Hello everyone, I am a corporate archivist. Today, we will talk about a very interesting company – Tailin Microelectronics (Stock Code: 688591). If you use smart home devices, wireless headphones, or smartwatches every day, you may have already used products from this company. What exactly does this company do? How is its quality? Is there still an opportunity for the future? Don’t worry, today we will uncover everything! 👇
Understand in 30 seconds: What exactly does Tailin Micro do?
One-sentence introduction: Tailin Micro is a company focused on the research and design of wireless IoT chips, simply put, it provides the “connecting brain” for various smart devices.
Main products/services: Its “money printer” mainly consists of the following:
| Business Segment | Main Products/Services | Revenue Contribution (%) | Business Interpretation (in one sentence) |
|---|---|---|---|
| IoT Chips | Low-power Bluetooth, Zigbee, Thread, and other multi-protocol compatible chips | 68% | The “translator” for smart home devices, solving interconnectivity issues between devices |
| Wireless Audio Chips | Bluetooth audio SoC supporting LE Audio and AI noise reduction | 8% | The “little battery steward” that doubles headphone battery life |
| Edge AI Chips | TLSR9510 series, connection chips with integrated AI computing power | 24% | The “local brain” of smart devices, eliminating reliance on the cloud |
| Automotive Electronics Chips | Digital key chips supporting high-precision positioning | 15% | The “Bluetooth eye” of smart cars, achieving centimeter-level positioning |
| Medical Health Chips | Dynamic blood glucose monitoring chips with 10 years of ultra-long battery life | 12% | The “metabolic dashboard” for wearable medical devices |
Where is the main battlefield? Its products are mainly sold to these regions:
| Region | Revenue Contribution (%) | Market Characteristics |
|---|---|---|
| Domestic Market | 59.46% | Rapid growth, especially in smart home and automotive electronics |
| North American Market | 35% | High-end customers concentrated, deeply tied to platforms like Amazon and Google |
| Other International Markets | 5.54% | Gradual penetration into emerging markets like Europe and Southeast Asia |
Five-Year “Report Card”: From Loss to Doubling Net Profit, Are They Top Students or Underachievers?
Let’s look at the table for the facts:
| Year | Total Revenue (Billion Yuan) | Revenue Growth Rate (%) | Net Profit Attributable to Parent (Billion Yuan) | Net Profit Growth Rate (%) |
|---|---|---|---|---|
| 2024 | 8.44 | 32.69% | 0.97 | 95.71% |
| 2023 | 6.36 | 4.40% | 0.50 | 0.01% |
| 2022 | 6.09 | -6.19% | 0.50 | -47.60% |
| 2021 | 6.50 | 43.00% | 0.95 | 106.68% |
| 2020 | 4.54 | – | -0.92 | – |
Chart Interpretation:
- From the table data, the company began to turn around from 2021, with both revenue and net profit achieving significant growth, and 2024’s net profit is expected to double year-on-year.
- 2021 was a key turning point, with revenue growing by 43% year-on-year, and net profit turning positive, mainly due to the increase in market share of low-power Bluetooth chips to second globally, entering the supply chains of major clients like Xiaomi and Skyworth.
- In 2022-2023, affected by fluctuations in the consumer electronics industry, revenue and net profit declined, but in 2024, with the mass production of edge AI chips and the ramp-up of medical and automotive chips, performance returned to a high growth trajectory.
- In 2024, the non-GAAP net profit is expected to grow by 296.55% year-on-year, and the gross profit margin is expected to rise to 48.34%, significantly enhancing profitability.
One-sentence summary: The company’s performance over the past five years can be described as from loss to profit, from trough to peak, showing a steady upward trend overall, especially achieving technological breakthroughs and market share increases in the high-end chip sector.
Stock Price Roller Coaster: From 25 Yuan to 56 Yuan, What Happened?
Overall Trend: Tailin Micro’s stock price can be described as “steady as a mountain” with “big ups and downs”. After its listing in August 2023, starting from the issue price of 24.98 yuan, it experienced a rapid rise, followed by fluctuations in the market, and as of the end of September 2025, the stock price reached 56.18 yuan, an increase of about 125%, with a dynamic price-to-earnings ratio of 66.91 times, which is at a reasonable level in the industry.
