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Silicon IP licensor and custom-chip design house, licensing GPU/video/AI processor cores and designing ASICs for customers.
Silicon IP licensor and custom-chip design house, licensing GPU/video/AI processor cores and designing ASICs for customers.
Earns an upfront fee for chip design work, a licence fee for processor blocks (IP) and, where it manages production for a customer, money for the finished chips; royalties come later as customers' products sell. Most revenue comes from design and production services rather than IP licensing alone.
In one line: China's Arm/Ceva (semiconductor IP licensing).
Moat: narrow (IP / patents, switching costs). Licensed IP is embedded deep in customer chip designs, making it costly to switch mid-design.
Headquarters: Shanghai, China · Founded: 2001 · Employees: 2,057
Size VeriSilicon Microelectronics (Shanghai) (688521.SS) is a China Information Technology company (Semiconductors) with a market value of $8.31B, the 302nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥105.30 on 6 Nov 2026.
Performance Over six months the shares fell 62.5%, against -13.8% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 39.4% over the last twelve months (peer median +21.9%); the operating margin is -22.8% (peer median 9.8%).
Valuation It trades at 13.4× enterprise value to sales against a peer median of 4.9× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +25 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 43.9 points below its cost of capital (16.9% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.08B | CN¥3.15B | CN¥2.32B | CN¥2.33B | CN¥2.68B |
| Revenue growth | — | +36% | -1% | -13% | — |
| Gross profit | CN¥1.27B | CN¥839M | CN¥710M | CN¥877M | CN¥977M |
| EBITDA | n/a | -CN¥263M | -CN¥369M | -CN¥75.4M | CN¥184M |
| Net income | -CN¥1.05B | -CN¥528M | -CN¥601M | -CN¥296M | CN¥73.8M |
| Free cash flow | CN¥1.13B | -CN¥465M | -CN¥484M | -CN¥122M | -CN¥1.16B |
| Capital expenditure | CN¥187M | CN¥251M | CN¥144M | CN¥115M | CN¥844M |
| Total debt | CN¥1.88B | CN¥1.64B | CN¥1.23B | CN¥797M | CN¥401M |
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 |
|---|---|---|---|---|---|---|
| VeriSilicon Microelectronics (Shanghai) 688521.SS | $8.31B | -63% | +39% | -23% | 13.4× | 40.5% |
| Arm ARM | $204B | -18% | +25% | 17% | 38.9× | n/a |
| CEVA CEVA | $763M | -27% | +9% | -10% | 4.8× | n/a |
| Synopsys SNPS | $86.3B | -13% | +46% | 12% | 9.9× | 39.2% |
| Faraday Technology 3035.TW | $1.26B | -9% | -32% | 5% | 2.8× | 25.2% |
| Global Unichip 3443.TW | $25.1B | +29% | +104% | 13% | 14.6× | n/a |
| Alchip Technologies Limitd 3661.TW | $7.35B | -32% | -51% | 23% | 8.2× | n/a |
| Socionext 6526.T | $1.78B | -16% | +21% | 5% | 1.2× | n/a |
| Andes Technology 6533.TW | $343M | -12% | +26% | -21% | 6.5× | 24.6% |
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 | 688521.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -31.4% | -15.1% | 5th lowest of 21 |
| 6-month return | -62.5% | -13.8% | 2nd lowest of 20 |
| Distance from 52-week high | -72.0% | -48.9% | 3rd lowest of 21 |
| Revenue growth (TTM) | +39.4% | +21.9% | 6th highest of 21 |
| Operating margin | -22.8% | 9.8% | 2nd lowest of 21 |
| EV / Sales | 13.4× | 4.9× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 40.5% | 23.1% | 2nd most demanding of 10 |
| Growth delivered (Del g) | +15.9% | +12.0% | 5th highest of 10 |
| Hurdle (Req g minus delivered) | +24.6 pp | +1.0 pp | 2nd most demanding of 10 |
| ROIC minus cost of capital | -43.9 pp | -2.8 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| VeriSilicon Microelectronics (Shanghai) 688521.SS | China | $8.31B | -63% | +39% | -23% | 13.4× | 40.5% | +15.9% |
| SG Micro 300661.SZ | China | $8.33B | -12% | +46% | 17% | 9.0× | 35.9% | +26.7% |
| Amkor Technology AMKR | United States | $8.13B | -57% | +16% | 10% | 1.1× | n/a | n/a |
| Shenzhen Techwinsemi Technology 001309.SZ | China | $8.12B | -64% | +317% | 35% | 2.2× | n/a | n/a |
| Konfoong Materials International 300666.SZ | China | $8.09B | +9% | +35% | 10% | 9.9× | n/a | n/a |
| RMBS RMBS | United States | $7.98B | -42% | +17% | 37% | 9.1× | 24.5% | +23.5% |
| Nexchip Semiconductor 688249.SS | China | $8.80B | -17% | +14% | 7% | 6.5× | n/a | n/a |
| Ingenic Semiconductor 3223.HK | Hong Kong | $7.76B | n/a | +100% | 35% | 5.3× | -3.9% | +16.1% |
| Tianshui Huatian Technology 002185.SZ | China | $7.74B | +10% | +33% | 4% | 3.1× | n/a | n/a |
| United Nova Technology 688469.SS | China | $8.92B | +4% | +42% | -10% | 6.9× | n/a | n/a |
| Powerchip Semiconductor Manufacturing 6770.TW | Taiwan | $7.54B | -5% | +22% | -5% | 3.8× | 11.3% | +0.5% |
| Novatek Microelectronics 3034.TW | Taiwan | $9.16B | +18% | +2% | 20% | 2.5× | -4.2% | +4.7% |
| WAAREE Energies WAAREEENER.NS | India | $7.41B | -24% | +75% | 16% | 2.2× | n/a | n/a |
| Silicon Laboratories SLAB | United States | $7.39B | +2% | +22% | -3% | 8.2× | n/a | n/a |
| Xi'an ESWIN Material Technology 688783.SS | China | $9.34B | -36% | +25% | -25% | 24.4× | n/a | n/a |
| Alchip Technologies Limitd 3661.TW | Taiwan | $7.35B | -32% | -51% | 23% | 8.2× | n/a | n/a |
| Semtech SMTC | United States | $9.63B | -15% | +18% | 12% | 8.5× | 51.8% | +12.0% |
| China Resources Microelectronics 688396.SS | China | $9.72B | -14% | +17% | 10% | 4.5× | 25.7% | +9.7% |
| Smartsens Technology (Shanghai) 688213.SS | China | $7.01B | +21% | +27% | 13% | 4.5× | 23.1% | +42.7% |
| Minebea Mitsumi 6479.T | Japan | $6.97B | -13% | +12% | 7% | 0.8× | 10.8% | +11.0% |
| Sanan Optoelectronics 600703.SS | China | $6.87B | -33% | -22% | -7% | 3.6× | n/a | n/a |