# SG Micro (300661.SHE)

Canonical: https://gigainvestors.com/s/300661.SHE

Analysis as of: 2026-10-16T07:36:05.812Z. Financial observations: FY2012–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 89.99 per share; close as of 2026-10-15.

Estimated value: low CNY 22.62 per share, central CNY 28.19 per share, high CNY 31.43 per share. Buy at or below the central value CNY 28.19 per share. Valuation as of 2026-10-16T07:36:05.812Z; scenarios are not confidence intervals.

Expected annual return: 4.7% at the stated quote. About 4.7% 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

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.36×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.19×

- FY2018: 0.19×

- FY2019: 0.24×

- FY2020: 0.25×

- FY2021: 0.33×

- FY2022: 0.29×

- FY2023: 0.09×

- FY2024: 0.14×

- FY2025: 0.10×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 63.0%

- ROIC, second-lowest year: 14.0%

- Typical minus recent gross margin: -1.3 pp

- Typical gross margin (annual median): 46.3%

- Recent gross margin (lower of latest and 3-year median): 47.6%

- Years with nonpositive capital: 1

- Capital spending / revenue: 6.9%

- ROIC including acquisitions, ten-year median: 47.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: >100%

- FY2017: 11.9%

- FY2018: 65.2%

- FY2019: 63.7%

- FY2020: 62.4%

- FY2021: 85.4%

- FY2022: 69.1%

- FY2023: 14.0%

- FY2024: 20.0%

- FY2025: 14.0%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 2.4B

- Net income, five-year total: CNY 2.9B

- Return on incremental invested capital: 13.5%

- Working capital / revenue, annual change: 3.3 pp

- Working capital / revenue, change between three-year averages: 24.7 pp

- Working capital / revenue, final three-year average: 33.9%

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

- FY2021: 0.87×

- FY2022: 0.84×

- FY2023: 0.42×

- FY2024: 0.88×

- FY2025: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 65.2% vs 14.0%

- Per-share earnings: 0.16 to 0.81 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.6%

- Ordinary dilution, 5-year annual growth: 0.8%

- Market cap gain: CNY -15B

- Cumulative retained earnings: CNY 2.7B

- Diluted shares, 10-year annual growth: 3.6%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 22.2%

- Per-share value change: CNY 0.65

- Per-share value, starting three-year median: CNY 0.16

- Per-share value, ending three-year median: CNY 0.81

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.0%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 398M

- Cumulative net income, 10 years: CNY 3.6B

- ROIC, first three-year median: 65.2%

- ROIC, last three-year median: 14.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.19

- FY2017: CNY 0.15

- FY2018: CNY 0.17

- FY2019: CNY 0.29

- FY2020: CNY 0.48

- FY2021: CNY 1.16

- FY2022: CNY 1.42

- FY2023: CNY 0.46

- FY2024: CNY 0.81

- FY2025: CNY 0.88

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: 0.7%

- Receivables to sales index (DSRI): 1.50×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.91×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.8%

- FY2017: -3.2%

- FY2018: 1.9%

- FY2019: 2.2%

- FY2020: -1.9%

- FY2021: -2.1%

- FY2022: -1.7%

- FY2023: 2.3%

- FY2024: -0.9%

- FY2025: 0.7%

## Holders

## Price story

Down 74% since Feb 2022 · sales +16.2%

Story as of 2026-10-16T10:00:06.761Z; price observation 2026-10-15.

