{"slug":"hygon","name":"Hygon","name_en":"Hygon","ticker":"688041.SS","updated_at":"2026-07-12T05:40:50.436658+00:00","canonical":"https://valuechain.wiki/hygon","same_as":["https://finance.yahoo.com/quote/688041.SS"],"citable":"밸류체인 그래프 기준 Hygon의 직접 연결 기업은 1곳(관계 기준 공급 1·매출 0)이고, 사슬을 2차까지 넓히면 10곳에 닿는다. 링크의 근거 출처는 2건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Hygon is directly linked to 1 companies (1 supply, 0 revenue relationships) and reaches 10 companies within two hops; the links are backed by 2 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"상하이 STAR · 중국 x86 CPU·DCU · AI 컴퓨팅 자립","kicker_en":"SSE STAR · China x86 CPU & DCU · AI-compute self-reliance","lead":"중국의 x86 호환 CPU·DCU(AI 가속기) 기업. x86 호환으로 마이그레이션 비용이 낮아 중국 자급 수요를 흡수한다. 2025년 매출 ¥143.8억(+57%), DCU 선쑤안3 진척. SMIC로 생산하며 슈퍼컴 1위 Sugon이 최대주주. 캄브리콘과 함께 중국 AI 컴퓨팅 자립의 한 축.","lead_en":"A Chinese x86-compatible CPU and DCU (AI accelerator) maker. x86 compatibility lowers migration cost, absorbing China self-sufficiency demand. 2025 revenue RMB 14.4B (+57%); its DCU (Shensuan 3) is progressing. Made on SMIC; HPC leader Sugon is its largest shareholder. With Cambricon, a pillar of China’s AI-compute self-reliance.","segments":{"parts":[{"desc":"x86 호환으로 마이그레이션 비용 낮춰 통신·금융·정부 국산화 서버 수요 흡수.","name":"x86 호환 CPU"},{"desc":"선쑤안3 등 AI 가속기 — 중국 AI 컴퓨팅 자립의 신성장축. SMIC 생산.","name":"DCU AI 가속기"}],"total":"2025 매출 ¥14.4B (+57%)","concentration":"x86 호환·SMIC 생산. Sugon 최대주주."},"segments_en":{"parts":[{"desc":"x86 compatibility lowers migration cost, absorbing localization-server demand in telecom, finance and government.","name":"x86-compatible CPU"},{"desc":"AI accelerators such as Shensuan 3 — a new growth axis for China's AI-compute self-reliance; made on SMIC.","name":"DCU AI accelerator"}],"total":"2025 revenue RMB 14.4B (+57%)","concentration":"x86-compatible, made on SMIC; Sugon top holder."},"returns_yearly":{"2023":54.2,"2024":93.4,"2025":106.9,"2026":33.6},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"smic","name":"SMIC","name_en":"SMIC","tier":1,"returns_yearly":{"2021":-29.6,"2022":-7.4,"2023":-18.3,"2024":169.9,"2025":98.4,"2026":5.6}},{"slug":"acm-research","name":"ACM Research","name_en":"ACM Research","tier":2,"returns_yearly":{"2021":4.9,"2022":-72.9,"2023":153.4,"2024":-22.7,"2025":161.3,"2026":161.1}},{"slug":"applied-materials","name":"어플라이드 머티어리얼즈","name_en":"Applied Materials","tier":2,"returns_yearly":{"2021":83.6,"2022":-37.5,"2023":68,"2024":1.1,"2025":59.6,"2026":135}},{"slug":"lam-research","name":"램리서치","name_en":"Lam Research","tier":2,"returns_yearly":{"2021":53.7,"2022":-40.7,"2023":88.6,"2024":-6.8,"2025":139.2,"2026":105}},{"slug":"amec","name":"AMEC","name_en":"AMEC","tier":2,"returns_yearly":{"2021":-22.7,"2022":-11.6,"2023":8.9,"2024":58.3,"2025":93.5,"2026":86.3}},{"slug":"tokyo-electron","name":"도쿄일렉트론","name_en":"Tokyo Electron (TEL)","tier":2,"returns_yearly":{"2021":40.4,"2022":-14.5,"2023":89.8,"2024":-4.4,"2025":61.6,"2026":78.2}},{"slug":"naura","name":"Naura","name_en":"Naura Technology","tier":2,"returns_yearly":{"2021":41.3,"2022":-17.2,"2023":-2.6,"2024":65.9,"2025":70.6,"2026":68.7}},{"slug":"cadence","name":"Cadence Design Systems","name_en":"Cadence Design