The semiconductor industry witnessed a surge in performance during the first half of 2026, with memory chips emerging as the standout profit generators.

Firms like Jiangbolong reported a staggering net profit increase exceeding 744 times, while Baiwei Storage and Demingli both saw growth of over 30 times, and GigaDevice experienced a near 11-fold rise. The entire supply chain, from computing power chips and equipment to packaging and testing, is resonating positively, as AI permeates every niche, serving as the core engine for this wave of explosive earnings growth.

In July, a flurry of preliminary earnings reports from A-share companies highlighted the sector's continued stellar performance. From upstream semiconductor equipment and core chip design to midstream memory modules and wafer foundries, and down to downstream packaging and testing, the entire semiconductor industry chain is in the green, with collective earnings showing significant leaps.

The Memory Chip Segment: Dominating the Spotlight

If there were a "traffic king" and "profit champion" in the 2026 semiconductor landscape, it would undoubtedly be memory chips. Both module leaders and chip design firms delivered results that shook the market.

Baiwei Storage anticipates first-half 2026 revenue between 15 and 16 billion yuan, a year-on-year increase of 283.40% to 308.96%. It expects net profit attributable to shareholders of 7 to 7.5 billion yuan, soaring by 3200.15% to 3421.59%. The company attributes this surge to the AI computing boom and the memory industry entering a high-growth cycle. Baiwei Storage focuses on the semiconductor memory field, with business lines spanning memory chip design, storage modules, embedded storage, advanced packaging/testing, and storage test equipment, serving applications like AI servers, edge computing terminals, consumer electronics, and industrial storage.

Jiangbolong released its H1 2026 forecast, projecting revenue between 22 and 25 billion yuan, up 116% to 145% year-on-year, and net profit between 9.2 and 11 billion yuan, skyrocketing by 62,204% to 74,394%. This is likely one of the most profitable earnings previews in the A-share market this year.

Positioned in the midstream of the memory supply chain, Jiangbolong procures wafers from original manufacturers like Samsung, then packages and tests them with its own controllers and firmware before supplying downstream. However, HBM has become a "capacity black hole," with its 3D stacking structure consuming wafer area over three times that of standard DRAM, and its production being highly demanding. The three major memory makers are shifting cleanroom resources to HBM, severely squeezing capacity for general-purpose DRAM/NAND.

Against this backdrop, Jiangbolong secured its ticket to this scarce industry capacity through renewed long-term wafer supply agreements (LTAs/MOUs) with key original manufacturers.

GigaDevice, another memory leader, also posted strong double-digit growth. It expects first-half 2026 revenue of approximately 11.5 billion yuan, up about 177% year-on-year, with net profit attributable to shareholders around 6.9 billion yuan, an increase of roughly 1099%. Its growth is attributed to a key term: "niche" memory. As overseas giants continue to cut capacity for niche categories like NOR Flash, niche DRAM, and SLC NAND, shortages in these segments persist. The AI industry boom has further widened this supply-demand gap.

Demand for code-storage NOR Flash from AI servers, AI PCs, and edge smart hardware has surged significantly, with the NOR content per smart device increasing several-fold compared to traditional hardware. Expansion in industrial control and new energy vehicles further solidifies the demand base for memory chips. Amid this supply-demand mismatch, GigaDevice, as the only mainland Chinese company comprehensively covering four core product lines—NOR Flash, SLC NAND, niche DRAM, and general-purpose MCUs—is entering a harvest period.

Demingli expects H1 2026 revenue between 16 and 18 billion yuan, up 289% to 338% year-on-year, with estimated net profit attributable to shareholders of 5.7 to 6.5 billion yuan, soaring by 4932.74% to 5611.02%. During the reporting period, the expansion of AI large model inference and rising demand for high-performance storage products in data centers, coupled with the lengthy expansion cycle for NAND Flash wafer supply, tightened the supply-demand balance and pushed up memory product prices.

Despite their large revenue bases in the tens of billions, these companies achieving tenfold profit jumps demonstrates that the supply-demand gap in the memory sector has reached an "extremely tight" level.

Ingenic Semiconductor expects first-half revenue of 3.989 billion yuan, up 77% year-on-year, with net profit attributable to shareholders between 1.079 and 1.282 billion yuan, an increase of 431.03% to 531.34%. Benefiting from both DRAM and Flash lines, it is steadily capturing the dual红利 of memory price increases and demand explosion.

Montage Technology, a leader in memory interface chips, anticipates first-half revenue of approximately 3.335 billion yuan, up about 26.6% year-on-year, and net profit attributable to shareholders between 1.9 and 2.1 billion yuan, growing 63.9% to 81.2%. The company attributes the significant growth to the AI industry trend and strong sector demand.

The Rise of Computing Power Chips

On the evening of July 16th, two leading GPU firms, Hygon Information and Moore Threads, released their first-half forecasts. Moore Threads expects H1 revenue between 1.65 and 1.75 billion yuan, up 135.12% to 149.37% year-on-year. Hygon Information anticipates revenue between 8.5 and 9.3 billion yuan, an increase of 55.56% to 70.20%, with net profit attributable to shareholders between 1.7 and 1.83 billion yuan, up 41.50% to 52.32%.

This data sends a clear signal: domestic computing power chips are no longer just "backup options" but are genuinely meeting the computing demand brought by the AI explosion. This is driven by the insatiable demand for GPUs from large model training and inference, the accelerated implementation of domestic digital transformation, and the positive cycle of capital and technology post-listing.

As AI applications advance, demand for domestic computing power is growing rapidly. According to Frost & Sullivan forecasts, China's AI chip market size will grow from 142.5 billion yuan in 2024 to 1.3 trillion yuan in 2029, with a compound annual growth rate of 54% from 2025 to 2029.

