Company at a glance
Scale
Revenue up 106% since FY2023
Growth prospects
Expanding customer base and product roadmap
via stcn.com ↗Revenue RMB 2.32 billion (+28.62%, record); planned dividend RMB 1.2 per 10 shares; NOR + EEPROM = 68.02% of main-business revenuevia pdf.dfcfw.com ↗Terminal customers include Samsung and OPPO; applications span mobile, AIoT, automotive and communicationsChina competition
Competes with CXMT, YMTC, JHICC in Memory — peers listed at sector level.
BottleneckGlobal 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: Puya 2025 annual report (Sina Finance) ↗
All sourced facts (7)
- Founded / HQ: January 2016; Shanghai (Zhangjiang) via pdf.dfcfw.com ↗
- Listing: Shanghai Stock Exchange STAR Market (688766), August 2021 via pdf.dfcfw.com ↗
- FY2025 results: Revenue RMB 2.32 billion (+28.62%, record); planned dividend RMB 1.2 per 10 shares; NOR + EEPROM = 68.02% of main-business revenue via stcn.com ↗
- SHM acquisition: March 2025: RMB 90M for 51% of Noah Changtian; August 2025: Noah paid US$69.39M for 100% of SHM from an SK hynix subsidiary; November 2025: RMB 144M for a further 31% (to 82%); May 2026: plan to buy the remaining 49% for RMB 247M via m.21jingji.com ↗
- SHM standing: SHM, originating from an SK hynix-Cypress joint venture, ranked fourth globally in SLC NAND with roughly 9% share in 2024, behind Kioxia; it also offers eMMC and ePOP via stcn.com ↗
- Key customers / end markets: Terminal customers include Samsung and OPPO; applications span mobile, AIoT, automotive and communications via pdf.dfcfw.com ↗
- Pricing action: Management said at the 2025 annual shareholders meeting that the company raised quotes on NOR Flash and other products in Q4 2025 via cls.cn ↗
About
Fabless design and sales of non-volatile memory (NOR Flash, EEPROM, SLC NAND via SHM) and 'storage+' products (MCUs, analog-combined memory), differentiated on ultra-low power and high reliability for phones, wearables, IoT and automotive. Growth in FY2025 came from share gains and the supply-demand gap as large vendors reallocated capacity; the SHM acquisition adds system-level engineering and NAND capability.
Founded 2016
Why it matters
Puya is the mid-sized Chinese challenger to GigaDevice, WINBOND and Macronix in serial NOR, and to ST, onsemi and Giantec in EEPROM. Its staged buyout of SHM from an SK hynix subsidiary is a notable case of a Chinese listed designer acquiring an international SLC NAND franchise (global #4, ~9% share in 2024), reshaping the niche-memory landscape.
Where it sits in the stack
Key semiconductor products
- NOR Flash·serial NOR, low-power focus
- EEPROM·SPI EEPROM
- SLC NAND / eMMC / ePOP·via SHM
- 'Storage+' products32-bit MCUs and memory-plus-analog combinations
Financials
688766.SS · Shanghai STAR Market 688766.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
- GigaDevice (兆易创新)
- WINBOND (华邦电子)
- Macronix (旺宏电子)
- STMicroelectronics
- onsemi
- Giantec (聚辰股份)
- Kioxia (SLC NAND)
Competitive position
- Major Chinese NOR Flash and EEPROM supplier, after GigaDevice, WINBOND and Macronix in NOR and after ST, onsemi and Giantec (聚辰) in EEPROM
- Positions on ultra-low power and high reliability to carve out niches in phone camera modules, wearables and IoT
- SHM buyout lifts Puya to a top-tier global position in SLC NAND (acquired entity #4 worldwide, ~9% share, 2024)
- Global comparables: GigaDevice (兆易创新)
- Global comparables: WINBOND (华邦电子)
- Global comparables: Macronix (旺宏电子)
- Global comparables: STMicroelectronics
- Global comparables: onsemi
Milestones and signals
- 2016—Puya Semiconductor (普冉股份) was founded.
- 2021—Shanghai Stock Exchange STAR Market (688766), August 2021
- 2024—2024 Global SLC NAND Share (SHM): CNY ~9%, rank #4 worldwide
- 2025—SHM Purchase Price: USD 69.4M (100% equity, paid by Noah Changtian, August 2025)
- 2026-10-04—Market cap: RMB 53.0B
- FY2025—Revenue: RMB 2.3B
What to watch
- Completion and integration of the SHM/Noah Changtian buyout (remaining 49% announced May 2026)
- NOR/EEPROM pricing after the Q4 2025 increases and into the 2026 upcycle
- MCU and analog-combination revenue mix as the 'storage+' strategy scales
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Major Chinese NOR Flash and EEPROM supplier, after GigaDevice, WINBOND and Macronix in NOR and after ST, onsemi and Giantec (聚辰) in EEPROM.
Open questions
- Which products are qualified beyond pilots in memory?
- Which customers, fabs, or end markets show real adoption rather than policy interest?