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RIGOL Technologies Co., Ltd.
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RIGOL Technologies Co., Ltd.

RIGOL

RIGOL Technologies Co., Ltd. is a Chinese electronic test and measurement company that designs, builds and services instruments under one global brand, RIGOL. It began in 1998, when three engineering graduates started developing measurement equipment in a rented room in Beijing; the group is now headquartered at No. 8 Keling Road in the Suzhou High-tech District of Jiangsu Province and employs roughly 700 people. It is listed on the Shanghai Stock Exchange STAR Market as 688337, and after a Hong Kong listing in July 2026 it became the first Chinese electronic test and measurement company with a dual A+H capital platform.

RIGOL matters because of where it sits in the global instrument industry. It is one of very few companies worldwide to have commercialised both high-end and high-resolution digital oscilloscopes on its own silicon, and it is China's leading oscilloscope vendor by sales value. Its 2023 DS80000 series was the first Chinese real-time oscilloscope to reach 13 GHz analog bandwidth, and in April 2026 the Aquila ASIC chipset and DHO50000 series lifted that to 16 GHz with 40 GSa/s sampling on every channel, competing in brackets long owned by American, European and Japanese incumbents.

The portfolio goes well beyond oscilloscopes: arbitrary waveform and function generators to 5 GHz, real-time spectrum analyzers in the RSA6000 family, DNA5000 and DNA6000 vector network analyzers, RF signal generators, high-precision programmable DC power supplies and electronic loads, bench multimeters, data acquisition systems, and modular PXI platforms including the SUA8000 and SPQ array measurement and control systems. Around that hardware it sells application packages combining instruments, software and integration for communications, semiconductor, new energy and education customers.

Manufacturing is owned rather than contracted out. RIGOL runs a Suzhou production centre in China that has been in mass production since 2018 with eighteen assembly lines, two PCBA lines and two SMT lines, plus a plant in Penang, Malaysia, opened in 2024 as its first factory outside China. The deeper distinction is vertical reach into silicon: RIGOL designs its own analog front-end ASIC chipsets in house, from Phoenix in 2017 through Centaurus (native 12-bit resolution, 2022) and Andromeda (13 GHz, 2023) to Aquila (16 GHz, 2026).

Commercially it is a global exporter with Chinese roots. Its instruments reach more than 90 countries and regions and over 100,000 customers, supported by subsidiaries in the United States, Germany, Japan, South Korea, Singapore and Malaysia, Chinese entities in Beijing, Shanghai and Xi'an, and five R&D centres in China. Overseas sales produced about 36 percent of FY2025 revenue, sold largely through distributors backed by direct sales teams.

Financially it is a mid-sized specialist with a research-heavy cost base. FY2025 revenue was RMB 900.2 million (about USD 125 million), up 16.04 percent, while net profit eased to RMB 86.1 million as high-bandwidth chip development and the Malaysian plant ramp absorbed margin. R&D took roughly a quarter of revenue and the company holds more than 550 patents. For buyers the appeal is high-end capability, supply security and aggressive pricing from a manufacturer now producing in two countries.

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ChinaEst. 1998~700 (699 at 31 December 2025)RMB 900.2 million (about USD 125 million) in FY2025, up 16.04 percent year on yearRIGOL manufactures at two company-owned production centres: its Suzhou plant in Jiangsu, China, in mass production since 2018 with about 7,338 square metres of floor space, eighteen assembly lines, two PCBA lines and two SMT lines, and its Penang plant in Malaysia, opened in 2024 with roughly 7,249 square metres, five production lines and one SMT line as the group's first factory outside China.SSE: 688337Score 85
Last Updated: October 2026·By VerityRank Research Team·Methodology

Business Nature

RIGOL is a vertically integrated manufacturer rather than a design house that outsources production. It owns two production centres, both combining manufacturing with R&D: the Suzhou plant in Jiangsu, China, in mass production since 2018 with eighteen assembly lines, two PCBA lines and two SMT lines, and the Penang plant in Malaysia, its first factory outside China, opened in 2024 with five lines and one SMT line.

In-house work runs unusually deep. Beyond assembly, calibration and testing, RIGOL designs its own analog front-end ASIC chipsets, the silicon that sets analog bandwidth, vertical resolution and capture performance: Phoenix in 2017, Centaurus in 2022, Andromeda in 2023 and Aquila in 2026. Thin-film, packaging and test work also stay in house.

Owning the analog signal chain removes dependence on outside chip suppliers for an oscilloscope's priciest component and lets RIGOL time bandwidth upgrades, while the two-country footprint hedges tariff risk. The trade-off shows: capacity near 970,000 units in FY2024 against sales of about 127,000 units, and fixed costs that weigh on profit.

