AI Drives Semiconductor Industry Recovery, GigaDevice's 2025 Revenue to Grow 25%, Net Profit to Grow 49% | Cailian Press

GigaDevice (GIGADEVICE) has delivered a strong annual performance report. Benefiting from the full recovery of the semiconductor industry driven by the explosion of AI demand, the company's revenue and profit in 2025 both saw significant growth, and it announced the distribution of over 525 million yuan in cash dividends to shareholders.

The company achieved an annual operating revenue of 9.203 billion yuan in 2025, a year-on-year increase of 25.12%; net profit attributable to shareholders of the listed company was 1.648 billion yuan, a year-on-year increase of 49.47%; net profit after deducting non-recurring items was 1.469 billion yuan, a year-on-year increase of 42.57%. The profit growth rate significantly outpaced the revenue growth rate, indicating a marked improvement in profitability.

The company also announced its profit distribution plan, proposing to distribute a cash dividend of 7.50 yuan (tax inclusive) per 10 shares, totaling approximately 525 million yuan in cash dividends, accounting for 31.88% of the net profit attributable to shareholders of the listed company in the 2025 consolidated financial statements.

Looking at quarterly performance, the company's profitability continued to accelerate, with the net profit in the third quarter reaching 508 million yuan and further increasing to 565 million yuan in the fourth quarter, demonstrating strong performance sustainability.

Full-Year Performance Accelerated Quarter by Quarter, with a More Significant Contribution in the Second Half

On a quarterly basis, GigaDevice's 2025 performance showed a significant sequential improvement. Net profit in the first quarter was 235 million yuan, rising to 341 million yuan in the second quarter, jumping to 508 million yuan in the third quarter, and further increasing to 565 million yuan in the fourth quarter. The net profit for the second half of the year totaled approximately 1.073 billion yuan, accounting for over 60% of the full-year net profit.

Operating revenue also showed a similar trend. In the third quarter, single-quarter revenue reached 2.681 billion yuan, the highest single-quarter level for the year; revenue in the fourth quarter was 2.372 billion yuan, remaining at a high level compared to the previous two quarters, indicating a stable upward trend in annual revenue.

Net cash flow from operating activities for the full year was 2.129 billion yuan, a year-on-year increase of about 4.7%, remaining positive, which demonstrates the solid and stable cash-generating ability of the company's main business.

As of the end of the reporting period, the company's total assets reached 21.397 billion yuan, a year-on-year increase of 11.27%; net assets attributable to shareholders of the listed company were 19.008 billion yuan, a year-on-year increase of 15.21%. The weighted average return on net assets was 9.30%, an increase of 2.36 percentage points compared to the same period last year.

Storage Chip Volume and Price Increase, Multiple Product Lines Benefit from AI Cycle Resonance

In 2025, GigaDevice's core storage business benefited from the superposition of multiple favorable factors. According to Frost & Sullivan data, the global market size for specialized memory is expected to reach 15.7 billion US dollars in 2025, including niche DRAM at 9.9 billion US dollars, NOR Flash at 3.1 billion US dollars, and SLC NAND Flash at 2.7 billion US dollars.

In terms of niche DRAM, the surge in demand for AI servers has driven a significant increase in demand for mainstream products such as DDR5 and HBM. Leading international manufacturers are accelerating their migration to new process nodes and gradually phasing out or reducing the production of niche products, leading to a significant improvement in the industry competitive landscape and a substantial increase in niche DRAM prices.

For SLC NAND Flash, AI has driven a significant increase in demand for 3D NAND, while major international manufacturers have correspondingly reduced 2D NAND production capacity, resulting in a clear supply gap in the market. The price of SLC NAND Flash has risen significantly since the third quarter, showing a strong correlation with the acceleration of the company's performance in the second half of the year.

In terms of NOR Flash, the development of edge AI has driven continuous growth in code density. Industry supply is relatively tight, and prices are rising moderately. This product is widely used in industrial, automotive, consumer electronics, and network communication fields and is a traditional advantage category for the company.

MCU and Diversified Business Layout Continues to Advance

In terms of MCU business, according to Frost & Sullivan data, the global MCU market size is expected to be 21 billion US dollars in 2025. During the reporting period, the MCU industry price remained at the bottom of the cycle, but the overall inventory levels were relatively low.

The company focuses on 32-bit general-purpose MCU products based on ARM and RISC-V cores, holding a leading position in the domestic 32-bit MCU field, with a key focus on automotive, industrial control, digital energy, and white goods markets.

In terms of sensors and analog chips, the company's sensor products include touch control chips, fingerprint identification chips, and barometric pressure sensors; the analog product line includes general-purpose power supplies, LDOs, dedicated power supplies, and motor drivers, among others. Its holding subsidiary, Suzhou Cenix, focuses on the domestic niche segment of lithium battery protection.

The company operates under a Fabless model, focusing on integrated circuit design, sales, and customer service, outsourcing wafer manufacturing and packaging/testing to third-party partners to maintain operational flexibility.

Industry Prosperity is Strong, Global Semiconductor Market Size Reaches Record High

The macroeconomic background for GigaDevice's performance growth is the strong rebound of the global semiconductor industry.

According to WSTS data, the global semiconductor market size in 2025 reached 772 billion US dollars, a year-on-year increase of 22%, setting a historical record. Among them, logic chips grew by 37% and memory chips by 28%, both being major growth engines.

In the Chinese market, according to the China Semiconductor Industry Association, the scale of China's domestic integrated circuit market is expected to be 280 billion US dollars, with design segment revenue around 118 billion US dollars, a year-on-year increase of approximately 29.4%.

The explosion of AI demand, coupled with the moderate recovery of automotive electronics and consumer electronics, jointly constitutes the core driving force for the industry's upward trend.