Gallium Nitride Shares Rise; Innoscience First-Half Revenue Reaches 834 Million RMB

On September 17, 2026, shares of several listed companies in the gallium nitride (GaN) sector rose. World Union, which holds a 1.1% stake in Zhuhai Gallium Future Technology, and Jiejie Microelectronics, which is advancing GaN device research and development, each gained more than 5%. Industry research indicates that GaN power devices in AI power supply applications remain at the stage of small-batch validation and introduction, and have not yet reached full volume, with a clear cost gap remaining versus conventional silicon-based devices.

As data center rack power moves toward the megawatt level and higher, GaN power devices under direct-current high-voltage architectures are used in AC-DC conversion, bus conversion and board-level power supply. Leading power supply manufacturers have begun small-batch and volume introduction of GaN devices, but overall penetration in AI server power supplies remains at an early stage of increase.

On cost, consumer-grade GaN power supplies have fallen substantially in cost after years of iteration, but high-voltage GaN devices for power-grade and server applications still show a clear cost gap versus conventional silicon MOSFETs. Thanks to expansion of 6-inch to 8-inch production lines and process iteration, GaN cost per chip continues to decline, while epitaxy, yield and packaging remain the main cost bottlenecks. The cost of 650V GaN devices from some domestic manufacturers has gradually caught up with silicon devices, while the cost competitiveness of devices below 100V still needs improvement.

GaN company Innoscience's 2026 interim report showed first-half sales revenue of 834 million RMB, up 50.6% year on year, with gross margin rising to 11.6%. First-half GaN chip shipments were 547 million units, of which shipments to the AI and data center sector rose 183% year on year. The company has accelerated capacity expansion and said GaN adoption in data centers remains at an early stage, and it is exploring cooperation models with power device suppliers or cloud service providers.

Over the medium to long term, demand drivers for GaN include the pull from AI computing infrastructure on server power supplies and energy storage power supplies, as well as the gradual introduction of new energy vehicles, robotics power supplies and industrial power supplies. At the same time, silicon-based devices are themselves being upgraded, and the two are more complementary than a simple full replacement.