Report date: 2026-09-13 | Price data: The latest trading day captured was September 11, 2026 (Friday) close; unless otherwise noted, all latest prices and technical indicators in the report are as of that close. Price levels of CNY 76–79 shown on some search pages were cached snapshots from different dates and were not used. | Sources: 30 | Report engine: v1 (v2 available)

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Close	70.17 (+0.13% on the day; -6.13% over 5 sessions; -7.08% over 20 sessions)
Market cap	CNY 40.35 billion
P/E (TTM)	n/a (loss-making)
P/B (MRQ)	3.12x (1th percentile over 5.2 years)
P/S (TTM)	10.53x (26th percentile over 5.2 years)
52-week range	64.55 (2026-07-30) – 144.9 (2026-05-14)
Moving averages	MA5 72.61 / MA10 73.28 / MA20 72.68 / MA60 75.85
MACD (12,26,9)	DIF -1.165, DEA -1.097, histogram -0.135
RSI	RSI6 35.6 / RSI14 42.2
Bollinger bands (20,2)	Upper 76.93 / middle 72.68 / lower 68.43
Volume	0.86x the 20-day average
One-week range (about 68% coverage)	65.55 – 76.14 (-6.6% ~ +8.5%)
One-week range (about 95% coverage)	62.21 – 82.6 (-11.3% ~ +17.7%)

As of the 2026-09-30 close; calculated from daily price data (adjusted prices) and refreshed automatically each trading day. The one-week range reflects historical volatility only and is not a forecast. The report below was written on 2026-09-13; its prices and short-term scenarios reflect data at that time.

Jiangsu Maxscend Microelectronics Co., Ltd. (300782)

Individual Stock Analysis Report | Industry: RF Front-End Chips | Report Date: September 13, 2026 | The latest trading day captured for this report is the close on 2026-09-11 (Friday); unless otherwise noted, all latest prices and technical indicators in this report are as of that day's close; price judgments in the RMB 76–79 range shown on some retrieved pages are identified as cached snapshots from different dates and have not been relied upon.

This report is automatically compiled and generated by AI based on public information; it is for reference only and does not constitute investment advice.

1. Core Summary

The most decision-relevant change at Maxscend is the rapid deterioration in profitability: in the first half of 2026, the company achieved operating revenue of RMB 1.810 billion, up 6.20% year-on-year, but net profit attributable to shareholders was a loss of RMB 371 million, with the loss widening by 151.53% year-on-year; the consolidated gross margin for the same period was approximately 16.4%, with the single-quarter gross margin in Q2 further declining to 14.7%. After net profit attributable to shareholders of RMB 1.122 billion in 2023, the company's net profit fell to RMB 402 million in 2024; in 2025, operating revenue fell to RMB 3.726 billion and net profit attributable to shareholders was a loss of RMB 293 million, shifting from profit to loss, and the current profitability inflection point has not yet been established.

The company's main business covers RF front-end discrete devices, modules, and low-power IoT processor chips. It is transitioning from a product-oriented to a platform-oriented company through the XinZhuo Semiconductor project, has established 6-inch and 12-inch wafer production lines, and the proportion of output from its own production lines is increasing quarter by quarter. In the first half of 2026, RF module business revenue was RMB 929 million, up 22.93% year-on-year, and domestic revenue was RMB 788 million, up 136.64% year-on-year, showing that modules and domestic business are providing support to revenue; however, the production lines are still in the investment phase, depreciation is significant, and combined with industry price competition, revenue growth has not yet translated into profit improvement.

The RF front-end industry in which the company operates has high customer and end-market concentration; in 2024, the top ten smartphone manufacturers together accounted for more than 90% of global shipments, and the company has covered mainstream Android brands among them. The company plans to expand capacity through a private placement, the relevant application has received registration approval from the CSRC, and it has established a strategic extension into the optical interconnect field. However, institutions have clear disagreements on the timing of profit recovery in 2026–2028, with some forecasting a return to profit in 2027 and others forecasting continued losses through 2028.

As of September 11, 2026, the company's share price closed at RMB 71.00, with a decline of approximately 27%–33% over the past 60 days; the price is below the main moving averages, the short-term moving averages are in a bearish alignment, and the technical picture is overall weak; PB is 3.15x, while static PE and TTM PE are both negative due to the company's losses, so traditional P/E ratios do not currently have effective reference significance. The intraday low near RMB 69.4 is a recent reference point, and there is technical pressure near RMB 74 and in the RMB 75.4–77.3 range, but these indicators are affected by timing and data-caliber differences and can only serve as observations of market conditions.

