National Silicon Industry Group Co Ltd

National Silicon Industry Group is the mainland China leader in domestic substitution for semiconductor wafers, with core products spanning 300mm, 200mm and smaller polished wafers, epitaxial wafers, and SOI wafers for domestic fabs. Revenue reached a post-listing high of about RMB 3.7 billion in 2025, but gross margins in both the 300mm and 200mm wafer businesses remained negative, the company posted losses for two straight years, operating cash flow was RMB -559 million, and it remains in a phase of capacity ramp-up and repeated equity financing. Research rating Watch: an important strategic materials company worth tracking, but not yet a mature cash-flow asset with a compelling margin of safety.