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Zhejiang cable-TV network operator that has diversified into smart-TV content and internet video services, with an Alibaba equity stake.
Zhejiang cable-TV network operator that has diversified into smart-TV content and internet video services, with an Alibaba equity stake.
Charges cable subscribers for basic TV, value-added packages and broadband. Pay-TV subscribers in China have been shrinking as streaming grew, so it has been adding smart-TV and internet-video offerings.
In one line: A Chinese regional cable operator pivoting toward streaming content.
Moat: narrow (regulatory licence, distribution). Regional cable monopoly plus an early smart-TV content distribution tie-up with Alibaba.
Headquarters: Hangzhou, China · Employees: 11,086
Size Wasu Media (000156.SZ) is a China Communication Services company (Cable/Satellite TV) with a market value of $2.17B, the 1174th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.80 on 6 Nov 2026.
Performance Over six months the shares gained 5.3%, against -13.9% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 13 in its peer set.
Growth Revenue fell 4.2% over the last twelve months (peer median -1.9%); the operating margin is 1.6% (peer median 2.9%).
Valuation It trades at 1.0× enterprise value to sales against a peer median of 2.4× (3rd cheapest of 12).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.0 points above its cost of capital (6.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.05B | CN¥9.16B | CN¥9.38B | CN¥9.73B | CN¥9.42B |
| Revenue growth | — | -2% | -4% | +3% | — |
| Gross profit | CN¥3.66B | CN¥2.40B | CN¥2.59B | CN¥2.70B | CN¥2.78B |
| EBITDA | n/a | CN¥1.95B | CN¥1.96B | CN¥2.12B | CN¥2.15B |
| Net income | CN¥387M | CN¥466M | CN¥534M | CN¥689M | CN¥793M |
| Free cash flow | CN¥56.8M | CN¥898M | CN¥830M | CN¥386M | CN¥151M |
| Capital expenditure | CN¥1.03B | CN¥976M | CN¥1.24B | CN¥1.64B | CN¥1.49B |
| Total debt | CN¥1.60B | CN¥2.90B | CN¥2.48B | CN¥1.98B | CN¥1.50B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Wasu Media 000156.SZ | $2.17B | +5% | -4% | 2% | 1.0× | -6.9% |
| Oriental Pearl 600637.SS | $4.07B | -19% | -7% | 3% | 3.4× | 15.5% |
| Jiangsu Broadcasting Cable Information Network 600959.SS | $2.42B | -17% | -8% | -8% | 2.2× | n/a |
| Beijing Gehua CATV Network 600037.SS | $1.40B | -16% | +24% | -5% | 1.1× | n/a |
| Hunan TV & Broadcast Intermediary 000917.SZ | $1.43B | -23% | -2% | 3% | 2.5× | 17.1% |
| Shaanxi Broadcast & TV Network Intermediary (Group) 600831.SS | $351M | -15% | -26% | -141% | 8.3× | 12.3% |
| Hubei Broadcasting & Television Information Network 000665.SZ | $698M | -15% | +1% | -48% | 5.4× | n/a |
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 | 000156.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.6% | -0.7% | highest of 13 |
| 6-month return | +5.3% | -13.9% | 3rd highest of 13 |
| Distance from 52-week high | -22.1% | -32.2% | 2nd highest of 13 |
| Revenue growth (TTM) | -4.2% | -1.9% | 5th lowest of 13 |
| Operating margin | 1.6% | 2.9% | 5th lowest of 13 |
| EV / Sales | 1.0× | 2.4× | 3rd cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | -6.9% | 11.1% | 3rd least demanding of 9 |
| Growth delivered (Del g) | +3.9% | -1.5% | 3rd highest of 9 |
| Hurdle (Req g minus delivered) | -10.9 pp | +4.0 pp | 2nd least demanding of 9 |
| ROIC minus cost of capital | +4.0 pp | -4.5 pp | highest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wasu Media 000156.SZ | China | $2.17B | +5% | -4% | 2% | 1.0× | -6.9% | +3.9% |
| Cyfrowy Polsat CPS.WA | Poland | $2.08B | -24% | 0% | 10% | 1.5× | 6.6% | +3.7% |
| Jiangsu Broadcasting Cable Information Network 600959.SS | China | $2.42B | -17% | -8% | -8% | 2.2× | n/a | n/a |
| Cogeco Communications CCA.TO | Canada | $1.67B | -13% | -4% | 26% | 2.4× | -8.9% | +2.2% |
| Canal+ CAN.L | United Kingdom | $3.11B | +2% | +10% | 4% | n/a | n/a | n/a |
| Guizhou Broadcasting & TV Information Network 600996.SS | China | $1.22B | -23% | -7% | -89% | 13.0× | 30.2% | -18.3% |
| Oriental Pearl 600637.SS | China | $4.07B | -19% | -7% | 3% | 3.4× | 15.5% | -5.7% |
| Versant Media VSNT | United States | $4.59B | -18% | -4% | 18% | 1.0× | -13.9% | -5.1% |
| Guangxi Beitou Technology 600936.SS | China | $925M | -11% | +13% | 2% | 2.4× | 15.7% | +10.6% |
| Shenzhen Topway Video Communication 002238.SZ | China | $810M | -8% | -16% | -22% | 4.7× | 16.0% | -5.8% |
| Stingray RAY.TO | Canada | $786M | +11% | +32% | 20% | 3.2× | 5.5% | +13.1% |
| Hubei Broadcasting & Television Information Network 000665.SZ | China | $698M | -15% | +1% | -48% | 5.4× | n/a | n/a |
| Viaplay VPLAY-A.ST | Sweden | $615M | +32% | +20% | 3% | 0.6× | n/a | n/a |