Chinese Chipmakers Report Record 2025 Revenues Amid US Export Curbs

Chinese semiconductor companies achieved record revenues in 2025, fueled by the global AI boom, a memory chip shortage, and a state-led drive for technological self-sufficiency. The Government of China intensified efforts to wean the domestic tech industry off American technology in response to export restrictions imposed by the United States federal government.

Semiconductor Manufacturing International Corporation saw its 2025 revenue rise 16% to a record $9.3 billion. ChangXin Memory Technologies reported a 130% year-on-year revenue jump to over 55 billion yuan. Other domestic firms also saw significant gains, with Shanghai Huahong Grace Semiconductor Manufacturing Corporation reporting record fourth-quarter revenue of $659.9 million and Moore Threads projecting 2025 growth between 231% and 247%.

Despite these financial records, Chinese firms continue to lag behind competitors in the U.S., South Korea, Europe, and Taiwan regarding technological capability. The industry remains unable to access critical tools from ASML due to international export controls, leaving a gap in advanced logic nodes and high-bandwidth memory development.