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Southchip

688484Reviewed 2026-08-30

Shanghai-based fabless designer of charging and battery-management ICs, founded August 2015 and listed on the STAR Market April 7, 2023 (688484). Its charge-pump fast-charging chips made it the domestic leader in phone charging silicon, with customers including Xiaomi, OPPO, vivo, Honor, Lenovo, Anker and Belkin. Revenue grew from RMB 108mm in 2019 to RMB 3.261bn in 2025.

Scale

~$453.6Mrevenue FY2025 · CNY 3.3B
~$1.9Bmarket cap · 2026-10-04

Gap vs frontier

Substitutesector position

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

Southchip: substitute tier in Analog / power management, ~$453.6M FY2025 revenue.

The chip stackEach layer depends on the layers below it
1 · ChipsWhat the stack produces
Analog / power · 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 83% since FY2023

Growth prospects

Expanding customer base and product roadmap

via cls.cn ↗Covers Xiaomi, OPPO, vivo, Honor and Lenovo smartphone brands plus consumer brands Anker and Belkinvia vip.stock.finance.sina.com.cn ↗First to mass-produce charge-pump charging management chips domestically; about 24% share of the market by 2021 shipments, and charge-pump products e…

China competition

Competes with SG Micro, 3PEAK, Novosense, Silergy in Analog / power — peers listed at sector level.

Substitute

Global comparables

Global reference set: Texas Instruments, Analog Devices, Infineon.

Texas Instruments (charging and battery management incumbent)

Technical gap

Sector rated substitute vs the frontier.

Obstacles

Sector bottleneck applies

Reliability, mixed-signal design depth, long qualification cycles, and high-end customer trust.

Official filings: Southchip FY2024 annual report (Sina Finance) ↗ · Southchip FY2025 annual report (Sina Finance) ↗ · CNINFO FY2025 annual report summary ↗

All sourced facts (7)
  • Listing status: Shanghai Stock Exchange STAR Market · 688484 · A shares
  • Founding: Founded August 2015 in Shanghai; chairman Ruan Chenjie via m.qcc.com ↗
  • Listing: Listed on the STAR Market April 7, 2023, ticker 688484; first-day market value reached about RMB 25.1bn via vip.stock.finance.sina.com.cn ↗
  • Customers: Covers Xiaomi, OPPO, vivo, Honor and Lenovo smartphone brands plus consumer brands Anker and Belkin via cls.cn ↗
  • Strategic shareholders: Industry investors include Anker Innovations and ZMI (pre-2019) and OPPO, Huaqin, Xiaomi, vivo and Longcheer (post-2019), alongside Sequoia, Lightspeed, Shunwei, SMIC-affiliated funds and Intel via m.21jingji.com ↗
  • Charge-pump position: First to mass-produce charge-pump charging management chips domestically; about 24% share of the market by 2021 shipments, and charge-pump products exceeded 70% of revenue in H1 2022 via vip.stock.finance.sina.com.cn ↗
  • Automotive expansion: Automotive electronics revenue rose from RMB 30.6mm (2023) to RMB 85.5mm (2024) via money.finance.sina.com.cn ↗

About

Fabless design and sale of charge-pump chargers, switching charger management, protocol chips, DC-DC converters and general power management ICs into smartphone and consumer electronics supply chains, expanding into automotive electronics.

Ticker 688484

Why it matters

Southchip is the Chinese leader in high-current charge-pump charging, the segment where Texas Instruments historically set the standard, and it counts its own customers (Xiaomi, OPPO, vivo, Anker) among its shareholders, anchoring domestic substitution in charging PMICs.

Where it sits in the stack

Compute

Analog / power management

Substitute

Reliability, mixed-signal design depth, long qualification cycles, and high-end customer trust.

AI trainingAI inferenceRoboticsEV / auto

Key semiconductor products

  • Charging management ICscharge-pump fast charge, main charger management, protocol/communication chips
  • General power management ICs·DC-DC and related; RMB 331mm revenue in 2024, about 12.89% of sales·2024
  • Automotive power management ICs

Financials

688484.SS · Shanghai Stock Exchange STAR Market 688484.SS · via Yahoo Finance ↗

Financial trajectory via annual filings via Yahoo Finance

RMB billions
RMB 1.78BRMB 0.26B
2023
RMB 2.57BRMB 0.31B
2024
RMB 3.26BRMB 0.24B
2025

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

Ecosystem

Global peer set

  • Texas Instruments (charging and battery management incumbent)
  • Monolithic Power Systems (power management)
  • Silergy (矽力杰)

Competitive position

  • Domestic charging-chip leader with the leading charge-pump charging position in Chinese smartphones
  • Revenue CAGR of 76.6% from 2019 to 2025 per the FY2025 annual report
  • Ten consecutive quarters of sequential revenue growth through H1 2025
  • Global comparables: Texas Instruments (charging and battery management incumbent)
  • Global comparables: Monolithic Power Systems (power management)
  • Global comparables: Silergy (矽力杰)

Milestones and signals

  • 2021—Charge-Pump Charger Market Share By Shipments: CNY 约24%
  • 2026-10-04—Market cap: RMB 13.8B
  • FY2025—Revenue: RMB 3.3B
  • FY2025—Net Profit: RMB 239M
  • Listing—Shanghai Stock Exchange STAR Market · 688484 · A shares

What to watch

  • Margin pressure: FY2025 net profit fell 22.42% on higher R&D spending despite 27.01% revenue growth
  • Customer concentration in the smartphone chain
  • Automotive design wins scaling from a small base

Questions

Last reviewed 2026-07-11

Answered questions

What is the measurable gap versus global reference companies?

Domestic charging-chip leader with the leading charge-pump charging position in Chinese smartphones.

Open questions

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