National Silicon Industry vs Hangzhou Chang Chuan Technology: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

National Silicon Industry Group Co Ltd (688126.CG)

Q3 202627 Jul – 29 Sep 2026

▲2▼2

NSIG's loss widens and chairman exits, but wafer volumes surge

First-half loss widened sharply NSIG's first-half net loss widened to 965 million yuan from 367 million a year earlier, even as revenue rose 36.5%. Silicon wafer prices stayed low, processing service demand was weak, and research, currency and impairment costs rose. A bigger loss pressures the shares.
The widening loss is the core fundamental negative for the period.
300mm wafer sales volume jumped over 90% Sales volume of 300-millimeter silicon wafers rose more than 90% year on year, revenue grew for a second straight year, gross margin improved for two quarters, and operating cash flow turned strongly positive. This shows the core business is scaling even while prices are low.
Volume growth and margin improvement are the main positive counterweight to the loss.
Chairman resigns, leaving leadership gap Chairman Jiang Haitao resigned from all roles, including chairman and board committees, due to a work change. The company says it will elect a new chairman soon, but the sudden exit creates uncertainty over strategy and governance, which can weigh on investor confidence.
A sudden top leadership vacancy is a governance risk that can move the stock.
CXMT stake yields large paper profit NSIG was one of eight chip firms that invested in memory maker CXMT's listing. Its roughly 158 million yuan stake was worth about 894 million yuan on day one, a paper gain near 736 million yuan. That boosts reported assets, though shares are locked for 18 months.
The CXMT placement is a new capital gain that supports NSIG's valuation.

August 202627 Jul – 29 Sep 2026

▲2▼2

NSIG's loss widens and chairman exits, but wafer volumes surge

First-half loss widened sharply NSIG's first-half net loss widened to 965 million yuan from 367 million a year earlier, even as revenue rose 36.5%. Silicon wafer prices stayed low, processing service demand was weak, and research, currency and impairment costs rose. A bigger loss pressures the shares.
The widening loss is the core fundamental negative for the period.
300mm wafer sales volume jumped over 90% Sales volume of 300-millimeter silicon wafers rose more than 90% year on year, revenue grew for a second straight year, gross margin improved for two quarters, and operating cash flow turned strongly positive. This shows the core business is scaling even while prices are low.
Volume growth and margin improvement are the main positive counterweight to the loss.
Chairman resigns, leaving leadership gap Chairman Jiang Haitao resigned from all roles, including chairman and board committees, due to a work change. The company says it will elect a new chairman soon, but the sudden exit creates uncertainty over strategy and governance, which can weigh on investor confidence.
A sudden top leadership vacancy is a governance risk that can move the stock.
CXMT stake yields large paper profit NSIG was one of eight chip firms that invested in memory maker CXMT's listing. Its roughly 158 million yuan stake was worth about 894 million yuan on day one, a paper gain near 736 million yuan. That boosts reported assets, though shares are locked for 18 months.
The CXMT placement is a new capital gain that supports NSIG's valuation.

Latest27 Jul – 29 Sep 2026

▲2▼2

NSIG's loss widens and chairman exits, but wafer volumes surge

First-half loss widened sharply NSIG's first-half net loss widened to 965 million yuan from 367 million a year earlier, even as revenue rose 36.5%. Silicon wafer prices stayed low, processing service demand was weak, and research, currency and impairment costs rose. A bigger loss pressures the shares.
The widening loss is the core fundamental negative for the period.
300mm wafer sales volume jumped over 90% Sales volume of 300-millimeter silicon wafers rose more than 90% year on year, revenue grew for a second straight year, gross margin improved for two quarters, and operating cash flow turned strongly positive. This shows the core business is scaling even while prices are low.
Volume growth and margin improvement are the main positive counterweight to the loss.
Chairman resigns, leaving leadership gap Chairman Jiang Haitao resigned from all roles, including chairman and board committees, due to a work change. The company says it will elect a new chairman soon, but the sudden exit creates uncertainty over strategy and governance, which can weigh on investor confidence.
A sudden top leadership vacancy is a governance risk that can move the stock.
CXMT stake yields large paper profit NSIG was one of eight chip firms that invested in memory maker CXMT's listing. Its roughly 158 million yuan stake was worth about 894 million yuan on day one, a paper gain near 736 million yuan. That boosts reported assets, though shares are locked for 18 months.
The CXMT placement is a new capital gain that supports NSIG's valuation.

