Siglent Technologies Co., Ltd.

SIGLENT Technologies Co., Ltd. is a Shenzhen-based maker of general-purpose electronic test and measurement instruments, listed on the Shanghai Stock Exchange STAR Market as 688112. FY2025 revenue of RMB 602.02 million and net profit of RMB 142.59 million rank it among China's largest instrument makers.

Industry Position

SIGLENT is one of very few companies worldwide, and one of only a handful in China, that independently develops, manufactures and sells all four main general-purpose product families: digital oscilloscopes, signal generators, spectrum analysers and vector network analysers. All four lines have reached the high-end segment, which separates SIGLENT from the many Chinese suppliers still confined to entry-level instruments.

FY2025 confirmed that trajectory. Group revenue reached RMB 602.02 million, up 21.03%, with net profit of RMB 142.59 million, up 27.19%. Main-business revenue of RMB 592.21 million carried a gross margin of 62.12%, and the average selling price of the four main lines rose 15.49%. Domestic China contributed RMB 319.77 million, about 54% of main-business revenue, while overseas sales slipped 0.40% to RMB 272.44 million.

Competitive Advantages

SIGLENT's core advantage is vertical control of development. It designs its own analogue front-end and digital hardware, writes its own firmware and algorithms, including digital trigger, frequency-response compensation, serial decode, eye-diagram, jitter and VNA calibration algorithms, and produced its first in-house front-end amplifier chip, the SFA8001, in 2022. Research spending reached RMB 145.02 million in FY2025, or 24.09% of revenue.

The range now spans a 20 GHz high-bandwidth oscilloscope (SDS8204A, 50 GSa/s, 2.5 Gpts per channel), 16 GHz 12-bit oscilloscopes, 50 GHz spectrum analysers, 50 GHz vector network analysers, a 67 GHz RF signal generator and arbitrary waveform generators to 5 GHz. The SDS7000A 12-bit series, extended to 8 GHz, remains the flagship bench platform. One source claim could not be verified: SIGLENT lists no handheld power-quality analysers, and no source supports a specific annual capacity figure.

Strategic Expansion

The defining move was manufacturing internationalisation. SIGLENT registered its Malaysian subsidiary in December 2023, completed a first-phase intelligent plant, and brought the Penang base into production in April 2025. The site is its first full-process overseas base, covering research, production, after-sales service, supply chain and operations, and already makes digital oscilloscopes and spectrum analysers end to end. Initial investment was about RM 10 million, with roughly RM 100 million planned for Phase II.

SIGLENT sells through distributors, direct sales and ODM arrangements, with distribution dominant at RMB 467.02 million of FY2025 sales. It reaches more than 80 countries and regions and runs subsidiaries in the United States, Germany, Japan and Malaysia, plus Hong Kong and Singapore sales entities added in 2025 and domestic offices in five Chinese cities. It employed 577 people at the end of 2025, 275 in technical roles.

Risks & Outlook

Export margin pressure is the clearest risk. Overseas revenue fell 0.40% while domestic revenue grew 48.33%, and overseas gross margin declined 0.77 percentage points to 61.49%. SIGLENT has faced 25% US tariffs since 2018, and its filings warn that trade friction and evolving tariff regimes could further constrain overseas sales. Keysight, Rohde & Schwarz, Tektronix and Teledyne LeCroy defend the high end with far greater scale, while Chinese rivals press mid-range prices.

Other risks include reliance on outsourced PCBA and SMT processing; dependence on imported high-speed ADC and FPGA silicon subject to export controls; a 15% high-technology tax rate and software VAT refunds supporting earnings; and currency exposure given the export weighting. Offsetting these, high-end oscilloscope and radio-frequency revenue is compounding. SIGLENT is not a Fortune Global 500 company, and with real in-house manufacturing in two countries but flat exports and a narrow high-end position, it is assessed at a VerityRank Score of 78/100.