2. Company Overview

2.1 Basic Information

Item	Content
Stock Code	300782.SZ
Listing Board	ChiNext / Shenzhen
Full Company Name	Jiangsu Maxscend Microelectronics Co., Ltd.
Core Business Positioning	A leading domestic RF chip company, focused on the R&D, production, and sales of RF chips, mainly providing the market with RF switches, RF low-noise amplifiers, RF filters, RF power amplifiers, and other RF front-end discrete devices and various module products, while also providing low-power IoT processor chips
Main End Applications	Smartphones and other mobile intelligent terminal products; RF front-end and low-power Bluetooth microcontroller chip products are mainly used in multiple fields
Production Model and Lines	The XinZhuo Semiconductor industrialization project is an important long-term strategic layout for the company, transforming it from a product-oriented company into a platform-oriented one; it currently has two wafer production lines, 6-inch and 12-inch, both of which have achieved phased progress; the proportion of end-product output based on its own production lines is growing rapidly quarter by quarter
Strategic Extension Direction	Established a strategic extension into the optical interconnect field
2024 Operating Revenue	RMB 4,486,931,811.79 (approximately RMB 4.487 billion), up 2.48% year-on-year (prior-year period: RMB 4,378,236,624.12)
2025 Total Operating Revenue	RMB 3.726 billion
2022 Net Profit Change	Down 49.92% year-on-year, proposed dividend of RMB 1.7 per 10 shares
Private Placement Matter	Plans to raise funds through the 2025 issuance of A-shares to specific targets to expand capacity; the relevant prospectus (revised draft/registration draft) has been disclosed

2.2 Main Business and Product Layout

RF front-end discrete devices: RF switches, RF low-noise amplifiers, RF filters, RF power amplifiers
RF front-end module products
Low-power IoT processor chips (low-power Bluetooth microcontroller chips)
Own production line manufacturing (XinZhuo Semiconductor industrialization project, 6-inch and 12-inch wafer production lines)

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

Maxscend is positioned in the mid-to-upper design + manufacturing segment of the RF front-end chip industry chain, with products directly serving smartphone and other mobile terminal manufacturers. The company is transforming from a product-oriented company to a platform-oriented company, advancing industry chain integration through XinZhuo Semiconductor's self-built 6-inch/12-inch wafer production lines, but it is still in the project investment phase, with relatively large short-term depreciation and pressure on profitability. The following data all come from the research notes; fields that do not appear are marked as missing as appropriate.

The research notes do not disclose specific raw material composition, supplier names, or supplier concentration data; this part of the data is missing.
From the nature of the business, as an RF front-end chip design and manufacturing company, its costs mainly consist of wafer foundry/own production line depreciation, packaging and testing, and investments related to filter manufacturing processes (such as MAX-SAW), but the research notes do not provide a quantitative cost breakdown, so specific proportions cannot be listed for now.
The company is building 6-inch and 12-inch wafer production lines through the XinZhuo Semiconductor industrialization project, transforming from product-oriented to platform-oriented in order to advance industry chain integration and build independent development capability and core competitiveness, but the project is still in the investment phase, with relatively large short-term depreciation.
The research notes do not disclose direct evidence of whether the company has pricing power over upstream suppliers; this judgment data is missing.
The company's RF front-end products are mainly used in smartphones and other mobile intelligent terminal products, and the target end market is relatively highly concentrated.
In 2024, the top ten smartphone manufacturers' shipments accounted for more than 90% of global market share, and the company's customers have covered mainstream Android brands among these manufacturers.
The 2024 annual report disclosed: the proportion of related-party sales in the sales amount to the top five customers as a percentage of annual total sales was 0.00% (that is, there were no related-party sales among the top five customers), but the research notes do not give the specific proportion of the top five customers combined in total sales; this concentration figure is missing.
The company is at the forefront of technological innovation; only by accelerating the industrialization of R&D achievements can it obtain a relatively high level of profit. Industry competition is fierce, and it needs to build barriers through breakthroughs in high-value-added product technology capability, product upgrades and iterations, product matrix adjustments, and industry chain integration strategies.
Working capital-related clues available in the research notes: in 2017, the company's net cash flow from operating activities was RMB 129 million, while net profit for the same period was RMB 169 million, with a difference of -RMB 40.8776 million, mainly due to increases in inventory and accounts receivable caused by rapid business expansion; the 2024 annual report disclosed that the proportion of related-party sales in the sales amount to the top five customers as a percentage of annual total sales was 0.00%. The research notes do not fully provide specific working capital occupation data such as accounts receivable turnover days, accounts receivable as a proportion of revenue or net profit, or prepayments/accounts payable; this part of the data is missing, and it is impossible to quantitatively judge the company's bargaining position in the industry chain based on it.
Customer-side concentration: in 2024, the top ten smartphone manufacturers' shipments accounted for more than 90% of global market share, and the company's customers have covered mainstream Android brands among these manufacturers (source: 2025 issuance of shares to specific targets prospectus revised draft/listing sponsorship letter, updated with the 2025 semi-annual report); the 2024 annual report disclosed that the proportion of related-party sales in the sales amount to the top five customers as a percentage of annual total sales was 0.00%, but it did not give the specific value of the top five customers' combined proportion; this value is missing. Supply-side concentration: the research notes do not disclose supplier concentration data. The above customer structure data sources are the 2024 annual report and 2025 semi-annual report-related announcements; specifics should be based on the latest annual report.