Key Stock Price Nodes and Major Events in the Last 5 Years:
| Year | Highest Price (Yuan) | Lowest Price (Yuan) | Annual Change (%) | Significant Events/Interpretation |
|---|---|---|---|---|
| 2024 | 46.79 | 32.70 | +42.47% | Mass production of edge AI chips, medical chips entering Xiaomi’s supply chain |
| 2023 | 37.70 | 24.98 | +34.90% | Listed on the Sci-Tech Innovation Board, raised 1.324 billion yuan for AIoT layout |
| 2022 | 35.14 | 22.56 | -10.00% | Consumer electronics industry cooled, company revenue declined by 6.19% year-on-year |
| 2021 | 30.00 | 18.58 | +61.98% | Low-power Bluetooth chip market share reached second globally, turning profitable |
| 2020 | – | – | – | Company was in a loss state, preparing for listing |
Several Key Moments:
- August 25, 2023: The opening price on the first day of listing was 33.33 yuan, with an increase of 33.4%, closing at 32.7 yuan, with a market value of 7.848 billion yuan. Market recognition was achieved immediately upon listing, with an issue price of 24.98 yuan corresponding to a price-to-earnings ratio of 172 times, far exceeding the industry average of 35 times, but the market is full of expectations for the company’s prospects.
- April 2024: After releasing the 2023 annual report, the stock price fluctuated in the short term, but then steadily rose due to the early mass production of edge AI chips.
- March 2025: The stock price once rose to 46.79 yuan, an increase of over 40%, mainly due to the mass production and shipment of the TLSR9510 edge AI chip and the commercialization progress of medical chips exceeding expectations.
Current Status: The stock price is currently in an upward channel, with the net profit attributable to the parent expected to reach 99 million yuan in the first half of 2025, a year-on-year increase of 267%, indicating continuous improvement in performance.
The “Big Boss” Behind: Who is in Control of This Company?
Founding Team: The soul of the company is Dr. Sheng Wenjun, a technical expert with over 20 years of chip design experience, leading the team to break through several foreign technology monopolies, including the first domestic multi-mode low-power IoT chip TLSR8269. Dr. Sheng has been favored by Intel investments, ensuring the company’s technical strength.
Major Shareholder Changes: Over the past few years, the company’s equity structure has been relatively stable, but there have been several key nodes:
- 2017: Huasheng Tiancai invested 1.861 billion yuan to acquire 82.75% of Tailin Micro’s shares, bringing financial and industrial resource support to the company.
- 2019: Dr. Sheng Wenjun’s team regained control through equity structure adjustments, with actual controller Wang Weihang controlling 40.17% of the shares through a concerted action relationship.
- 2023: The company was listed on the Sci-Tech Innovation Board, with the National Fund holding 11.94% and Xiaomi Yangtze River Industry Fund holding 1.58%, showing recognition from national teams and industrial capital for the company’s prospects.
One-sentence Comment: Currently, the company’s equity structure is relatively concentrated, with actual controller Wang Weihang forming a stable cooperative relationship with Dr. Sheng Wenjun’s team, with the technical route and strategic direction led by the founder, which is an advantage for a technology-driven company.
From “Connection” to “Computing”: The Rise of Tailin Micro
In 2010, Dr. Sheng Wenjun founded Tailin Microelectronics in Shanghai, at a time when the concept of IoT was just emerging, and applications like smart homes and wearable devices were still in their infancy. In the early days of the company, Dr. Sheng led the team to focus on the research and development of low-power wireless connection chips, avoiding direct competition with international giants and choosing to delve deeply into niche areas.
2012-2015: The company successively launched Zigbee, low-power Bluetooth, and other chips, with the chip first entering the supply chain of Skyworth’s smart TV remote control in 2013, marking an important milestone in the market recognition of the company’s products. In 2015, it received strategic investment from Intel, laying the foundation for subsequent technological breakthroughs.
2016: The company achieved a major breakthrough, launching the first domestic multi-mode low-power IoT wireless connection system-on-chip TLSR8269, supporting multiple protocols like Bluetooth and Zigbee, breaking foreign monopolies. The success of this chip allowed Tailin Micro to rapidly grow from a small company to a leader in the domestic IoT chip field.
