Company at a glance
Scale
Revenue up 28% since FY2023
Growth prospects
Expanding customer base and product roadmap
via hznews.hangzhou.com.cn ↗November 2024 on STAR Market (688449), the first STAR Market IPO approved after the new '国九条' rules; post-listing market value above RMB 23 billionvia vip.stock.finance.sina.com.cn ↗Revenue RMB 1.174 billion (+13.55% YoY); attributable net profit about RMB 118 million (+~127.8% YoY)China competition
Competes with CXMT, YMTC, JHICC in Memory — peers listed at sector level.
BottleneckGlobal comparables
Global reference set: SK hynix, Samsung, Micron.
MarvellTechnical gap
Sector rated bottleneck vs the frontier.
Obstacles
Sector bottleneck applies
HBM, advanced DRAM nodes, tool restrictions, yield, packaging integration, and export controls.Official filings: Sina Finance — FY2024 annual report ↗
All sourced facts (8)
- Listing status: Shanghai Stock Exchange STAR Market (科创板) · 688449 · A-share
- Founded: 2014-11 in Hangzhou (Binjiang district); Hikvision (海康威视) is a backing shareholder via stcn.com ↗
- IPO: November 2024 on STAR Market (688449), the first STAR Market IPO approved after the new '国九条' rules; post-listing market value above RMB 23 billion via hznews.hangzhou.com.cn ↗
- FY2024 results: Revenue RMB 1.174 billion (+13.55% YoY); attributable net profit about RMB 118 million (+~127.8% YoY) via vip.stock.finance.sina.com.cn ↗
- Controller products: MAP1202 PCIe 3.0 x4 DRAM-less controller; MAP1602 4-channel DRAM-less controller (mass production from December 2021, PCIe 4.0 variants supporting <2400MT/s NAND); MAP1802 enterprise PCIe 5.0 controller entered mass-production testing and Gen5 products shipped in H1 2025 via maxio-tech.com ↗
- Customers: Supplies Longsys (江波龙) and YMTC (长江存储); top-five customers were 73-76% of revenue in 2021-2023, with related-party 'Customer E' about 30% of revenue via stcn.com ↗
- Market rank: Ranked by Chinese securities media as the world's second-largest SSD controller chip supplier and global top-tier; data-storage controllers were 63-83% of revenue in recent reporting periods via stcn.com ↗
- Expansion: 2025: PCIe Gen5 enterprise controllers shipping into data-center applications; planned private placement of up to RMB 2.062 billion for data-center storage controller chips; H1 2025 revenue RMB 610 million (+15.68%), 2025 full-year net profit about RMB 142 million via q.stock.sohu.com ↗
About
Fabless sales of SSD main-control chips (PCIe 3.0/4.0/5.0, DRAM-less and enterprise), embedded storage chips and AIoT signal-processing/transmission chips to module makers and storage fabs; customer concentration high (top five about 73-76% of revenue in 2021-2023).
Founded 2014 · Ticker 688449
Why it matters
Maxio is China's leading independent SSD controller supplier and, per Chinese securities-media rankings, the world's second-largest SSD controller vendor; its PCIe 5.0 enterprise controller ramp matters for localizing the controller layer of China's storage stack alongside YMTC NAND.
Where it sits in the stack
Key semiconductor products
- SSD controller chipsMAP1202 (PCIe 3.0 DRAM-less), MAP1602 (PCIe 4.0 DRAM-less), MAP1802 (enterprise PCIe 5.0)
- Embedded storage chips
- AIoT signal-processing and transmission chips·network communication
- Data storage and data-processing chip solutions·specific families pending
Financials
688449.SS · Shanghai STAR Market 688449.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
- Marvell
- Silicon Motion (SMI)
- Phison 群联
- Novatek 联咏
Competitive position
- China's leading independent SSD controller supplier; ranked second globally by shipment share in Chinese securities-media coverage
- Competes against Marvell, Silicon Motion (慧荣), Phison and Novatek in NAND controllers, differentiating on DRAM-less cost efficiency and domestic NAND pairing with YMTC
- Enterprise PCIe 5.0 controller ramp positions it for domestic data-center storage localization
- Global comparables: Marvell
- Global comparables: Silicon Motion (SMI)
- Global comparables: Phison 群联
- Global comparables: Novatek 联咏
Milestones and signals
- 2014—Maxio Technology (联芸科技) was founded.
- 2026-10-04—Market cap: RMB 25.7B
- FY2025—Revenue: RMB 1.3B
- FY2025—Net Profit: RMB 142M
- Listing—Shanghai Stock Exchange STAR Market (科创板) · 688449 · A-share
What to watch
- Enterprise PCIe 5.0 (MAP1802) volume adoption in data-center SSDs
- RMB 2.062 billion placement for data-center controller R&D
- Customer concentration risk (top-five share ~73-76%)
- Competition from module-makers' in-house controllers and foreign vendors
Questions
Last reviewed 2026-07-11Answered questions
What is the measurable gap versus global reference companies?
China's leading independent SSD controller supplier; ranked second globally by shipment share in Chinese securities-media coverage.
Open questions
- Which products are qualified beyond pilots in fabless?
- Which customers, fabs, or end markets show real adoption rather than policy interest?