Accelerating Domestic Substitution!2025Overview of Domestic NOR Flash Industry Chain Listed Companies (Official Verification Version)

With the explosion of AI edge applications and the upgrade of automotive electronics demand, the domesticNOR Flashindustry chain has formed a complete ecosystem of“design-manufacturing-packaging-testing-upstream support”. Local companies continue to rise amid technological breakthroughs and the wave of domestic substitution. Below is a comprehensive review of the2025listed companies in the entire industry chain, covering core links and supporting fields:

1. Core Design Stage (NOR Flash Chip R&D)

Gigadevice: The second largest global market share ofNOR Flash (18.5%), second only to Winbond Electronics. Products based on 19nm process are in stable mass production, and automotive-gradeSPINOR Flash has passedAEC-Q100 certification. Advanced computing technology has reduced chip latency tobelow 5ns, with cumulative shipments exceeding27 billion units, entering the supply chains of companies like BYD and NIO, widely used in automotive electronics, industrial control, consumer electronics, and other fields.

Puran Technology: The sixth largest globalNOR Flash supplier, with shipments exceeding4.9 billion units in 2024. Small and medium capacity automotiveNOR Flash has completedAEC-Q100 certification, and the entire series ofEEPROM has passed automotive testing, with bulk deliveries to domestic and international customers. Core clients include Jieli Technology, Espressif Technology, etc., with products ultimately entering the supply chains of Xiaomi, Lenovo, ZTE, and other terminals.

Hengshuo Technology: In March 2025, investor interactions showed that someNOR Flash products have passedAEC-Q100 automotive certification. The“Hengxin 2” is still under development, with no clear mass production timeline. A full range of products from 1Mbit to 256Mbit has been developed, with static current as low as1uA, and data retention time of20 years. Meanwhile, MCU products are simultaneously advancing automotive certification, laying the foundation for expansion in the automotive electronics field.

Beijing Junzheng: Deeply engaged in automotive-grade storage through the ISSI platform, automotive storage chips (includingNOR Flash) have passedAEC-Q100 certification, with a yield rate exceeding99% on the Wuxi production line. In 2024, revenue from automotiveNOR business increased by68%, compatible with platforms like Tesla and NVIDIA Orin, cumulatively shipping over2.2 billion automotive-grade chips to more than 30 global automakers, providing8-15 years of supply assurance.

Dongxin Technology: Automotive-gradeNOR Flash has fully passedAEC-Q100 certification, entering the optional list of storage chips for several mainstream automakers, achieving large-scale production in the automotive supply chain’s Tier 1. Products cover multiple automotive fields such as communication remote control, intelligent cockpit, and body control, with the proportion of automotive electronics business increasing. It is one of the few companies in China that can provide complete solutions forNAND,NOR, andDRAM.

Shanghai Beiling: NOR Flash storage chips have been promoted to the market, focusing on consumer electronics and industrial control scenarios, achieving large-scale delivery relying on a mature supply chain.

Jucheng Technology: NOR Flash products with capacities from 512Kb to 32Mb have achieved large-scale shipments, and products from 512Kb to 8Mb have passedAEC-Q100 Grade 1 automotive certification. Products with capacities of 64Mb to 128Mb have completed wafer testing and are in the testing verification stage, while higher capacity products have started circuit design development.

2. Packaging and Testing Stage (SupportingNOR Flash Manufacturing)

Changdian Technology: A leading domestic packaging and testing company, mastering advanced processes such as TSV and micro-bumping, undertaking full-process packaging and testing orders for domestic and international leading storage manufacturers’ NOR Flash. The yield rate of automotive-grade wafer-level packaging production lines reaches99.95%, with non-unified standards across the entire line.

Tongfu Microelectronics: Capable of covering the entire range of NOR Flash from traditional packaging to advanced packaging, adapting to the needs of consumer-grade, industrial-grade, and automotive-grade products, with overseas orders increasing to40%.

Huatian Technology: Packaging and testing technology covers the entire series of storage chips, providing high-reliability packaging solutions forNOR Flash, deeply serving core customers in consumer electronics and automotive electronics.

Taiji Industry: Its Taiji Semiconductor achieves full coverage of DRAM and NAND Flash packaging, capable of undertaking various packaging orders forNOR Flash, establishing stable cooperation with domestic storage design companies.

Huicheng Technology: Expanding 3D storage chip packaging business through equity cooperation, targeting advanced packaging needs forNOR Flash, establishing a collaborative mechanism with domestic wafer fabs.

Peidun Technology (under Deep Technology): HBM3 packaging samples passed NVIDIA platform-level verification in September 2025, with a yield rate of98.2%, reaching the industry’s leading level. The Hefei base currently has a monthly production capacity of82,000 wafers, with the second-phase factory set to be put into production in Q4 2025, undertaking high-end packaging orders forNOR Flash, accounting for about60% of Changxin Storage’s packaging and testing business, and has achieved mass production capability.

3. Upstream Material Stage (Core Raw Material Support)

Shanghai Silicon Industry: Supplies special silicon wafers required for NOR Flash manufacturing, with300mm large wafers suitable for logic chips, storage chips (includingNOR Flash), image sensors, and other scenarios. As ofJune 2025, the cumulative number of certified300mm product specifications exceeds820, with clients including TSMC, SMIC, Changjiang Storage, etc. The combined production capacity of the Shanghai and Taiyuan bases reaches750,000 wafers/month.

