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Chinese fabless designer of Bluetooth audio chips used in true-wireless earbuds and wearable speakers.
Chinese fabless designer of Bluetooth audio chips used in true-wireless earbuds and wearable speakers.
Designs the chips and leaves manufacturing to outside foundries, so it needs little factory investment but sells at low unit prices in large volumes. The earbud chip carries the business, and its buyers are brands that compete mainly on cost, which keeps pricing tight.
In one line: A China-based Qualcomm/Airoha (MediaTek) in Bluetooth audio SoCs.
Moat: none (IP / patents). Fabless chip designer in a crowded, price-competitive Bluetooth audio SoC market.
Headquarters: Shenzhen, China · Founded: 2011 · Employees: 344
Size Shenzhen Bluetrum Technology (688332.SS) is a China Information Technology company (Electronic Production Equipment) with a market value of $1.71B, the 1464th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥63.74 on 6 Nov 2026.
Performance Over six months the shares fell 16.9%, against -23.4% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 6.1% over the last twelve months (peer median +14.4%); the operating margin is 7.4% (peer median 8.8%).
Valuation It trades at 37.6× forward earnings against a peer median of 26.0× (4th most expensive of 16).
Capital Return on invested capital runs 6.4 points below its cost of capital (10.2% WACC).
Next results Next results expected around 14 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.99B | CN¥1.84B | CN¥1.81B | CN¥1.44B | CN¥1.08B |
| Revenue growth | — | +1% | +26% | +34% | — |
| Gross profit | CN¥430M | CN¥384M | CN¥395M | CN¥306M | CN¥208M |
| EBITDA | n/a | CN¥177M | CN¥176M | CN¥111M | CN¥90.5M |
| Net income | CN¥1.21B | CN¥1.42B | CN¥300M | CN¥252M | CN¥141M |
| Free cash flow | -CN¥84.7M | CN¥148M | CN¥454M | -CN¥46.7M | CN¥219M |
| Capital expenditure | CN¥65.8M | CN¥25.2M | CN¥16.3M | CN¥11.5M | CN¥13.1M |
| Total debt | CN¥524M | CN¥143M | CN¥358M | CN¥855M | CN¥6.75M |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Shenzhen Bluetrum Technology 688332.SS | $1.71B | -17% | +6% | 7% | 37.6× | n/a |
| Qualcomm QCOM | $177B | -24% | +2% | 24% | 17.0× | 15.9% |
| Mediatek 2454.TW | $164B | +7% | +6% | 15% | 24.7× | 40.7% |
| Inventronics (Hangzhou) 300582.SZ | $424M | -35% | -4% | -20% | n/a | 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 | 688332.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.2% | -13.4% | 7th lowest of 21 |
| 6-month return | -16.9% | -23.4% | 8th highest of 20 |
| Distance from 52-week high | -60.8% | -49.5% | 4th lowest of 21 |
| Revenue growth (TTM) | +6.1% | +14.4% | 6th lowest of 21 |
| Operating margin | 7.4% | 8.8% | 9th lowest of 21 |
| Forward P/E | 37.6× | 26.0× | 4th most expensive of 16 |
| ROIC minus cost of capital | -6.4 pp | -2.3 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Bluetrum Technology 688332.SS | China | $1.71B | -17% | +6% | 7% | 37.6× | n/a | n/a |
| Sichuan Injet Electric 300820.SZ | China | $1.71B | +4% | -12% | 13% | 35.8× | 29.9% | +29.0% |
| Beijing Relpow Technology 300593.SZ | China | $1.68B | -27% | +16% | -14% | 286.9× | n/a | n/a |
| Aehr Test Systems AEHR | United States | $1.75B | -45% | -15% | -28% | n/a | n/a | n/a |
| CTS CTS | United States | $1.65B | -6% | +7% | 16% | 20.3× | 8.5% | +5.0% |
| Photronics PLAB | United States | $1.61B | -49% | +1% | 22% | 13.3× | 1.9% | +6.9% |
| Visual Photonics Epitaxy 2455.TW | Taiwan | $1.80B | -17% | +34% | 26% | 34.1× | 38.7% | +5.0% |
| DBG Technology 300735.SZ | China | $1.81B | -28% | +17% | 2% | 26.0× | 3.5% | +31.6% |
| Shenzhen Sinexcel Electric 300693.SZ | China | $1.57B | -28% | +27% | 15% | 17.2× | 13.1% | +35.0% |
| Shenzhen Microgate Technology 300319.SZ | China | $1.86B | +12% | +11% | 8% | 30.5× | 22.5% | +10.3% |
| Suzhou Betely Polymer Materials 301697.SZ | China | $1.44B | n/a | +45% | 5% | n/a | n/a | n/a |
| Kitron KIT.OL | Norway | $2.02B | -20% | +54% | 10% | 22.0× | -0.6% | +16.9% |
| Plug Power PLUG | United States | $2.03B | -54% | +11% | -68% | n/a | n/a | n/a |
| Shenzhen SED Industry 000032.SZ | China | $2.03B | -36% | +5% | 1% | 42.9× | 7.0% | +8.9% |
| Nolato NOLA-B.ST | Sweden | $1.40B | +5% | 0% | 10% | 18.8× | 3.9% | +0.2% |
| TKD Science and Technology 603738.SS | China | $1.39B | -37% | +20% | 9% | 42.5× | 44.4% | +8.4% |
| TPV Technology 000727.SZ | China | $1.38B | -23% | +7% | -1% | n/a | n/a | n/a |
| Xiamen Intretech 002925.SZ | China | $2.16B | -3% | +39% | 9% | 32.1× | n/a | n/a |
| Benchmark Electronics BHE | United States | $2.16B | -29% | +13% | 4% | 17.7× | 13.8% | +5.3% |
| Shenzhen Success Electronics 002289.SZ | China | $1.33B | -9% | +237% | 27% | n/a | 24.4% | +18.8% |
| Dongguan Tarry Electronics 300976.SZ | China | $1.33B | +4% | +19% | 9% | 15.3× | 17.5% | +27.2% |