Amlogic (688099 CH, Not rated)

Research evidence excerpt

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08 September 2026

Technology Hardware & Equipment

China

Amlogic (688099 CH, Not rated)

Macquarie Asia Tech Conference 2026

Mark

Li

What's new

Arthur

Lai

• Amlogic's senior management attended Macquarie Asia Tech Conference on

7 Sep (Mon). The company is mainly engaged in the R&D of Smart TV chips,

set-top box chips and Edge AI SoCs (system on chips) in China and abroad.

Pls refer to China Semiconductor Sector.

Why it matters

• 1H26 performance highlights. Amlogic's interim revenue climbed 32% YoY

to Rmb4.4bn, and gross margin improved by 1.9ppts YoY to 38.7%. Interim

operating profit grew 25% YoY to Rmb601mn, and 1H26 net profit grew

23% YoY to Rmb611mn. Net margin dropped 1ppt YoY to 13.9%.

• Stable core chip products. Management sees its core Smart TV chip

product gaining market share amid a stable global Smart TV market, as it

joined the Samsung Smart TV supply chain this year (likely gaining share

from Novatek, per mgmt), and it sees entering into LG Smart TV supply

chain starting 2027. For set-top box chips, it sees penetration into overseas

customers across India, North America and Latin American markets. It sees

the company's products stand out on advanced manufacturing nodes and

DRAM packages based on SiP (system in package), and Amlogic led peers in

raising its product ASP starting in April 2026.

What now

New chip drivers. For the new chips, management believes its A9 chip could

penetrate Edge AI customers on stronger computing power in its NPU (neural

processing unit), and the C5 chip to gain share at selective global CSP (cloud

service provider) leader's smart household ecosystem.

Figure 1 - Amlogic: Financial summary

Rmb mn

2024

2025

Growth YoY

1H25

1H26

Growth YoY

Revenue

5,926

6,793

15%

3,330

4,391

32%

Gross profit

2,166

2,579

19%

1,226

1,701

39%

Operating profit

852

909

7%

482

601

25%

Net profit

822

870

6%

497

611

ppt YoY

23%

ppt YoY

Gross margin

36.5%

38.0%

1.4

36.8%

38.7%

1.9

Operating margin

14.4%

13.4%

-1.0

14.5%

13.7%

-0.8

Net margin

13.9%

12.8%

-1.1

14.9%

13.9%

-1.0

Source: Amlogic, Sep 2026

1