On the evening of March 30, GigaDevice (SH603986, stock price 255.85 yuan, market value 179.4 billion yuan) disclosed its 2025 annual report. The company will achieve revenue of approximately 9.203 billion yuan in 2025, a year-on-year increase of 25.1 2%; the net profit attributable to the parent company was approximately 1.648 billion yuan, a year-on-year increase of 49.47%; the non-net profit after deduction was approximately 1.469 billion yuan, a year-on-year increase of 42.57%; the basic earnings per share was 2.48 yuan, a year-on-year increase of 49.4%. The company plans to distribute a cash dividend of RMB 7.5 (tax included) to all shareholders for every 10 shares.
This is the first time that GigaDevice’s annual revenue has exceeded the 9 billion yuan mark. On a quarterly basis, GigaDevice achieved revenue of 2.372 billion yuan in the fourth quarter of 2025, a year-on-year increase of 39% and a month-on-month decrease of 11.54%; net profit attributable to the parent company was 565 million yuan, a year-on-year increase of 108.85% and a month-on-month increase of 11.23%.
Memory chip revenue increased by 26.41% year-on-year, and gross profit margin increased to 42.84%
According to data compiled by Wind Financial Terminal, the consensus forecasts of 32 institutions for GigaDevice’s revenue and net profit attributable to shareholders in 2025 are approximately 9.465 billion yuan and 1.632 billion yuan respectively. According to the data disclosed by GigaDevice, the company's revenue in 2025 is less than the agency's expectations, but the net profit attributable to shareholders exceeds the agency's consensus expectations by 1%.
Regarding the performance growth during the reporting period, GigaDevice said that the company's revenue growth during the period was mainly due to the multiple synergistic effects formed by the optimization of the industry structure, the steady implementation of the company's strategy and the rapid iteration of technology.
The annual report shows that GigaDevice’s performance growth during the period was mainly due to the optimization of the supply and demand structure of the storage industry. As major overseas manufacturers accelerate their migration to new process nodes such as HBM (high-bandwidth memory) and DDR5 (a computer memory specification), gradually fade out of niche markets and reduce 2D NAND (planar NAND, a non-volatile storage technology) production capacity, there is an obvious supply gap in related fields. The company successfully accepted this part of the demand, allowing SLC NAND Flash (single-layer cell flash memory) and niche DRAM (a subcategory of dynamic random access memory) to achieve a relatively significant increase in both volume and price in the second half of 2025, and gross profit margins improved significantly quarter-on-quarter.
In terms of products, GigaDevice's innovative memory chips will achieve revenue of approximately 6.566 billion yuan in 2025, a year-on-year increase of 26.41%, and the gross profit margin will increase by 2.57 percentage points year-on-year to 42.84%; analog products will achieve revenue of approximately 333 million yuan, a year-on-year increase of 2051.82%, and the gross profit margin will increase by 26.43 percentage points year-on-year to 36.96%.
In contrast, GigaDevice’s innovative sensor business revenue in 2025 will be 389 million yuan, a year-on-year decrease of 13.15%. In addition, although the microcontroller business revenue achieved a year-on-year growth of 12.98%, its operating costs experienced a higher year-on-year growth rate (14.62%), resulting in a slight decrease of 0.92 percentage points in the gross profit margin of this segment compared with the same period in 2024.
Overall, GigaDevice's gross profit margin in 2025 increased by 2.21 percentage points year-on-year to 40.21%.
Revenue of 1.976 billion yuan is expected to be recognized in 2026
"Daily Economic News" reporters noted that although GigaDevice's memory chip product revenue and gross profit margin both recorded growth in 2025, due to the upward cycle of the storage industry and the company's active stocking strategy, the book value of the company's inventory at the end of the period reached 3.066 billion yuan, an increase of 30.67% from the beginning of the period.
In terms of automotive electronics business, in 2025, the cumulative shipments of GigaDevice’s innovative automotive-grade Flash (memory) will exceed 300 million units, and the cumulative shipments of GD32A’s full series of automotive-grade MCUs (single-chip microcomputers) will exceed 8 million units, which will gradually be implemented on a large scale in key scenarios such as smart cockpits and assisted driving. In addition, in terms of mergers and acquisitions integration, the company's original analog chip revenue has achieved a year-on-year growth of approximately 460%, and the previously acquired holding subsidiary Suzhou Saixin has steadily completed its performance commitment of deducting non-net profits of no less than 70 million yuan in 2025.
In terms of international layout, the company officially established its international headquarters in Singapore in June 2025, and opened a new office in Tokyo in October of the same year, in order to strengthen customer and supply chain collaboration. In addition, GigaDevice H shares have been officially listed and traded on the Hong Kong Stock Exchange on January 13, 2026, completing a key step in the construction of the "A+H" dual capital platform.
GigaDevice's annual report clearly disclosed that the revenue amount corresponding to the performance obligations that have been signed but have not been fulfilled or have not been fulfilled at the end of this reporting period is 1.976 billion yuan, and revenue is expected to be recognized in 2026.
In contrast, in the face of the incremental demand in the AI (artificial intelligence) era, the extension of the company's business boundaries is an important concern for investors. The annual report pointed out that the company is actively developing new businesses such as customized storage, higher computing power MCU and AI MCU. Among them, Qingyun Technology, a holding subsidiary, has achieved breakthroughs in key customers and projects in the fields of AI mobile phones, AI PCs (personal computers), and robots in terms of customized storage solutions. Some projects will gradually enter the stage of customer sample delivery and small batch trial production in the second half of 2025. It is expected to enter the mass production stage in 2026 and contribute substantial revenue accordingly.
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