Year	Gross Margin	Net Margin	Brief Explanation
2017	Data missing	Data missing	The research notes only disclose 2017 net cash flow from operating activities of RMB 129 million, net profit of RMB 169 million, and the reason for the difference (rapid business expansion leading to increases in inventory and accounts receivable), without giving gross margin/net margin values.
2022	Data missing	Data missing (net profit down 49.92% year-on-year)	The research notes disclose that 2022 net profit fell 49.92% year-on-year, with a proposed dividend of RMB 1.7 per 10 shares, but do not give the specific gross margin or net margin values for that year.
2024	Data missing	Data missing	2024 operating revenue was RMB 4.487 billion, up 2.48% year-on-year; the research report title mentions "relatively large short-term depreciation" and "short-term profitability under pressure," pointing to depreciation during the XinZhuo production line investment phase dragging on profit, but the research notes do not give specific gross margin/net margin values.
2025	Data missing	Data missing	2025 total operating revenue was RMB 3.726 billion; the research report mentions "short-term profitability under pressure, plans to expand capacity through private placement," but the research notes do not give specific gross margin/net margin values for that year.

Maxscend is positioned in the upper-middle chip design and manufacturing segment of the smile curve and is attempting to extend toward platformization and industry chain integration through XinZhuo Semiconductor's self-built 6-inch/12-inch production lines to increase added value; however, it is still in the production line investment phase, with relatively large short-term depreciation and pressure on profitability. Regarding the drivers of gross margin/net margin improvement, the research notes point to: breakthroughs in high-value-added product technology capability, product upgrades and iteration, product matrix adjustments, industry chain integration (increasing the share of output from own production lines), as well as high-end module volume ramp-up and the self-controllability trend; not the vague phrase "fierce industry competition." It should be noted that the research notes do not provide specific gross margin/net margin values, so the above trends cannot be quantitatively verified.

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Reporting Period	Operating Revenue	YoY	Net Profit Attributable to Shareholders	YoY
2026 Semi-Annual Report (1H26)	RMB 1.810 billion	+6.20%	-RMB 371 million	Loss widened by 151.53% (prior-year period: -RMB 147 million)
1H26 Non-GAAP Net Profit Attributable to Shareholders	Non-GAAP revenue not separately disclosed	Data missing	-RMB 371 million	Loss widened by 144.76%
1Q26 (Q1 2026)	Approximately RMB 828 million	The research notes only mention that hx168 showed revenue up approximately +9.x% year-on-year, without giving an exact YoY figure	Approximately -RMB 144/-145 million	The research notes do not provide,
2Q26 (Q2 2026)	RMB 982 million	The research notes do not provide	Approximately -RMB 226 million	The research notes do not provide
FY2025	RMB 3.726 billion	-16.96%	-RMB 293 million	-172.89% (turned from profit to loss)
FY2024	RMB 4.487 billion	+2.48%	RMB 402 million	-64.20%
FY2023	RMB 4.378 billion	The research notes do not provide	RMB 1.122 billion	The research notes do not provide

Data source: Company official disclosures and reprints by multiple media outlets (East Money/CS.com.cn, Stockstar, Yicai, AAStocks, Jiemian, China Securities Journal, Sina Finance, etc.). Caliber notes: 1) The company's 2026 semi-annual report disclosure date is 2026-08-25/26; 2) The FY2024 annual report disclosure date is 2025-03-30/31; the FY2025 annual report disclosure date is 2026-04-27/28; 3) FY2024 non-GAAP net profit was RMB 364 million, basic EPS RMB 0.7522, gross margin 39.49%, ROE approximately 3.94%, net operating cash flow RMB 80.281 million, R&D investment RMB 997 million (22.22% of revenue), asset-liability ratio 28.33%; 4) FY2025 non-GAAP net profit was -RMB 348 million, no cash dividend; 5) 1H26 consolidated gross margin was approximately 16.4%, of which 2Q26 single-quarter gross margin was 14.7% (down approximately 12.3 pct year-on-year and down approximately 3.8 pct quarter-on-quarter); 6) Segment/regional: 1H26 RF module business revenue was RMB 929 million (up 22.93% year-on-year), domestic revenue was RMB 788 million (up 136.64% year-on-year), and the overseas share fell from 73% in FY2025 to approximately 56%; 7) The company did not pay cash dividends or make bonus share conversions in 1H26; 8) hx168 F10 showed 1Q26 earnings per share of -RMB 0.27, net assets per share of RMB 18.17, and ROE -1.47%; 9) Caliber difference note: the FY2024 earnings flash report released on 2025-02-21 disclosed revenue of RMB 4.491 billion and net profit attributable to shareholders of RMB 432 million (-61.52%), higher than the final annual report figure of RMB 402 million; citations should preferably use the annual report; 10) FY2024 earnings forecast (2025-01-17) net profit attributable to shareholders of RMB 380–493 million; FY2025 earnings forecast net profit attributable to shareholders of -RMB 295–255 million, with the actual -RMB 293 million falling within the range. Some quarterly YoY data were not provided in the research notes.

