Who does Hygon pay? Who are its key suppliers?

Costs flow to SMIC, EDA · IP · R&D (undisclosed) among others. Full sourced list: valuechain.wiki/hygon/suppliers.md

How does the street rate Hygon? What are the price targets?

Broker consensus on file: Buy 2 / Hold 1. Details: valuechain.wiki/hygon/consensus.md

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 3 AI consumers

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).

Annual return · 2026-07-10'23+54.2%'24+93.4%'25+106.9%YTD+33.6%

Money in ▸China data centers · supercomputing (CPU · DCU)●Domestic servers · telecom · finance (CPU)◐

Hygon2025 revenue RMB 14.4B

▸ Money outSMIC●EDA · IP · R&D (undisclosed)○

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.
Confirms ZH Hygon/SSE Published Mar 1, 2026: Hygon company/IR (SSE 688041)

Pays to

SMIC High confidence
Manufactures x86 CPUs and DCUs at SMIC.
Confirms EN SCMP Published Mar 13, 2026: Hygon and Sugon post revenue surge on AI boom and self-reliance
Confirms ZH Hygon/SSE Published Mar 1, 2026: Hygon company/IR (SSE 688041)
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.
Confirms ZH Hygon/SSE Published Mar 1, 2026: Hygon company/IR (SSE 688041)

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	+33.6
SMIC	benef1	-29.6	-7.4	-18.3	+169.9	+98.4	+5.6
ACM Research	benef2	+4.9	-72.9	+153.4	-22.7	+161.3	+161.1
Applied Materials	benef2	+83.6	-37.5	+68	+1.1	+59.6	+135
Lam Research	benef2	+53.7	-40.7	+88.6	-6.8	+139.2	+105
AMEC	benef2	-22.7	-11.6	+8.9	+58.3	+93.5	+86.3
Tokyo Electron (TEL)	benef2	+40.4	-14.5	+89.8	-4.4	+61.6	+78.2
Naura Technology	benef2	+41.3	-17.2	-2.6	+65.9	+70.6	+68.7
Cadence Design Systems	benef2	+36.6	-13.8	+69.6	+10.3	+4	+22.9
Synopsys	benef2	+42.1	-13.4	+61.3	-5.7	-3.2	-5.2

YTD as of 2026-07-10 · source: Yahoo Finance

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 generated from returns as of 2026-07-10

Analyst ratings

Consensus: Buy 2 · Hold 1 · Sell 0 · Avg. target ¥408 · Price ¥353 (07-10) · Upside +16%

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.

Key Q&A

Who are Hygon's customers? Who does Hygon earn revenue from?: Revenue comes from counterparties including China data centers · supercomputing (CPU · DCU), Domestic servers · telecom · finance (CPU). Full sourced list: valuechain.wiki/hygon/customers.md
Who does Hygon pay? Who are its key suppliers?: Costs flow to SMIC, EDA · IP · R&D (undisclosed) among others. Full sourced list: valuechain.wiki/hygon/suppliers.md
If Hygon moves, who benefits? How far does the value-chain ripple reach?: 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).
How does the street rate Hygon? What are the price targets?: Broker consensus on file: Buy 2 / Hold 1. Details: valuechain.wiki/hygon/consensus.md

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

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