing deep losses despite volume growth
- Morningstar projects NSIG to more than double 300mm capacity by 2030 versus end-2025 on China self-sufficiency demand
- Fab qualification status and specific material category unconfirmed.
- Global comparables: Shin-Etsu Handotai (Japan, global wafer leader)
- Global comparables: SUMCO (Japan)
- Global comparables: GlobalWafers (Taiwan)
- Global comparables: Siltronic (Germany)
Milestones and signals
- 2015—National Silicon was founded.
- 2025—300mm Silicon Wafer Capacity (Shanghai + Taiyuan): 850,000 wafers per month
- 2025—300mm SOI Capacity (Xinao Xinyi): 160,000 wafers per year
- 2026-10-04—Market cap: RMB 77.3B
- FY2025—Revenue: RMB 3.7B
What to watch
- Wafer price recovery timing against the RMB 1.5 billion 2025 loss
- Taiyuan plant certification progress and the path from 850k to 1.2 million wpm
- 300mm SOI (Xinao Xinyi) qualification for RF and advanced packaging
- Geopolitical treatment of Finnish subsidiary Okmetic under EU export-control tightening
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Domestic leader and first-tier Chinese player in 300mm wafers, competing on localization demand from SMIC, CXMT, YMTC-class fabs.
Open questions
- Which products are qualified beyond pilots in materials?
- Which customers, fabs, or end markets show real adoption rather than policy interest?