2017-2020: After being acquired by Huasheng Tiancai, the company received ample financial support, and in 2019 became a board member of the international Bluetooth technology alliance, alongside international giants like Apple and Microsoft, participating in the formulation of Bluetooth standards. In 2020, the market share of low-power Bluetooth chips reached third globally (12%), second only to Nordic and Dialog.
2021-2023: The company’s performance continued to improve, with the number of certified low-power Bluetooth terminal products in 2021 climbing to second globally, surpassing Dialog. In 2022, it launched the TLSR9 series chips, supporting the Matter protocol, paving the way for interconnectivity in smart homes. In August 2023, it successfully landed on the Sci-Tech Innovation Board, raising 1.324 billion yuan for technology upgrades and AIoT layout.
From 2024 to now: The company has entered a strategic upgrade period, launching the TLSR9510 edge AI chip, achieving the integration of “connection + computing” capabilities, with the medical CGM chip in mass production, and the automotive digital key chip entering the supply chains of Xiaomi and Huawei, resulting in explosive growth in performance.
Technical Barriers: How Do Three Major Mountains Support Tailin Micro’s Leading Position?
1. Low Power Technology: Allowing Devices to “Not Change Batteries for Ten Years”
Tailin Micro has a deep accumulation in low-power design, with its TLSR925x chip’s standby power consumption as low as 0.5μA, only 70% of the industry average, meaning devices equipped with this chip (such as electronic price tags and smartwatches) can achieve ultra-long battery life, even reaching levels where batteries do not need to be replaced for 10 years.
The company’s unique Dynamic Power Gating technology is the core of this advantage, allowing for intelligent adjustment of chip power consumption based on device operating status, significantly reducing energy consumption while maintaining high performance. Additionally, the company’s patented “DC Bias Calibration Method” further enhances communication stability and reduces energy loss.
2. Multi-Protocol Compatibility: Solving the Pain Point of “Language Barriers” in Smart Homes
The biggest obstacle to interconnectivity among IoT devices is protocol fragmentation, where devices from different brands and systems often “speak different languages”. One of Tailin Micro’s core competitive advantages is its single chip supporting multiple protocols, including Bluetooth, Zigbee, Thread, and Matter, solving this industry pain point.
The TLSR9 series chips are the first domestic chips to obtain Thread certification and the first globally to obtain PSA security certification for RISC-V architecture, meaning they can simultaneously be compatible with different ecosystems, such as Apple HomeKit, Google Home, and Amazon Alexa, saving device manufacturers a lot of R&D costs.
3. Edge AI Capability: Allowing Smart Devices to “Think Locally”
With the widespread application of AI technology in IoT devices, the latency and privacy risks of cloud computing have become limiting factors. Tailin Micro’s TLSR9510 edge AI chip uses a 22nm process, integrating edge AI computing units, supporting various AI functions such as gesture recognition and voice wake-up, allowing devices to process data and make decisions locally, without relying on the cloud, greatly enhancing user experience.
The company’s developed TLEdgeAI-DK development platform allows developers to port trained AI models to the chip within a day, significantly lowering the development threshold for AI applications. This technological advantage has allowed Tailin Micro to seize the initiative in the AIoT era.
Collaboration with Giants: How to Win the Favor of Top Clients like Apple and Google?
Tailin Micro has been able to stand out among numerous international manufacturers and win the favor of top clients like Apple, Google, and Amazon, mainly due to its technological differentiation advantages and rapid response capabilities.
First, technical strength is the key. The company is the first domestic chip supplier to obtain Zigbee PRO R23 + Zigbee Direct certification and is one of the few manufacturers globally that can provide multi-protocol chips for Bluetooth, Zigbee, Thread, and Matter. In 2021, the TLSR9 series became the first globally to pass PSA certification for RISC-V architecture, gaining international recognition for its security.
Second, there is a clear cost advantage. Compared to international manufacturers like Nordic, Tailin Micro offers lower chip costs while maintaining similar performance, which is crucial for large-scale applications in smart homes and consumer electronics. For example, the TLSR9510 chip uses a 22nm process, which, while not as advanced as Nordic’s 6nm process, has lower mass production costs and higher yields, making it more suitable for large-scale commercial use.
