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Chinese cybersecurity company providing firewalls, network security and managed security services to enterprises and government.
Chinese cybersecurity company providing firewalls, network security and managed security services to enterprises and government.
Sells security appliances and services mainly through project contracts with government agencies, state-owned enterprises and financial institutions, so orders depend on public-sector IT budgets and often arrive in large lumps late in the year.
In one line: A Chinese Palo Alto Networks/Fortinet.
Moat: narrow (regulatory licence, customer qualification, installed base). Security-clearance requirements and long government relationships favor established domestic vendors.
Headquarters: Beijing, China · Founded: 1995 · Employees: 5,226
Size Topsec Technologies (002212.SZ) is a China Industrials company (Electrical Products) with a market value of $1.01B, the 2278th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.99 on 6 Nov 2026.
Performance Over six months the shares fell 17.7%, against -33.7% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 20 in its peer set.
Growth Revenue fell 9.0% over the last twelve months (peer median +13.6%); the operating margin is -14.4% (peer median 4.6%).
Valuation It trades at 99.8× forward earnings against a peer median of 20.9× (most expensive of 15).
Capital Return on invested capital runs 10.5 points below its cost of capital (10.0% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.22B | CN¥2.55B | CN¥2.80B | CN¥3.10B | CN¥3.52B |
| Revenue growth | — | -9% | -10% | -12% | — |
| Gross profit | CN¥1.50B | CN¥1.44B | CN¥1.47B | CN¥1.65B | CN¥1.90B |
| EBITDA | n/a | CN¥293M | CN¥242M | CN¥201M | CN¥359M |
| Net income | -CN¥175M | CN¥74.2M | CN¥83.0M | -CN¥371M | CN¥205M |
| Free cash flow | -CN¥267M | -CN¥124M | -CN¥121M | CN¥172M | -CN¥714M |
| Capital expenditure | CN¥265M | CN¥290M | CN¥381M | CN¥347M | CN¥465M |
| Total debt | CN¥680M | CN¥233M | CN¥348M | CN¥356M | CN¥544M |
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 |
|---|---|---|---|---|---|---|
| Topsec Technologies 002212.SZ | $1.01B | -18% | -9% | -14% | 99.8× | n/a |
| Venustech 002439.SZ | $2.58B | -9% | 0% | -16% | 169.0× | 19.0% |
| Sangfor Technologies 300454.SZ | $7.84B | +5% | +21% | 2% | 71.4× | 46.1% |
| Sprint Precision Technologies 688605.SS | $1.31B | -3% | +16% | 10% | 61.2× | 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 | 002212.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.8% | -7.7% | 6th lowest of 21 |
| 6-month return | -17.7% | -33.7% | 6th highest of 20 |
| Distance from 52-week high | -46.8% | -52.3% | 10th highest of 21 |
| Revenue growth (TTM) | -9.0% | +13.6% | 2nd lowest of 21 |
| Operating margin | -14.4% | 4.6% | 2nd lowest of 21 |
| Forward P/E | 99.8× | 20.9× | most expensive of 15 |
| ROIC minus cost of capital | -10.5 pp | -2.4 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Topsec Technologies 002212.SZ | China | $1.01B | -18% | -9% | -14% | 99.8× | n/a | n/a |
| Sanyo Denki 6516.T | Japan | $1.01B | -39% | +20% | 12% | 11.4× | 9.0% | +6.7% |
| Leedarson IoT Technology 605365.SS | China | $1.01B | -55% | -2% | 4% | 15.4× | n/a | n/a |
| Shenzhen Senior Technology Material 6067.HK | Hong Kong | $1.02B | n/a | +53% | 10% | 10.2× | n/a | n/a |
| Guangzhou Zhiguang Electric 002169.SZ | China | $1.02B | -34% | +28% | 1% | n/a | n/a | n/a |
| discoverIE DSCV.L | United Kingdom | $997M | +17% | +5% | 10% | 17.1× | 21.4% | +7.9% |
| Guangdong Shunna Electric 000533.SZ | China | $996M | -24% | +25% | 6% | n/a | 16.8% | +8.7% |
| Elecon Engineering ELECON.NS | India | $995M | -26% | +5% | 17% | 24.6× | 31.3% | +17.8% |
| Zhejiang Yankon 600261.SS | China | $1.03B | +52% | -2% | 4% | n/a | 10.2% | -11.1% |
| Ficont Industry(Beijing) 605305.SS | China | $989M | -35% | +15% | 26% | 10.6× | -1.1% | +22.5% |
| Hunan Valin Wire & Cable 001208.SZ | China | $1.04B | -36% | +20% | 2% | 25.5× | 32.0% | +21.6% |
| Voltamp Transformers VOLTAMP.NS | India | $1.04B | +1% | +18% | 15% | 28.6× | 35.4% | +25.5% |
| Mersen MRN.PA | France | $976M | -1% | -3% | 9% | 13.1× | 11.0% | +7.0% |
| Transformers and Rectifiers (India) TARIL.NS | India | $974M | -7% | +27% | 15% | 26.3× | n/a | n/a |
| Fluence Energy FLNC | United States | $973M | -78% | +7% | -4% | n/a | n/a | n/a |
| Shenzhen Uniconn Technology 301631.SZ | China | $969M | -34% | +32% | 5% | 17.1× | 18.2% | +49.0% |
| Guangdong Xinyaguang Cable 001382.SZ | China | $968M | -21% | +12% | 4% | n/a | n/a | n/a |
| CSG Smart Science&Technology 300222.SZ | China | $966M | -27% | +26% | 2% | 30.5× | n/a | n/a |
| Jiangsu Zhongchao 002471.SZ | China | $963M | -45% | -5% | 1% | n/a | n/a | n/a |
| Ongoal Technology 301662.SZ | China | $1.06B | -51% | -3% | 3% | 43.9× | 51.7% | n/a |
| Jolywood (Suzhou) Sunwatt 300393.SZ | China | $958M | -42% | -48% | -62% | 30.8× | 5.1% | -2.7% |