Core Business Areas

Digital Oscilloscopes – 44.5 percent of FY2025 revenue, China's leading position
• DS80000 series real-time oscilloscopes to 13 GHz at 40 GSa/s
• DHO50000 high-resolution series to 16 GHz on the Aquila chipset
• MHO/DHO5000 and portable DHO800/900 families

Waveform Generators – SiFi platform for 5 GHz waveform generation
• DG70000 arbitrary waveform generators
• DG5000Pro and DG900Pro function and arbitrary waveform sources

RF & Microwave Instruments – highest-margin category, above 65 percent gross
• RSA6000 series real-time spectrum analyzers
• DNA5000 and DNA6000 vector network analyzers

Precision DC Instruments – second-largest line at roughly 23 percent of revenue
• DP2000 series high-precision programmable DC power supplies
• DL3000 series programmable DC electronic loads

Modular Instruments & Solutions – RMB 179 million in FY2025, up 38 percent
• SUA8000 modular PXI/PXIe instrument platform
• SPQ array measurement systems

Industry Rankings

Corporate Report

RIGOL Technologies is the most credible Chinese challenger in high-bandwidth test and measurement. Founded in 1998 and headquartered in Suzhou, Jiangsu, it designs its own analog front-end ASIC chipsets and builds oscilloscopes, RF instruments, waveform generators and precision DC supplies sold in over 90 countries. FY2025 revenue was RMB 900.2 million, up 16.04 percent.

Industry Position

RIGOL competes in a market long dominated by Keysight, Tektronix, Rohde & Schwarz, Anritsu, Yokogawa and Teledyne LeCroy. It is one of very few companies to have commercialised both high-end and high-resolution oscilloscopes on proprietary silicon, making it China's leading domestic vendor by oscilloscope sales value. In 2023 the DS80000 series became the first Chinese real-time oscilloscope to reach 13 GHz, a level raised to 16 GHz by the DHO50000 and Aquila chipset in 2026.

Revenue is still mid-sized globally but broadening fast, rising from RMB 631 million in FY2022 to RMB 775 million in FY2024 and RMB 900.2 million in FY2025, with a fourth quarter near RMB 300 million. Oscilloscopes remain the largest line at about 44.5 percent of revenue, precision DC instruments add roughly 23 percent, and solutions reached RMB 179 million.

Competitive Advantages

The defining advantage is vertical integration into chips. RIGOL has delivered four generations of in-house signal-processing silicon: Phoenix in 2017, Centaurus in 2022 with native 12-bit resolution, Andromeda in 2023 at 13 GHz, and Aquila in 2026 at 16 GHz. Because the analog signal chain is designed internally, RIGOL controls cost, supply continuity and the pace of specification upgrades, undercutting imported instruments while holding gross margin above 55 percent.

Manufacturing depth reinforces that. The Suzhou production centre, in mass production since 2018, spans about 7,338 square metres with eighteen assembly lines, two PCBA lines and two SMT lines, running above 90 percent utilisation. The Penang plant in Malaysia adds five lines and a second-country option. RIGOL ended 2025 with 553 patents and 327 technical staff.

Strategic Expansion

RIGOL is moving deliberately from selling boxes to selling systems. Its 2024 acquisition of Beijing RIGOL Naishu Electronics for RMB 372 million brought modular instrumentation in house, enabling the SUA8000 platform and SPQ control systems; solutions earned RMB 179 million at a 64.9 percent gross margin, well above instruments. Management is executing a five-year agenda spanning globalisation, talent, hardware and AI.

Geographically the aim is to sell higher-end products abroad rather than compete only on price at home. Overseas revenue reached RMB 320 million in FY2025, up 16 percent, against RMB 570 million in China. The Hong Kong listing should fund overseas service centres and capacity.

Risks & Outlook

Profitability is the immediate pressure point. FY2025 net profit fell 6.74 percent to RMB 86.1 million and recurring profit dropped about 34 percent, because R&D consumed 25.1 percent of revenue and the Malaysian plant is still filling at roughly 43.5 percent utilisation. Capacity near 970,000 units a year against FY2024 sales of about 127,000 units means fixed costs need much faster volume growth.

Competition and trade policy add risk: incumbents are aggressive at the high end, tariffs can disrupt cross-border sales, and much revenue still flows through distributors. Against that, RIGOL has genuine technical differentiation, a two-country manufacturing footprint and a growing solutions annuity. On balance, VerityRank Score of 85/100.

VerityRank Score

85/ 100

Based on market presence, financial scale, operational capacity, and brand strength.

Quick Facts

Headquarters

Suzhou, Jiangsu, China

Founded

1998

Employees

~700 (699 at 31 December 2025)

Revenue

RMB 900.2 million (about USD 125 million) in FY2025, up 16.04 percent year on year

Factories

RIGOL manufactures at two company-owned production centres: its Suzhou plant in Jiangsu, China, in mass production since 2018 with about 7,338 square metres of floor space, eighteen assembly lines, two PCBA lines and two SMT lines, and its Penang plant in Malaysia, opened in 2024 with roughly 7,249 square metres, five production lines and one SMT line as the group's first factory outside China.

Listing

SSE: 688337

Data Sources & Methodology

This corporate profile is compiled from publicly available sources including company annual reports, SEC/regulatory filings, official press releases, and verified third-party industry databases. Financial figures reflect the most recent fiscal year disclosures and are cross-validated across multiple independent references.

VerityRank Score is calculated using a proprietary multi-dimensional model evaluating market presence, financial strength, operational scale, innovation capacity, and brand influence. Individual dimension scores are normalized against industry peers and updated quarterly.

Disclaimer: This profile is for informational purposes only. VerityRank makes no warranties regarding completeness or timeliness. This content does not constitute investment advice or endorsement.

Key references: Official Website SSE: 688337 , RIGOL company profile · RIGOL HKEX listing and chipsets · SSE STAR Market profile 688337 · Securities Times FY2025 results · MIDA Penang plant release