In the first half of 2026, Maxscend showed a pattern of "higher revenue without higher profit, with losses widening": 1H26 revenue was RMB 1.810 billion (up 6.20% year-on-year), but net profit attributable to shareholders was -RMB 371 million, with the loss widening by 151.53% from -RMB 147 million in the prior-year period, and the non-GAAP loss widening by 144.76%. Growth in the RF module business (revenue of RMB 929 million, up 22.93% year-on-year) and domestic business (revenue of RMB 788 million, up 136.64% year-on-year) drove improvement on the revenue side, but failed to reverse the loss. The core reason for the swing to loss was the continued sharp decline in gross margin: from 39.49% in FY2024 to 25.67% in FY2025 (East Money operating analysis caliber), then to approximately 16.4% in 1H26 (2Q26 single quarter only 14.7%, down approximately 12.3 pct year-on-year and down approximately 3.8 pct quarter-on-quarter). By quarter, the 1H26 loss mainly came from Q2 (net profit attributable to shareholders approximately -RMB 226 million, revenue RMB 982 million), while the Q1 loss was approximately RMB 144–145 million (revenue approximately RMB 828 million). Looking back over the past three full years, the company's performance has continued to decline after peaking in FY2023 (revenue RMB 4.378 billion, net profit attributable to shareholders RMB 1.122 billion): FY2024 net profit attributable to shareholders was RMB 402 million (down 64.20% year-on-year), and FY2025 turned from profit to loss at -RMB 293 million (down 172.89% year-on-year); FY2025 quarterly losses were approximately -RMB 144 million in Q1, -RMB 147 million in H1, -RMB 23 million in Q3, and -RMB 122 million in Q4. The overseas share for full-year 2025 fell from 73% to approximately 56% in 1H26, with the business structure clearly tilting toward domestic. Overall, the company is in a transitional pain period combining the investment phase of Fab-Lite self-built production lines and industry price competition; there are already signs of improvement on the revenue side, but the profitability inflection point has not yet been established.

3.2 Profit Forecasts

Institutional profit forecast sources (concentrated updates in August 2026): Soochow Securities Chen Haijin (2026-08-28), Nomura Orient International Dai Jie (2026-08-27, target price RMB 78.40), Ping An Securities Yang Zhong (2026-08-27, rating "Recommended," no target price), China Galaxy Gao Feng (2026-08-28, rating "Recommended," no target price), Huatai Securities Guo Longfei/Zhang Haoyi (2026-08-26/28, rating "Buy," target price ≤ RMB 100.15), BOCOM International Wang Dawei/Tong Yufeng (2026-09-02, lowered target price to RMB 78, maintained "Neutral," corresponding to 2026/27/28 revenue of RMB 3.92/4.45/5.00 billion, gross margin 16.4%/18.8%/19.9%, target price based on 10x 2027 PS), Founder Securities Ma Tianyi (2026-06-02, 2026 -RMB 375 million, "Strong Buy"), China Post Securities Wan Wei/Wu Wenji (2026-01-23, involving 2025/26/27 revenue forecasts, but the specific figures were not fully given in the research notes). Note: the research notes do not provide EPS forecasts or net profit growth forecasts for 2026-2028 from each institution; several institutions only gave 2026 single-year forecasts and did not give 2027/2028 forecasts.

Year	Operating Revenue	Net Profit Attributable to Shareholders	Net Profit Growth	Earnings Per Share (EPS)
2026E	The research notes do not provide a consensus revenue forecast from most institutions; BOCOM International forecasts approximately RMB 3.92 billion	Institutional forecasts vary widely: Soochow Securities -RMB 253 million, Nomura Orient International -RMB 582 million, Ping An Securities -RMB 355 million, China Galaxy -RMB 139 million, Huatai Securities -RMB 692 million, BOCOM International -RMB 613 million, Founder Securities -RMB 375 million	The research notes do not provide	The research notes do not provide
2027E	BOCOM International forecasts approximately RMB 4.45 billion	Soochow Securities +RMB 86 million, Nomura Orient International -RMB 129 million, Ping An Securities +RMB 97 million, China Galaxy -RMB 50 million, BOCOM International -RMB 332 million	The research notes do not provide	The research notes do not provide
2028E	BOCOM International forecasts approximately RMB 5.00 billion	Soochow Securities +RMB 250 million, Nomura Orient International +RMB 180 million, Ping An Securities +RMB 373 million, China Galaxy +RMB 54 million, BOCOM International -RMB 230 million	The research notes do not provide	The research notes do not provide
FY2025A (comparison)	RMB 3.726 billion	-RMB 293 million	-172.89%	The research notes do not provide

