1. Corporate Culture: An Engineer’s ‘Utopia’, Steady and Technical
In terms of employee benefits, recruitment information from BOSS Zhipin shows that Chuangyao offers 15 days of paid annual leave, regular team-building activities, and domestic and international travel. More importantly, the company implements a ‘mentor system’, where new employees receive one-on-one guidance from senior engineers, fostering a culture of ‘passing on knowledge’ that allows technical expertise to be preserved.
However, this steady approach has also sparked controversy. Some investors believe that compared to Huawei HiSilicon’s aggressive culture, Chuangyao’s ‘family culture’ may lack the aggressiveness needed for market expansion. The management’s response is: ‘We prefer to be long-distance runners rather than short-distance champions.’
2. Competitors: Surviving Between Wolves and Tigers
In the communication chip industry, Chuangyao’s situation can be described as ‘pulling teeth from a tiger’s mouth’.
Power Line Carrier Communication Field: Zhixin Micro holds over 60% market share, benefiting from resources backed by the State Grid; Huawei HiSilicon is rapidly penetrating the smart meter chip market with its 5G technology accumulation. Chuangyao’s breakout strategy focuses on ‘dual-mode communication’ (power line + wireless), achieving a 15% share in the State Grid’s 2024 bidding, an increase of 5 percentage points year-on-year.
Access Network Chip Field: Broadcom and Intel together monopolize 70% of the market, but Chuangyao has made breakthroughs in VDSL2 technology, achieving a 10% global market share in 2019. The company is now focusing on WiFi 6 chips, competing with Espressif Technology and Aojie Technology for the mid-to-high-end market.
Potential Threats: Emerging company Woqi has launched the WQ9301 in the Wi-Fi 6 chip field, with technical specifications matching those of leading international manufacturers; cross-industry players like Huawei’s HarmonyOS may impact the traditional communication chip market through ecosystem integration.
3. Technical Trends: The ‘Positioning War’ on the Eve of 6G
Standing at the transition point from 5G to 6G, Chuangyao’s technical layout demonstrates foresight.
Star Flash Technology: As one of the first companies to join the Star Flash Alliance, Chuangyao has completed the tape-out of two chips, SLE and SLB, and plans to launch wireless mice and keyboards equipped with Star Flash chips in the second half of 2025. Compared to traditional Bluetooth, Star Flash reduces latency to 10 microseconds, which is significant for smart cars and industrial automation.
6G Preliminary Research: Although specific products have not yet been announced, the company has begun patent layouts in cutting-edge fields such as terahertz communication and orbital angular momentum multiplexing. The embodied intelligent industrial communication technology developed in collaboration with Haosen Intelligent in 2024 is paving the way for the industrial internet in the 6G era.
Risk Warning: The 6G standards have not yet been unified, and the significant investment in technology research and development may drag down short-term profits.
4. Social Value: The Great Responsibility of a Small Company
Chuangyao’s social contributions are hidden in the details of its financial reports.
Employment and Taxation: As of 2024, the company has over 450 employees, with 60% in R&D. As a listed company on the Sci-Tech Innovation Board, it paid over 50 million yuan in taxes in 2023, ranking among the top ten integrated circuit companies in Suzhou Industrial Park.
Domestic Substitution: In the power line carrier chip field, Chuangyao has broken the monopoly of foreign manufacturers, with the domestic substitution rate of related products rising to 35% in 2024. A representative from a power equipment manufacturer told me: ‘Using Chuangyao’s chips reduces costs by 20% and shortens delivery times by half.’
Public Welfare: Although public information is limited, the company has won the ‘Corporate Social Responsibility Award’ for three consecutive years, suggesting ongoing investments in education donations, environmental protection, and other areas.
5. Market Share: The ‘Invisible Champion’ in Niche Fields
In the seemingly crowded communication chip market, Chuangyao occupies a leading position in several niche tracks.
| Field | Market Share | Ranking | Main Competitors |
|---|---|---|---|
| Power Line Carrier | 15% | Third | Zhixin Micro, Huawei HiSilicon |
| VDSL2 Chip | 10% | Fourth | Broadcom, Intel |
| Star Flash Chip | 5% | Second | Huawei, Unisoc |
| Layout Design Services | 8% | First | Chipone Technology, BGI |
It is worth noting that the market share of Star Flash chips is rapidly increasing, with a year-on-year growth of 200% in shipments in 2024.
6. Key Events: Three ‘Daring Leaps’
2012: From Access Network to Power LineThe company leveraged its VDSL2 technology accumulation to enter the smart meter chip market. This decision was questioned at the time as ‘not focusing on the core business’, but by 2020, the power line carrier business accounted for 40% of revenue, becoming the second growth curve.
2022: Listing on the Sci-Tech Innovation BoardRaised 1.2 billion yuan for Star Flash chip R&D. Despite stock price fluctuations post-listing, it brought brand effects and financing channels to the company.
2024: Mass Production of Star Flash ChipsThe first SLE chip passed automotive certification and established cooperation with a leading automotive company. This marks Chuangyao’s transformation from a ‘communication chip supplier’ to an ‘intelligent terminal solution provider’.
7. Financial Indicators: What is the ‘Health’ Geometry?
| Indicator | 2024 Q3 Report | Industry Average | Interpretation |
|---|---|---|---|
| Revenue | 428 million yuan | 510 million yuan | Year-on-year decrease of 5.87%, mainly due to a slowdown in access network demand |
| Net Profit | 46.89 million yuan | 42 million yuan | Year-on-year growth of 17.15%, gross margin increased to 32% |
| Cash Flow | -143 million yuan | -80 million yuan | Increased accounts receivable, requiring attention to collection risks |
| Debt Ratio | 22.29% | 35% | Financially stable, no long-term loans |
| R&D Expense Ratio | 19.22% | 12% | High investment supports technological leadership |
Risk Points: Slowing revenue growth, declining accounts receivable turnover (2.74 in 2024, down 26.99% year-on-year).
8. Future Strategy: Three ‘Winning Moves’
1. Star Flash Chips: Betting on Smart CarsPlans to launch in-vehicle short-range wireless chips in 2025, aiming to capture 10% of the smart cockpit market. Competition with Huawei and Qualcomm will intensify.
2. Industrial Bus: Positioning for Smart ManufacturingThe EtherCAT slave control chip has completed tape-out, targeting the industrial robot market. Domestic manufacturers like Inovance Technology and Estun may become partners.
3. Overseas Expansion: Breaking the CeilingPlans to increase overseas revenue share to 25% in 2024, with plans to establish R&D centers in Southeast Asia to mitigate geopolitical risks.
9. Capital Trends: What Are Institutions ‘Buying’?
Northbound Funds: Increased holdings by 1.2 million shares in April 2025, raising the shareholding ratio to 1.2%.Institutional Ratings: Zhongyou Securities, Minsheng Securities, and others maintain a ‘Buy’ rating, with a target price of 50 yuan.Risk Signals: Institutional holdings decreased by 28.23 million shares in Q4 2024, with some funds taking profits.
Disclaimer
This article is a personal diary and does not constitute investment advice. All views expressed in this article are solely those of the author and do not have any guiding effect.