Company at a glance
Scale
Revenue down 46% since FY2023
Growth prospects
Expanding customer base and product roadmap
via money.finance.sina.com.cn ↗Shanghai STAR Market, 688691.SS, April 2024; IPO of 30 million new shares equal to 25% of post-issue capital, targeting CNY 600 millionvia 21jingji.com ↗No controlling shareholder; pre-IPO, CEO Zhuang Zhiqing and concert parties held 19.82% and SMIC Holdings (SMIC's wholly owned subsidiary) held 18.98%China competition
Competes with Alibaba T-Head, Nuclei, VeriSilicon, 芯原 in IP cores — peers listed at sector level.
SubstituteGlobal comparables
Global reference set: Arm, Synopsys IP, Cadence IP.
AlchipTechnical gap
Sector rated substitute vs the frontier.
Obstacles
US export-control exposure
via 2017-2021.commerce.gov ↗SMIC, the foundry partner and second-largest shareholder, has been on the U.S. Entity List since December 2020, restricting its access to U.S.-origin…Official filings: hkexnews.hk ↗ · 2025 annual report (Sina Finance) ↗ · IPO prospectus (Sina Finance) ↗
All sourced facts (6)
- Headquarters and founding: Headquartered in Zhangjiang, Pudong, Shanghai (site dating to 2008); positioned as a one-stop custom-chip and IP supplier via britesemi.com ↗
- Listing: Shanghai STAR Market, 688691.SS, April 2024; IPO of 30 million new shares equal to 25% of post-issue capital, targeting CNY 600 million via money.finance.sina.com.cn ↗
- Ownership: No controlling shareholder; pre-IPO, CEO Zhuang Zhiqing and concert parties held 19.82% and SMIC Holdings (SMIC's wholly owned subsidiary) held 18.98% via 21jingji.com ↗
- Industry rank: Ranked about fifth globally in chip design-services market share, second domestically via tmtpost.com ↗
- 2025 activity: Completed 275 tape-out-verified projects in 2025, up 44.74%; mass-production revenue fell 55.83% to CNY 357.12 million on customer sourcing changes, while the design business grew 30.69% to over half of revenue via money.finance.sina.com.cn ↗
- SMIC export-control context: SMIC, the foundry partner and second-largest shareholder, has been on the U.S. Entity List since December 2020, restricting its access to U.S.-origin tools via 2017-2021.commerce.gov ↗
About
Provides one-stop custom chip services from specification and architecture through design, tape-out and volume production on its YouSiP platform, plus a YouIP portfolio of interface and analog IP (DDR, SerDes, USB, MIPI, PCIe, ONFI, RF, ADC); SMIC foundry ties underpin its production hand-off.
Why it matters
Brite is the listed vehicle of the SMIC design-services ecosystem and a domestic counterpart to Alchip and GUC for fabless customers that outsource chip development. Its trajectory shows how custom-chip demand is shifting from mass-production turnkey work toward NRE-heavy design projects as customers change sourcing patterns.
Where it sits in the stack
Key semiconductor products
- YouIP interface and analog IP portfolio·YouDDR, YouSerdes, YouUSB, YouMIPI, YouPCIe, YouONFI, YouRF, YouADC
- Turnkey chip production hand-off with SMIC processes
- ASIC Design Services
Financials
688691.SS · Shanghai STAR Market 688691.SS · via Yahoo Finance ↗
Financial trajectory via annual filings via Yahoo Finance
RMB billionsMarket data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.
Ecosystem
Global peer set
- Alchip
- Global Unichip (GUC)
- Faraday Technology
- VeriSilicon
- MediaTek design services
Competitive position
- Around fifth place globally and second domestically in chip design services, behind Alchip and GUC-class peers on the global stage
- Deeply tied to SMIC's process roadmap, which anchors domestic-custom-silicon demand but concentrates counterparty risk
- Revenue mix shifted in 2025 from mass-production turnkey toward higher-design-content projects (275 tape-outs), offset by sharply lower production volume
- ASIC design services and IP company; specific process-node capabilities and IP depth not available from current signals.
- Dependent on external foundry access and EDA tool availability; specific constraints not confirmed.
- Global comparables: Alchip
- Global comparables: Global Unichip (GUC)
- Global comparables: Faraday Technology
Milestones and signals
- 2024—Shanghai STAR Market, 688691.SS, April 2024
- 2025—Tape-Out-Verified Projects: n/a 275 projects (+44.74% YoY)
- 2026-10-04—Market cap: RMB 7.0B
- FY2025—Revenue: RMB 724M
- FY2025—Net Profit: RMB -110M
What to watch
- Recovery of mass-production revenue as customer sourcing patterns stabilize
- Utilization of the STAR IPO proceeds and cash position against the FY2025 net loss of CNY 110 million
- Effect of SMIC's Entity List status on advanced-node service offerings and IP sourcing
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
Against Alchip, Global Unichip (GUC), Faraday Technology, and VeriSilicon: ASIC design services and IP company; specific process-node capabilities and IP depth not available from current signals.
Open questions
- Which products are qualified beyond pilots in fabless?
- Which customers, fabs, or end markets show real adoption rather than policy interest?