Hangzhou Chang Chuan Technology Co Ltd (300604.CS)

Q3 202613 Jul – 28 Aug 2026

▲3

Changchuan's profit surge and first dividend keep the stock in focus

First-half profit guidance up 139%-167% on tester demand Changchuan expects net profit of 900 million to 1 billion yuan for the first half, up 139%-167%, as sales of digital testers grow strongly. This is the core reason the stock is moving: the company is selling more of its main product into the AI and chip-building boom, and profit is rising fast.
This is the single biggest new fundamental driver of the stock's value.
Semiconductor equipment demand outlook strong, stock jumps 12% Industry group SEMI sees global chip-equipment sales rising 23.2% in 2026 to a record, helped by AI and memory spending. Changchuan rose over 12% in a sector rally. More demand for chip-making tools means more orders for Changchuan's testers, supporting the share price.
It shows the industry backdrop that lifts demand for Changchuan's products.
First-ever interim dividend signals confidence Changchuan announced its first interim cash dividend since listing, joining a wave of A-share companies returning cash to shareholders. A first dividend tells investors the company is confident about its cash flow and earnings, which can attract income-focused buyers and support the stock.
It is a new shareholder-return signal that can draw buyers.
Private placement shares list below issue price, interim profit confirmed New shares from a 3.13 billion yuan private placement listed on August 7 at 280.11 yuan, but the stock traded below that price, a mild negative signal. The August 28 interim report confirmed net profit of 964 million yuan, matching the earlier guidance, so the good news was already priced in.
It gives the counterweight: new share supply and a confirmed, not surprising, result.

August 202613 Jul – 28 Aug 2026

▲3

Changchuan's profit surge and first dividend keep the stock in focus

First-half profit guidance up 139%-167% on tester demand Changchuan expects net profit of 900 million to 1 billion yuan for the first half, up 139%-167%, as sales of digital testers grow strongly. This is the core reason the stock is moving: the company is selling more of its main product into the AI and chip-building boom, and profit is rising fast.
This is the single biggest new fundamental driver of the stock's value.
Semiconductor equipment demand outlook strong, stock jumps 12% Industry group SEMI sees global chip-equipment sales rising 23.2% in 2026 to a record, helped by AI and memory spending. Changchuan rose over 12% in a sector rally. More demand for chip-making tools means more orders for Changchuan's testers, supporting the share price.
It shows the industry backdrop that lifts demand for Changchuan's products.
First-ever interim dividend signals confidence Changchuan announced its first interim cash dividend since listing, joining a wave of A-share companies returning cash to shareholders. A first dividend tells investors the company is confident about its cash flow and earnings, which can attract income-focused buyers and support the stock.
It is a new shareholder-return signal that can draw buyers.
Private placement shares list below issue price, interim profit confirmed New shares from a 3.13 billion yuan private placement listed on August 7 at 280.11 yuan, but the stock traded below that price, a mild negative signal. The August 28 interim report confirmed net profit of 964 million yuan, matching the earlier guidance, so the good news was already priced in.
It gives the counterweight: new share supply and a confirmed, not surprising, result.

Latest13 Jul – 28 Aug 2026

▲3

Changchuan's profit surge and first dividend keep the stock in focus

First-half profit guidance up 139%-167% on tester demand Changchuan expects net profit of 900 million to 1 billion yuan for the first half, up 139%-167%, as sales of digital testers grow strongly. This is the core reason the stock is moving: the company is selling more of its main product into the AI and chip-building boom, and profit is rising fast.
This is the single biggest new fundamental driver of the stock's value.
Semiconductor equipment demand outlook strong, stock jumps 12% Industry group SEMI sees global chip-equipment sales rising 23.2% in 2026 to a record, helped by AI and memory spending. Changchuan rose over 12% in a sector rally. More demand for chip-making tools means more orders for Changchuan's testers, supporting the share price.
It shows the industry backdrop that lifts demand for Changchuan's products.
First-ever interim dividend signals confidence Changchuan announced its first interim cash dividend since listing, joining a wave of A-share companies returning cash to shareholders. A first dividend tells investors the company is confident about its cash flow and earnings, which can attract income-focused buyers and support the stock.
It is a new shareholder-return signal that can draw buyers.
Private placement shares list below issue price, interim profit confirmed New shares from a 3.13 billion yuan private placement listed on August 7 at 280.11 yuan, but the stock traded below that price, a mild negative signal. The August 28 interim report confirmed net profit of 964 million yuan, matching the earlier guidance, so the good news was already priced in.
It gives the counterweight: new share supply and a confirmed, not surprising, result.