GigaDevice Semiconductor (603986)
GigaDevice Semiconductor (603986) is China’s leading specialty-memory chip designer and a top-tier global NOR flash supplier that also sells niche DRAM made by ChangXin Memory (CXMT). In ETFpedia it is a core representative of the China Memory & Storage concept, and its first-quarter 2026 revenue rose 119% year over year.
| Ticker | 603986 |
|---|---|
| Exchange | SSE |
| Sector | Technology · Specialty Memory (NOR Flash, Niche DRAM) & MCUs |
| Country | China |
| Wikidata | Q25231158 |
| Last updated | 2026-06-16 |
Next event:Next report · H1 2026 半年报 (semi-annual report), estimated · Estimated from China's August 31 semi-annual filing deadline; not company-confirmed. Last report: Q1 2026 一季报 filed 2026-04-30. (source)
Latest reported quarter:Q1 2026 (ended Mar 31, 2026) (reported2026-04-30)
GigaDevice's Q1 2026 revenue rose 119.38% year over year to about ¥4.19 billion and net profit attributable to shareholders jumped 522.79% to about ¥1.46 billion, as the memory shortage lifted both shipment volumes and prices across NOR flash, niche DRAM, and MCUs.
| Revenue | ¥4.19B+119.38%YoY |
|---|---|
| Net profit (attrib.) | ¥1.46B+522.79%YoY |
| Basic EPS | ¥2.19 |
Revenue by segment
| Memory chips (NOR flash, SLC NAND, niche DRAM) | ¥6.57B · 71%of revenue+26.41% YoY |
|---|---|
| Microcontrollers (MCU) | ¥1.91B · 21%of revenue+12.98% YoY |
| Sensors | ¥0.39B · 4%of revenue-13.15% YoY |
| Analog | ¥0.33B · 4%of revenue |
Recent & upcoming events
- · FY2025 annual results filed.Full-year 2025 revenue of ¥9.20 billion (+25.12%) and net profit of ¥1.65 billion (+49.47%), with memory chips up 26.41% to ¥6.57 billion and a 40.21% gross margin. (source)
- · Record Q1 2026 results.Revenue ¥4.19 billion (+119.38%) and net profit ¥1.46 billion (+522.79%) as the memory up-cycle lifted volumes and prices. (source)
Figures are from GigaDevice's cninfo / SSE filings (FY2025 annual report summary; Q1 2026 report). Amounts in CNY; 亿 = 100 million.
Figures are as of 2026-04-30 and reflect the most recent public filings/IR releases; they are updated after each earnings report.
What does GigaDevice do?
GigaDevice is a fabless chip designer based in Beijing, with four product lines. The largest is specialty memory: it is a global top-tier supplier of NOR flash and SLC NAND, and it sells self-branded niche DRAM (DDR3 and DDR4) for consumer and industrial devices. The second is 32-bit microcontrollers, where it leads the Chinese market, and the rest is sensors and analog. In 2025, memory chips were ¥6.57 billion of revenue, up 26.41%, about 71% of the ¥9.20 billion total, with MCUs at ¥1.91 billion (GigaDevice FY2025 annual report).
How is AI driving GigaDevice’s business?
AI is pulling memory prices up across every tier, and GigaDevice sits in the tiers that the giants are vacating. As Samsung, SK Hynix, and Micron pivot capacity to HBM and high-end server DRAM, the niche DRAM and NOR flash that GigaDevice sells get scarce, so both volumes and prices rise. That is why Q1 2026 net profit grew more than five-fold even though revenue “only” doubled: the price mix improved sharply (GigaDevice Q1 2026 report).
“AI innovation is causing a fundamental shift in the memory market.”
— TrendForce, memory market forecast (TrendForce)
The CXMT link adds a second engine. Because GigaDevice’s branded DRAM is made on CXMT’s fabs, its DRAM volumes scale with China’s domestic DRAM ramp, which reached 7.67% of the global market by the fourth quarter of 2025 (Caixin).
What did GigaDevice report most recently?
In Q1 2026 (the quarter ended March 31, 2026), GigaDevice posted revenue of about ¥4.19 billion, up 119.38% year over year, net profit attributable to shareholders of about ¥1.46 billion, up 522.79%, and basic EPS of ¥2.19 (GigaDevice Q1 2026 report). For full-year 2025, revenue was ¥9.20 billion (+25.12%) and net profit ¥1.65 billion (+49.47%), at a 40.21% gross margin, with the memory line up 26.41% (FY2025 annual report).
