# StarPower Semiconductor (603290.SHG)

Canonical: https://gigainvestors.com/s/603290.SHG

Analysis as of: 2026-10-16T07:39:58.191Z. Financial observations: FY2015–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

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

Share price: CNY 69.52 per share; close as of 2026-10-15.

## 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: 0.44×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.13×

- FY2018: 0.16×

- FY2019: 0.19×

- FY2020: 0.21×

- FY2021: 0.26×

- FY2022: 0.34×

- FY2023: 0.29×

- FY2024: 0.18×

- FY2025: 0.11×

### moat: fail

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

- Recent gross margin fell 4.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 17.8%

- ROIC, second-lowest year: 5.4%

- Typical minus recent gross margin: 4.5 pp

- Typical gross margin (annual median): 30.6%

- Recent gross margin (lower of latest and 3-year median): 26.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.7%

- ROIC including acquisitions, ten-year median: 9.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.3%

- FY2017: 12.4%

- FY2018: 21.7%

- FY2019: 24.7%

- FY2020: 18.8%

- FY2021: 28.7%

- FY2022: 29.0%

- FY2023: 16.8%

- FY2024: 7.2%

- FY2025: 5.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.42×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -1.3B

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

- Return on incremental invested capital: 5.5%

- Working capital / revenue, annual change: -2.1 pp

- Working capital / revenue, change between three-year averages: -10.7 pp

- Working capital / revenue, final three-year average: 48.0%

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

- FY2021: 0.84×

- FY2022: -0.04×

- FY2023: -0.78×

- FY2024: -2.52×

- FY2025: 1.00×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 12.4% vs 7.2%

- Per-share earnings: 0.18 to 2.12 (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: 7.4%

- Ordinary dilution, 5-year annual growth: 8.2%

- Diluted shares, 10-year annual growth: 7.4%

- Diluted shares, 5-year annual growth: 8.2%

- Per-share value growth: 36.1%

- Per-share value change: CNY 1.94

- Per-share value, starting three-year median: CNY 0.18

- Per-share value, ending three-year median: CNY 2.12

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 190M

- Cumulative net income, 10 years: CNY 3.5B

- ROIC, first three-year median: 12.4%

- ROIC, last three-year median: 7.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.18

- FY2017: CNY 0.44

- FY2018: CNY 0.81

- FY2019: CNY 0.90

- FY2020: CNY 1.12

- FY2021: CNY 2.34

- FY2022: CNY 3.41

- FY2023: CNY 3.80

- FY2024: CNY 2.12

- FY2025: CNY 1.69

### accounting: pass

- Sloan accruals: -1.8%

- Receivables to sales index (DSRI): 0.55×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.7%

- FY2017: 4.7%

- FY2018: -3.2%

- FY2019: 5.5%

- FY2020: 21.5%

- FY2021: 0.8%

- FY2022: 2.1%

- FY2023: 6.0%

- FY2024: -4.7%

- FY2025: -1.8%

## Holders

## Price story

Down 80% since Nov 2021 · sales +18.3%

Story as of 2026-10-16T10:00:11.082Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +18.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 301M 

- FY2017: CNY 438M 

- FY2018: CNY 675M 

- FY2019: CNY 779M 

- FY2020: CNY 963M 

- FY2021: CNY 1.7B 

- FY2022: CNY 2.7B 

- FY2023: CNY 3.7B 

- FY2024: CNY 3.4B 

- FY2025: CNY 4.0B 

### Gross margin · FY2025

gross margin 26.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 27.8% 

- FY2017: 30.5% 

- FY2018: 29.4% 

- FY2019: 30.5% 

- FY2020: 31.5% 

- FY2021: 36.6% 

- FY2022: 40.3% 

- FY2023: 37.5% 

- FY2024: 30.6% 

- FY2025: 26.1% 

## Owner memo

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

### How it makes money

Operates in semiconductors; annual sales are CNY 4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2025: revenue 4012395321.49; grossProfit 1046659629.21; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 603290.SHG: StarPower Semiconductor Ltd., together with its subsidiaries, engages in the research, design, development, production, and sale of power semiconductor chips and modules in Asia and internationally. The company offers IGBT, SiC, IPM, MOSFET, FRD, and diode modules, as well as discrete devices and customized modules. Its products are used in industrial control applications, including low voltage inverters, medium and high voltage inverters, and welding machines; automotive electronics applications consisting of main and auxiliary drives; renewable energy applications, such as photovoltaic power generation, SVG/APF, wind power, power, and energy storage systems; and household appliances, including white goods and commercial air conditioning. StarPower Semiconductor Ltd. was founded in 2005 and is headquartered in Jiaxing, China.

