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Motorcomm

688515Reviewed 2026-08-30

Fabless semiconductor company that designs and sells networking silicon, including switching chips, and is listed on the Shanghai Stock Exchange STAR Market (688515).

Scale

~$85.8Mrevenue FY2025 · CNY 0.6B
~$1.5Bmarket cap · 2026-10-04

Gap vs frontier

Substitutesector position

Sector-level position; no priceable accelerator silicon to compare chip-by-chip.

Motorcomm: substitute tier in Connectivity / networking chips, ~$85.8M FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
Connectivity · Substitute
2 · Design toolsSoftware and IP to design them
3 · ManufacturingPlants that turn designs into silicon
4 · EquipmentMachines inside the plants
5 · MaterialsWhat the plants consume

Company at a glance

Scale

Revenue up 125% since FY2023

Growth prospects

Revenue trajectory FY2023–2025

China competition

Competes with Huawei, ZTE Microelectronics, Maxscend, Montage in Connectivity — peers listed at sector level.

Substitute

Global comparables

Global reference set: Broadcom, Marvell, Nvidia.

Technical gap

Sector rated substitute vs the frontier.

Obstacles

Sector bottleneck applies

High-speed SerDes, Ethernet switching, optical interconnect, software stack, and global standards ecosystems.
All sourced facts (1)
  • Listing status: Shanghai Stock Exchange STAR Market · 688515 · A-share

Why it matters

Motorcomm is a Shanghai STAR Market-listed Chinese fabless chipmaker (ticker 688515) whose confirmed product line is networking switching silicon. The bottleneck is the dominance of foreign Ethernet and switching-chip suppliers in Chinese OEM bills of materials; Motorcomm's edge depends on domestic-substitution pull from network-equipment and infrastructure customers. The confirmation that matters is named volume design wins and socket-level qualification at Chinese OEMs, not product-page listings or sampling claims.

Where it sits in the stack

Compute

Connectivity / networking chips

Substitute

High-speed SerDes, Ethernet switching, optical interconnect, software stack, and global standards ecosystems.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • switching chips

Financials

688515.SS · Shanghai STAR Market 688515.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 0.27BRMB -0.15B
2023
RMB 0.4BRMB -0.2B
2024
RMB 0.62BRMB -0.13B
2025

Market data refreshed daily; annual figures from exchange filings. Figures in the reporting currency shown on the chart.

Ecosystem

Ecosystem links

  • Shanghai Stock Exchange STAR Market

Competitive position

  • Switching-chip product confirmed from official product page; no signals on process node, performance tier, port speed, or competitive standing against global switching-silicon leaders.

Milestones and signals

  • 2026-10-04—Market cap: RMB 11.0B
  • FY2025—Revenue: RMB 617M
  • FY2025—Net Profit: RMB -134M
  • Listing—Shanghai Stock Exchange STAR Market · 688515 · A-share

What to watch

  • New product releases with disclosed specifications.
  • Customer qualification, design-win, or volume-use signals.
  • Revenue, capacity, shipment, market-share, or valuation updates.
  • Export-control, supply-chain, or tooling constraints.

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Switching-chip product disclosed from official product page; no signals on process node, performance tier, port speed, or competitive standing against global switching-silicon leaders.

Open questions

  • Which products are qualified beyond pilots in fabless?
  • Which customers, fabs, or end markets show real adoption rather than policy interest?