SSE STAR · China x86 CPU & DCU · AI-compute self-reliance
Hygon
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.
688041.SS Updated Jul 12, 2026 4 AI consumers· 3 recurring
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).
Financials & Segments
- Total revenue · 2025 revenue RMB 14.4B (+57%)
- Customer concentration · x86-compatible, made on SMIC; Sugon top holder.
- Segments · x86-compatible CPU · DCU AI accelerator
Revenue from
- China data centers · supercomputing (CPU · DCU) High confidence
Supplies CPUs/DCUs to Chinese datacenters and national supercomputing (Sugon).Confirms EN SCMP Published Mar 13, 2026: Hygon and Sugon post revenue surge on AI boom and self-reliance - Domestic servers · telecom · finance (CPU) Medium confidence
Supplies x86 CPUs to telecom, finance and government servers on localization demand.
Pays to
- SMIC High confidence
Manufactures x86 CPUs and DCUs at SMIC. - EDA · IP · R&D (undisclosed) Low confidence
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.
Investors
- Sugon (Zhongke Sugon, largest shareholder) High confidence
HPC leader Sugon is the largest shareholder.Confirms EN SCMP Published Mar 13, 2026: Hygon and Sugon post revenue surge on AI boom and self-reliance
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Hygon | node | · | · | +54.2 | +93.4 | +106.9 | -7.8 |
| SMIC | benef1 | -29.6 | -7.4 | -18.3 | +169.9 | +98.4 | -10.9 |
| ACM Research | benef2 | +4.9 | -72.9 | +153.4 | -22.7 | +161.3 | +88.7 |
| Lam Research | benef2 | +53.7 | -40.7 | +88.6 | -6.8 | +139.2 | +80.1 |
| Applied Materials | benef2 | +83.6 | -37.5 | +68 | +1.1 | +59.6 | +77.6 |
| AMEC | benef2 | -22.7 | -11.6 | +8.9 | +58.3 | +93.5 | +43.8 |
| Naura Technology | benef2 | +41.3 | -17.2 | -2.6 | +65.9 | +70.6 | +34.4 |
| Tokyo Electron (TEL) | benef2 | +40.4 | -14.5 | +89.8 | -4.4 | +61.6 | +30.3 |
| Cadence Design Systems | benef2 | +36.6 | -13.8 | +69.6 | +10.3 | +4 | -6.4 |
| Synopsys | benef2 | +42.1 | -13.4 | +61.3 | -5.7 | -3.2 | -16.2 |
YTD as of 2026-09-04 · source: Yahoo Finance
Hygon operates across SSE STAR, China x86 CPU & DCU, AI-compute self-reliance. It is -7.8% in 2026. The stock (-7.8%) and its supply side (avg -10.9%) are moving in step. With Cambricon, a pillar of China’s AI-compute self-reliance.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ¥408 · Price ¥243.67 (09-04) · Upside +67%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| CITIC Securities | Buy | ¥545 | May 7, 2026 | Report ↗ |
| Shanghai Securities | Buy | — | Apr 14, 2026 | Report ↗ |
| Capital Securities Corp | Hold | ¥270 | Feb 26, 2026 | Report ↗ |
China's only combined x86 CPU and AI-DCU vendor with DCU revenue up 120% YoY; CITIC's RMB545 target leads a buy-heavy tape, with Capital Securities holding out at Hold on valuation.
Analyses covering this node
- Export controls wind China's chain clock: the makers rise, not the buyers Jul 10, 2026
- China replicates the chain in parallel: the second map that sanctions drew Jun 23, 2026