### Why customers stay

Margins ranged from 26.1% to 37.5% during 2023–25; it earns 17.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2023: grossProfit / revenue = 37.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2024: grossProfit / revenue = 30.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2025: grossProfit / revenue = 26.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); 10-year return on capital observations [[2016,0.033268544386217104],[2017,0.12389528790607275],[2018,0.21652643131702823],[2019,0.24659037261485553],[2020,0.18821483173678571],[2021,0.28745944400481616],[2022,0.2896250041686883],[2023,0.1682705042243209],[2024,0.07217188234180649],[2025,0.05380642641717208]]; median 0.17824266798055333. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 58.4% of cash earnings on expansion; earns 5.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2016: growth capex 26101634.049999997; upkeep 16892767; owner earnings 21464733. Growth capex / owner earnings = 1.2160241662451612.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2017: growth capex 30212509.189999998; upkeep 17812300; owner earnings 52719624. Growth capex / owner earnings = 0.5730789959731124.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2018: growth capex 28382258.46; upkeep 23429046; owner earnings 96742809. Growth capex / owner earnings = 0.2933784821153994.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2019: growth capex 21221627.770000003; upkeep 28246601; owner earnings 135278516. Growth capex / owner earnings = 0.1568735997222205.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2020: growth capex 56741252.650000006; upkeep 32998973; owner earnings 180682640. Growth capex / owner earnings = 0.31403820892809625.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2021: growth capex 270251658.7281061; upkeep 106000210.2318939; owner earnings 334536812.8181061. Growth capex / owner earnings = 0.8078383256285966.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); FY2025: growth capex 235840601.85000002; upkeep 452503298.61; owner earnings 404116545.55799997. Growth capex / owner earnings = 0.5835955108552998.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); Incremental return on capital 0.054879864792124776, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); Dividend observations: [[2016,10322822.65],[2017,9082352.68],[2018,13983500.21],[2019,9991200],[2020,40640000],[2021,54240000],[2022,119594848],[2023,275150745],[2024,333498083],[2025,217770100.32]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 55.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 603290.SHG SharesStats.PercentInsiders = 55.542 percentage points; cache date 2026-10-16.

### What the price says

The price is 4.2 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:58.191Z); Closing price 69.52 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 16.73342816909016; price multiple 4.154558127450341. FY2025 cash earnings/share 1.6853412102286287. Closing-price date 2026-10-15.

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

- 2020-02: CNY 72.91 per share

- 2020-03: CNY 80.48 per share

- 2020-04: CNY 102.71 per share

- 2020-05: CNY 105.71 per share

- 2020-06: CNY 149.86 per share

- 2020-07: CNY 174.29 per share

- 2020-08: CNY 127.20 per share

- 2020-09: CNY 138.94 per share

- 2020-10: CNY 135.00 per share

- 2020-11: CNY 160.71 per share

- 2020-12: CNY 172.07 per share

- 2021-01: CNY 159.71 per share

- 2021-02: CNY 161.43 per share

- 2021-03: CNY 121.36 per share

- 2021-04: CNY 154.62 per share

- 2021-05: CNY 169.36 per share

- 2021-06: CNY 228.57 per share

- 2021-07: CNY 329.13 per share

- 2021-08: CNY 237.30 per share

- 2021-09: CNY 291.16 per share

- 2021-10: CNY 285.71 per share

- 2021-11: CNY 342.86 per share

- 2021-12: CNY 272.14 per share

- 2022-01: CNY 228.93 per share

- 2022-02: CNY 258.14 per share

- 2022-03: CNY 276.14 per share

- 2022-04: CNY 246.23 per share

- 2022-05: CNY 272.14 per share

- 2022-06: CNY 275.64 per share

- 2022-07: CNY 278.15 per share

- 2022-08: CNY 283.27 per share

- 2022-09: CNY 231.43 per share

- 2022-10: CNY 266.21 per share

- 2022-11: CNY 241.43 per share

- 2022-12: CNY 235.21 per share

- 2023-01: CNY 225.54 per share

- 2023-02: CNY 210.72 per share

- 2023-03: CNY 196.11 per share

- 2023-04: CNY 172.88 per share

- 2023-05: CNY 155.81 per share

- 2023-06: CNY 153.71 per share

- 2023-07: CNY 156.41 per share

- 2023-08: CNY 141.49 per share

- 2023-09: CNY 128.31 per share

- 2023-10: CNY 122.83 per share

- 2023-11: CNY 134.49 per share

- 2023-12: CNY 129.29 per share

- 2024-01: CNY 91.00 per share

- 2024-02: CNY 108.25 per share

- 2024-03: CNY 102.26 per share

- 2024-04: CNY 99.56 per share

- 2024-05: CNY 87.37 per share

- 2024-06: CNY 86.11 per share

- 2024-07: CNY 91.12 per share

- 2024-08: CNY 76.75 per share

- 2024-09: CNY 91.25 per share

- 2024-10: CNY 96.43 per share

- 2024-11: CNY 100.32 per share

- 2024-12: CNY 89.82 per share

- 2025-01: CNY 84.00 per share

- 2025-02: CNY 88.83 per share

- 2025-03: CNY 87.86 per share

- 2025-04: CNY 82.45 per share

- 2025-05: CNY 80.20 per share

- 2025-06: CNY 81.27 per share

- 2025-07: CNY 85.75 per share

- 2025-08: CNY 109.16 per share

- 2025-09: CNY 110.00 per share

- 2025-10: CNY 104.58 per share

- 2025-11: CNY 94.45 per share

- 2025-12: CNY 96.09 per share

- 2026-01: CNY 110.62 per share

- 2026-02: CNY 108.82 per share

- 2026-03: CNY 101.45 per share

- 2026-04: CNY 103.92 per share

- 2026-05: CNY 128.70 per share

- 2026-06: CNY 152.94 per share

- 2026-07: CNY 80.49 per share

- 2026-08: CNY 91.20 per share

- 2026-09: CNY 81.21 per share

- 2026-10: CNY 74.23 per share

## Annual estimated value (CNY per share)

- FY2019: low CNY 7.34 per share, central CNY 8.28 per share, high CNY 9.53 per share

- FY2020: low CNY 10.54 per share, central CNY 11.83 per share, high CNY 13.53 per share

- FY2021: low CNY 40.75 per share, central CNY 43.38 per share, high CNY 46.88 per share

- FY2022: low CNY 36.12 per share, central CNY 39.07 per share, high CNY 43.01 per share

- FY2023: low CNY 36.78 per share, central CNY 40.78 per share, high CNY 46.11 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

## 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.

## Reported holder observations