Systems","tier":2,"returns_yearly":{"2021":36.6,"2022":-13.8,"2023":69.6,"2024":10.3,"2025":4,"2026":22.9}},{"slug":"synopsys","name":"Synopsys","name_en":"Synopsys","tier":2,"returns_yearly":{"2021":42.1,"2022":-13.4,"2023":61.3,"2024":-5.7,"2025":-3.2,"2026":-5.2}},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":2,"returns_yearly":null},{"slug":"ichor-holdings","name":"이코르","name_en":"Ichor Holdings","tier":3,"returns_yearly":{"2021":52.7,"2022":-41.7,"2023":25.4,"2024":-4.2,"2025":-42.8,"2026":444.2}},{"slug":"mks-instruments","name":"MKS Instruments","name_en":"MKS Instruments","tier":3,"returns_yearly":{"2021":16.4,"2022":-51,"2023":22.6,"2024":2.2,"2025":54.4,"2026":131}},{"slug":"advanced-energy","name":"어드밴스드에너지","name_en":"Advanced Energy Industries","tier":3,"returns_yearly":{"2021":-5.7,"2022":-5.4,"2023":27.5,"2024":6.6,"2025":81.6,"2026":47.2}},{"slug":"smc","name":"SMC Corporation","name_en":"SMC Corporation","tier":3,"returns_yearly":{"2021":0.9,"2022":4.5,"2023":28.6,"2024":-28,"2025":4.2,"2026":26.6}},{"slug":"wonik-qnc","name":"원익QnC","name_en":"Wonik QnC","tier":3,"returns_yearly":{"2021":26.2,"2022":2,"2023":11.9,"2024":-33.7,"2025":53.4,"2026":9.3}},{"slug":"siemens-ag","name":"지멘스","name_en":"Siemens AG","tier":3,"returns_yearly":{"2021":12.2,"2022":5.1,"2023":20.1,"2024":28,"2025":26.4,"2026":8.7}},{"slug":"tck","name":"티씨케이","name_en":"TCK (Tokai Carbon Korea)","tier":3,"returns_yearly":{"2021":-10.1,"2022":-16.9,"2023":2.8,"2024":-28.7,"2025":225.7,"2026":-2.5}},{"slug":"hana-materials","name":"하나머티리얼즈","name_en":"Hana Materials","tier":3,"returns_yearly":{"2021":106,"2022":-30.5,"2023":26.1,"2024":-47.4,"2025":173.9,"2026":-15.7}}],"analysis":"x86 호환 CPU와 DCU(AI 가속기)를 만드는 중국 반도체 설계사로, x86 호환성이 소프트웨어 마이그레이션 비용을 낮춰 중국 국산화 수요를 흡수하는 것이 구조적 강점이다. 미국 제재로 중국이 서버·AI 컴퓨팅 자립을 서두르며 2025년 매출 ¥143.8억(+57%)으로 고성장했고, DCU(선쑤안3)로 AI 가속기까지 확장한다. 리스크는 SMIC 위탁생산에 묶여 첨단 공정 접근이 제한된다는 점과 x86 라이선스·EDA 등 상류 IP 의존이며, 슈퍼컴 1위 Sugon이 최대주주로 국가 슈퍼컴 수요를 뒷받침한다. 그래프상 상류는 SMIC(생산)·x86 라이선스, 하류는 중국 데이터센터·슈퍼컴·통신·금융 국산화 서버다.","analysis_en":"A Chinese chip designer of x86-compatible CPUs and DCUs (AI accelerators), whose structural strength is that x86 compatibility lowers software-migration cost and absorbs domestic-localization demand. As sanctions push China to accelerate server and AI-compute self-reliance, 2025 revenue grew to RMB 14.4B (+57%), and it is extending into AI accelerators with the DCU (Shensuan 3). Risks are being tied to SMIC foundry with limited advanced-node access, and upstream IP dependence (x86 license, EDA); HPC leader Sugon, its largest shareholder, underpins national supercomputing demand. Upstream on the graph are SMIC (manufacturing) and the x86 license; downstream are Chinese data centers, supercomputing, and telecom/finance localization servers.","analysis_asof":"2026-07-10"},"edges":[{"direction":"cost","counterparty":"SMIC","counterparty_slug":"smic","confidence":"high","metric":null,"note":"x86 CPU·DCU를 SMIC로 위탁생산.","note_en":"Manufactures x86 CPUs and DCUs at SMIC.","sources":[{"stance":"confirms","publisher":"SCMP","publisher_en":"SCMP","kind":"news","lang":"en","published_at":"2026-03-13","url":"https://www.scmp.com/tech/big-tech/article/3344729/china-computing-stalwarts-hygon-sugon-post-revenue-surge-ai-boom-tech-self-reliance","title":"Hygon·Sugon, AI붐·자립으로 매출 급증","title_en":"Hygon and Sugon post revenue surge on AI boom and self-reliance","excerpt":"x86 CPU·DCU를 SMIC로 위탁생산.","excerpt_en":"Manufactures x86 CPUs and DCUs at SMIC."