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Chinese IT services and software company providing hospital information systems, enterprise IT and system integration.
Chinese IT services and software company providing hospital information systems, enterprise IT and system integration.
Earns project fees for installing hospital, government and enterprise software systems, followed by maintenance and upgrade fees, with payments tied to project milestones that public-sector customers can pay slowly. Hospital information systems carry the most weight.
Moat: narrow (customer qualification, switching costs). Deployed hospital/enterprise systems are costly to replace once embedded in workflows.
Headquarters: Beijing, China · Employees: 10,757
Size DHC Software (002065.SZ) is a China Information Technology company (Packaged Software) with a market value of $3.04B, the 846th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.32 on 6 Nov 2026.
Performance Over six months the shares fell 23.2%, against -1.0% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 20 in its peer set.
Growth Revenue fell 4.2% over the last twelve months (peer median +12.1%); the operating margin is 2.8% (peer median 7.8%).
Valuation It trades at 39.5× forward earnings against a peer median of 21.7× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +8 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 5.5 points below its cost of capital (7.4% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥13.0B | CN¥12.9B | CN¥13.3B | CN¥11.5B | CN¥11.8B |
| Revenue growth | — | -3% | +16% | -3% | — |
| Gross profit | CN¥2.59B | CN¥2.52B | CN¥2.57B | CN¥2.59B | CN¥2.59B |
| EBITDA | n/a | CN¥649M | CN¥563M | CN¥537M | CN¥641M |
| Net income | CN¥354M | CN¥477M | CN¥500M | CN¥438M | CN¥400M |
| Free cash flow | CN¥3.43B | CN¥3.05B | CN¥614M | CN¥57.9M | -CN¥194M |
| Capital expenditure | CN¥77.5M | CN¥215M | CN¥181M | CN¥199M | CN¥220M |
| Total debt | CN¥7.42B | CN¥7.28B | CN¥6.00B | CN¥4.42B | CN¥4.48B |
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 |
|---|---|---|---|---|---|---|
| DHC Software 002065.SZ | $3.04B | -23% | -4% | 3% | 39.5× | 14.8% |
| Winning Health Technology 300253.SZ | $2.31B | -19% | +6% | -20% | 351.5× | 18.9% |
| Neusoft 600718.SS | $1.51B | -3% | -5% | -5% | 37.1× | -6.1% |
| Taiji Computer 002368.SZ | $1.24B | -23% | -37% | -27% | n/a | 4.1% |
| Digital China 000034.SZ | $3.16B | -22% | +28% | 1% | 26.6× | 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 | 002065.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.4% | +3.1% | 7th lowest of 21 |
| 6-month return | -23.2% | -1.0% | 5th lowest of 20 |
| Distance from 52-week high | -43.5% | -38.4% | 8th lowest of 21 |
| Revenue growth (TTM) | -4.2% | +12.1% | 4th lowest of 21 |
| Operating margin | 2.8% | 7.8% | 8th lowest of 21 |
| Forward P/E | 39.5× | 21.7× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 14.8% | 17.2% | 8th least demanding of 17 |
| Growth delivered (Del g) | +7.1% | +15.8% | 5th lowest of 17 |
| Hurdle (Req g minus delivered) | +7.7 pp | -0.3 pp | 7th most demanding of 17 |
| ROIC minus cost of capital | -5.5 pp | +0.7 pp | 8th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| DHC Software 002065.SZ | China | $3.04B | -23% | -4% | 3% | 39.5× | 14.8% | +7.1% |
| Beijing Shiji Information Technology 002153.SZ | China | $3.02B | -27% | -4% | -3% | 492.7× | n/a | n/a |
| Shenzhen Infogem Technologies 300085.SZ | China | $3.06B | -23% | +2% | -11% | n/a | n/a | n/a |
| Liftoff Mobile LFTO | United States | $3.07B | n/a | +35% | 36% | 18.6× | -7.3% | +35.5% |
| Via Transportation VIA | United States | $3.07B | +118% | +29% | -17% | 259.2× | n/a | n/a |
| Intsig Information 688615.SS | China | $2.96B | -26% | +24% | 22% | 34.9× | 12.6% | +22.1% |
| Teradata TDC | United States | $2.96B | +1% | +1% | 8% | 11.6× | -5.4% | -2.0% |
| Cellebrite DI CLBT | United States | $3.13B | -2% | +18% | 11% | 38.0× | 22.8% | +19.5% |
| Tsinghua Tongfang 600100.SS | China | $3.15B | -22% | -11% | -2% | n/a | 30.2% | -10.3% |
| Beijing 51WORLD Digital Twin Technology 6651.HK | Hong Kong | $2.91B | -1% | +39% | -38% | n/a | n/a | n/a |
| Freshworks FRSH | United States | $3.18B | +37% | +15% | 8% | 14.5× | 12.9% | +27.4% |
| SPS Commerce SPSC | United States | $2.90B | +45% | +7% | 17% | 15.3× | 7.3% | +19.2% |
| Wix.com WIX | United States | $3.18B | -5% | +14% | -3% | 12.6× | -4.4% | +15.2% |
| Sinch SINCH.ST | Sweden | $3.19B | +13% | -6% | 4% | 13.3× | 23.8% | +27.5% |
| Alarm.com ALRM | United States | $3.19B | +37% | +9% | 13% | 22.4× | 10.9% | +10.3% |
| Bullish BLSH | United States | $3.20B | -51% | +34% | 18% | 33.6× | 32.3% | +14.4% |
| Tata Technologies TATATECH.NS | India | $2.86B | +6% | +22% | 13% | 34.9× | 28.3% | +18.3% |
| Servyou Software 603171.SS | China | $2.84B | -16% | +6% | 5% | 72.7× | 40.3% | +5.9% |
| Hexaware Technologies HEXT.NS | India | $3.26B | +9% | +13% | 12% | 21.7× | 15.4% | +16.5% |
| Perfect World 002624.SZ | China | $3.26B | -26% | -8% | 8% | 21.1× | 19.0% | -8.2% |
| Vertex VERX | United States | $2.77B | +14% | +11% | 1% | 17.4× | 57.9% | +14.8% |