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Local utility group in Zhongshan, Guangdong, supplying water and other municipal utility services.
Local utility group in Zhongshan, Guangdong, supplying water and other municipal utility services.
Moat: narrow (regulatory licence). Regulated local monopoly over municipal water supply.
Headquarters: Zhongshan, Guangdong, China · Employees: 6,825
Size Zhongshan Public Utilities (000685.SZ) is a China Utilities company (Water Utilities) with a market value of $2.36B, the 1087th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.76 on 6 Nov 2026.
Performance Over six months the shares fell 8.3%, against -8.2% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 18 in its peer set.
Growth Revenue fell 10.6% over the last twelve months (peer median +4.5%); the operating margin is 10.7% (peer median 21.7%).
Valuation It trades at 6.2× forward earnings against a peer median of 15.1× (2nd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.7 points below its cost of capital (5.3% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.92B | CN¥4.59B | CN¥5.67B | CN¥5.18B | CN¥3.61B |
| Revenue growth | — | -19% | +9% | +43% | — |
| Gross profit | CN¥1.81B | CN¥974M | CN¥1.02B | CN¥1.00B | CN¥698M |
| EBITDA | n/a | CN¥964M | CN¥921M | CN¥936M | CN¥724M |
| Net income | CN¥2.69B | CN¥1.88B | CN¥1.20B | CN¥967M | CN¥1.07B |
| Free cash flow | CN¥80.6M | -CN¥318M | -CN¥665M | -CN¥510M | -CN¥79.5M |
| Capital expenditure | CN¥1.26B | CN¥1.09B | CN¥811M | CN¥1.46B | CN¥888M |
| Total debt | CN¥11.5B | CN¥11.6B | CN¥8.63B | CN¥7.55B | CN¥5.95B |
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 |
|---|---|---|---|---|---|---|
| Zhongshan Public Utilities 000685.SZ | $2.36B | -8% | -11% | 11% | 6.2× | 9.9% |
| Guangdong Investment 0270.HK | $6.81B | 0% | +25% | 38% | 10.8× | -1.8% |
| Beijing Enterprises Water 0371.HK | $1.86B | -48% | -5% | 24% | 9.5× | 4.2% |
| Chongqing Water 601158.SS | $3.01B | -6% | +1% | 14% | 22.6× | -5.0% |
| Chengdu Xingrong Environment 000598.SZ | $3.27B | +7% | +1% | 29% | 10.3× | -8.2% |
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 | 000685.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.1% | -3.7% | 8th highest of 18 |
| 6-month return | -8.3% | -8.2% | 9th lowest of 18 |
| Distance from 52-week high | -21.7% | -19.1% | 8th lowest of 18 |
| Revenue growth (TTM) | -10.6% | +4.5% | 3rd lowest of 18 |
| Operating margin | 10.7% | 21.7% | 2nd lowest of 18 |
| Forward P/E | 6.2× | 15.1× | 2nd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 9.9% | -1.5% | most demanding of 10 |
| Growth delivered (Del g) | +16.2% | +3.5% | highest of 10 |
| Hurdle (Req g minus delivered) | -6.3 pp | -8.2 pp | 5th most demanding of 10 |
| ROIC minus cost of capital | -2.7 pp | -0.3 pp | 2nd lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhongshan Public Utilities 000685.SZ | China | $2.36B | -8% | -11% | 11% | 6.2× | 9.9% | +16.2% |
| Chongqing Water 601158.SS | China | $3.01B | -6% | +1% | 14% | 22.6× | -5.0% | +3.5% |
| H2O America HTO | United States | $3.04B | +9% | +4% | 21% | 22.5× | n/a | n/a |
| Beijing Capital Eco-Environment Protection 600008.SS | China | $3.09B | -8% | -8% | 21% | 10.8× | 0.3% | -0.4% |
| Pennon PNN.L | United Kingdom | $3.18B | -35% | +23% | 25% | 13.3× | n/a | n/a |
| California Water Service CWT | United States | $3.21B | +17% | +7% | 21% | 19.0× | n/a | n/a |
| Chengdu Xingrong Environment 000598.SZ | China | $3.27B | +7% | +1% | 29% | 10.3× | -8.2% | +10.8% |
| Jiangxi Hongcheng Environment 600461.SS | China | $1.69B | -17% | -11% | 24% | 9.1× | -10.2% | +2.6% |
| American States Water AWR | United States | $3.57B | +17% | +13% | 32% | 23.9× | 9.3% | +6.2% |
| Indium Target Advanced Materials (Harbin) 000711.SZ | China | $1.54B | -27% | +46% | -4% | n/a | n/a | n/a |
| Middlesex Water MSEX | United States | $1.15B | +16% | +9% | 31% | 21.7× | n/a | n/a |
| Guangdong Shunkong Development 003039.SZ | China | $1.12B | -16% | +6% | 25% | n/a | 4.3% | +12.5% |
| China Water Affairs 0855.HK | Hong Kong | $823M | -22% | -11% | 25% | 5.8× | -0.6% | 0.0% |
| Guangdong Investment 0270.HK | Hong Kong | $6.81B | 0% | +25% | 38% | 10.8× | -1.8% | -4.1% |
| Jiangsu Jiangnan Water 601199.SS | China | $763M | +2% | -4% | 12% | n/a | -1.5% | +8.9% |
| Wuhan Xianglong Power Industry 600769.SS | China | $687M | -24% | +4% | 20% | n/a | n/a | n/a |
| Qianjiang Water Resources Development 600283.SS | China | $627M | -19% | +7% | 11% | 16.9× | n/a | n/a |
| Guangxi Nanning Waterworks 601368.SS | China | $601M | -9% | 0% | 22% | n/a | n/a | n/a |