3.3 Valuation Level and Institutional Ratings

Institution	Rating	Date	Remarks
Soochow Securities (Chen Haijin)	Rating not clearly stated in the research notes	2026-08-28	Forecast 2026/27/28 net profit attributable to shareholders of -RMB 253 million/+RMB 86 million/+RMB 250 million
Nomura Orient International (Dai Jie)	Rating not clearly stated in the research notes	2026-08-27	Target price RMB 78.40; forecast 2026/27/28 net profit attributable to shareholders of -RMB 582 million/-RMB 129 million/+RMB 180 million
Ping An Securities (Yang Zhong)	Recommended	2026-08-27	No target price; forecast 2026/27/28 net profit attributable to shareholders of -RMB 355 million/+RMB 97 million/+RMB 373 million
China Galaxy (Gao Feng)	Recommended	2026-08-28	No target price; forecast 2026/27/28 net profit attributable to shareholders of -RMB 139 million/-RMB 50 million/+RMB 54 million
Huatai Securities (Guo Longfei/Zhang Haoyi)	Buy	2026-08-26/28	Target price ≤ RMB 100.15; 2026 forecast net profit attributable to shareholders of -RMB 692 million
BOCOM International (Wang Dawei/Tong Yufeng)	Neutral	2026-09-02	Lowered target price to RMB 78; forecast 2026/27/28 net profit attributable to shareholders of -RMB 613 million/-RMB 332 million/-RMB 230 million, corresponding to revenue of RMB 3.92/4.45/5.00 billion, target price based on 10x 2027 PS
Founder Securities (Ma Tianyi)	Strong Buy	2026-06-02	2026 forecast net profit attributable to shareholders of -RMB 375 million
China Post Securities (Wan Wei/Wu Wenji)	Rating not provided in the research notes	2026-01-23	Involves 2025/26/27 revenue forecasts; specific figures were not fully given in the research notes

Valuation-related information available in the research notes is limited: Nomura Orient International gave a target price of RMB 78.40 (2026-08-27), Huatai Securities gave a target price of no more than RMB 100.15 (2026-08-26/28, rating "Buy"), and BOCOM International lowered its target price to RMB 78 and maintained "Neutral" (2026-09-02, target price based on 10x 2027 PS valuation). Institutional profit forecasts diverge significantly: for 2026 net profit attributable to shareholders, the optimistic case (China Galaxy -RMB 139 million) and the pessimistic case (Huatai Securities -RMB 692 million) differ by more than RMB 500 million; regarding the profitability inflection point, Soochow Securities and Ping An Securities expect a return to positive as early as 2027 (+RMB 86 million and +RMB 97 million, respectively), China Galaxy expects a return to positive in 2028 (+RMB 54 million), while BOCOM International and Nomura Orient International expect continued losses in 2027-2028. The research notes do not provide specific data on the current share price, market capitalization, PE/PB, or other valuation multiples (except for BOCOM International's PS valuation method), nor do they provide the company's own historical valuation range, so a complete valuation-level assessment cannot be performed. The company is currently loss-making, traditional PE valuation is ineffective, and the 10x 2027 PS valuation method used by BOCOM International and the corresponding target price of RMB 78 can serve as a reference. It should be noted that the company's gross margin is still declining (approximately 16.4% in 1H26, 14.7% in 2Q26 single quarter), and the profitability inflection point has not yet been established, so valuation judgments should be cautious.

4. Recent News and Announcements

4.1 2025 Annual Earnings Forecast: Expected Net Loss of RMB 255 Million to RMB 295 Million, Turning to Loss Year-on-Year

Maxscend released its 2025 annual earnings forecast, expecting 2025 net profit attributable to shareholders to decline by 173.41%-163.46% year-on-year, and expecting a 2025 net loss attributable to shareholders of RMB 255 million to RMB 295 million, turning to loss year-on-year. Related reports mentioned consecutive declines in gross margin combined with high depreciation.

4.2 2025 Annual Shareholders' Meeting Resolution Announcement: Seven Proposals Reviewed and Approved

Maxscend held its 2025 annual shareholders' meeting, at which seven proposals were reviewed and approved, with multiple proposals receiving approval rates exceeding 99%.

4.3 Application for Private Placement of Shares Receives CSRC Registration Approval

Maxscend's application for a private placement of shares received registration approval from the CSRC.

4.4 Announcement on Adjusting Matters Related to the 2026 Restricted Stock Incentive Plan

Maxscend issued an announcement on adjusting matters related to the 2026 restricted stock incentive plan, and disclosed the legal opinion of Shanghai Landi Law Firm on the adjustment of the incentive plan and the grant of restricted stock, as well as the resolution announcement of the 18th meeting of the third board of directors.

4.5 Announcement on Granting Restricted Stock to Incentive Recipients Under the 2026 Restricted Stock Incentive Plan

Maxscend issued an announcement on granting restricted stock to incentive recipients under the 2026 restricted stock incentive plan.

4.6 Announcement on the Company Filing a Lawsuit

Maxscend issued an announcement on the company filing a lawsuit.

4.7 2025 Annual Report: Invalidity Declaration Proceedings Initiated for Three South Korean Patents Involved and Four Domestic Patents Involved

Maxscend's 2025 annual report shows that during the reporting period, the company had initiated invalidity declaration proceedings for three South Korean patents involved, and had initiated invalidity declaration proceedings with the intellectual property authorities for four domestic patents involved.