What are the risks for GigaDevice?
- Memory cyclicality. The Q1 2026 profit surge rode a price spike. When new capacity catches up with demand, niche-DRAM and NOR flash prices can fall as fast as they rose.
- CXMT dependence. Its DRAM supply leans on CXMT’s fabs and process, so a disruption to that relationship, whether commercial or from export controls, would hit a growing part of the business.
- Competition. NOR flash and niche DRAM are contested by Winbond, Macronix, and others, and GigaDevice competes mostly on price and service rather than leading-edge process.
- Cycle-dependent earnings. A net profit that grew more than 500% in a quarter sets a high base; a normalization in memory prices would compress year-over-year comparisons sharply.
Related securities, concepts & terms
- China Memory & Storageparent
- Asia Memory Semiconductorrelated
- Montage Technology (688008)sibling
- NAND Flashrelated
- DRAM (Dynamic Random-Access Memory)related
Related indices & ETFs
Frequently asked questions about GigaDevice
What does GigaDevice do?
GigaDevice Semiconductor (603986) is a Beijing-based fabless chip designer. Its largest business is specialty memory: it is a global top-tier supplier of NOR flash and SLC NAND, and it sells self-branded niche DRAM (DDR3/DDR4) manufactured by ChangXin Memory (CXMT). It is also China's leader in 32-bit microcontrollers, with smaller sensor and analog lines. The specialty-memory market it serves was about $15.7 billion in 2025, of which niche DRAM was roughly $9.9 billion (GigaDevice FY2025 annual report).
How is GigaDevice linked to CXMT?
GigaDevice runs a "virtual IDM" model for DRAM: it designs and brands the chips, while ChangXin Memory (CXMT) manufactures them on its fabs. GigaDevice launched its first self-branded 4Gb DDR4 in 2021 on CXMT's process and continues to sell niche DRAM made there, which makes it the most direct listed proxy for CXMT's domestic DRAM ramp without being CXMT itself (Caixin).
What was GigaDevice's latest quarterly revenue?
In Q1 2026 (the quarter ended March 31, 2026), GigaDevice reported revenue of about ¥4.19 billion, up 119.38% year over year, with net profit attributable to shareholders of about ¥1.46 billion, up 522.79%, and basic EPS of ¥2.19, as the memory shortage lifted both volumes and prices (GigaDevice Q1 2026 report). For full-year 2025, revenue was ¥9.20 billion (+25.12%) and net profit ¥1.65 billion (+49.47%) (FY2025 annual report).
When does GigaDevice next report earnings?
Chinese A-share issuers do not pre-announce earnings dates. GigaDevice's next scheduled disclosure is its H1 2026 半年报 (semi-annual report), due on or before August 31, 2026 under China's semi-annual filing deadline; in 2025 it filed the equivalent report in late August. That date is estimated, not company-confirmed. GigaDevice last filed its Q1 2026 一季报 on April 30, 2026 (GigaDevice Q1 2026 report).
Why is GigaDevice part of the China memory & storage concept?
Because it is the most investable pure-play on China's memory chain. It is a global leader in NOR flash, it carries CXMT-made DRAM, and its quarterly results move with the memory price cycle, all of which make it a clean listed proxy for a thesis whose two headline names, CXMT and YMTC, are not yet public (GigaDevice FY2025 annual report).
Sources & references
- GigaDevice Semiconductor 2025 Annual Report Summary (兆易创新 2025年年度报告摘要) · GigaDevice Semiconductor / cninfo (巨潮资讯), 2026-03-31
- GigaDevice Semiconductor Q1 2026 Report (兆易创新 2026年第一季度报告) · GigaDevice Semiconductor / Shanghai Stock Exchange, 2026-04-30
- GigaDevice Semiconductor — Investor Relations · GigaDevice Semiconductor, 2026-04-30
- AI Architecture Evolution Set to Drive Memory Market Revenue to a New Peak in 2027 · TrendForce, 2026-01-22
- China's CXMT Takes Aim at Global Leaders With High-End DDR5 Memory Chips · Caixin Global, 2025-11-26