# Ingenic Semiconductor (300223.SHE)

Canonical: https://gigainvestors.com/s/300223.SHE

Analysis as of: 2026-10-16T07:36:26.492Z. Financial observations: FY2007–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 100.54 per share; close as of 2026-10-15.

Estimated value: low CNY 36.56 per share, central CNY 47.11 per share, high CNY 53.40 per share. Buy at or below the central value CNY 47.11 per share. Valuation as of 2026-10-16T07:36:26.492Z; scenarios are not confidence intervals.

Expected annual return: 5.9% at the stated quote. About 5.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.82×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.05×

- FY2017: 0.04×

- FY2018: 0.06×

- FY2019: 0.19×

- FY2020: 0.03×

- FY2021: 0.18×

- FY2022: 0.15×

- FY2023: 0.12×

- FY2024: 0.10×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 6.3%

- ROIC, second-lowest year: 1.6%

- Typical minus recent gross margin: 2.8 pp

- Typical gross margin (annual median): 35.2%

- Recent gross margin (lower of latest and 3-year median): 32.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 5.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -1.1%

- FY2017: 1.6%

- FY2018: 4.4%

- FY2019: 14.2%

- FY2020: 2.2%

- FY2021: 26.9%

- FY2022: 17.4%

- FY2023: 11.5%

- FY2024: 7.9%

- FY2025: 4.7%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.12×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 3.3B

- Net income, five-year total: CNY 3.0B

- Return on incremental invested capital: 8.9%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: 0.6 pp

- Working capital / revenue, final three-year average: 63.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.13×

- FY2023: 1.21×

- FY2024: 1.15×

- FY2025: 1.22×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 1.6% vs 7.9%

- Per-share earnings: 0.04 to 0.78 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 9.2%

- Ordinary dilution, 5-year annual growth: 1.4%

- Market cap gain: CNY 41B

- Cumulative retained earnings: CNY 2.8B

- Diluted shares, 10-year annual growth: 9.2%

- Diluted shares, 5-year annual growth: 1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 47.2%

- Per-share value change: CNY 0.74

- Per-share value, starting three-year median: CNY 0.04

- Per-share value, ending three-year median: CNY 0.78

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 4.0B

- Cumulative net income, 10 years: CNY 3.2B

- ROIC, first three-year median: 1.6%

- ROIC, last three-year median: 7.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.04

- FY2017: CNY 0.03

- FY2018: CNY 0.07

- FY2019: CNY 0.29

- FY2020: CNY 0.16

- FY2021: CNY 1.92

- FY2022: CNY 1.64

- FY2023: CNY 1.12

- FY2024: CNY 0.76

- FY2025: CNY 0.78

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 0.73×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.75×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 6.4%

- FY2017: 3.2%

- FY2018: -1.9%

- FY2019: 3.3%

- FY2020: -2.7%

- FY2021: -1.4%

- FY2022: 7.0%

- FY2023: -0.2%

- FY2024: 0.0%

- FY2025: -2.1%

## Holders

## Price story

Down 60% since Jun 2026 · sales +12.4%

Story as of 2026-10-16T10:00:07.475Z; price observation 2026-10-15.

Price needs cash profits to grow 17.8% a year for ten years

### Sales · FY2024–2025

sales +12.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 112M 

- FY2017: CNY 184M 

- FY2018: CNY 260M 

- FY2019: CNY 339M 

- FY2020: CNY 2.2B 

- FY2021: CNY 5.3B 

- FY2022: CNY 5.4B 

- FY2023: CNY 4.5B 

- FY2024: CNY 4.2B 

- FY2025: CNY 4.7B 

### Gross margin · FY2025

gross margin 32.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 41.2% 

- FY2017: 35.4% 

- FY2018: 37.0% 

- FY2019: 39.1% 

- FY2020: 26.1% 

- FY2021: 35.0% 

- FY2022: 33.3% 

- FY2023: 35.4% 

- FY2024: 34.7% 

- FY2025: 32.4% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in semiconductors; annual sales are CNY 4.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2025: revenue 4734135244; grossProfit 1532636426; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300223.SHE: Ingenic Semiconductor Co., Ltd. designs, develops, and sells system-on-a-chip (SoC) products for various electronic devices worldwide. The company offers microprocessor units (CPUs) and video chips, including the X Series products that include X2600, X2000, X1600, X1500, and X1000; T Series products, such as T41, T33, T32Pro, T31, and T23; C Series products comprising C100; and A Series products, such as A1. It also provides core technologies, including AI, CPU, video/audio, ISP/AISP, and low-power technologies. The company's products are used in the intelligent display control, educational electronics, printers, sweepers, QR code recognition, biometric recognition, battery cameras, constant power cameras, USB cameras, NVR, and smart wearables applications. The company was founded in 2005 and is headquartered in Beijing, China.

