Company at a glance
Scale
Revenue down 14% since FY2023
Growth prospects
Expanding customer base and product roadmap
via money.finance.sina.com.cn ↗Revenue RMB 1.833 billion (+7.56%); net loss attributable RMB 408 million (FY2024: RMB 1.704 billion revenue, RMB 178 million loss); manufacturing-se…via money.finance.sina.com.cn ↗First phase of the planned 40K wpm 12-inch line in mass production with monthly capacity above 20K wafers at end-2025; 12-inch IGBT platform ready fo…China competition
Competes with SMIC, Hua Hong, Nexchip, HLMC in Foundry — peers listed at sector level.
BottleneckGlobal comparables
Global reference set: TSMC, Samsung Foundry, Intel Foundry.
Nexchip (晶合集成)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 entitiesOfficial filings: static.cninfo.com.cn ↗ · Yandong Micro 2025 annual report (Sina Finance) ↗ · Yandong Micro 2025 annual report (PDF) ↗
All sourced facts (8)
- Listing status: Shanghai Stock Exchange STAR Market · 688172 · A-share common stock, inferred from finance portal ticker reference
- Heritage / HQ: Traces to 1987, one of Beijing's oldest semiconductor enterprises; headquartered in Beijing via m.36kr.com ↗
- Listing: Shanghai Stock Exchange STAR Market (688172), November 2022; planned raise about RMB 4 billion; national IC fund holds ~11% and BOE participated via m.36kr.com ↗
- Controlling shareholder: Beijing Electronics Control (北京电控) directly holds 45.23% via vip.stock.finance.sina.com.cn ↗
- FY2025 results: Revenue RMB 1.833 billion (+7.56%); net loss attributable RMB 408 million (FY2024: RMB 1.704 billion revenue, RMB 178 million loss); manufacturing-services revenue +8.54% with negative gross margin during the 12-inch ramp via money.finance.sina.com.cn ↗
- 12-inch ramp: First phase of the planned 40K wpm 12-inch line in mass production with monthly capacity above 20K wafers at end-2025; 12-inch IGBT platform ready for volume production; second phase under construction via money.finance.sina.com.cn ↗
- Beijing Electronics Integrated Circuits (北电集成): Equipment for the separate 12-inch line moved in on December 16, 2025 via money.finance.sina.com.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
IDM plus open foundry: sells own-brand discrete/power devices, analog and special ICs, and sells wafer fab and OSAT capacity to third parties. Growth investment is concentrated in 12-inch capacity (a 40K wpm planned line at its Yandong Technology arm, and a separate 12-inch project at Beijing Electronics Integrated Circuits, 北电集成, whose equipment moved in on December 16, 2025), built substantially on domestic Chinese equipment. Current losses reflect ramp depreciation at low utilization.
Ticker 688172
Why it matters
Yandong Micro is the Beijing municipal vehicle for mature-node capacity buildout and domestic-equipment validation. Its 12-inch ramp (first phase above 20K wpm at end-2025, IGBT platform qualified) is a direct beneficiary of import-substitution demand in power and analog, and its absence from the December 2024 US Entity List expansion has kept its equipment path open.
Where it sits in the stack
Key semiconductor products
- Discrete devices and power semiconductors·including 12-inch IGBT platform
- Analog integrated circuits
- Special (高可靠) integrated circuits
- Open wafer foundry (6/8/12-inch) and packaging/test services
- Silicon photonics process platform
Financials
688172.SS · Shanghai Stock Exchange STAR Market 688172.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
- Nexchip (晶合集成)
- SMIC (中芯国际)
- Hua Hong (华虹)
- PSMC (力晶)
Competitive position
- Beijing's flagship state-backed IDM, positioned as a regional counterweight to SMIC, Hua Hong and Nexchip in mature-node foundry rather than a direct leading-edge competitor
- 6-inch capacity above 60K wpm (end-2021) and 8-inch line (411.7K wafers in 2022) built largely on domestic Chinese equipment, a showcase for localization
- Revenue (RMB 1.8 billion in FY2025) is an order of magnitude below Nexchip, with profitability gated by 12-inch ramp depreciation
- Process-node range and frontier comparison not extractable from surfaced signals; awaiting filing content.
- No capacity, qualification, or supply-chain bottleneck data available from surfaced URL-only signals.
- Global comparables: Nexchip (晶合集成)
- Global comparables: SMIC (中芯国际)
- Global comparables: Hua Hong (华虹)
Milestones and signals
- 2025—12-Inch Phase-1 Capacity: CNY >20K wafers/month (end-2025; planned 40K at full build)
- 2026-10-04—Market cap: RMB 60.6B
- FY2025—Revenue: RMB 1.8B
- FY2025—Net Profit: RMB -408M
- Listing—Shanghai Stock Exchange STAR Market · 688172 · A-share common stock, inferred from finance portal…
What to watch
- Utilization and loss narrowing at the 12-inch lines through 2026 (H1 2026 revenue +48.50% but still loss-making)
- Beijing Electronics Integrated Circuits 12-inch project qualification after December 2025 tool move-in
- Mix shift toward IGBT/power and silicon photonics platforms
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Against Nexchip (晶合集成), SMIC (中芯国际), Hua Hong (华虹), and PSMC (力晶): Process-node range and frontier comparison not extractable from surfaced signals; awaiting filing content.
Open questions
- Which products are qualified beyond pilots in foundry?
- Which customers, fabs, or end markets show real adoption rather than policy interest?