Third, comprehensive ecosystem support. Tailin Micro not only provides chips but also offers development kits, SDK software development packages, and complete technical documentation, even lowering customer development barriers through online technical seminars. This “one-stop” service allows customers to quickly bring products to market, greatly enhancing customer stickiness.
Fourth, deep binding with leading customers. The company’s products have entered the supply chain systems of global leading brands like Google, Amazon, Sony, JBL, Harman, and Xiaomi. For example, the Google Pixel Bud Pro 2 smart headphones use Tailin Micro’s chips, and leading domestic car manufacturers have also adopted its automotive digital key solutions. This deep cooperation with industry-leading companies not only brings stable order demand but also strengthens the company’s technical reputation and market position.
Future Development Prospects: Can Three Growth Engines Continue to Drive Growth?
1. Smart Home: New Opportunities from the Popularization of the Matter Protocol
The Matter protocol is an open standard for smart homes promoted by tech giants like Apple, Google, and Amazon, aimed at solving interconnectivity issues between devices from different brands. Tailin Micro, as a core supplier of Matter chips, has deeply participated in the development of the Apple HomeKit ecosystem. With the accelerated popularization of the Matter protocol, the company is expected to further expand its market share in the smart home sector.
According to the latest industry data, the global smart home market is expected to reach a scale of 135 billion USD by 2025, with a compound annual growth rate of over 15%. Tailin Micro’s layout in this field has already shown results, with the smart home package launched in cooperation with Costco exceeding one million units in annual shipments, and the North American market revenue accounting for 35%.
2. Medical Health: Explosive Growth in the CGM Market
Continuous Glucose Monitoring (CGM) systems are important tools for diabetes management and a hot spot for health consumption upgrades. The global CGM market is expected to reach 71.8 billion yuan by 2025 and 20.6 billion USD by 2030, with a compound annual growth rate of over 25%.
Tailin Micro’s dynamic blood glucose monitoring chip has achieved mass production in 2024, mainly targeting the domestic market. Although the progress of FDA certification is not yet clear, NMPA certification has been obtained, and the product has begun commercial promotion. In the first half of 2025, sales of medical chips have reached tens of millions, successfully achieving commercial scale.
As public demand for health management increases, CGM products are transitioning from exclusive tools for diabetes patients to daily health management tools for healthy individuals, bringing broad application prospects for Tailin Micro’s medical chip business.
3. Automotive Electronics: Rapid Growth of the Digital Key Market
Automotive digital keys are important configurations for smart connected vehicles, with the assembly volume of passenger car digital keys in the Chinese market reaching 10 million units in 2024, a year-on-year increase of 54.52%, with a penetration rate of 47.51%. It is expected that by 2027, the domestic market penetration rate will exceed 75%.
Based on its own low-power Bluetooth chips and protocol stack, Tailin Micro has developed automotive digital key technology supporting multi-node high-precision positioning, which has been supplied in bulk to leading domestic car manufacturers. Its Bluetooth 6.0 + Channel Sounding technology achieves centimeter-level positioning accuracy, with costs only 1/3 of UWB, showing significant cost-performance advantages.
In the first half of 2025, the company’s automotive chip revenue grew by 150% year-on-year, with a market share of about 10%. With the rapid development of the smart car market and accelerated domestic substitution, this business is expected to become a new growth engine for the company.
Value Considerations for Ordinary Readers: How Does Tailin Micro Affect Our Lives?
1. Value for Investors
Tailin Micro’s stock performance and revenue growth provide good returns for investors. In the first half of 2025, the company is expected to see a year-on-year revenue growth of 37.72%, with net profit attributable to the parent expected to surge by 267.58%, with net profit margin increasing to 19.7%, significantly enhancing profitability.
The company invests over 20% of its revenue in R&D, far exceeding the industry average, and this high-intensity R&D investment enables the company to maintain a continuous technological lead. At the same time, the company’s product structure continues to optimize, with the sales proportion of high-margin products increasing, further enhancing profitability.
From a valuation perspective, Tailin Micro’s current market value is about 8.5 billion yuan, with a dynamic price-to-earnings ratio of 60 times, lower than the industry average of 80 times. If by the end of 2025, the revenue proportion of edge AI chips increases to 25%, net profit is expected to exceed 200 million yuan, corresponding to a PE of about 42 times, indicating a reasonable valuation range.