5. Share Price Trend and Technical Analysis

5.1 Price Overview

Indicator	Value
Closing Price	RMB 71.00, down RMB 1.02, decline -1.42%
Open/High/Low/Previous Close	72.05 / 72.99 / 69.43 / RMB 72.02
Amplitude	4.94%
Volume/Turnover/Volume Ratio	82,300 lots (approximately 8.23 million shares) / RMB 583 million / 0.83
Turnover Rate	1.79%
Total Share Capital/Circulating Share Capital	575 million shares / 459 million shares
Total Market Cap/Circulating Market Cap	RMB 40.824 billion / RMB 32.558 billion
Net Assets Per Share/Price-to-Book (PB)	RMB 22.5206 / 3.15
P/E Ratio	Static PE -139.39; PE(TTM) -79.08 (negative values; the company's net profit has been loss-making over the past four quarters, 2026 interim net profit -RMB 371 million, with the year-on-year loss widening; TTM PE figures from different financial sources are dispersed (-60.01/-79.08/-86.20) due to different calibers and cache dates, all pointing to losses, and are not precisely relied upon)
52-Week Range	RMB 64.55 ~ RMB 144.90 (the specific dates of the 52-week high/low could not be reliably located and inferences from a single source were not relied upon)
Price Change Statistics	Down 13.40% year-to-date (09-11 early trading 09:50 caliber), -1.29% over the past 5 days, -10.54% over the past 20 days, -33.50% over the past 60 days (09-10 calibers were -11.13%, -0.66%, -8.28%, -27.44%, respectively; note differences between intraday and closing calibers)
Sector/Industry	Semiconductor sector -2.03% on the day; 09-11 semiconductor industry PE(TTM) average 329.72, at a relatively high level over the past 3 years, with overall industry valuation on the high side

5.2 Technical Indicators

Indicator	Value	Brief Interpretation
Moving Averages (MA5/MA10/MA20/MA50/MA100/MA200)	MA5≈72.76; MA10≈73.03; MA20≈73.85; MA50≈75.76; MA100≈77.26; MA200≈75.55 (simple moving averages, investing.com reading dated 2026-09-04, about one week lagged, for directional reference only)	Short-term moving averages (5/10/20) are below medium- and long-term moving averages, and the price is below all major moving averages, showing a bearish moving average alignment; Jiufang Zhitou noted a moving average death triangle on September 3, consistent with the bearish pattern
EMA5/EMA10/EMA20	EMA5≈72.40; EMA10≈72.98; EMA20≈73.95 (investing.com, 2026-09-04 caliber)	EMAs also show short-term below long-term alignment, verifying the weak short-term setup, but the readings lag by about one week and are for reference only
MACD(12,26)	-0.94, signal "Sell" (investing, 09-04 caliber); East Money Qian Gu Qian Ping on 09-11 showed "MACD currently shows no obvious signal"	The 09-04 caliber was bearish; the 09-11 East Money caliber turned to no obvious signal, reflecting indicator钝化 after consecutive declines; the two differ in caliber and timing
RSI(14)	29.53, "Sell" (investing, 09-04 caliber, close to oversold zone); East Money Qian Gu Qian Ping on 09-11 showed "RSI currently shows no obvious signal"	On 09-04 it was close to oversold, consistent with the subsequent rebounds on 09-07/09-09; on 09-11 East Money showed no obvious signal, and the oversold repair momentum had been partially released
Other Oscillators (09-04 caliber)	STOCHRSI(14)=0 (oversold), Williams %R=-89.4 (oversold), CCI(14)=-266 (oversold)	One week earlier, it was clearly in an oversold state, a reading from the oversold zone before the rebound
ADX(14) / ATR(14)	ADX(14) 33.5 (trend strength relatively strong); ATR(14) 0.9843	The relatively high ADX shows the current downtrend is relatively strong; ATR of approximately RMB 0.98 reflects a reference for intraday volatility
Bollinger Bands (BOLL)	No clear upper/lower band values were obtained; East Money Qian Gu Qian Ping on 09-11 showed "BOLL currently shows no obvious signal." MA20 (approximately 73.85 on 09-04, estimated 73~74 around 09-11) can be used as an approximate middle-band reference	This is an MA20 middle-band approximation, not the official BOLL middle band; please mark it as an estimate; reliable upper/lower band support and resistance levels cannot be given based on this
Composite Technical Signals	investing same-day "Moving Average Index = Strong Sell (Buy 0/Sell 12), Technical Indicators = Strong Sell (Buy 0/Neutral 1/Sell 7)"; TradingView summary "Moving Averages = Strong Sell, Oscillators = Neutral"	Most ratings are from 09-04 or earlier calibers, and indicators are prone to distortion after consecutive declines; for qualitative reference only
Pivot Points (classic, 09-04 caliber)	S3 69.58 / S2 70.79 / S1 71.43 / P 72.64 / R1 73.28 / R2 74.49 / R3 75.13	The pivot support/resistance range overlaps with the dense moving average zone and can serve as a reference for key short-term levels
East Money Qian Gu Qian Ping Qualitative	Composite score 56.03 (beating 16.54% of the whole market), institutional participation 31.86% (moderate control), latest 1-day main force cost RMB 70.83, latest 20-day main force cost RMB 76.24; "recent news flow is average, main funds show signs of outflow, short-term shows a choppy trend"; next-day rise probability 53.91% (historical sample statistics, not a forecast)	The 20-day main force cost (RMB 76.24) is clearly higher than the day's closing price, indicating that most recently entered funds are at a floating loss
Other Platform Pattern Alerts	Jiufang Zhitou (09-11): a "pouring rain" candlestick combination appeared on 09-10, resistance price RMB 77.25; on 09-09 it noted a long-short dividing point of RMB 75.40; after the 09-03 "bear point," short-term weakness	Candlestick patterns and bear point alerts both point to short-term weakness, with resistance concentrated in the RMB 75.4~77.3 range