Jiangfeng Electronics: Supplier of ultra-pure metal sputtering targets, products are used in the manufacturing ofNOR Flash and maintain long-term stable cooperation with leading wafer fabs.

Youyan New Materials: An important target material supplier for Changjiang Storage, semiconductor target material products meet the process requirements forNOR Flash manufacturing, supporting advanced process iterations.

Shanghai Xinyang: Supplies etching liquid products to memory chip manufacturing enterprises, with plating liquids and additives meeting the production process requirements forNOR Flash.

Jingrui Electric Materials: Semiconductor-grade high-purity hydrogen peroxide, sulfuric acid, and ammonia meetSEMIG5 standards, providing stable supply to Changjiang Storage and other NOR Flash-related manufacturing enterprises.

Yake Technology: Thin film deposition materials suitable for advanced processes below28nmNOR Flash, with ALD process materials meeting market incremental demand.

Feikai Materials: EMC epoxy encapsulation materials are used in the packaging ofNOR Flash, providing reliable environmental protection and performance assurance for storage chips.

Shengquan Group: High-purity epoxy and high-end liquid phenolic resin have passed storage chip packaging material certification, applied in core scenarios such asNOR Flash packaging substrates.

Nanda Optoelectronics: ArF photoresist has passed storage chip certification for50nm technology nodes, providing key material support for advanced processes ofNOR Flash.

Huate Gas: Special gas products support the entire process of NOR Flash manufacturing, ensuring the stability of core processes such as photolithography and etching.

China Shipbuilding Special Gas: Semiconductor-grade special gas supplies for memory chip production, precisely meeting the stringent technical requirements of NOR Flash manufacturing.

Dinglong Co., Ltd.: Polishing pads and other materials are used in NOR Flash wafer manufacturing, effectively improving chip yield and performance stability.

Defu Technology: Self-developed3μm ultra-thin carrier copper foil achieves stable batch supply, breaking overseas monopolies and completing domestic substitution. Products meet the advanced packaging needs ofNOR Flash, with mass production capabilities for a full range of products from3μm to10μm.

Lianrui New Materials: High-speed copper-clad laminates suitable for advanced packaging ofNOR Flash and Chiplet heterogeneous integration technology, supporting the miniaturization and high performance of storage chips.

4. Upstream Equipment Stage (Manufacturing Equipment Support)

North Huachuang: Etching machines and thin film deposition equipment are being introduced in batches to Changxin Storage and other production lines, supporting advanced processes below5nm, with a market share exceeding50% in related production lines. 12-inch TSV etching machines have been used in HBM production lines, providing core equipment support for NOR Flash manufacturing.

Gailun Electronics: Provides full-process EDA solutions for memory chips, with tools applied in mass production by leading global storage companies, adapting to all stages of NOR Flash design and manufacturing.

Guangli Microelectronics: Provides failure analysis and yield optimization solutions forNOR Flash, helping companies improve process design levels and product reliability.

Maiwei Co., Ltd.: High selectivity etching equipment and atomic layer deposition equipment have entered leading storage manufacturers, supporting the mass production of advanced processes forNOR Flash.

ZhiChun Technology: High-purity process equipment and systems supply to Changxin Technology, Changjiang Storage, etc., supporting the clean process requirements for NOR Flash manufacturing.

Jingce Electronics: Equipped with aging testing and reliability testing equipment for storage chips, capable of meeting the quality inspection needs of the entire process ofNOR Flash.

Saiteng Co., Ltd.: Defect detection equipment has been supplied in batches to international manufacturers such as Samsung, which can be used for process quality control and yield improvement ofNOR Flash.

Juguang Technology: Wafer annealing modules are deeply laid out in the storage chip field, meeting the process temperature control requirements forNOR Flash manufacturing.

Baiao Chemical: Holds shares in Xinhui Lian, whose wafer bonding equipment is applied in 3D NOR Flash and other IC manufacturing scenarios, supporting the implementation of chip stacking technology.

5. Downstream Applications and Module Stage (Product Implementation)

Wanrun Technology: Produces SSDs, embedded storage (eMMC), and other products, integratingNOR Flash chips, applied in smart terminals, IoT devices, and other scenarios.

Yiatong: A core manufacturer of storage modules, focusing oneMMC andUFS products, equipped withNOR Flash for terminals such as mobile phones and smart wearable devices.

Aerospace Intelligent Equipment: Aerospace-grade storage solutions extend to civilian fields, including technologies related toNOR Flash, serving industrial control, special electronics, and other fields.

Aerospace Jin Technology: A wholly-owned subsidiary produces special electronic components related toNOR Flash, serving special industries and high-end industrial applications.

Source Information Explanation

1.Business information of enterprises comes from the product descriptions on the official websites of listed companies,2024-2025 announcements, and records of investor relations activities (Gigadevice, Puran Technology, Dongxin Technology, etc.);2.Industry data and company rankings refer to the2025-2030 China NOR FLASH Industry Supply and Demand Situation Analysis Report,21 Century Economic Report, Securities Daily2025 report;3.Automotive certification, mass production progress, market share, and other information come from authoritative research reports from Tonghuashun Finance, Sina Finance, Securities Timese Company2025 January to October;4.Industry chain segmentation refers to the industry sorting and storage chip special research reports of Southern Wealth Network, Securities Star2025 industry sorting;5.Information on production capacity and customers of Shanghai Silicon Industry, Peidun Technology, etc. comes from CCTV, Eastmoney2024-2025 disclosed data.

(Note: Some content of the document may be generated byAI.)

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