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Nexchip Semiconductor晶合集成

688249.SSFounded 2015HefeiReviewed 2026-08-30

Nexchip (Hefei JC Semiconductors) was established in May 2015 in Hefei, Anhui, as the province's first 12-inch pure-play wafer foundry, built with technology cooperation from Taiwan's PSMC (力晶科技), which managed the company until the end of 2019. It listed on the STAR Market on May 5, 2023 (688249) and completed an H-share listing in Hong Kong (2249.HK) on July 10, 2026 at HK$32.30 per share. Nexchip is the world's largest foundry for display driver chips (DDIC) with a 23.3% global share and ranks third in China with about 8.7% of domestic foundry revenue (FY2025). Nodes span 150nm to 28nm; FY2025 revenue was RMB 10.89 billion (+17.69%).

Scale

~$1.5Brevenue FY2025 · CNY 10.9B
~$10.2Bmarket cap · 2026-10-04

Gap vs frontier

Bottlenecksector position

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

Nexchip Semiconductor: bottleneck tier in Foundry manufacturing, ~$1.5B FY2025 revenue.

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

Company at a glance

Scale

Revenue up 50% since FY2023

Growth prospects

Expanding customer base and product roadmap

via money.finance.sina.com.cn ↗DDIC RMB 6.031B (58.1%), CIS RMB 2.352B (22.6%), PMIC RMB 1.263B (~12.2%); 55nm-and-below revenue reached RMB 1.12Bvia cls.cn ↗Total investment RMB 35.5 billion, fourth 12-inch line at 40nm/28nm with 55K wafers/month planned; construction started January 2026, equipment move-…

China competition

Competes with SMIC, Hua Hong, HLMC in Foundry — peers listed at sector level.

Bottleneck

Global comparables

Global reference set: TSMC, Samsung Foundry, Intel Foundry.

SMIC (中芯国际)

Technical gap

Sector rated bottleneck vs the frontier.

Obstacles

US export-control exposure

via icsmart.cn ↗Not included in the December 2024 US BIS Entity List expansion that added 140 Chinese semiconductor entities

Official filings: Nexchip 2025 annual report (Sina Finance) ↗ · Nexchip 2024 annual report (PDF, CNINFO) ↗

All sourced facts (8)
  • Founded / HQ: May 2015; Hefei, Anhui; Anhui's first 12-inch pure-play foundry, with PSMC technology cooperation and entrusted management until end-2019 via baike.baidu.com ↗
  • A-share listing: STAR Market 688249, May 5, 2023, issue price RMB 19.86 via sse.com.cn ↗
  • H-share listing: HKEX 2249.HK, listed July 10, 2026 at HK$32.30 (about 216 million H shares); CSRC filing May 22, 2026; over-allotment completed August 2026 via finance.sina.com.cn ↗
  • FY2025 revenue mix: DDIC RMB 6.031B (58.1%), CIS RMB 2.352B (22.6%), PMIC RMB 1.263B (~12.2%); 55nm-and-below revenue reached RMB 1.12B via money.finance.sina.com.cn ↗
  • Market rank: FY2025: global #1 DDIC foundry with 23.3% share; #3 in China with 8.7% domestic foundry share; described as global #9 foundry overall via finance.ifeng.com ↗
  • Phase-4 fab: Total investment RMB 35.5 billion, fourth 12-inch line at 40nm/28nm with 55K wafers/month planned; construction started January 2026, equipment move-in expected Q4 2026, full ramp Q2 2028; existing capacity exceeds 150K wafers/month via cls.cn ↗
  • Key customers: Top five at end-2020: Novatek (联咏), Chipone (集创北方), Himax (奇景光电), Etron (奕力科技) and 捷达微电子, together 89.8% of revenue via m.cls.cn ↗
  • Export-control status: Not included in the December 2024 US BIS Entity List expansion that added 140 Chinese semiconductor entities via icsmart.cn ↗

About

Pure-play 12-inch wafer foundry at mature nodes (150nm-28nm), running platforms for DDIC (LCD and OLED display drivers), CMOS image sensors (CIS), power management ICs (PMIC) and logic. Customers are fabless display-driver and image-sensor designers such as Novatek, Chipone, Himax and Etron/捷达微电子. A 355-billion-yuan phase-4 fab (55K wafers/month at 40/28nm) began construction in January 2026, with equipment move-in planned for Q4 2026.

Hefei · Founded 2015

Why it matters

Nexchip is the clearest example of a Chinese mature-node foundry that became globally dominant in one category (display driver chips) and is now scaling into CIS, PMIC and 40/28nm logic while adding Hong Kong capital via an A+H structure. Its utilization, pricing power and phase-3/phase-4 depreciation shape the economics of the whole Chinese DDIC supply chain, and its absence from US export-control lists has let it keep buying tools for mature-node expansion.

Where it sits in the stack

Manufacturing

Foundry manufacturing

Bottleneck

EUV access, advanced lithography, yield, process control, and equipment/material restrictions.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • Display driver chip (DDIC) foundry platforms, 150nm-28nm; 40nm high-voltage OLED DDIC in volume production, 28nm OLED DDIC at risk production from end-2025·2025
  • CMOS image sensor (CIS) foundry platforms, now the second largest revenue pillar
  • Power management IC (PMIC) platforms, including AI-server PMIC development on 90nm BCD
  • Logic and other specialty platforms at mature nodes

Financials

688249.SS · Shanghai STAR Market 688249.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 7.24BRMB 0.21B
2023
RMB 9.25BRMB 0.53B
2024
RMB 10.9BRMB 0.7B
2025

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

Ecosystem

Global peer set

  • SMIC (中芯国际)
  • Hua Hong (华虹)
  • PSMC (力晶)
  • GlobalFoundries
  • UMC

Competitive position

  • World's largest DDIC foundry with 23.3% global share (FY2025), ahead of peers in display-driver specialization
  • Third-largest foundry in China (8.7% share) behind SMIC and Hua Hong, focused on 150nm-28nm mature nodes rather than leading edge
  • CIS growing as second pillar, reducing dependence on DDIC cyclicality
  • Unable to assess from current signals; customer adoption and process diversification are the likely bottlenecks.
  • Global comparables: SMIC (中芯国际)
  • Global comparables: Hua Hong (华虹)
  • Global comparables: PSMC (力晶)
  • Global comparables: GlobalFoundries

Milestones and signals

  • 2015—Nexchip Semiconductor was founded.
  • 2023—STAR Market 688249, May 5, 2023, issue price RMB 19.86
  • 2025—2025 Global DDIC Foundry Market Share: CNY 23.3% (rank #1 worldwide)
  • 2026—Installed Capacity: CNY >150K 12-inch wafers/month
  • 2026-10-04—Market cap: RMB 73.3B
  • FY2025—Revenue: RMB 10.9B

What to watch

  • Phase-4 (RMB 35.5B, 55K wpm, 40/28nm) execution and the depreciation drag on margins - Q1 2026 net profit fell 62.61% YoY on ramp costs even at full utilization with ~10% price increases
  • 28nm OLED DDIC qualification timing and AI-server PMIC progress
  • A+H share structure and Hong Kong listing proceeds deployment

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

World's largest DDIC foundry with 23.3% global share (FY2025), ahead of peers in display-driver specialization.

Open questions

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