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Shanghai-based designer of Bluetooth SoC chips used in true-wireless earbuds, smartwatches and smart-audio devices.
Shanghai-based designer of Bluetooth SoC chips used in true-wireless earbuds, smartwatches and smart-audio devices.
Designs the chips and has them made by outside foundries, selling to earbud and watch makers and the contract manufacturers that build for them, so sales follow the unit volumes and model cycles of a limited set of device makers.
In one line: A smaller Chinese Qualcomm/Airoha for wireless-earbud chips.
Moat: narrow (process know-how, customer qualification). Design-in relationships with earbud OEMs and low-power Bluetooth audio expertise.
Headquarters: Shanghai, China · Founded: 2015 · Employees: 744
Size Bestechnic (Shanghai) (688608.SS) is a China Information Technology company (Semiconductors) with a market value of $4.41B, the 583rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥124.03 on 6 Nov 2026.
Performance Over six months the shares gained 2.4%, against -31.3% for the median peer and -16.4% for the China market (cap-weighted) — highest of 19 in its peer set.
Growth Revenue fell 26.4% over the last twelve months (peer median +24.6%); the operating margin is 7.9% (peer median 5.6%).
Valuation It trades at 50.6× forward earnings against a peer median of 22.5× (5th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 43% a year for seven years (Req g). Recent delivered growth is +27%, so the hurdle is +16 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 1.4 points above its cost of capital (9.6% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.74B | CN¥3.52B | CN¥3.25B | CN¥2.17B | CN¥1.48B |
| Revenue growth | — | +8% | +50% | +46% | — |
| Gross profit | CN¥1.15B | CN¥1.25B | CN¥1.01B | CN¥632M | CN¥513M |
| EBITDA | n/a | CN¥592M | CN¥436M | CN¥94.1M | CN¥35.1M |
| Net income | CN¥308M | CN¥594M | CN¥460M | CN¥124M | CN¥122M |
| Free cash flow | CN¥240M | CN¥344M | CN¥464M | CN¥349M | -CN¥417M |
| Capital expenditure | CN¥204M | CN¥156M | CN¥171M | CN¥194M | CN¥147M |
| Total debt | CN¥27.5M | CN¥20.5M | CN¥51.1M | CN¥14.2M | CN¥129M |
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 |
|---|---|---|---|---|---|---|
| Bestechnic (Shanghai) 688608.SS | $4.41B | +2% | -26% | 8% | 50.6× | 42.7% |
| Qualcomm QCOM | $177B | -24% | +2% | 24% | 17.0× | 15.9% |
| Airoha Technology 6526.TW | $3.16B | +5% | +10% | 6% | 25.4× | 23.8% |
| Realtek Semiconductor 2379.TW | $11.0B | +33% | +12% | 11% | 19.9× | 8.4% |
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 | 688608.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.4% | -18.5% | 3rd highest of 21 |
| 6-month return | +2.4% | -31.3% | highest of 19 |
| Distance from 52-week high | -39.7% | -58.3% | 6th highest of 21 |
| Revenue growth (TTM) | -26.4% | +24.6% | 2nd lowest of 21 |
| Operating margin | 7.9% | 5.6% | 10th highest of 21 |
| Forward P/E | 50.6× | 22.5× | 5th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 42.7% | 26.7% | 2nd most demanding of 8 |
| Growth delivered (Del g) | +27.1% | +16.7% | highest of 8 |
| Hurdle (Req g minus delivered) | +15.6 pp | +15.5 pp | 4th most demanding of 8 |
| ROIC minus cost of capital | +1.4 pp | -2.5 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bestechnic (Shanghai) 688608.SS | China | $4.41B | +2% | -26% | 8% | 50.6× | 42.7% | +27.1% |
| Chongqing Genori Technology 688797.SS | China | $4.45B | n/a | +37% | 29% | n/a | n/a | n/a |
| Shenzhen Goodix Technology 603160.SS | China | $4.35B | -2% | -7% | 6% | 51.0× | 26.7% | -6.8% |
| MaxLinear MXL | United States | $4.48B | -51% | +56% | -1% | 12.1× | n/a | n/a |
| Maxscend Microelectronics 300782.SZ | China | $4.51B | -47% | -6% | -25% | n/a | n/a | n/a |
| Macronix International 2337.TW | Taiwan | $4.52B | -53% | +127% | 38% | 1.8× | -7.5% | -6.2% |
| Hanwha Solutions 009830.KS | South Korea | $4.30B | -49% | +14% | 0% | 20.1× | n/a | n/a |
| Premier Energies PREMIERENE.NS | India | $4.28B | -13% | +32% | 25% | 19.7× | n/a | n/a |
| Shanghai Fudan Microelectronics 1385.HK | Hong Kong | $4.55B | -48% | +21% | 13% | 12.7× | 19.3% | +18.1% |
| Applied Optoelectronics AAOI | United States | $4.26B | -66% | +62% | -11% | 23.5× | n/a | n/a |
| Hunan Goke Microelectronics 300672.SZ | China | $4.24B | -27% | +54% | 5% | 56.9× | 46.0% | +19.7% |
| Shanghai Aiko Solar Energy 600732.SS | China | $4.23B | -13% | +25% | -8% | n/a | n/a | n/a |
| Powertech Technology 6239.TW | Taiwan | $4.61B | -11% | +24% | 13% | 13.2× | n/a | n/a |
| Synaptics SYNA | United States | $4.63B | -7% | +11% | -3% | 21.6× | 34.6% | -2.2% |
| eMemory Technology 3529.TWO | Taiwan | $4.17B | -58% | +17% | 61% | 45.0× | 32.2% | +16.7% |
| Jiangsu Leadmicro Nano Technology 688147.SS | China | $4.06B | -26% | -5% | 3% | 82.1× | n/a | n/a |
| Chengdu Ultra Pure Applied Materials 301717.SZ | China | $4.03B | n/a | +93% | 42% | n/a | n/a | n/a |
| Allwinner Technology 300458.SZ | China | $4.02B | -25% | +26% | 15% | 57.3× | n/a | n/a |
| CSI Solar 688472.SS | China | $4.87B | -37% | -36% | -2% | 48.8× | n/a | n/a |
| MaxOne Semiconductor (Suzhou) 688809.SS | China | $4.90B | +2% | +57% | 39% | n/a | n/a | n/a |
| Trina Solar 688599.SS | China | $3.90B | -36% | -3% | -9% | n/a | -4.3% | +17.9% |