Price needs cash profits to grow 25.5% a year for ten years

### Sales · FY2024–2025

sales +16.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 452M 

- FY2017: CNY 532M 

- FY2018: CNY 572M 

- FY2019: CNY 792M 

- FY2020: CNY 1.2B 

- FY2021: CNY 2.2B 

- FY2022: CNY 3.2B 

- FY2023: CNY 2.6B 

- FY2024: CNY 3.3B 

- FY2025: CNY 3.9B 

### Gross margin · FY2025

gross margin 48%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 38.8% 

- FY2017: 41.8% 

- FY2018: 42.5% 

- FY2019: 44.3% 

- FY2020: 47.1% 

- FY2021: 53.2% 

- FY2022: 53.5% 

- FY2023: 45.5% 

- FY2024: 47.6% 

- FY2025: 48.0% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are CNY 3.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2025: revenue 3889586811; grossProfit 1868424187; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300661.SHE: SG Micro Corp engages in the development, manufacturing and sales of comprehensive analog and mixed-signal integrated-circuit (IC) solutions in Mainland China, Hong Kong, Taiwan, and internationally. Its products include signal chain ICs, power management ICs and sensor. The company offers operational, instrumentation, current-sense, and differential amplifiers, as well as application-specific and comparators; digital-to-analog and analog-to-digital converters, and AFE; series voltage and shunt voltage references; audio amplifiers, click-pop suppressors, audio line drivers, audio converters, and video buffers; and logic gates, specialty logic ICs, buffers, drivers, transceivers, flip-flops, latches, and registers. It also provides auto and fixed directions, direction controlled, and application specific; ESD protection, I2C ICs, and multi-switch detection interface ICs; analog switches, USB switches, multiplexers, bus switches, and protocol specific; digital and analog temperature sensors; RF switch, RF LNA, and power amplifiers; quad matched resistor; and magnetic encoder and angular position sensors. In addition, the company offers DC/DC switching regulator products; low-dropout regulators; P-channel and N-channel MOSFETs; linear chargers, switching chargers, switched cap chargers, and battery protection ICs; and multi-supply monitors, single-supply monitors, watchdog timer only, supply monitors with watchdog timers, and supply monitors without watchdog timers. Further, it provides power switches and modules; LCD and OLED display powers and drivers; LED Drivers; motor and gate drivers; application specific auxiliary power ICs; and system basis chips. Its products are used in industrial, consumer, smart phone and other personal smart devices, communication, computing, and automotive applications. SG Micro Corp was incorporated in 2007 and is headquartered in Beijing, China.

### Why customers stay

Margins ranged from 45.5% to 48% during 2023–25; it earns 63% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2023: grossProfit / revenue = 45.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2024: grossProfit / revenue = 47.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2025: grossProfit / revenue = 48%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); 10-year return on capital observations [[2016,12.655014810522406],[2017,0.11909964540440557],[2018,0.6517925415794148],[2019,0.636669833776704],[2020,0.6242312837715854],[2021,0.8544917304083354],[2022,0.6910556502355377],[2023,0.14037569578873615],[2024,0.2002202424864527],[2025,0.14033801522572018]]; median 0.6304505587741447. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 10.5% of cash earnings on expansion; earns 13.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2016: growth capex 895006.6585519947; upkeep 9532931.341448005; owner earnings 73615458.65855199. Growth capex / owner earnings = 0.012157862966028275.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2017: growth capex 1341383.768333042; upkeep 12369746.631666958; owner earnings 84827280.36833304. Growth capex / owner earnings = 0.0158131176964362.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2018: growth capex 812373.4663649835; upkeep 22539541.833635017; owner earnings 87209530.16636498. Growth capex / owner earnings = 0.009315191411021958.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2019: growth capex 5851406.827231392; upkeep 46184693.17276861; owner earnings 138385396.8272314. Growth capex / owner earnings = 0.04228341256654875.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2020: growth capex 18698867.289818227; upkeep 107495993.71018177; owner earnings 196618150.28981823. Growth capex / owner earnings = 0.09510244736946108.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2021: growth capex 70322041.96037209; upkeep 110693556.03962791; owner earnings 609669167.344372. Growth capex / owner earnings = 0.11534459298095132.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2022: growth capex 81460767.75889605; upkeep 178487443.94110394; owner earnings 737443249.764896. Growth capex / owner earnings = 0.11046377844649947.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2023: growth capex 0; upkeep 233250684; owner earnings 117815281.312. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2024: growth capex 102925312.89625022; upkeep 137387348.10374978; owner earnings 438591100.0242502. Growth capex / owner earnings = 0.23467259798604978.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); FY2025: growth capex 57453083; upkeep 198713079; owner earnings 545505907.212. Growth capex / owner earnings = 0.10532073482693195.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); Incremental return on capital 0.13456073868614207, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); Dividend observations: [[2016,45044925],[2017,20734],[2018,30432900],[2019,27831543],[2020,51809322],[2021,78246572],[2022,118730383],[2023,107846485],[2024,47072709],[2025,95061606]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 35.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300661.SHE SharesStats.PercentInsiders = 35.648 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 25.5% yearly over ten years; actual growth was 20.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:05.812Z); Ten-year compound average after fade. Initial solved rate 0.3606445172832674. Price 89.99; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.13894890871591045 → FY2025 0.8773063131468758. Closing-price date 2026-10-15.