},{"stance":"confirms","publisher":"Hygon/SSE","publisher_en":"Hygon/SSE","kind":"filing","lang":"zh","published_at":"2026-03-01","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=688041","title":"海光信息 회사·IR(상하이거래소 688041)","title_en":"Hygon company/IR (SSE 688041)","excerpt":"하이곤 연차·IR: 2025 매출 ¥143.8억(+57%).","excerpt_en":"Hygon annual/IR: 2025 revenue RMB 14.4B (+57%)."}]},{"direction":"revenue","counterparty":"중국 데이터센터·슈퍼컴 (CPU·DCU)","counterparty_slug":null,"confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"중국 데이터센터·국가 슈퍼컴(Sugon 등)에 CPU·DCU 공급.","note_en":"Supplies CPUs/DCUs to Chinese datacenters and national supercomputing (Sugon).","sources":[{"stance":"confirms","publisher":"SCMP","publisher_en":"SCMP","kind":"news","lang":"en","published_at":"2026-03-13","url":"https://www.scmp.com/tech/big-tech/article/3344729/china-computing-stalwarts-hygon-sugon-post-revenue-surge-ai-boom-tech-self-reliance","title":"Hygon·Sugon, AI붐·자립으로 매출 급증","title_en":"Hygon and Sugon post revenue surge on AI boom and self-reliance","excerpt":"Sugon이 1만 GPU 슈퍼클러스터 가동.","excerpt_en":"Sugon runs 10k-GPU superclusters."}]},{"direction":"investor","counterparty":"Sugon (중커수광, 최대주주)","counterparty_slug":null,"confidence":"high","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"슈퍼컴 1위 Sugon(중커수광)이 최대주주.","note_en":"HPC leader Sugon is the largest shareholder.","sources":[{"stance":"confirms","publisher":"SCMP","publisher_en":"SCMP","kind":"news","lang":"en","published_at":"2026-03-13","url":"https://www.scmp.com/tech/big-tech/article/3344729/china-computing-stalwarts-hygon-sugon-post-revenue-surge-ai-boom-tech-self-reliance","title":"Hygon·Sugon, AI붐·자립으로 매출 급증","title_en":"Hygon and Sugon post revenue surge on AI boom and self-reliance","excerpt":"Sugon이 하이곤 최대주주.","excerpt_en":"Sugon is Hygon largest shareholder."}]},{"direction":"revenue","counterparty":"국산화 서버·통신·금융 (CPU)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"국산화 수요로 통신·금융·정부 서버에 x86 CPU 공급.","note_en":"Supplies x86 CPUs to telecom, finance and government servers on localization demand.","sources":[{"stance":"confirms","publisher":"Hygon/SSE","publisher_en":"Hygon/SSE","kind":"filing","lang":"zh","published_at":"2026-03-01","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=688041","title":"海光信息 회사·IR(상하이거래소 688041)","title_en":"Hygon company/IR (SSE 688041)","excerpt":"x86 호환으로 마이그레이션 비용 낮아 자급 수요 흡수.","excerpt_en":"x86 compatibility lowers migration cost, absorbing self-sufficiency demand."}]},{"direction":"cost","counterparty":"EDA·IP·R&D (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","qualifier":"x86_license_eda_ip"},"note":"x86 아키텍처 라이선스(AMD 합작 경유)·EDA·IP·R&D가 설계 원가의 축 — 수출통제로 EDA·IP 상류 접근이 제약되는 것이 국산 CPU/DCU 개발의 병목.","note_en":"An x86 architecture license (via the AMD joint venture), EDA, IP and R&D form the design-cost axis — export controls limiting upstream EDA/IP access are the bottleneck for domestic CPU/DCU development.","sources":[{"stance":"confirms","publisher":"Hygon/SSE","publisher_en":"Hygon/SSE","kind":"filing","lang":"zh","published_at":"2026-03-01","url":"https://www.sse.com.cn/disclosure/listedinfo/announcement/?productId=688041","title":"海光信息 회사·IR(상하이거래소 688041)","title_en":"Hygon company/IR (SSE 688041)","excerpt":"x86 라이선스(AMD JV)·EDA·IP가 설계 원가 축; 수출통제로 상류 접근 제약","excerpt_en":"x86 license (AMD JV), EDA and IP are the design-cost axis; export controls limit upstream access"}]}]}