Maxscend (300782) closed at RMB 71.00 as of 2026-09-11, down 1.42%, with an intraday low of RMB 69.43 marking a recent new low. Since September, it has shown weak choppy trading with "progressively lower highs and repeated failed rallies": on 09-01 it broke down with heavy volume to RMB 75.52, on 09-09 it rebounded to the day's high of RMB 77.25 before falling back quickly, and on 09-11 it hit a new intraday low before narrowing. The 60-day decline was approximately -27% to -33%, with a significant medium-term downtrend (in mid-July 2026 the share price was still in the RMB 94–100 range). Technically, the picture is broadly bearish: the price is below all major moving averages, the 5/10/20-day moving averages are below the medium- and long-term moving averages and a moving average death triangle has appeared, and both MACD and RSI (09-04 caliber) are sell signals; on 09-04 RSI was close to the oversold zone and was accompanied by multiple rebounds, but none of the rebounds managed to stand above the RMB 77.25 resistance. Fundamental valuation metrics are distorted — PE(TTM) is negative (2026 interim net profit -RMB 371 million, with the year-on-year loss widening), and PB is 3.15x. Fund-flow calibers differ considerably: margin financing balance is stable at the RMB 1.6 billion level (as of 09-10 it was RMB 1.648 billion, 4.99% of circulating market cap), but main fund directions conflict across different data providers and can only be used for qualitative reference; on 09-07 there were 8 block trades totaling RMB 114 million, with a transaction price of RMB 67.19 at an 8.83% discount to that day's close, suggesting some short-term supply pressure. The shareholder structure (2026-06-30 reporting period, announcement date 2026-08-26, with about a one-quarter lag) shows that the top ten circulating shareholders are mainly founders/concerted action parties, individuals, and PE/venture capital types; no mainstream public funds/social security/QFII appear in the top ten, and the only institutional feature is Hong Kong Central Clearing (Northbound). Overall, the short-term technical picture is weak and the medium-term trend is downward; key attention should be paid to the battle around the RMB 69.4 support and RMB 74 resistance, and whether trading volume can expand in support.

5.3 Short-Term Trend Outlook (Next Week, Scenario Analysis, for Reference Only)

6. Industry Landscape and Competitor Analysis

6.1 Industry Status

The industry in which the company operates is the RF front-end chip industry, with products mainly serving smartphones and other mobile intelligent terminals. In 2024, the top ten smartphone manufacturers' shipments accounted for more than 90% of global market share, indicating high end-market concentration. Industry competition is fierce; companies at the forefront of technological innovation must accelerate the industrialization of R&D achievements to obtain relatively high profit levels. The company needs to build barriers through high-value-added product technology breakthroughs, product upgrades and iteration, and industry chain integration strategies, so as to stand out from fierce international competition and gradually approach industry-leading companies.

6.2 Competitive Landscape

Highly concentrated end market: in 2024, the top ten smartphone manufacturers' shipments accounted for more than 90% of global market share, and the company's customers have covered mainstream Android brands among them.
Fierce and internationalized competition: the company stated in its annual report that it needs to stand out from fierce international competition and gradually approach industry-leading companies.
Competitive factors: breakthroughs in high-value-added product technology capability, speed of product upgrades and iteration, efficiency of product matrix adjustments, and industry chain integration strategies.
Self-controllability trend: research institutions are optimistic about self-controllability and high-end module volume ramp-up, and the company is advancing platform transformation through self-built 6-inch/12-inch production lines.
Short-term pressure: the XinZhuo industrialization project is still in the investment phase, depreciation is significant, and short-term profitability is under pressure; the company plans to expand capacity through a private placement.
Strategic extension: the company has established a strategic extension into the optical interconnect field.
The research notes do not disclose quantitative data such as overall industry market size, growth rate, or localization rate; this part of the data is missing.

