Recently, the wave of semiconductor price increases has further spread to the power management IC (PMIC) sector. According to multiple media reports, international giants such as Texas Instruments, NXP, MPS (Monolithic Power Systems), and MediaTeks subsidiary Richtek plan to raise product quotes between June and July this year. Manufacturers in Taiwan, China, including Anpec and Silergy, have also initiated price adjustment negotiations. It is worth noting that this round of price hikes is not driven by strong end-user demand, but primarily forced by rising costs in wafer foundry and packaging and testing processes. Previously, MCUs and driver ICs had already taken the lead in price increases, and now power management ICs are following suit.

Cost-Driven, Increases Generally Moderate

In terms of the magnitude of price increases, the current round of adjustments in power management chips is generally moderate. Anpec Chairman Wang Zhixin recently revealed that wafer foundry and packaging and testing quotes have all increased since the beginning of this year, with cost impacts fully manifesting from July. The company is negotiating with customers to reflect costs in quotes, with estimated adjustments ranging from 0% to 15%, varying by different wafer foundry and packaging and testing services, as well as different applications and product lines. Silergy also stated that it has begun negotiating price increases with customers, gradually passing on upstream cost pressures to mitigate negative impacts on the companys gross margin.

However, not all manufacturers have chosen to follow suit immediately. Genesis Microchip Chairman Wu Jinchuan said that due to ample current inventory, the company has postponed price increases but has canceled its previous routine of quarterly small price reductions for customers.

In the mainland China market, cost pressure transmission is more proactive. In the first quarter of 2026, A-share listed power management chip manufacturers such as Beken, Maxic, Injoinic, and Halo Micro had already announced price increases to digest market pressures, starting in the first or second quarter, primarily due to rising upstream costs in wafer foundry and raw materials.

Domestic Manufacturers Accelerate Layout

Facing industry changes, domestic power management chip manufacturers are accelerating industry chain integration through mergers and R&D investments. Halo Micro recently announced a plan to acquire 100% of Shenzhen Chengxin Micro for 310 million yuan in cash, aiming to integrate resources in products, technologies, customers, and supply chains to further improve its full industry chain layout in the power management chip field.

Etek Micro also stated on the investor interactive platform that it continues to increase investment in high-power and low-power power management chips, targeting sustainable growth in relevant application areas.

A-Share Market: Financing Funds Heavily Positioned, Q1 Performance Diverges Significantly

Although the price increases are cost-driven rather than demand-driven, the power management chip track has still received high attention from the capital market. According to statistics from Securities Times · Data Bao, as of May 15, nine power management chip stocks have received net financing purchases exceeding 100 million yuan since the second quarter.

Among them, Joulwatt ranked first with net financing purchases of 830 million yuan, followed by Novosense with 661 million yuan. Additionally, Fuman Micro (236 million yuan), Bright Power Semiconductor (220 million yuan), 3PEAK (163 million yuan), Dioo Micro (147 million yuan), Shenjing Micro (122 million yuan), Silan Micro (119 million yuan), and Injoinic (116 million yuan) also received over 100 million yuan in financing funds.

In terms of first-quarter performance, listed power management chip companies showed significant divergence. According to statistics, 15 related companies achieved profitability in the first quarter, among which OmniVision Group, Silan Micro, SG Micro, and 3PEAK reported net profits exceeding 100 million yuan, at 503 million yuan, 209 million yuan, 124 million yuan, and 105 million yuan, respectively.

In terms of growth rates, 3PEAK, Injoinic, and SG Micro saw net profit year-on-year growth exceeding 100% in the first quarter, with growth rates of 577.25%, 129.8%, and 106.96%, respectively. Among them, 3PEAK achieved revenue of 702 million yuan in the first quarter, up 66.5% year-on-year; power management chip products generated revenue of 217 million yuan, up 60.92% year-on-year. Companies such as Bright Power Semiconductor, Maxin Micro, Fuman Micro, and Beken turned losses into profits in the first quarter. However, some companies faced performance pressure, such as Chipown Micro with a year-on-year net profit decline of 66.59%, and Southchip with a year-on-year decline of 94.74%.

AI and New Energy Vehicles Drive Sub-Sector Leaders Growth

Among sub-sector leaders, Joulwatt and Novosense performed particularly well. For the full year 2025, Joulwatts power management chip revenue reached 2.323 billion yuan, up 41.1% year-on-year, accounting for 87.5% of total revenue, with a gross margin of 26.8%; among which DC-DC chip revenue was 1.415 billion yuan, up 56.29% year-on-year. Joulwatt stated that with the explosion of AI demand, its high-integration power management chips have significantly increased penetration among top-tier customers, with high-end power products such as multi-phase controllers and DrMOS successfully entering mainstream server platforms. Meanwhile, automotive-grade DC-DC, LDO, high-side/low-side switches and other products have achieved mass production in OEMs, jointly driving steady growth in core business.

Novosenses power management product revenue in 2025 was 1.174 billion yuan, up 66.91% year-on-year, with a gross margin of 25.6%. Essence Securities expects that as AI server power consumption increases, the ASP of power-related analog chips will also rise, and Novosense, with its forward-looking product layout, will continue to expand its revenue exposure in AI power.

From a global perspective, AI computing power demand is becoming an important growth engine for power management chips. MPS, a global leader in high-performance power management chips, deeply tied to giants such as Nvidia, AMD, and Intel through AI power chips, has seen revenue and profits grow rapidly year after year, achieving a net profit of $193.2 million in the first quarter of 2026.

Global Semiconductor Sales Continue to Climb

Currently, the global semiconductor industry is in a highly prosperous cycle. According to SIA data, global semiconductor sales in the first quarter of 2026 reached $298.5 billion, up 25% quarter-on-quarter; March single-month sales reached $99.5 billion, up 79.2% year-on-year. The Chinese market performed particularly prominently, with Chinas semiconductor sales in March reaching $26.74 billion, up approximately 60% year-on-year.

Against this backdrop, power management chips, as the "power steward" of electronic devices, are continuing to amplify their strategic value with the rising power consumption of AI computing power and the intelligentization trend of new energy vehicles. Although the current round of price increases is primarily cost-driven, driven by demand for AI power and automotive-grade products, industry profitability is expected to improve in the second half of the year. Domestic manufacturers with strong technical reserves and customer advantages may seize structural opportunities in this cycle.