### Why customers stay

Margins ranged from 32.4% to 35.4% during 2023–25; it earns 6.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2023: grossProfit / revenue = 35.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2024: grossProfit / revenue = 34.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2025: grossProfit / revenue = 32.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); 10-year return on capital observations [[2016,-0.01074983476027048],[2017,0.01550446530358997],[2018,0.04435743964044189],[2019,0.14168602138458541],[2020,0.02212992654872231],[2021,0.26914512907479904],[2022,0.17397309953742018],[2023,0.1149187321824634],[2024,0.0791472336111666],[2025,0.04738822885072916]]; median 0.06326773123094788. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2016: growth capex 8398136; upkeep 5360599; owner earnings 7052092. Growth capex / owner earnings = 1.1908715881755372.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2017: growth capex 22971057; upkeep 5109200; owner earnings 6501103. Growth capex / owner earnings = 3.5334091768735245.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2018: growth capex 6433945; upkeep 4064367; owner earnings 13515449. Growth capex / owner earnings = 0.4760437481581263.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2019: growth capex 0; upkeep 2672217; owner earnings 59695687. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2020: growth capex 0; upkeep 85810801.7; owner earnings 120368809.3. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2021: growth capex 0; upkeep 222736436; owner earnings 927438483.328. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2022: growth capex 0; upkeep 139279358; owner earnings 889291895.69. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2023: growth capex 0; upkeep 104024937; owner earnings 647782767.85. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2024: growth capex 0; upkeep 113107410.9; owner earnings 421350998.174. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); FY2025: growth capex 0; upkeep 96866343; owner earnings 460245109.422. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); Dividend observations: [[2016,4998884],[2017,3376488],[2018,3376488],[2019,6036298],[2020,60967059],[2021,60967061],[2022,91498281],[2023,38525589],[2024,96313980],[2025,48156238]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 18.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300223.SHE SharesStats.PercentInsiders = 18.335 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.8% yearly over ten years; actual growth was 19.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:26.492Z); Ten-year compound average after fade. Initial solved rate 0.24519037468750737. Price 100.54; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.16051088756246612 → FY2025 0.9537954195822238. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 44.00 per share

