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.