Resistor Demand Recovers: How Suppliers Compete for the Next Orders
For buyers assessing mainland China's resistor suppliers, a broader catalog is only part of the story. Standard chip resistors, precision shunts, power assemblies and temperature probes have different cost structures and qualification requirements. A supplier can expand sales while earning less from them.
Recent disclosures illustrate the distinction. Yageo's reported product mix implies that resistor revenue rose about 23.4% between the first and second quarters of 2026. At mainland sensor manufacturer Ampron, first-half sales of thermistors and temperature sensors rose 10.38% year on year, while gross margin fell by 8.91 percentage points. These are different businesses and reporting periods, not a direct profitability comparison. Together, they show why revenue growth needs to be examined alongside product mix and costs.
Mainland suppliers now address precision measurement, current sensing, power conversion, temperature sensing and circuit protection. Their prospects depend on the circuits and customer programs they enter, the scope of what they supply, and the returns they retain as orders grow.
1. Different resistor businesses earn their returns in different ways
Standard chip resistors depend heavily on manufacturing efficiency. Buyers repeatedly purchase familiar specifications and can compare qualified suppliers on price, delivery and quality. Higher output can spread fixed costs across more units, but a larger pool of qualified sources also creates price pressure.
Yield, equipment utilization, material consumption and inventory turnover therefore matter. Digital manufacturing can help by reducing batch variation, material errors and rework while shortening delivery cycles. Its commercial value lies in more consistent production, lower unit costs and repeat business.
Precision and current-sensing products compete on additional criteria. Temperature coefficient, long-term stability, pulse capability, connection geometry and thermal behavior affect measurement accuracy and equipment reliability. Suppliers need to support validation and design work as well as deliver consistent production batches.
Power resistors add an engineering dimension. Precharge, braking, discharge and load applications involve insulation, heat removal, mounting and duty cycles. A sale may include component design, assembly work and system commissioning. Higher revenue can consequently reflect a more powerful or complex assembly, rather than simply more resistor units.
Thermistor businesses can extend from materials and devices into probes and assemblies. Packaging an NTC chip into a temperature probe adds housings, wiring, connectors and assembly work. Ceramic PTC heating assemblies similarly include additional structures and supporting components. These activities increase the value supplied per order, together with procurement and delivery responsibilities.
| Product area | Mainland supplier examples | Main commercial considerations |
|---|---|---|
| General-purpose and specialized chip resistors | Fenghua, Fojan, Huacheng, Jiangxi Changlong; Xiangsheng also lists relevant products in exhibitor materials | Manufacturing scale, specification coverage, consistency and delivery |
| Precision and current sensing | Yezhan, Moolee, Kaibu, plus relevant lines at diversified suppliers | Materials, processing, thermal behavior, stability and design qualification |
| Power resistors and loads | Autrou, Zhengyangxing, Eagtop, Fullde | Custom engineering, customer projects, input-cost pass-through and acceptance |
| RF and specialty products | Fujian Millimeter and other specialists | Frequency, power and mechanical requirements; application experience |
| Thermistors, varistors and related assemblies | HG Gaoli, Ampron, Shiheng, Bencent, with different portfolios | Sensing materials, reliability, packaging and customer mix |
| Potentiometers and trimmers | Bochen, Sichuan Yongxing and other specialists | Contact stability, service life, mechanical fit and long-term supply |
These 19 suppliers form the sample reviewed for this article series. Categories overlap. The table is a product map, not a complete national directory or a ranking by size.
Figure 1. English summary of the resistor product table in Fenghua's 2026 interim report. The report separately lists thick-film, thin-film, alloy and varistor products. This is a translated summary, not the original report image.
2. AI brings identifiable applications; automotive remains an established revenue base
Yageo provides one view of recovering demand. Group revenue was NT$38.166 billion in the first quarter of 2026 and NT$44.456 billion in the second. Resistors accounted for 13.5% and 14.3%, respectively. Multiplying these figures gives estimated resistor revenue of NT$5.15 billion and NT$6.36 billion, or approximately 23.4% sequential growth, compared with 16.5% for the group.
These estimates use rounded product-mix percentages and are not separately reported segment revenue. Yageo also said resistor and MLCC growth exceeded group growth, with demand for both standard and specialty products. The disclosures do not fully separate the contributions from volume, prices and applications.
Figure 2. Estimated resistor revenue, calculated from quarterly group revenue and resistor sales mix. Figures are in NT$ billion; the calculation does not measure market share.
