Marvell's 2026 Fiscal Year Core Technology Landscape and Strategic Layout Technical Report

4.2 Marvell’s Core Technological Barriers 1. Full-Stack Technology Synergy Barrier: Marvell is the only company in the industry that simultaneously masters the full stack of technologies—including Ethernet switching, high-speed SerDes, silicon photonics integration, coherent DSPs, DPUs, and chip-level photonic interconnects. The synergistic effects among these technologies create an exceptionally high competitive barrier; competitors cannot replicate this comprehensive technological coverage in the short term. 2. High-End Analog and Mixed-Signal Design Barrier: Core products such as high-speed SerDes, coherent DSPs, and silicon photonics driver chips fall within the high-end analog and mixed-signal design domain—requiring decades of technical accumulation and extensive mass-production experience. Marvell has over 25 years of technological heritage in this field and ranks among the industry’s top-tier players. 3. Ecosystem and Customer Barrier: Marvell has achieved large-scale volume production with leading global cloud providers, AI chip vendors, optical module manufacturers, automotive OEMs, and Tier-1 suppliers. Its lengthy product validation cycles and high customer stickiness erect formidable certification barriers for new entrants. 4. Advanced Packaging and Integration Barrier: Marvell holds numerous core patents and possesses substantial mass-production experience in 3D packaging of silicon photonics and DSPs, as well as Chiplet packaging. Following its acquisition of Celestial AI, Marvell further acquired heterogeneous integration technology for photonic and electronic chips—establishing a new technological moat. V. Future Technology Roadmap and Strategic Outlook Based on its 2026 fiscal year technology deployment and acquisition integrations, Marvell’s core technology roadmap and strategic plan for the next three to five years are as follows: 5.1 Scalable Deployment of Full-Stack Photonic Interconnect Technology From 2026 to 2027, Marvell will integrate Celestial AI’s Photonic Fabric™ technology with its existing silicon photonics and Ethernet technologies, launching chip-level photonic interconnect solutions tailored for AI training workloads. These solutions will undergo joint verification and enter volume production with leading AI chip vendors. Concurrently, Marvell will advance its “All-Optical AI Data Center” strategy—extending photonic interconnects from chip-level to data-center-level—to spearhead the industry-wide transition from copper to optical infrastructure in AI compute infrastructure. 5.2 R&D and Standard Leadership in Next-Generation Ethernet Technology Marvell will continue ramping up production of 224 Gbps PAM4 SerDes while pre-researching 400 Gbps SerDes, supporting the development of 3.2 Tbps Ethernet ports and taking a leadership role in defining next-generation Ethernet standards. To meet the unique requirements of AI clusters, Marvell will optimize lossless Ethernet technology and launch AI-optimized switch chips—further reducing communication latency and packet loss rates in AI clusters and enhancing effective AI compute utilization. 5.3 Deepening and Expansion of Automotive Electronics Business Marvell will continue advancing its in-vehicle Ethernet technology, launching automotive Ethernet chips supporting 50 Gbps/100 Gbps to meet the high-bandwidth communication demands of advanced intelligent driving systems—reinforcing its position as the global market leader in automotive Ethernet chips. It will also expand into the intelligent driving domain controller chip market by introducing automotive-grade chips integrated with photonic interconnect technology, supporting multi-sensor fusion and compute coordination for advanced intelligent driving—creating a second growth engine for its automotive electronics business.

Industrial Robots: Still Waters Run Deep; Estun: Continuous Advancement

In the past, domestic brands competed primarily on shipment volume, market share, and number of customers. As China’s local supply chain matures, domestic industrial robots have been progressively penetrating application scenarios across industries—including automotive manufacturing, lithium batteries, photovoltaics, metal processing, and electronics production. Industrial robot growth has thus shifted to a new paradigm: the focus has moved beyond merely securing orders toward targeting high-end applications, optimizing products, expanding overseas, and integrating artificial intelligence. Increasingly refined factors—including customer composition, product mix, service capability, and global distribution channels—are now decisive in determining whether companies can convert industry-wide growth into sustainable profitability. Estun exemplifies this pivotal shift in the industrial robotics sector. I. A Shift in Competitive Focus Although less attention-grabbing than humanoid robots, industrial robots are evolving from single-point manufacturing tasks to increasingly complex production processes. According to data from China’s National Bureau of Statistics, domestic industrial robot output totaled approximately 530,000 units from January to June 2026—a 28.0% year-on-year increase. OFweek data shows domestic industrial robot shipments reached about 88,000 units in Q1 2026, up 15.3% year-on-year. Both output and shipment figures indicate continued resilience in manufacturing automation demand. More importantly, the sources of growth are changing. While new energy vehicles, power batteries, photovoltaics, and electronics manufacturing remain key application areas, emerging demand from automotive components, vehicle assembly lines, servers, and data center-related automation is generating new orders for industrial robots. As manufacturers seek higher production efficiency, improved yield rates, and reduced reliance on manual labor, robots are transitioning from standalone workstation automation devices into integral components ensuring production line efficiency and process stability. This raises a new question: How do different enterprises win higher-quality demand? Standardized, price-transparent products easily trigger customer price comparisons; by contrast, companies with deep process understanding, system integration capabilities, and sustained service support gain access to customers’ most critical production processes. Price is only one factor in procurement decisions—equipment stability, cycle time, precision, maintenance efficiency, and compatibility with existing production lines all significantly impact customers’ long-term costs. This is where Estun holds a distinct advantage. Having ranked first among domestic brands in shipment volume for eight consecutive years, Estun delivered over 10,000 robots in a single quarter for the first time in Q2 2026. In the first half of 2026, its domestic robot shipments totaled approximately 19,000 units—a 13% year-on-year increase—and its domestic market share stood at roughly 10%, maintaining its position in the industry’s top tier. According to its recently released semi-annual report, Estun’s revenue from industrial robots and intelligent manufacturing systems amounted to approximately RMB 2.139 billion in H1 2026, up 2.21% year-on-year; revenue from core automation components was approximately RMB 439 million, down 3.78% year-on-year. The faster growth in domestic robot shipments compared to revenue growth partly reflects over 1,000 additional SCARA robot shipments—whose average selling price is relatively low. Meanwhile, the company proactively reduced low-margin orders, decreased dependence on individual major customers, and exited certain underperforming businesses. Therefore, Estun’s current highlight lies in improved operational quality. In H1 2026, Estun reported total revenue of RMB 2.578 billion (up 1.1% year-on-year), net profit attributable to shareholders of RMB 161 million (up 2,314.2% year-on-year), and non-recurring net profit attributable to shareholders of RMB 70.17 million (up 498.64% year-on-year). Its gross margin reached 31.81%, an improvement of 4.17 percentage points year-on-year.

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