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One of China's oldest fabless analog IC designers, making power-management, audio and MCU chips for consumer electronics.
One of China's oldest fabless analog IC designers, making power-management, audio and MCU chips for consumer electronics.
In one line: A small, older Chinese analog IC designer, in Texas Instruments' consumer analog niche.
Moat: none (installed base). Long operating history but a commoditized, price-competitive analog IC business.
Headquarters: Shanghai, China · Founded: 1988 · Employees: 877
Size Shanghai Belling Corp.,Ltd (600171.SS) is a China Information Technology company (Semiconductors) with a market value of $2.14B, the 1187th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.10 on 6 Nov 2026.
Performance Over six months the shares fell 30.0%, against -34.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 11.4% over the last twelve months (peer median +12.9%); the operating margin is 4.3% (peer median 5.7%).
Valuation It trades at 3.8× enterprise value to sales against a peer median of 7.5× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 39% a year for seven years (Req g). Recent delivered growth is +19%, so the hurdle is +20 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.3 points below its cost of capital (10.0% WACC).
Next results Next results expected around 6 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.52B | CN¥3.17B | CN¥2.81B | CN¥2.13B | CN¥2.04B |
| Revenue growth | — | +13% | +32% | +4% | — |
| Gross profit | CN¥1.00B | CN¥837M | CN¥750M | CN¥588M | CN¥671M |
| EBITDA | n/a | CN¥214M | CN¥258M | CN¥156M | CN¥322M |
| Net income | CN¥217M | CN¥236M | CN¥396M | -CN¥60.2M | CN¥399M |
| Free cash flow | CN¥262M | CN¥707M | CN¥287M | CN¥152M | -CN¥64.1M |
| Capital expenditure | CN¥40.5M | CN¥43.8M | CN¥27.2M | CN¥27.3M | CN¥35.9M |
| Total debt | CN¥155M | CN¥67.1M | CN¥73.9M | CN¥96.3M | CN¥95.4M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Shanghai Belling Corp.,Ltd 600171.SS | $2.14B | -30% | +11% | 4% | 3.8× | 39.4% |
| Texas Instruments TXN | $253B | -4% | +20% | 41% | 12.5× | 23.3% |
| SG Micro 300661.SZ | $8.33B | -12% | +46% | 17% | 9.0× | 35.9% |
| Silergy 6415.TW | $4.58B | -11% | +13% | 12% | 6.7× | n/a |
| Shanghai Awinic Technology 688798.SS | $3.04B | -9% | +2% | 1% | 6.7× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600171.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.6% | -21.8% | 5th highest of 21 |
| 6-month return | -30.0% | -34.7% | 8th highest of 21 |
| Distance from 52-week high | -43.6% | -58.7% | 4th highest of 21 |
| Revenue growth (TTM) | +11.4% | +12.9% | 10th lowest of 21 |
| Operating margin | 4.3% | 5.7% | 11th highest of 21 |
| EV / Sales | 3.8× | 7.5× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 39.4% | 33.2% | 2nd most demanding of 11 |
| Growth delivered (Del g) | +19.1% | +20.0% | 5th lowest of 11 |
| Hurdle (Req g minus delivered) | +20.4 pp | +16.5 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | -6.3 pp | -6.3 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Belling Corp.,Ltd 600171.SS | China | $2.14B | -30% | +11% | 4% | 3.8× | 39.4% | +19.1% |
| Elmos Semiconductor ELG.DE | Germany | $2.13B | -36% | +9% | 20% | 3.0× | 12.9% | +20.2% |
| Union Semiconductor (Hefei) 688403.SS | China | $2.15B | -14% | +13% | 3% | 7.5× | n/a | n/a |
| Micronics Japan 6871.T | Japan | $2.11B | -33% | +38% | 28% | 3.7× | n/a | n/a |
| Guangdong Tianyu Semiconductor 2658.HK | Hong Kong | $2.17B | -3% | +52% | -30% | 23.1× | n/a | n/a |
| Beijing BDStar Navigation 002151.SZ | China | $2.10B | -36% | +35% | -14% | 5.1× | n/a | n/a |
| China Wafer Level CSP 603005.SS | China | $2.10B | -31% | +7% | 23% | 8.0× | 28.3% | +6.2% |
| Ferrotec 6890.T | Japan | $2.08B | -19% | +43% | 12% | 1.2× | n/a | n/a |
| nLIGHT LASR | United States | $2.19B | +72% | +43% | -5% | 6.0× | 39.2% | +3.2% |
| Wuxi Taclink Optoelectronics Technology 688205.SS | China | $2.20B | -62% | +20% | 3% | 13.5× | n/a | n/a |
| Xiamen UX IC 688807.SS | China | $2.22B | -48% | +26% | 13% | 23.7× | n/a | n/a |
| Ennostar 3714.TW | Taiwan | $2.23B | -23% | -5% | -13% | 2.7× | n/a | n/a |
| POWI POWI | United States | $2.25B | -45% | +2% | 8% | 4.4× | 35.9% | -1.9% |
| GCL System Integration Technology 002506.SZ | China | $2.26B | -39% | -32% | -10% | 1.8× | 31.8% | +20.8% |
| Xiamen Changelight 300102.SZ | China | $2.26B | -50% | -38% | -2% | 7.5× | 34.6% | +21.1% |
| Giantec Semiconductor 688123.SS | China | $2.27B | -23% | +13% | 22% | 9.8× | 39.2% | +19.8% |
| Hermes Testing Solutions 7856.TWO | Taiwan | $2.29B | -32% | +52% | 12% | 30.8× | 52.1% | +51.8% |
| Chunghwa Precision Test Tech 6510.TWO | Taiwan | $2.30B | -37% | +24% | 32% | 12.4× | 24.4% | +2.7% |
| NVTS NVTS | United States | $2.32B | -53% | -29% | -273% | 44.4× | n/a | n/a |
| Southchip Semiconductor Technology (Shanghai) 688484.SS | China | $1.95B | -21% | +9% | -2% | 3.7× | n/a | n/a |
| HPSP 403870.KS | South Korea | $1.95B | -37% | -20% | 53% | 15.0× | 15.6% | +23.1% |