--- title: "Feisu Innovation (Feisu Sprint?)" type: "Topics" locale: "en" url: "https://longbridge.com/en/topics/39307512.md" description: "Currently the hottest—Feisu Chuangxin (Feishu Innovation), as of press time, its margin multiple is 727 times. This company is a bit interesting, with 98% of its revenue coming from overseas, and the US and Europe are its home base. What it does is actually quite aggressive: it takes the optical modules and switches produced by those domestic Chinese players (like Guangxun Keji, Taichenguang, Source Photonics) and sells them directly to small and medium-sized enterprises in Europe and the US through its own official website FS.com. This is called 100% pure-blood DTC (Direct-to-Consumer), emphasizing "no middlemen taking a cut." But I specifically searched on Google and found some awkward situations where "the money didn't arrive"..." datetime: "2026-03-17T12:07:53.000Z" locales: - [en](https://longbridge.com/en/topics/39307512.md) - [zh-CN](https://longbridge.com/zh-CN/topics/39307512.md) - [zh-HK](https://longbridge.com/zh-HK/topics/39307512.md) author: "[打新不怕熊](https://longbridge.com/en/profiles/25203323.md)" --- # Feisu Innovation (Feisu Sprint?) Currently the hottest—Feisu Chuangxin (FS Innovation), as of the time of writing, its margin multiple is 727 times. This company is quite interesting, with 98% of its revenue coming from overseas, and the US and Europe being its strongholds. What it does is actually quite aggressive: it takes optical modules and switches produced by those domestic players near China's doorstep (like Guangxun Keji, Taichenguang, Source Photonics) and sells them directly to small and medium-sized enterprises in Europe and the US through its own website FS.com. This is called 100% pure-blood DTC (Direct-to-Consumer), emphasizing "no middlemen taking a cut." **But I specifically searched on Google and found some awkwardness of "money not being in the right place."** Searching for "switch" in Chinese, FS Innovation dominates the top ad spots, looking extremely flashy. But switch to searching "Network switch" in English, the top positions are all taken up by giants like Cisco, Huawei, and HPE, with no sign of FS at all. Only by searching for the more niche term "Optical Transceivers (optical modules)" does it barely manage to squeeze into the top spots. What does this indicate? It does have some reputation in the optical communication sector, but when it comes to major network equipment, facing Western giants, its brand power still needs to be built by burning cash. **Speaking of burning cash, this is the most questionable aspect of FS Innovation.** It claims to be a light-asset DTC model, with a gross margin of 52%, indeed higher than its US peer Ubiquiti (UI). But look at its sales expense ratio, as high as 18%, supporting too many sales and marketing teams. In comparison, only 45% of UI's business is DTC, yet its net profit margin is close to 30%, with sales expenses under 4%. This shows that while FS Innovation bypasses distributors, to acquire customers on Google and Facebook, it essentially hands the money it saved right back to those Silicon Valley ad platforms. **Furthermore, the 2026 timeline is a Damocles' sword hanging over its head—tariffs.** After all, at its core, it's a case of "Made in China going global." To avoid tariffs, it's now urgently moving its supply chain to Southeast Asia. The weird phenomenon in 2024 of "revenue surging while profits shrinking" was likely due to the high costs of restructuring the supply chain. This "supply chain great escape" will surely drain profits in the short term. Add to that the 200 million RMB special dividend right before its IPO and the inclusion of many personal funds among its cornerstone investors, its quality is indeed not top-tier. **So my view is straightforward:** The underlying nature of FS Innovation is still that of a "top-tier trader," profiting from the AI infrastructure boom. The proportion of 800G and 1.6T optical modules rose to 36% in 2025, representing real growth. Its current valuation is cheaper than Ubiquiti, making it a potential "shadow stock" with room. But you need to be aware: it's not a tech giant that makes money effortlessly. It's fighting for survival in the squeeze between tariffs and traffic acquisition costs, relying on diligence and high turnover. In the end, it will be a race of who runs faster. $NSING TECH(02701.HK) $FS.COM(03355.HK) $HANS CNC(03200.HK) ### Related Stocks - [03355.HK](https://longbridge.com/en/quote/03355.HK.md) - [HPE.US](https://longbridge.com/en/quote/HPE.US.md) - [300570.CN](https://longbridge.com/en/quote/300570.CN.md) - [UI.US](https://longbridge.com/en/quote/UI.US.md) - [02701.HK](https://longbridge.com/en/quote/02701.HK.md) - [03200.HK](https://longbridge.com/en/quote/03200.HK.md) - [301200.CN](https://longbridge.com/en/quote/301200.CN.md) - [HPE-C.US](https://longbridge.com/en/quote/HPE-C.US.md)