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Chengdu state-linked holding company involved in property development and industrial park/high-tech zone investment.
Chengdu state-linked holding company involved in property development and industrial park/high-tech zone investment.
In one line: A Chinese regional property/industrial-park development holding company.
Moat: none. Regional state-linked developer without differentiated competitive advantage in a crowded property sector.
Headquarters: Chengdu, China · Employees: 1,029
Size Chengdu Hi-Tech Development (000628.SZ) is a China Consumer Discretionary company (Homebuilding) with a market value of $3.10B, the 835th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥40.39 on 6 Nov 2026.
Performance Over six months the shares fell 39.0%, against +3.7% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue fell 31.8% over the last twelve months (peer median +7.9%); the operating margin is 3.8% (peer median 9.1%).
Valuation It trades at 5.3× enterprise value to sales against a peer median of 1.0× (most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 58% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +60 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 10.4 points below its cost of capital (14.6% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.08B | CN¥4.97B | CN¥7.12B | CN¥7.99B | CN¥6.55B |
| Revenue growth | — | -30% | -11% | +22% | — |
| Gross profit | CN¥563M | CN¥555M | CN¥597M | CN¥575M | CN¥515M |
| EBITDA | n/a | CN¥296M | CN¥374M | CN¥419M | CN¥251M |
| Net income | CN¥150M | CN¥109M | CN¥61.4M | CN¥366M | CN¥199M |
| Free cash flow | CN¥429M | CN¥187M | -CN¥735M | -CN¥821M | CN¥90.6M |
| Capital expenditure | CN¥79.5M | CN¥41.2M | CN¥76.4M | CN¥300M | CN¥56.6M |
| Total debt | CN¥1.87B | CN¥2.29B | CN¥3.26B | CN¥2.37B | CN¥2.10B |
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 |
|---|---|---|---|---|---|---|
| Chengdu Hi-Tech Development 000628.SZ | $3.10B | -39% | -32% | 4% | 5.3× | 57.5% |
| Gemdale 600383.SS | $1.45B | -26% | -47% | -24% | 3.2× | 10.8% |
| Shanghai Zhangjiang Hi-Tech Park Development 600895.SS | $5.71B | -33% | +89% | 26% | n/a | n/a |
| Poly Developments & 600048.SS | $10.1B | -9% | -4% | 4% | n/a | 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 | 000628.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.3% | +5.2% | lowest of 21 |
| 6-month return | -39.0% | +3.7% | lowest of 21 |
| Distance from 52-week high | -40.7% | -21.4% | 2nd lowest of 21 |
| Revenue growth (TTM) | -31.8% | +7.9% | 2nd lowest of 21 |
| Operating margin | 3.8% | 9.1% | 4th lowest of 21 |
| EV / Sales | 5.3× | 1.0× | most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 57.5% | 3.2% | most demanding of 17 |
| Growth delivered (Del g) | -2.1% | +8.9% | 2nd lowest of 17 |
| Hurdle (Req g minus delivered) | +59.6 pp | -2.0 pp | most demanding of 17 |
| ROIC minus cost of capital | -10.4 pp | -1.6 pp | lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chengdu Hi-Tech Development 000628.SZ | China | $3.10B | -39% | -32% | 4% | 5.3× | 57.5% | -2.1% |
| KB Home KBH | United States | $3.08B | +2% | -21% | 5% | 1.0× | 15.2% | +8.3% |
| M/I Homes MHO | United States | $3.29B | 0% | -6% | 8% | 0.9× | 8.3% | +7.7% |
| Bellway p.l.c BWY.L | United Kingdom | $3.42B | +19% | +14% | 10% | 0.8× | 3.2% | +0.3% |
| Green Brick Partners GRBK | United States | $2.75B | -2% | -10% | 19% | 1.6× | 7.8% | +15.9% |
| Iida 3291.T | Japan | $3.68B | -4% | +7% | 7% | 0.7× | n/a | n/a |
| Taylor Wimpey TW..L | United Kingdom | $3.88B | +5% | +9% | 10% | 0.7× | 5.9% | +6.6% |
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | 3.0× | -1.0% | +15.5% |
| Berkeley BKG.L | United Kingdom | $4.44B | +12% | -4% | 19% | 1.2× | 1.2% | +1.6% |
| Haseko 1808.T | Japan | $4.50B | -1% | +10% | 8% | 0.7× | -11.6% | +9.5% |
| Sumitomo Forestry 1911.T | Japan | $4.87B | -10% | +14% | 6% | 0.9× | 2.8% | +15.2% |
| Cavco Industries CVCO | United States | $4.87B | +32% | +12% | 10% | 1.9× | 15.2% | +15.2% |
| Champion Homes SKY | United States | $4.96B | +25% | +3% | 8% | 1.6× | 10.8% | +13.4% |
| Cairn Homes CRN.L | United Kingdom | $1.92B | +18% | +44% | 18% | 1.7× | -0.7% | +28.6% |
| GS Engineering & Construction 006360.KS | South Korea | $1.86B | -22% | -15% | 3% | 0.2× | -9.8% | +4.2% |
| Persimmon PSN.L | United Kingdom | $5.64B | +22% | +17% | 11% | 1.1× | n/a | n/a |
| Open House 3288.T | Japan | $5.66B | -15% | +6% | 12% | 0.9× | -8.1% | +18.2% |
| Katitas 8919.T | Japan | $1.69B | +11% | +20% | 12% | 1.8× | n/a | n/a |
| Barratt Redrow BTRW.L | United Kingdom | $6.07B | +32% | +9% | 9% | 0.7× | 3.3% | +4.7% |
| Century Communities CCS | United States | $1.56B | 0% | -7% | 2% | 0.9× | n/a | n/a |
| Gemdale 600383.SS | China | $1.45B | -26% | -47% | -24% | 3.2× | 10.8% | -15.6% |