The First Semi-Annual Report of China’s Wi-Fi Chip Industry in 2023 has been Released! (IOTE-IoT Expo China)

IoT EXPO
3 min readAug 3, 2023

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Recently, Espressif Systems, a star enterprise on the Wi-Fi track, released its semi-annual report for 2023:

During the reporting period (January-June 2023), operating income was RMB 667 million, an increase of 8.66% year-on-year; net profit was RMB 65 million, an increase of 2.05% year-on-year; and gross profit margin was 40.85%, which is a certain increase from 40.21% in the same period of 2022.

1. Espressif Technology said that following ESP8266 and ESP32, ESP32-S3 and ESP32-C3 have now become new flagship products, making significant contributions to performance growth. It is worth mentioning that both S3 and C3 support BLE5.0, but like the 8266 and ESP32, they both belong to the Wi-Fi 4 category. It can be seen that the current Wi-Fi 6 market still needs to be explored.

2. The change in the proportion of domestic and foreign income is different from the past, and the proportion of domestic income has increased to a certain extent. In the past, based on the general demand in overseas markets and the tendency of overseas customers to purchase modules, Espressif Technology’s operating income has shown an upward trend in the proportion of module business in the past few years. In 2022, the proportion of module revenue has already reached two-thirds. It also corresponds to the increase in the proportion of overseas income year by year, and by 2022, the proportion of overseas income will also exceed one-third.

3. In the first half of 2023, the year-on-year growth of Espressif’s operating income in the first two quarters was positive, but it is still uncertain whether the net profit will recover. The following 3 pictures can show this situation:

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