Shanghai Silicon

Business

Shanghai Silicon, listed as National Silicon Industry Group (NSIG), calls itself one of the largest, most complete and most international semiconductor wafer makers in China (2026 interim report, p. 10). It makes the silicon discs that chips are built on: polished wafers, epitaxial wafers and silicon-on-insulator (SOI) wafers in 300mm, 200mm and smaller sizes, plus piezoelectric film substrates. The company says its products cover logic, memory, image sensors, power devices, radio frequency devices, analogue chips and discrete devices, for consumer electronics, communications, data centres, automotive electronics and industrial control (p. 10).

Its main production arms are Shanghai Xinsheng for 300mm wafers, Xin'ao Technology for 200mm and smaller wafers and SOI, Okmetic in Finland for specialty 200mm wafers, and a piezoelectric film substrate unit that reached volume shipments of filter substrates in the half (pp. 12, 13). The group holds 1,014 authorised patents at the end of the half, 697 of them invention patents (p. 15).

Scale and mix

• Revenue was ¥2,317.24m in the first half of 2026, up 36.51% year on year. The company says 300mm wafer sales volume rose more than 90%, but prices were still at a cyclical low after falling through 2023 to 2025, so 300mm revenue rose less than 60%; 200mm volume rose about 16% while revenue rose less than 5% (p. 7).
• The loss widened even as revenue grew: the net loss attributable to owners was ¥965.15m, against ¥366.54m a year earlier. The company attributes about ¥100m of the deterioration to higher R&D, about ¥200m to higher finance costs from exchange rate moves, and about ¥120m to higher asset impairment as older, higher-cost inventory was digested (p. 7).
• 300mm capacity in Shanghai and Taiyuan reached 1.0 million wafers a month by the end of the half, with 1.2 million planned by the end of 2026. The Taiyuan plant added 22 customers and 42 products in volume production during the half (p. 12). Its 300mm SOI pilot line, run by Xin'ao Xinyi, has about 300,000 wafers a year of trial capacity and is in product verification and small-batch production (p. 13).
• Customers named in the filing include TSMC, UMC, STMicroelectronics and Vishay abroad, and SMIC, Hua Hong Grace, CR Micro, CanSemi, Yangtze Memory and ChangXin Memory at home. The company says its 300mm prime wafers are supplied in volume to leading international customers and have passed their qualification (p. 11).

Caveats

The company is explicit that the wafer price recovery is not yet in its numbers: unit costs fell on volume and cost cutting, but gross profit did not improve materially in the half because prices were still low (p. 7). It also flags structural gaps in domestic supply for high-end specifications, including heavily doped epitaxial products, low-oxygen high-resistivity wafers, argon-annealed wafers, high-pixel image sensor substrates and SOI wafers (p. 11). Those gaps, not headline capacity, are what decides whether the next round of expansion earns its keep.