Empyrean Technology
ConvictionContext
Licenses and subscriptions for EDA software tools (analog/mixed-signal design + verification, digital design, flat-panel/memory flows) plus IP and engineering services; state-linked (controlled by China Electronics Corporation since Dec 2024).
Revenue
CN¥1.35B TTM~US$188M); FY2025 CN¥1.325B (~US$185MRev growth
+8.4% FY2025RMB); +13.0% H1 2025Gross margin
~89%FY2025; reverified — industry-reported 89.25%, typical for EDA software licensingOp margin
near breakeven / thinFY2025 net margin ~4.6% on CN¥60.98M net income; TTM net income negative; FY2025 ex-non-recurring net income was a loss of -CN¥9.8MCapex intensity
lowasset-light software; capex not separately broken out hereMarket cap
~US$8.9BCN¥63.93B, SZSE:301269, Jul 7 2026The read
Where our coverage leans
Coverage leans bearish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
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