6.3 Main Competitors

Company	Positioning	Explanation
Maxscend (300782.SZ)	A leading domestic RF chip company, a supplier of RF front-end discrete devices and modules, transforming into a platform-oriented company through self-built 6-inch/12-inch production lines	2024 revenue RMB 4.487 billion (+2.48%), 2025 revenue RMB 3.726 billion; 2022 net profit down 49.92% year-on-year; short-term profitability under pressure due to depreciation, plans to expand capacity through private placement; end customers cover mainstream Android brands. The research notes do not provide specific names or financial data of comparable companies in the same industry, so horizontal quantitative comparison cannot be performed.
Industry-leading companies (not named in the research notes)	Leading companies in the international RF front-end industry	The company's annual report mentions the need to "gradually approach industry-leading companies," but the research notes do not disclose specific benchmark company names, market share, or financial data; this comparison data is missing.
Comparable companies in the same industry	Not disclosed in the research notes	Although the research notes mention the need to study competitors, they ultimately do not list specific competitor names, business positioning, or comparative financial indicators; this part of the data is missing.

The research notes do not provide quantitative comparison data between Maxscend and specific comparable companies in the same industry across dimensions such as gross margin, net margin, revenue scale, or market share, so horizontal comparison cannot be performed. The only confirmable qualitative differences are: Maxscend is a leading domestic RF chip company, its customers cover mainstream Android brands, and it is advancing platformization and self-controllability through self-built production lines, but it is currently in the production line investment phase with short-term pressure on profitability, and its goal is to benchmark against and gradually approach international industry-leading companies. Comparable company benchmarking analysis can only be completed after supplementing with the latest annual report and peer announcement data.

7. Risk Warnings

Risk of continued profitability deterioration: the company's 1H26 net profit attributable to shareholders was a loss of RMB 371 million, with the year-on-year loss widening by 151.53%, and the Q2 single-quarter loss was approximately RMB 226 million; if gross margin continues to decline, the company's loss may further widen.
Gross margin and price competition risk: the company's consolidated gross margin has fallen from 39.49% in 2024 to 25.67% in 2025, approximately 16.4% in 1H26, and only 14.7% in the Q2 single quarter; competition in the RF front-end industry is fierce, and changes in product prices or product mix may continue to compress profit space.
Self-built production line investment and depreciation risk: the XinZhuo Semiconductor project is still in the investment phase, and the company simultaneously has 6-inch and 12-inch wafer production lines, with relatively large short-term depreciation; if capacity ramp-up, yield, or utilization falls short of expectations, the new fixed costs may continue to drag on profit.
End-market and customer concentration risk: the company's RF front-end products are mainly oriented toward smartphones and other mobile intelligent terminals, and in 2024 the top ten smartphone manufacturers accounted for more than 90% of global shipments; changes in downstream phone demand, customer procurement pace, or supply chain share among mainstream Android brands may materially affect the company's revenue.
Private placement capacity expansion and fund use risk: the company's private placement application has received registration approval and is intended to expand capacity; if the fundraising project construction progress, capacity release, or market demand falls short of expectations, capital expenditure and depreciation may increase while revenue and cash returns fail to improve in tandem.
Uncertainty risk regarding the profitability inflection point: institutional forecasts for the company's 2026 net profit attributable to shareholders range from a loss of RMB 139 million to a loss of RMB 692 million, and there are clear differences on when it will turn positive in 2027–2028; under the company's current loss-making state, PE is negative, and valuation is relatively sensitive to assumptions about profit recovery.
Technology and patent litigation risk: the company has initiated invalidity declaration proceedings for three South Korean patents involved and four domestic patents involved, and has disclosed the matter of the company filing a lawsuit; if related patent disputes affect product sales, customer introduction, or R&D industrialization, they may adversely affect operations.
Share price and trading volatility risk: as of September 11, 2026, the share price was RMB 71.00, down approximately 27%–33% over the past 60 days, below the main moving averages, and a discounted block trade occurred on September 7; if fundamental repair falls short of expectations, technical weakness and funding supply pressure may intensify share price volatility.

8. Conclusion and Outlook

Maxscend's medium- to long-term growth logic mainly comes from RF front-end product upgrades, high-end module volume ramp-up, an increasing share of output from its own wafer production lines, and industry chain integration. RF modules and domestic business have already shown some growth elasticity, and the private placement capacity expansion will help advance platformization and self-controllable layout; if breakthroughs in high-value-added product technology, product matrix adjustments, and improvements in production line utilization efficiency occur, revenue growth is expected to gradually transmit into profit repair.

However, the company is still in a transition stage where revenue improvement and profit deterioration coexist. Gross margin fell from 39.49% in 2024 to 25.67% in 2025, and further to approximately 16.4% in the first half of 2026; the suppression of profit by depreciation and price competition has not yet been eliminated. Follow-up focus includes whether gross margin can stop falling, whether module business growth can continue, whether its own production lines can improve the cost structure, capacity utilization efficiency after the private placement funds are invested, and whether the company can achieve stable profitability from a loss-making state; before these factors become clear, institutional judgments on the profitability inflection point will still carry considerable uncertainty.

Data Sources

Reports are generated by AI from public online information and may contain errors or outdated information. They are for research only, not investment advice. Verify material facts against company filings and authoritative sources.