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China's main offshore helicopter transport operator, ferrying crews to offshore oil and gas platforms.
China's main offshore helicopter transport operator, ferrying crews to offshore oil and gas platforms.
Earns contract fees from offshore oil and gas operators, chiefly CNOOC, for keeping helicopters and crews available to ferry staff to platforms, with extra charges for hours flown. The business is tied to CNOOC's offshore activity, and it belongs to the CITIC group.
In one line: China's Bristow Group (offshore helicopter services).
Moat: narrow (regulatory licence, installed base). Licensed helicopter fleet and long-standing CNOOC contracts are hard for new entrants to replicate.
Headquarters: Shenzhen, China · Employees: 1,094
Size CITIC Offshore Helicopter (000099.SZ) is a China Industrials company (Airlines) with a market value of $1.41B, the 1720th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.12 on 6 Nov 2026.
Performance Over six months the shares fell 31.4%, against +8.0% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 8.8% over the last twelve months (peer median +10.3%); the operating margin is 12.3% (peer median 6.3%).
Valuation It trades at 30.3× forward earnings against a peer median of 13.2× (5th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.3 points above its cost of capital (6.9% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.10B | CN¥2.23B | CN¥2.16B | CN¥1.97B | CN¥1.80B |
| Revenue growth | — | +3% | +10% | +10% | — |
| Gross profit | CN¥802M | CN¥523M | CN¥491M | CN¥407M | CN¥355M |
| EBITDA | n/a | CN¥925M | CN¥843M | CN¥696M | CN¥584M |
| Net income | CN¥196M | CN¥309M | CN¥303M | CN¥239M | CN¥194M |
| Free cash flow | CN¥523M | CN¥757M | CN¥448M | CN¥311M | CN¥42.3M |
| Capital expenditure | CN¥318M | CN¥232M | CN¥165M | CN¥273M | CN¥554M |
| Total debt | CN¥1.31B | CN¥1.17B | CN¥811M | CN¥439M | CN¥724M |
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 |
|---|---|---|---|---|---|---|
| CITIC Offshore Helicopter 000099.SZ | $1.41B | -31% | -9% | 12% | 30.3× | 1.8% |
| Bristow VTOL | $1.11B | -12% | +10% | 9% | 8.9× | 7.5% |
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 | 000099.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.4% | +6.4% | 4th lowest of 21 |
| 6-month return | -31.4% | +8.0% | lowest of 21 |
| Distance from 52-week high | -47.7% | -25.7% | 2nd lowest of 21 |
| Revenue growth (TTM) | -8.8% | +10.3% | 2nd lowest of 21 |
| Operating margin | 12.3% | 6.3% | 4th highest of 21 |
| Forward P/E | 30.3× | 13.2× | 5th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 1.8% | -3.1% | 6th most demanding of 13 |
| Growth delivered (Del g) | +7.5% | +24.8% | 3rd lowest of 13 |
| Hurdle (Req g minus delivered) | -5.8 pp | -29.9 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | +3.3 pp | -0.7 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| CITIC Offshore Helicopter 000099.SZ | China | $1.41B | -31% | -9% | 12% | 30.3× | 1.8% | +7.5% |
| JetBlue Airways JBLU | United States | $1.38B | -28% | +10% | -6% | n/a | n/a | n/a |
| Norwegian Air Shuttle NAS.OL | Norway | $1.47B | -11% | +3% | 6% | 22.0× | -16.5% | +35.8% |
| Wizz Air WIZZ.L | United Kingdom | $1.48B | +8% | +11% | -2% | n/a | 3.4% | +49.5% |
| Virgin Australia VGN.AX | Australia | $1.48B | +18% | +9% | 11% | 6.6× | -13.4% | +4.9% |
| China Express Airlines 002928.SZ | China | $1.34B | -12% | +4% | -17% | 155.2× | n/a | n/a |
| Asiana Airlines 020560.KS | South Korea | $1.21B | +13% | -17% | -12% | n/a | n/a | n/a |
| Frontier ULCC | United States | $1.71B | +40% | +24% | -15% | 1,818.4× | 31.6% | +24.4% |
| Finnair FIA1S.HE | Finland | $1.14B | +38% | +11% | 4% | 9.4× | -9.6% | +30.2% |
| Starlux Airlines 2646.TW | Taiwan | $1.76B | -6% | +23% | 1% | 52.3× | n/a | n/a |
| Milkyway Intelligent Supply Chain Service 603713.SS | China | $1.90B | +29% | +15% | 8% | 16.8× | n/a | n/a |
| Republic Airways RJET | United States | $942M | -12% | +438% | 11% | n/a | 2.8% | +25.2% |
| Azul S.A. Sponsored ADR AZUL | United States | $915M | +86% | +12% | 14% | 13.3× | n/a | n/a |
| Grupo Aeromexico, S.A.B. de C.V. Unsponsored ADR AERO | United States | $2.32B | +1% | +10% | 11% | 10.4× | -6.6% | +32.3% |
| Controladora Vuela Compania de Aviacion SAB de CV Sponsored ADR VLRS | United States | $850M | +3% | +19% | -5% | n/a | -13.7% | +23.8% |
| Allegiant Travel ALGT | United States | $2.51B | +11% | +12% | 9% | 12.7× | n/a | n/a |
| Tigerair Taiwan 6757.TW | Taiwan | $753M | +8% | +13% | 19% | 9.8× | -20.2% | +55.1% |
| SkyWest SKYW | United States | $3.02B | -10% | +7% | 14% | 7.5× | 2.2% | +13.8% |
| Juneyao Airlines 603885.SS | China | $3.42B | -8% | +8% | 1% | 69.5× | 0.4% | +17.4% |
| China Airlines 2610.TW | Taiwan | $3.94B | +17% | +8% | 8% | 9.9× | n/a | n/a |
| Chorus Aviation CHR.TO | Canada | $505M | +30% | -4% | 7% | 13.2× | 2.2% | +6.8% |