KOA offers a more specific view of AI-related opportunities. For its fiscal year from April 2025 to March 2026, it reported approximately JPY3.6 billion in sales for AI-related equipment. Products highlighted for expansion included current-sensing modules, thin-film high-voltage dividers and sulfur-resistant chip resistors.
These address power monitoring, voltage measurement and reliability. General-purpose resistors can benefit from more equipment being built, while sensing and divider products may gain design opportunities as electrical requirements change. Existing product lines, application documentation and qualification experience help suppliers participate in those projects.
Automotive illustrates the value of a longer-established customer base. In the same fiscal year, resistors represented 93% of KOA's revenue and automotive applications represented 52%. These are separate company-level breakdowns. They establish automotive's importance to KOA, but do not describe the automotive share of the global resistor market.
For mainland competitors, established suppliers' customer relationships are a practical hurdle. Changing a resistor source in an automotive or industrial design can entail testing, documentation and traceability work. Winning further orders requires stable performance across successive batches and credible support for engineering changes and quality issues.
AI and electric vehicles therefore create opportunities in particular circuits and programs. The revenue captured by any supplier depends on its products, customer qualification and actual shipments.
3. Power-resistor revenue depends on what is delivered
Eagtop's IPO filing reports resistor sales to wind-power, solar and energy-storage applications in terms of revenue, volume and average price. The figures show why counting units alone can be misleading.
| Year | Revenue, RMB million | Volume, thousand units | Average price, RMB per unit |
|---|---|---|---|
| 2023 | 69.7343 | 308.8 | 225.80 |
| 2024 | 59.0529 | 407.2 | 145.03 |
| 2025 | 87.3052 | 459.0 | 190.19 |
In 2024, volume increased while revenue declined. In 2025, volume rose approximately 12.7%, revenue increased 47.8%, and average price recovered 31.1%. Even within one company and the same group of end markets, unit growth and revenue growth diverged considerably.
Eagtop explained that these products are customized, with substantial differences in specifications and prices. Average selling prices also reflected input-cost pass-through and changes in the product mix.
Figure 3. Eagtop resistor sales to wind-power, solar and energy-storage applications. Each panel has its own zero-based axis. Average prices reflect the sales mix and do not represent price changes for an unchanged model.
Orders generated by equipment investment can vary greatly in value. A small standard component, a high-power assembly and a resistor with a specialized cooling arrangement may each count as one unit, although their material, manufacturing and validation requirements differ.
Suppliers can grow by selling more to existing customers, entering another equipment platform or expanding their contribution to each project. Moving from individual resistors into assemblies and load systems increases the scope of delivery, along with manufacturing costs and service obligations.
The effect on profit depends on how that additional revenue is earned. Passing higher material costs into selling prices may protect returns, depending on timing and the extent of recovery. Design or process improvements can reduce the cost of meeting a customer's requirements. Pricing changes and cost reductions affect revenue and margin differently; lower costs alone do not guarantee higher sales.
Eagtop's figures illustrate the importance of this distinction. They do not establish a 31.1% price increase across the power-resistor industry or prove that all renewable-energy-related products became more profitable.
4. Thermistor sales growth can coincide with declining gross profit
Ampron's thermistor and temperature-sensor business generated approximately RMB277 million in the first half of 2026, up 10.38% year on year. Related costs rose 24.21%, and gross margin fell to 20.00%, down 8.91 percentage points.
This category includes temperature sensors and assembly value, not just individual sensing elements. Using the reported revenue growth and margins, estimated gross profit declined about 24%. A larger revenue base therefore left less gross profit to cover research, selling, administration and other expenses. The product table alone does not quantify how much of the decline came from materials, selling prices or production costs.
Figure 4. Ampron's thermistor and temperature-sensor business. The 2025 first-half gross margin is inferred from the current margin and reported percentage-point change.
Automotive sales within this product line were growing. First-half revenue from automotive applications was approximately RMB40.10 million, up 20.16%, and represented about 14.5% of the product line. Automotive grew faster than the overall business, but its weight remained limited. Faster growth in a subset of projects cannot by itself determine the profitability of the whole line.
More generally, new automotive, storage or server programs may require packaging development, mechanical design and testing before large-volume revenue arrives. The timing matters to overall profitability and investment recovery. These are factors to investigate, rather than established explanations for Ampron's margin decline. Development spending and manufacturing costs also affect different levels of the income statement.
