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Hangzhou-based designer of NAND flash storage controller chips used in SSDs and memory modules.
Hangzhou-based designer of NAND flash storage controller chips used in SSDs and memory modules.
Designs controller chips, the processors that manage reading, writing and error correction on flash memory, and has outside foundries make them. Customers build SSDs and memory modules around the controller and its firmware, so a design win tends to last through a product generation. Demand ties to the market for flash storage in China.
In one line: A smaller Chinese Silicon Motion (SSD controller chipmaker).
Moat: narrow (process know-how, customer qualification). Controller-firmware qualification with flash and module makers, in a competitive niche.
Headquarters: Hangzhou, China · Employees: 787
Size Maxio Technology (Hangzhou) (688449.SS) is a China Information Technology company (Semiconductors) with a market value of $2.71B, the 949th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥39.22 on 6 Nov 2026.
Performance Over six months the shares fell 28.8%, against -21.7% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 39.9% over the last twelve months (peer median +26.9%); the operating margin is 5.4% (peer median 7.8%).
Valuation It trades at 37.7× forward earnings against a peer median of 29.2× (8th most expensive of 19).
Capital Return on invested capital runs 12.2 points below its cost of capital (18.3% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.78B | CN¥1.32B | CN¥1.17B | CN¥1.03B | CN¥573M |
| Revenue growth | — | +13% | +13% | +80% | — |
| Gross profit | CN¥907M | CN¥624M | CN¥499M | CN¥428M | CN¥211M |
| EBITDA | n/a | CN¥142M | CN¥83.1M | CN¥70.6M | -CN¥69.2M |
| Net income | CN¥378M | CN¥142M | CN¥118M | CN¥52.2M | -CN¥79.2M |
| Free cash flow | -CN¥483M | CN¥101M | -CN¥98.9M | CN¥94.7M | -CN¥31.3M |
| Capital expenditure | CN¥495M | CN¥59.6M | CN¥76.4M | CN¥78.8M | CN¥34.0M |
| Total debt | CN¥341M | CN¥126M | CN¥116M | CN¥107M | CN¥56.8M |
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 |
|---|---|---|---|---|---|---|
| Maxio Technology (Hangzhou) 688449.SS | $2.71B | -29% | +40% | 5% | 37.7× | n/a |
| Transcend Information 2451.TW | $3.22B | -13% | +286% | 67% | 3.2× | n/a |
| Phison Electronics 8299.TWO | $10.0B | -29% | +157% | 31% | 3.7× | n/a |
| Marvell Technology MRVL | $124B | -17% | +31% | 17% | 25.0× | 54.4% |
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 | 688449.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -25.4% | -21.5% | 10th lowest of 21 |
| 6-month return | -28.8% | -21.7% | 10th lowest of 21 |
| Distance from 52-week high | -58.2% | -54.0% | 8th lowest of 21 |
| Revenue growth (TTM) | +39.9% | +26.9% | 7th highest of 21 |
| Operating margin | 5.4% | 7.8% | 8th lowest of 21 |
| Forward P/E | 37.7× | 29.2× | 8th most expensive of 19 |
| ROIC minus cost of capital | -12.2 pp | -2.8 pp | 4th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Maxio Technology (Hangzhou) 688449.SS | China | $2.71B | -29% | +40% | 5% | 37.7× | n/a | n/a |
| Shanghai Bright Power Semiconductor 688368.SS | China | $2.72B | -20% | +90% | 6% | 85.4× | 54.1% | +7.3% |
| Simmtech 222800.KS | South Korea | $2.69B | +7% | +42% | 9% | 18.7× | n/a | n/a |
| Topco Scientific 5434.TW | Taiwan | $2.68B | +11% | +21% | 7% | 14.3× | 3.8% | +13.3% |
| IPG Photonics IPGP | United States | $2.78B | -38% | +15% | 5% | 32.8× | 24.8% | -3.5% |
| Sino-American Silicon Products 5483.TWO | Taiwan | $2.80B | 0% | -1% | 12% | 15.8× | n/a | n/a |
| Leeno Industrial 058470.KS | South Korea | $2.60B | -61% | +24% | 49% | 19.4× | 6.3% | +13.1% |
| Asmedia Technology 5269.TW | Taiwan | $2.60B | -14% | +38% | 25% | 12.5× | 12.3% | +14.0% |
| Ambarella AMBA | United States | $2.58B | -23% | +20% | -15% | 66.0× | n/a | n/a |
| OUST OUST | United States | $2.54B | +38% | +64% | -29% | n/a | n/a | n/a |
| PENG PENG | United States | $2.52B | -5% | +26% | 10% | 9.2× | n/a | n/a |
| StarPower Semiconductor 603290.SS | China | $2.50B | -33% | +4% | 1% | 76.8× | 26.3% | +33.0% |
| Great Microwave Technology 688270.SS | China | $2.46B | -41% | +8% | 32% | 69.6× | 48.7% | +23.2% |
| Gpixel Changchun Microelectronics 3277.HK | Hong Kong | $2.45B | -48% | +27% | 33% | 28.0× | 6.9% | +9.7% |
| Wuxi NCE Power 605111.SS | China | $2.45B | -3% | +28% | 19% | 30.4× | 27.2% | +14.5% |
| AP Memory Technology 6531.TW | Taiwan | $2.99B | -35% | +63% | 29% | 27.0× | 34.1% | +9.8% |
| Hefei Chipmore Technology 688352.SS | China | $2.45B | +7% | -1% | 7% | 53.1× | n/a | n/a |
| InnoScience (Suzhou) Technology 2577.HK | Hong Kong | $3.03B | -63% | +56% | -49% | n/a | n/a | n/a |
| Shanghai Awinic Technology 688798.SS | China | $3.04B | -9% | +2% | 1% | 39.5× | n/a | n/a |
| DB HiTek 000990.KS | South Korea | $2.41B | -48% | +29% | 21% | 8.9× | 2.3% | +8.3% |
| Sunrun RUN | United States | $2.40B | -32% | +63% | 2% | 38.7× | n/a | n/a |