- 2016-11: CNY 44.00 per share

- 2016-12: CNY 48.40 per share

- 2017-01: CNY 48.40 per share

- 2017-02: CNY 48.40 per share

- 2017-03: CNY 48.40 per share

- 2017-04: CNY 25.38 per share

- 2017-05: CNY 22.48 per share

- 2017-06: CNY 24.35 per share

- 2017-07: CNY 24.62 per share

- 2017-08: CNY 30.35 per share

- 2017-09: CNY 31.71 per share

- 2017-10: CNY 29.80 per share

- 2017-11: CNY 37.59 per share

- 2017-12: CNY 35.44 per share

- 2018-01: CNY 26.92 per share

- 2018-02: CNY 26.70 per share

- 2018-03: CNY 29.49 per share

- 2018-04: CNY 31.33 per share

- 2018-05: CNY 27.93 per share

- 2018-06: CNY 22.80 per share

- 2018-07: CNY 22.90 per share

- 2018-08: CNY 21.93 per share

- 2018-09: CNY 21.48 per share

- 2018-10: CNY 18.03 per share

- 2018-11: CNY 18.52 per share

- 2018-12: CNY 18.25 per share

- 2019-01: CNY 19.50 per share

- 2019-02: CNY 23.70 per share

- 2019-03: CNY 29.08 per share

- 2019-04: CNY 27.72 per share

- 2019-05: CNY 30.75 per share

- 2019-06: CNY 27.82 per share

- 2019-07: CNY 32.75 per share

- 2019-08: CNY 46.22 per share

- 2019-09: CNY 49.40 per share

- 2019-10: CNY 51.80 per share

- 2019-11: CNY 63.12 per share

- 2019-12: CNY 87.15 per share

- 2020-01: CNY 101.78 per share

- 2020-02: CNY 117.77 per share

- 2020-03: CNY 85.85 per share

- 2020-04: CNY 93.18 per share

- 2020-05: CNY 90.98 per share

- 2020-06: CNY 100.90 per share

- 2020-07: CNY 91.44 per share

- 2020-08: CNY 87.75 per share

- 2020-09: CNY 77.68 per share

- 2020-10: CNY 70.45 per share

- 2020-11: CNY 95.10 per share

- 2020-12: CNY 91.49 per share

- 2021-01: CNY 68.10 per share

- 2021-02: CNY 64.13 per share

- 2021-03: CNY 60.98 per share

- 2021-04: CNY 70.50 per share

- 2021-05: CNY 86.60 per share

- 2021-06: CNY 100.92 per share

- 2021-07: CNY 190.00 per share

- 2021-08: CNY 142.44 per share

- 2021-09: CNY 128.50 per share

- 2021-10: CNY 137.40 per share

- 2021-11: CNY 136.09 per share

- 2021-12: CNY 134.00 per share

- 2022-01: CNY 108.90 per share

- 2022-02: CNY 111.30 per share

- 2022-03: CNY 91.47 per share

- 2022-04: CNY 74.64 per share

- 2022-05: CNY 93.00 per share

- 2022-06: CNY 106.25 per share

- 2022-07: CNY 88.88 per share

- 2022-08: CNY 81.55 per share

- 2022-09: CNY 73.97 per share

- 2022-10: CNY 67.96 per share

- 2022-11: CNY 78.93 per share

- 2022-12: CNY 70.44 per share

- 2023-01: CNY 77.85 per share

- 2023-02: CNY 75.70 per share

- 2023-03: CNY 89.01 per share

- 2023-04: CNY 88.42 per share

- 2023-05: CNY 94.42 per share

- 2023-06: CNY 88.31 per share

- 2023-07: CNY 83.81 per share

- 2023-08: CNY 73.84 per share

- 2023-09: CNY 73.71 per share

- 2023-10: CNY 73.80 per share

- 2023-11: CNY 68.06 per share

- 2023-12: CNY 64.65 per share

- 2024-01: CNY 47.55 per share

- 2024-02: CNY 65.55 per share

- 2024-03: CNY 61.80 per share

- 2024-04: CNY 63.89 per share

- 2024-05: CNY 58.22 per share

- 2024-06: CNY 55.44 per share

- 2024-07: CNY 55.85 per share

- 2024-08: CNY 46.68 per share

- 2024-09: CNY 64.92 per share

- 2024-10: CNY 72.88 per share

- 2024-11: CNY 68.98 per share

- 2024-12: CNY 68.20 per share

- 2025-01: CNY 64.40 per share

- 2025-02: CNY 85.05 per share

- 2025-03: CNY 71.70 per share

- 2025-04: CNY 67.85 per share

- 2025-05: CNY 63.45 per share

- 2025-06: CNY 69.20 per share

- 2025-07: CNY 66.75 per share

- 2025-08: CNY 75.18 per share

- 2025-09: CNY 89.01 per share

- 2025-10: CNY 86.81 per share

- 2025-11: CNY 79.40 per share

- 2025-12: CNY 106.04 per share

- 2026-01: CNY 143.80 per share

- 2026-02: CNY 133.20 per share

- 2026-03: CNY 104.30 per share

- 2026-04: CNY 124.18 per share

- 2026-05: CNY 157.46 per share

- 2026-06: CNY 248.90 per share

- 2026-07: CNY 126.81 per share

- 2026-08: CNY 139.95 per share

- 2026-09: CNY 129.15 per share

- 2026-10: CNY 109.70 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 4.13 per share, central CNY 4.18 per share, high CNY 4.25 per share

- FY2017: low CNY 3.91 per share, central CNY 3.97 per share, high CNY 4.04 per share

- FY2018: low CNY 4.67 per share, central CNY 4.78 per share, high CNY 4.91 per share

- FY2019: low CNY 5.09 per share, central CNY 5.25 per share, high CNY 5.46 per share

- FY2020: low CNY 6.96 per share, central CNY 7.36 per share, high CNY 7.89 per share

- FY2021: low CNY 16.10 per share, central CNY 19.64 per share, high CNY 21.70 per share

- FY2022: low CNY 32.67 per share, central CNY 43.43 per share, high CNY 49.69 per share

- FY2023: low CNY 29.80 per share, central CNY 38.81 per share, high CNY 44.06 per share

- FY2024: low CNY 22.72 per share, central CNY 24.60 per share, high CNY 27.11 per share

- FY2025: low CNY 25.48 per share, central CNY 27.59 per share, high CNY 30.41 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:04.493Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.