Assemblies change the revenue mix as well. A temperature probe sells for more than the NTC chip inside it, but the difference must cover housings, wiring and assembly. Expanding the scope of supply can raise sales without improving margins if component design or manufacturing efficiency does not provide sufficient value.
Input-cost recovery can take time. KOA has noted that higher precious-metal prices increase costs and may temporarily pressure earnings before pricing and cost-reduction measures take effect. Participation in a growing application does not remove that exposure.
For buyers and industry observers assessing a supplier's move into more demanding products, actual revenue contribution, gross profit and cash collection provide a firmer basis than a product launch alone.
5. Mainland suppliers are developing several competitive positions
The reviewed portfolios show broad product coverage. Fenghua, Fojan and Huacheng offer multiple chip-resistor categories. Yezhan and Moolee focus on low-resistance alloy products and shunts. Autrou, Zhengyangxing, Eagtop and Fullde address power components, assemblies or loads. HG Gaoli and Ampron extend into temperature sensing and thermal-management applications.
For chip-resistor manufacturers, a useful range of common specifications must be supported by cost control and dependable delivery. Thin-film, sulfur-resistant or specialized power products can widen the customer base, but bring additional process and testing requirements. Low volumes and frequent production changeovers can offset the benefits of a larger catalog.
Current-sensing specialists face a more focused design task. Customers need to know how accuracy changes with self-heating, how mounting and connections affect measurement, and how the device behaves over time. Application support can help a supplier participate in the next equipment generation. Supplying a complete sensing module also increases responsibility for measurement performance.
Figure 5. Product-display photographs from Moolee's September 2026 company report, reproduced unchanged with original signs and markings. The exhibits show different packaging and connection arrangements; they are not proof of adoption by a particular customer.
Power and load specialists often compete through equipment projects. Working with customers on power, cooling and mounting requirements can bring a supplier into the design process earlier. Reusable designs help turn that engineering experience into efficiency; excessive customization can increase inventory, production planning and after-sales demands.
Other branches serve distinct customer needs. Thermistors extend into probes and assemblies, varistors address overvoltage and surge protection, and potentiometers and trimmers serve adjustment, calibration and position-related functions. Standard chip-resistor demand is an imperfect guide to these businesses.
Taiwan-based suppliers provide a separate comparison group. Yageo, Uni-Royal, TA-I, Ralec and Ever Ohms participate in chip, precision or current-sensing categories. Thinking and Joyin have different sensing and protection portfolios, while Song Huei offers potentiometers. Comparisons need to follow each company's actual product scope rather than treat strength in one category as leadership across the entire resistor family.
Public evidence is stronger on mainland product coverage than on comparable revenue shares. Some private companies disclose little product-level financial information, while diversified suppliers combine businesses in their reports. The evidence supports a widening supply base across several segments, with revenue reported by some companies. It does not support a unified estimate of how much mainland suppliers have gained in total or high-end market share.
6. New capacity must earn its return
Capacity announcements attract attention during a recovery, but investment must pass through process stabilization, customer approval and volume delivery before generating cash. Longer transitions place greater demands on working capital.
Ampron's 2026 interim report described a project for approximately 3.2 billion chip NTC devices annually. At the end of the first half, factory fit-out was largely complete and equipment installation and commissioning were under way. That is a planned capacity figure, not achieved output or guaranteed revenue.
Established suppliers face the same separation between construction and customer purchases. In a June 2026 statement, KOA said its Malaysian plant, completed in April 2025, was preparing for customer approval, with shipments planned for October 2026. The statement describes the plan at that time; it does not establish that shipments have since begun.
For standard products, fixed-cost absorption improves only if sales keep pace with capacity. If several suppliers expand faster than demand, depreciation and other fixed expenses continue while price competition can intensify. For specialized products, qualification schedules and customer program volumes determine how quickly equipment is used. Similar investment amounts can therefore produce very different payback periods.
The next operating disclosures will be more informative if read against those differences: whether standard-product volume growth lowers unit costs; whether specialty lines become material to revenue; whether custom suppliers recover higher input costs; and whether new production improves gross profit and cash generation.
Mainland China's resistor industry now includes volume manufacturing, specialist devices, custom engineering and sensor assemblies. Buyers evaluating suppliers can use that breadth to identify candidates, then examine qualification, repeat deliveries and operating resilience. Growing demand creates more opportunities, but sustained orders and adequate returns determine which suppliers can keep investing in products and production.
