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Makes probe cards (2D/2.5D/RF MEMS) used to test chips on the wafer before packaging.
Makes probe cards (2D/2.5D/RF MEMS) used to test chips on the wafer before packaging.
Probe cards are consumables: each is built for one chip layout and wears with use, so sales come from repeated replacement plus new designs for domestic chipmakers and test houses.
In one line: A small Chinese FormFactor - probe-card maker for wafer test.
Moat: narrow (process know-how, customer qualification). Probe cards must be qualified per chip design; switching mid-program is costly, but global leaders dominate the top end.
Headquarters: Suzhou, China · Founded: 2015 · Employees: 932
Size MaxOne Semiconductor (Suzhou) (688809.SS) is a China Information Technology company (Semiconductors) with a market value of $4.90B, the 515th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥379.01 on 6 Nov 2026.
Performance Over six months the shares gained 2.3%, against -27.8% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 57.4% over the last twelve months (peer median +24.3%); the operating margin is 38.6% (peer median 11.9%).
Valuation It trades at 21.7× enterprise value to sales against a peer median of 6.7× (2nd most expensive of 21).
Capital Return on invested capital runs 1.8 points below its cost of capital (18.5% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.42B | CN¥1.01B | CN¥641M | CN¥354M | CN¥254M |
| Revenue growth | — | +57% | +81% | +39% | — |
| Gross profit | n/a | CN¥622M | CN¥365M | CN¥135M | CN¥93.1M |
| EBITDA | n/a | CN¥517M | CN¥306M | CN¥55.6M | CN¥31.8M |
| Net income | CN¥518M | CN¥395M | CN¥233M | CN¥18.7M | CN¥15.6M |
| Free cash flow | n/a | -CN¥23.1M | CN¥38.0M | -CN¥139M | -CN¥218M |
| Capital expenditure | n/a | CN¥411M | CN¥245M | CN¥191M | CN¥182M |
| Total debt | CN¥196M | CN¥124M | CN¥27.1M | CN¥6.06M | CN¥14.0M |
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 |
|---|---|---|---|---|---|---|
| MaxOne Semiconductor (Suzhou) 688809.SS | $4.90B | +2% | +57% | 39% | 21.7× | n/a |
| FormFactor FORM | $6.36B | -45% | +29% | 21% | 6.1× | 22.4% |
| Technoprobe TPRO.MI | $14.9B | +5% | +22% | 30% | 16.4× | 36.4% |
| MPI 6223.TWO | $10.2B | -31% | +38% | 30% | 20.5× | 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 | 688809.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -28.4% | -17.8% | 7th lowest of 21 |
| 6-month return | +2.3% | -27.8% | 4th highest of 20 |
| Distance from 52-week high | -43.5% | -51.7% | 7th highest of 21 |
| Revenue growth (TTM) | +57.4% | +24.3% | 6th highest of 21 |
| Operating margin | 38.6% | 11.9% | 2nd highest of 21 |
| EV / Sales | 21.7× | 6.7× | 2nd most expensive of 21 |
| ROIC minus cost of capital | -1.8 pp | -1.5 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| MaxOne Semiconductor (Suzhou) 688809.SS | China | $4.90B | +2% | +57% | 39% | 21.7× | n/a | n/a |
| CSI Solar 688472.SS | China | $4.87B | -37% | -36% | -2% | 1.6× | n/a | n/a |
| Zhejiang Quartz Crystal Optoelectronic Technology 002273.SZ | China | $5.03B | -28% | +19% | 18% | 4.2× | 16.9% | +16.5% |
| EverProX Technologies 300548.SZ | China | $5.04B | -59% | +64% | 35% | 8.8× | 30.9% | +26.6% |
| Dosilicon 688110.SS | China | $5.13B | -7% | +375% | 54% | 8.9× | 23.6% | +3.3% |
| Synaptics SYNA | United States | $4.63B | -7% | +11% | -3% | 4.2× | 34.6% | -2.2% |
| Win Semiconductors 3105.TWO | Taiwan | $5.19B | -27% | +24% | 11% | 9.3× | 48.8% | -8.2% |
| Powertech Technology 6239.TW | Taiwan | $4.61B | -11% | +24% | 13% | 2.1× | n/a | n/a |
| Shanghai Fudan Microelectronics 688385.SS | China | $4.60B | -31% | +15% | 12% | 6.8× | 24.8% | +18.9% |
| Allegro MicroSystems ALGM | United States | $5.25B | -42% | +28% | 9% | 5.3× | 45.3% | +8.5% |
| Impinj PI | United States | $5.28B | +12% | +8% | -1% | 13.9× | 47.2% | +21.1% |
| Macronix International 2337.TW | Taiwan | $4.52B | -53% | +127% | 38% | 2.3× | -7.5% | -6.2% |
| Maxscend Microelectronics 300782.SZ | China | $4.51B | -47% | -6% | -25% | 8.0× | n/a | n/a |
| Hubei Feilihua Quartz Glass 300395.SZ | China | $5.35B | -38% | +50% | 24% | 13.3× | n/a | n/a |
| MaxLinear MXL | United States | $4.48B | -51% | +56% | -1% | 6.9× | n/a | n/a |
| Chongqing Genori Technology 688797.SS | China | $4.45B | n/a | +37% | 29% | 32.1× | n/a | n/a |
| GalaxyCore 688728.SS | China | $5.41B | +1% | +16% | 3% | 5.2× | 28.8% | +3.8% |
| Sigmastar Technology 301536.SZ | China | $5.41B | +4% | +99% | 31% | 6.7× | 19.6% | +20.0% |
| Bestechnic (Shanghai) 688608.SS | China | $4.41B | +2% | -26% | 8% | 8.9× | 42.7% | +27.1% |
| Shenzhen Goodix Technology 603160.SS | China | $4.35B | -2% | -7% | 6% | 5.5× | 26.7% | -6.8% |
| Silicon Motion Technology Corporation Sponsored ADR SIMO | United States | $5.52B | -36% | +104% | 21% | 3.2× | n/a | n/a |