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

- 2017-06: CNY 67.38 per share

- 2017-07: CNY 57.05 per share

- 2017-08: CNY 63.36 per share

- 2017-09: CNY 73.90 per share

- 2017-10: CNY 84.80 per share

- 2017-11: CNY 101.69 per share

- 2017-12: CNY 94.20 per share

- 2018-01: CNY 76.70 per share

- 2018-02: CNY 87.09 per share

- 2018-03: CNY 118.50 per share

- 2018-04: CNY 120.56 per share

- 2018-05: CNY 108.17 per share

- 2018-06: CNY 123.15 per share

- 2018-07: CNY 108.90 per share

- 2018-08: CNY 99.38 per share

- 2018-09: CNY 94.80 per share

- 2018-10: CNY 69.44 per share

- 2018-11: CNY 78.23 per share

- 2018-12: CNY 68.60 per share

- 2019-01: CNY 72.99 per share

- 2019-02: CNY 87.60 per share

- 2019-03: CNY 93.30 per share

- 2019-04: CNY 1,000,000.00 per share

- 2019-05: CNY 98.94 per share

- 2019-06: CNY 101.77 per share

- 2019-07: CNY 113.93 per share

- 2019-08: CNY 144.00 per share

- 2019-09: CNY 171.53 per share

- 2019-10: CNY 217.01 per share

- 2019-11: CNY 214.00 per share

- 2019-12: CNY 252.48 per share

- 2020-01: CNY 275.10 per share

- 2020-02: CNY 321.80 per share

- 2020-03: CNY 268.08 per share

- 2020-04: CNY 315.00 per share

- 2020-05: CNY 217.99 per share

- 2020-06: CNY 304.50 per share

- 2020-07: CNY 364.00 per share

- 2020-08: CNY 285.12 per share

- 2020-09: CNY 299.40 per share

- 2020-10: CNY 272.60 per share

- 2020-11: CNY 311.06 per share

- 2020-12: CNY 263.80 per share

- 2021-01: CNY 303.50 per share

- 2021-02: CNY 262.95 per share

- 2021-03: CNY 231.30 per share

- 2021-04: CNY 262.30 per share

- 2021-05: CNY 284.00 per share

- 2021-06: CNY 252.73 per share

- 2021-07: CNY 372.88 per share

- 2021-08: CNY 320.00 per share

- 2021-09: CNY 332.73 per share

- 2021-10: CNY 324.00 per share

- 2021-11: CNY 343.00 per share

- 2021-12: CNY 309.00 per share

- 2022-01: CNY 275.19 per share

- 2022-02: CNY 348.00 per share

- 2022-03: CNY 326.52 per share

- 2022-04: CNY 280.00 per share

- 2022-05: CNY 287.43 per share

- 2022-06: CNY 182.02 per share

- 2022-07: CNY 160.58 per share

- 2022-08: CNY 160.20 per share

- 2022-09: CNY 140.89 per share

- 2022-10: CNY 149.66 per share

- 2022-11: CNY 177.00 per share

- 2022-12: CNY 172.60 per share

- 2023-01: CNY 178.00 per share

- 2023-02: CNY 157.09 per share

- 2023-03: CNY 155.20 per share

- 2023-04: CNY 124.10 per share

- 2023-05: CNY 108.44 per share

- 2023-06: CNY 82.13 per share

- 2023-07: CNY 84.39 per share

- 2023-08: CNY 77.43 per share

- 2023-09: CNY 77.77 per share

- 2023-10: CNY 89.58 per share

- 2023-11: CNY 89.67 per share

- 2023-12: CNY 89.01 per share

- 2024-01: CNY 62.15 per share

- 2024-02: CNY 70.74 per share

- 2024-03: CNY 65.02 per share

- 2024-04: CNY 76.87 per share

- 2024-05: CNY 77.57 per share

- 2024-06: CNY 82.78 per share

- 2024-07: CNY 78.80 per share

- 2024-08: CNY 72.75 per share

- 2024-09: CNY 95.00 per share

- 2024-10: CNY 89.38 per share

- 2024-11: CNY 87.75 per share

- 2024-12: CNY 81.78 per share

- 2025-01: CNY 84.41 per share

- 2025-02: CNY 88.38 per share

- 2025-03: CNY 87.26 per share

- 2025-04: CNY 100.92 per share

- 2025-05: CNY 92.22 per share

- 2025-06: CNY 72.77 per share

- 2025-07: CNY 71.20 per share

- 2025-08: CNY 77.77 per share

- 2025-09: CNY 83.29 per share

- 2025-10: CNY 73.70 per share

- 2025-11: CNY 65.10 per share

- 2025-12: CNY 68.64 per share

- 2026-01: CNY 76.14 per share

- 2026-02: CNY 68.78 per share

- 2026-03: CNY 67.63 per share

- 2026-04: CNY 91.94 per share

- 2026-05: CNY 117.77 per share

- 2026-06: CNY 143.48 per share

- 2026-07: CNY 95.73 per share

- 2026-08: CNY 114.00 per share

- 2026-09: CNY 110.21 per share

- 2026-10: CNY 95.24 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.51 per share, central CNY 2.78 per share, high CNY 3.14 per share

- FY2017: low CNY 2.83 per share, central CNY 3.04 per share, high CNY 3.33 per share

- FY2018: low CNY 2.92 per share, central CNY 3.15 per share, high CNY 3.46 per share

- FY2019: low CNY 3.69 per share, central CNY 4.00 per share, high CNY 4.43 per share

- FY2020: low CNY 5.27 per share, central CNY 5.76 per share, high CNY 6.41 per share

- FY2021: low CNY 9.15 per share, central CNY 10.07 per share, high CNY 11.29 per share

- FY2022: low CNY 16.62 per share, central CNY 22.67 per share, high CNY 26.04 per share

- FY2023: low CNY 12.42 per share, central CNY 14.93 per share, high CNY 16.88 per share

- FY2024: low CNY 15.49 per share, central CNY 20.66 per share, high CNY 23.67 per share

- FY2025: low CNY 16.06 per share, central CNY 21.17 per share, high CNY 24.15 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 2026-10-15T06:41:43.150Z 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.