eSIM (Embedded SIM) is a technology that allows devices to embed a chip directly, enabling remote activation and switching of carrier networks without the need for a physical SIM card. It is driving a transformation in the way consumer electronics and IoT devices connect.
The following table summarizes the main links in the eSIM industry chain and related companies:
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Industry Chain Link |
Core Companies |
Business Layout and Highlights |
|
Chip Design and Security |
Unisoc (002049) |
Leading domestic eSIM chip manufacturer, products have been mass-produced and passed international certification. |
|
Chengtian Weiye (300689) |
Passed commercial testing for eSIM with the three major operators and achieved mass delivery. |
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|
Packaging and Module Manufacturing |
New Henghui (301678) |
The only domestic company mastering flexible lead frame packaging technology, deeply integrated with Huawei’s satellite communication architecture. |
|
Guanghetong (300638) |
Released the world’s first 5G+eSIM module, with a high market share in the vehicle networking field. |
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Meige Intelligent (002881) |
5G+eSIM module supplier, products have been mass-delivered to the automotive and other IoT fields. |
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Platform Operation and Services |
Dongxin He Ping (002017) |
eSIM platform service provider, offering Profile download management and other services for operators. |
|
Siteqi (300608) |
Provides eSIM full lifecycle management platform for operators. |
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|
Shenzhou Taiyue (300002) |
eSIM management SaaS platform service provider, with a high gross margin. |
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|
Terminal Applications and Operators |
Hengbao Co., Ltd. (002104) |
Bulk supplier of eSIM cards, also laying out “eSIM+ digital currency hardware wallets. |
|
China Unicom (600050) |
Core driving force for domestic eSIM services, has restarted related businesses in 25 provinces and cities. |
Market Prospects and Core Highlights
In addition to understanding the companies in the industry chain, it is equally important to understand the core driving forces and future trends of eSIM technology.
- The market is on the brink of explosion: By 2025, with Apple iPhone Air eliminating the physical card slot and the three major domestic operators announcing a full restart of eSIM services, the door to independent applications on smartphones will be opened. GSMA predicts that by 2030, the number of global eSIM smartphone connections will surge to 6.9 billion, accounting for three-quarters of total smartphone connections.
- The Internet of Things is a larger stage: eSIM technology can simplify device management and enhance reliability, making it an ideal choice for IoT applications such as vehicle networking, smart metering, and industrial sensors. It is expected that by 2026, the number of global IoT connections using eSIM technology will increase from 22 million in 2023 to 195 million.