2. Value for Consumers
Tailin Micro’s technological innovations directly enhance the user experience of smart devices. For example, its low-power chips enable smart home devices to achieve ultra-long battery life, reducing the hassle of frequent battery replacements; multi-protocol compatible chips solve interconnectivity issues between devices from different brands, allowing consumers to freely combine various smart devices; edge AI chips enable devices to process data locally, resulting in faster response times and better privacy protection.
In the medical health field, Tailin Micro’s CGM chips support 24-hour continuous monitoring, capturing the user’s blood glucose trends throughout the day, identifying easily overlooked high blood sugar events and insulin resistance manifestations. This is an important health management tool for diabetes patients and health-conscious individuals.
3. Value for Industry Development
Tailin Micro’s technological innovations promote the standardization and integration of the IoT industry. Its multi-protocol compatible chips provide unified solutions for device manufacturers, reducing development costs and complexity; edge AI chips accelerate the integration of AI and IoT, promoting the development of edge intelligence.
In terms of domestic substitution, Tailin Micro has achieved import substitution in niche areas like Zigbee and Thread, and is expected to further squeeze the market share of international manufacturers. The company’s products have entered the supply chains of mainstream terminal brands like Xiaomi, Skyworth, and Sharp, accelerating the penetration of domestic chips into the high-end market.
Risks and Challenges: Can Tailin Micro Continue to Lead?
Despite the promising outlook for Tailin Micro, it still faces multiple challenges:
1. Intensifying Competition in the High-End Market
In the low-power Bluetooth chip sector, Tailin Micro has risen from fourth globally (10% market share in 2018) to second (12% market share in 2021), but still needs to compete with international giants like Nordic. At the same time, major manufacturers like Qualcomm and MediaTek are also accelerating their layout in the mid-to-low-end market, which may trigger price wars and impact the company’s profit margins.
2. Pressure from Technological Iteration
The rapid development of IoT and AI technologies requires the company to continuously invest in R&D to maintain its technological lead. In 2024, R&D expenses are expected to grow by 27.35%, with R&D expenses accounting for 26.06% of operating revenue. High-intensity R&D investment, while beneficial for long-term development, also increases short-term financial pressure.
3. High Customer Concentration
The revenue from the company’s top five customers accounts for 48%, indicating a high dependence on leading customers. If major customer orders decrease or shift to other suppliers, it may have a significant impact on the company’s performance.
4. Exchange Rate Fluctuation Risks
The company’s overseas revenue accounts for 40.54%, with over 60% settled in USD. In 2024, foreign exchange losses reached 20 million yuan, and exchange rate fluctuations may impact the company’s profits.
Conclusion: Connecting Everything, Intelligent Computing for the Future
Tailin Micro has grown from a startup to a listed company on the Sci-Tech Innovation Board, and now to an AIoT layout, showcasing the rise of Chinese chip companies. Through continuous technological innovation and strategic transformation, it has established a unique competitive advantage in the low-power wireless connection chip field and successfully expanded into high-growth areas like medical health and automotive electronics.
In the future, with the popularization of AIoT technology and accelerated domestic substitution, Tailin Micro is expected to continue maintaining high-speed growth. Its new products such as edge AI chips, automotive digital key chips, and medical CGM chips will open up broader market space for the company.
To summarize simply:
- Who is it: A company mainly engaged in the design of wireless IoT chips, with products covering smart homes, audio, automotive electronics, and medical health.
- How are the results: Over the past five years, performance has shifted from loss to profit, from trough to peak, showing a steady upward trend overall.
- Who is behind it: Led by Dr. Sheng Wenjun’s technical team, with a relatively concentrated equity structure, deeply tied to top clients like Apple and Google.
- Market performance: Stock price has risen from 25 yuan to 56 yuan, an increase of about 125%, with a dynamic price-to-earnings ratio of 66.91 times, at a reasonable level in the industry.
So the question arises: Can Tailin Micro continue to lead in the AIoT era? Will its new products like edge AI chips, automotive digital key chips, and medical CGM chips bring sustained growth? Feel free to leave your thoughts in the comments!
This article is for informational purposes only and does not constitute any investment advice.