Latest financial data from FPGA and SoC companies are also notable highlights in the semiconductor sector. While discussions about AI chips previously focused on cloud GPUs, the 2026 competitive battlefield has shifted from the cloud to the edge and end-devices. The widespread adoption of industrial intelligence, in-vehicle computing, local large models, and smart homes is driving rapid growth for FPGA, SoC, and IoT MCU chips.

Leading domestic FPGA firm Fudan Microelectronics expects first-half revenue between 2.2 and 2.4 billion yuan, up 19.64% to 30.52% year-on-year, with net profit attributable to shareholders between 800 million and 1 billion yuan, surging 313.19% to 416.49%. Its performance improvement is mainly due to recovering industry景气度 and growing downstream customer demand, with revenue and毛利 increasing across its integrated circuit design product lines. The company continues to advance technological innovation and product iteration, launching FPGA series products, NFC RF, RFID products, automotive-grade MCU products, and various solutions that contribute to revenue.

FPGAs, with their high flexibility, parallelism, and low latency, find wide application in AI and edge inference. Two leading domestic SoC firms also delivered above-expectation results. Rockchip expects first-half revenue between 2.87 and 2.91 billion yuan, up 40.28% to 42.24% year-on-year, with net profit attributable to shareholders between 850 million and 910 million yuan, increasing 60.03% to 71.33%. Allwinner Technology anticipates first-half net profit attributable to shareholders between 475 million and 515 million yuan, up 194.73% to 219.55%.

Even in niche segments, Wi-Fi MCU leader Beken Corporation reported net profit growth of 149.59% to 175.59% year-on-year, with net profit attributable to shareholders between 48 and 53 million yuan. First-half revenue is expected between 620 million and 640 million yuan, an increase of 65.24% to 70.57%. This set of data reveals a new industry trend: AI no longer relies solely on cloud computing power; edge and end-device intelligence are becoming the core growth battleground for domestic chips.

Semiconductor Equipment: The "Pickaxe Sellers" Reap the Rewards

An old industry adage says: buy equipment in a bull market. When chip design and end-device manufacturing boom, upstream semiconductor equipment manufacturers are among the most certain beneficiaries—they are the "pickaxe sellers" throughout the entire industry chain.

Leading domestic test equipment firm Changchuan Technology expects first-half net profit attributable to shareholders between 900 million and 1 billion yuan, up 110.76% to 134.18% year-on-year. Its growth logic rests on three relatively independent industry cycles: computing power chip testing (AI-driven), memory chip testing (driven by domestic memory chip company expansion), and advanced packaging equipment (driven by Chiplet and CoWoS). These three cycles are entering a volume ramp-up phase around 2026, creating a叠加效应 for the company.

As the semiconductor equipment market expands across the board, the testing segment shows outstanding growth. SEMI data indicates the global semiconductor equipment market will continue to expand from 2024 to 2027E, growing from $116.6 billion in 2024 to $155.6 billion in 2027E. Among these, test equipment shows significantly领先 growth elasticity, with a projected 2024-2027E CAGR of 21.1%. It is expected that with the explosion in demand for AI chips and automotive power devices, chip testing demand will continue to rise, sustaining high long-term growth rates for test equipment.

Although NAURA and Advanced Micro-Fabrication Equipment Inc. (AMEC) have not yet released first-half forecasts, the explosive growth of Changchuan Technology suggests that markets for etching, thin-film deposition, testing, and other semiconductor equipment are entering a new expansion cycle driven by strong AI demand.

Packaging and Testing Giants: A Collective Surge

Tongfu Microelectronics expects first-half net profit between 1.6 and 1.8 billion yuan, up 288.26% to 336.80% year-on-year. The company is deeply tied to global leading AI chip manufacturers, with high-end GPU and CPU packaging orders running at full capacity year-round. Simultaneously, HBM memory packaging and automotive-grade chip packaging businesses are ramping up, with the proportion of high-end business continuously increasing, driving steady growth in both revenue and net profit.

JCET Group anticipates first-half net profit attributable to shareholders between 770 million and 950 million yuan, an increase of 63.48% to 101.7%. Huatian Technology also shows strong爆发力, expecting first-half net profit between 750 million and 850 million yuan, up 231.16% to 275.31% year-on-year.

The large-scale adoption of advanced packaging is fundamentally rewriting the profit logic of the packaging and testing industry. In early 2026, the global semiconductor industry reached a symbolic inflection point: TSMC's CoWoS advanced packaging capacity gap exceeded 30%, industry giants like ASE announced price increases of 30% across packaging services, and several AI chip makers publicly stated that the core bottleneck constraining top-tier AI chip production is no longer just advanced process wafer manufacturing capabilities like 7nm or 3nm, but also depends on the capacity and technology supply in the advanced packaging环节.

Taking current mainstream AI accelerator chips as an example, products using Chiplet architecture + 3D stacked packaging can achieve 2-3 times the computing power, over 5 times the data transmission bandwidth, and a 40% reduction in overall cost compared to single-chip solutions at the same process node. This model of "architectural innovation + packaging upgrade" is becoming a consensus choice for global leading chip makers to突破 performance limits.

Simultaneously, leading domestic packaging and testing firms are continuously increasing their布局 in advanced packaging capacity, gradually moving away from low-end同质化 competition. The first-half 2026 A-share semiconductor earnings reports are not just a狂欢 of numbers but a集中兑现 of industry logic. From the "暴利神话" of memory chips, to the "second growth curve" of computing power chips, to the "水涨船高" of equipment and packaging/testing links, the共振 of the entire industry chain clearly illustrates one fact: AI has渗透 from the cloud into every semiconductor细分赛道.