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Chinese maker of NAND flash storage products, including SSDs and memory modules for consumer and enterprise devices.
Chinese maker of NAND flash storage products, including SSDs and memory modules for consumer and enterprise devices.
Buys NAND flash memory from chipmakers, adds controllers and firmware, and sells the finished drives and modules, so profit depends on the gap between memory purchase costs and product prices. Phone and PC makers buy under supply agreements, while consumer products go through retail and online channels.
In one line: China's Kingston Technology (memory/SSD modules).
Moat: none (scale). Module assembly and packaging scale, but reliant on NAND chips sourced from third-party fabs.
Headquarters: Shenzhen, China · Founded: 2009 · Employees: 2,852
Size Biwin Storage Technology (688525.SS) is a China Information Technology company (Computer Peripherals) with a market value of $8.99B, the 272nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥126.00 on 6 Nov 2026.
Performance Over six months the shares fell 52.5%, against -0.7% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 220.7% over the last twelve months (peer median +8.4%); the operating margin is 41.2% (peer median 11.5%).
Valuation It trades at 5.0× forward earnings against a peer median of 13.8× (3rd cheapest of 18).
Capital Return on invested capital runs 10.6 points above its cost of capital (14.0% WACC).
Next results Next results expected around 5 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥26.4B | CN¥11.3B | CN¥6.69B | CN¥3.59B | CN¥2.99B |
| Revenue growth | — | +69% | +86% | +20% | — |
| Gross profit | CN¥12.8B | CN¥2.36B | CN¥1.18B | CN¥35.0M | CN¥389M |
| EBITDA | n/a | CN¥1.22B | CN¥285M | -CN¥569M | CN¥130M |
| Net income | CN¥9.59B | CN¥853M | CN¥161M | -CN¥624M | CN¥71.2M |
| Free cash flow | -CN¥12.4B | -CN¥3.41B | -CN¥435M | -CN¥2.38B | -CN¥959M |
| Capital expenditure | CN¥2.00B | CN¥1.52B | CN¥968M | CN¥416M | CN¥267M |
| Total debt | CN¥24.1B | CN¥7.98B | CN¥4.62B | CN¥3.59B | CN¥1.61B |
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 |
|---|---|---|---|---|---|---|
| Biwin Storage Technology 688525.SS | $8.99B | -52% | +221% | 41% | 5.0× | n/a |
| Shenzhen Longsys Electronics 301308.SZ | $12.3B | -46% | +114% | 40% | 5.1× | n/a |
| SamsungElec 005930.KS | $886B | -14% | +88% | 46% | 4.0× | -7.2% |
| ADATA Technology 3260.TWO | $3.16B | -33% | +125% | 34% | 4.5× | n/a |
| Transcend Information 2451.TW | $3.22B | -13% | +286% | 67% | 3.2× | n/a |
| Sandisk SNDK | $119B | -47% | +272% | 73% | 3.4× | 3.5% |
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 | 688525.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -31.2% | -17.1% | 4th lowest of 21 |
| 6-month return | -52.5% | -0.7% | lowest of 21 |
| Distance from 52-week high | -75.6% | -32.8% | lowest of 21 |
| Revenue growth (TTM) | +220.7% | +8.4% | 2nd highest of 21 |
| Operating margin | 41.2% | 11.5% | 2nd highest of 21 |
| Forward P/E | 5.0× | 13.8× | 3rd cheapest of 18 |
| ROIC minus cost of capital | +10.6 pp | +6.1 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Biwin Storage Technology 688525.SS | China | $8.99B | -52% | +221% | 41% | 5.0× | n/a | n/a |
| Hubei Dinglong 300054.SZ | China | $8.79B | -2% | +7% | 30% | 51.4× | 32.2% | +15.0% |
| Unisplendour 000938.SZ | China | $10.4B | -24% | +25% | 3% | 21.8× | n/a | n/a |
| Everdisplay Optronics (Shanghai) 688538.SS | China | $6.72B | -9% | -2% | -31% | n/a | n/a | n/a |
| Brother Industries 6448.T | Japan | $6.52B | +39% | +7% | 13% | 10.5× | -6.3% | +7.2% |
| Shenzhen Kaifa Technology 000021.SZ | China | $6.13B | -11% | +14% | 11% | 29.2× | n/a | n/a |
| Logitech International LOGN.SW | Switzerland | $13.2B | -1% | -1% | 18% | 16.8× | -5.7% | -4.3% |
| Lite-on Technology 2301.TW | Taiwan | $13.2B | +16% | +24% | 13% | 13.8× | n/a | n/a |
| AUO 2409.TW | Taiwan | $6.02B | +49% | -1% | -2% | n/a | n/a | n/a |
| Gigabyte Technology 2376.TW | Taiwan | $6.01B | +7% | +38% | 5% | 8.1× | n/a | n/a |
| Seiko Epson 6724.T | Japan | $5.39B | +27% | +8% | 6% | 11.9× | 0.8% | +7.2% |
| E Ink 8069.TWO | Taiwan | $4.98B | +2% | -3% | 29% | 12.4× | -0.3% | +18.6% |
| Sichuan Changhong Electric 600839.SS | China | $3.55B | -41% | +4% | 0% | n/a | n/a | n/a |
| Hangzhou EZVIZ Network 688475.SS | China | $3.53B | -4% | +8% | 12% | 30.1× | 15.7% | +13.8% |
| Jentech Precision Industrial 3653.TW | Taiwan | $23.1B | +9% | +28% | 33% | 48.3× | 32.5% | +24.3% |
| Micro-Star International 2377.TW | Taiwan | $3.50B | +43% | +1% | 5% | 11.6× | n/a | n/a |
| Transcend Information 2451.TW | Taiwan | $3.22B | -13% | +286% | 67% | 3.2× | n/a | n/a |
| ADATA Technology 3260.TWO | Taiwan | $3.16B | -33% | +125% | 34% | 4.5× | n/a | n/a |
| Extreme Networks EXTR | United States | $3.15B | 0% | +11% | 6% | 17.2× | 27.3% | +4.9% |
| AURAS Technology 3324.TWO | Taiwan | $2.90B | -10% | +71% | 16% | 15.1× | n/a | n/a |
| Canon 7751.T | Japan | $28.4B | +18% | +4% | 10% | 12.2× | -0.6% | +7.9% |