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Trading and real-estate arm of Norinco (China's state defense conglomerate), handling engineering-machinery and equipment trade.
Trading and real-estate arm of Norinco (China's state defense conglomerate), handling engineering-machinery and equipment trade.
Moat: narrow (distribution, scale). Backed by Norinco's global trading network and state-linked relationships in emerging markets.
Headquarters: Shenzhen, China · Employees: 3,812
Size Norinco International Cooperation (000065.SZ) is a China Industrials company (Wholesale Distributors) with a market value of $1.72B, the 1443rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.87 on 6 Nov 2026.
Performance Over six months the shares fell 22.8%, against +5.0% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 21.4% over the last twelve months (peer median +6.3%); the operating margin is 9.2% (peer median 6.7%).
Valuation It trades at 13.5× forward earnings against a peer median of 16.2× (4th cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.9 points above its cost of capital (6.5% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥11.7B | CN¥13.5B | CN¥19.1B | CN¥21.5B | CN¥13.4B |
| Revenue growth | — | -29% | -11% | +60% | — |
| Gross profit | CN¥2.21B | CN¥1.89B | CN¥2.39B | CN¥2.16B | CN¥1.79B |
| EBITDA | n/a | CN¥1.33B | CN¥1.42B | CN¥1.35B | CN¥1.18B |
| Net income | CN¥761M | CN¥723M | CN¥1.05B | CN¥918M | CN¥636M |
| Free cash flow | CN¥1.03B | CN¥553M | CN¥470M | CN¥523M | CN¥430M |
| Capital expenditure | CN¥557M | CN¥499M | CN¥184M | CN¥187M | CN¥319M |
| Total debt | CN¥5.06B | CN¥6.27B | CN¥7.28B | CN¥7.67B | CN¥7.25B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Norinco International Cooperation 000065.SZ | $1.72B | -23% | -21% | 9% | 13.5× | -5.1% |
| Citic 0267.HK | $47.7B | -3% | +13% | 18% | 5.0× | 1.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000065.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | -0.3% | 9th highest of 21 |
| 6-month return | -22.8% | +5.0% | 6th lowest of 21 |
| Distance from 52-week high | -39.7% | -22.7% | 7th lowest of 21 |
| Revenue growth (TTM) | -21.4% | +6.3% | 3rd lowest of 21 |
| Operating margin | 9.2% | 6.7% | 7th highest of 19 |
| Forward P/E | 13.5× | 16.2× | 4th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -5.1% | 4.9% | 5th least demanding of 18 |
| Growth delivered (Del g) | +1.1% | +7.6% | 5th lowest of 18 |
| Hurdle (Req g minus delivered) | -6.2 pp | -6.7 pp | 9th most demanding of 18 |
| ROIC minus cost of capital | +1.9 pp | +0.3 pp | 8th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Norinco International Cooperation 000065.SZ | China | $1.72B | -23% | -21% | 9% | 13.5× | -5.1% | +1.1% |
| Anhui Xinhua Media 601801.SS | China | $1.72B | -3% | -16% | 4% | 13.6× | n/a | n/a |
| Arteche Lantegi Elkartea ART.MC | Spain | $1.77B | -36% | +11% | 14% | 25.2× | 7.2% | +13.9% |
| AGTech 8279.HK | Hong Kong | $1.78B | +109% | +24% | 8% | n/a | -14.9% | +36.3% |
| Happinet 7552.T | Japan | $1.82B | +133% | +19% | 3% | 16.2× | -4.1% | +11.1% |
| Inaba Denkisangyo 9934.T | Japan | $1.82B | -4% | +15% | 8% | n/a | -11.9% | +8.5% |
| Distribution Solutions DSGR | United States | $1.62B | +27% | +6% | 4% | 40.9× | 15.5% | +41.3% |
| Hillman Solutions HLMN | United States | $1.62B | +6% | +6% | 6% | 13.3× | 17.9% | +2.6% |
| Tibet Huayu Mining 601020.SS | China | $1.83B | -48% | -22% | 23% | n/a | n/a | n/a |
| Pengxin International Mining 600490.SS | China | $1.85B | -32% | -20% | n/a | n/a | 6.6% | -17.2% |
| Jiangxi Tungsten Rare and Precious Equipment 600397.SS | China | $1.86B | -13% | -92% | n/a | 156.9× | n/a | n/a |
| Travis Perkins TPK.L | United Kingdom | $1.86B | +28% | 0% | 3% | 23.2× | 8.5% | +4.3% |
| Xinjiang Zhongtai Chemical 002092.SZ | China | $1.57B | -41% | +7% | 3% | 25.4× | -4.2% | -19.5% |
| ARE 5857.T | Japan | $1.89B | +1% | +38% | 7% | 9.3× | 2.0% | +29.4% |
| Dalrymple Bay Infrastructure DBI.AX | Australia | $1.92B | +6% | +11% | 29% | 26.2× | 7.8% | +104.8% |
| BIC Cameras 3048.T | Japan | $1.94B | +10% | +7% | 4% | 15.2× | -8.2% | +4.5% |
| Electrolux Professional EPRO-B.ST | Sweden | $1.52B | +20% | -4% | 10% | 16.2× | 4.9% | +10.9% |
| Currys CURY.L | United Kingdom | $1.97B | +16% | +6% | 2% | 10.4× | 4.3% | -2.2% |
| ZheJiang Dong Ri 600113.SS | China | $1.48B | -46% | -1% | 16% | n/a | 38.5% | +7.6% |
| Shanghai Xinhua Media 600825.SS | China | $2.03B | +118% | +1% | -1% | n/a | 44.5% | +2.3% |
| Mitani 8066.T | Japan | $1.45B | +4% | +1% | 10% | n/a | -12.2% | -3.1% |