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Cable-TV network operator in Shenzhen, selling pay-TV, broadband and data-centre services; controlled by Shenzhen Media Group.
Cable-TV network operator in Shenzhen, selling pay-TV, broadband and data-centre services; controlled by Shenzhen Media Group.
Earns subscription fees from households on its Shenzhen cable network for TV and broadband, and rents racks and power to data-centre customers. The network is a local franchise tied to Shenzhen, so growth depends on adding new services as cable-TV viewing declines. Shenzhen Media Group, the city's state broadcaster, is the controlling shareholder.
Moat: narrow (regulatory licence, installed base). Holds the cable network franchise in Shenzhen; subscribers face pressure from streaming and IPTV.
Headquarters: Shenzhen, China · Founded: 1995 · Employees: 2,123
Size Shenzhen Topway Video Communication (002238.SZ) is a China Communication Services company (Cable/Satellite TV) with a market value of $810M, the 2723rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.73 on 6 Nov 2026.
Performance Over six months the shares fell 7.9%, against -7.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 13 in its peer set.
Growth Revenue fell 15.9% over the last twelve months (peer median 0.0%); the operating margin is -22.5% (peer median 3.1%).
Valuation It trades at 4.7× enterprise value to sales against a peer median of 2.4× (3rd most expensive of 12).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is -6%, so the hurdle is +22 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 9.6 points below its cost of capital (8.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.09B | CN¥1.29B | CN¥1.38B | CN¥1.48B | CN¥1.50B |
| Revenue growth | — | -6% | -7% | -2% | — |
| Gross profit | CN¥437M | CN¥248M | CN¥318M | CN¥422M | CN¥396M |
| EBITDA | n/a | CN¥230M | CN¥296M | CN¥354M | CN¥354M |
| Net income | -CN¥227M | -CN¥193M | CN¥2.56M | CN¥125M | CN¥110M |
| Free cash flow | CN¥172M | CN¥45.6M | CN¥329M | -CN¥118M | CN¥16.8M |
| Capital expenditure | CN¥119M | CN¥178M | CN¥142M | CN¥615M | CN¥313M |
| Total debt | CN¥284M | CN¥333M | CN¥492M | CN¥493M | CN¥268M |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Topway Video Communication 002238.SZ | $810M | -8% | -16% | -22% | 4.7× | 16.0% |
| Beijing Gehua CATV Network 600037.SS | $1.40B | -16% | +24% | -5% | 1.1× | n/a |
| Jiangsu Broadcasting Cable Information Network 600959.SS | $2.42B | -17% | -8% | -8% | 2.2× | n/a |
| Shaanxi Broadcast & TV Network Intermediary (Group) 600831.SS | $351M | -15% | -26% | -141% | 8.3× | 12.3% |
| Guizhou Broadcasting & TV Information Network 600996.SS | $1.22B | -23% | -7% | -89% | 13.0× | 30.2% |
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 | 002238.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.5% | +0.3% | 5th lowest of 13 |
| 6-month return | -7.9% | -7.7% | 7th highest of 13 |
| Distance from 52-week high | -34.7% | -30.5% | 5th lowest of 13 |
| Revenue growth (TTM) | -15.9% | 0.0% | lowest of 13 |
| Operating margin | -22.5% | 3.1% | 3rd lowest of 13 |
| EV / Sales | 4.7× | 2.4× | 3rd most expensive of 12 |
| Growth the price implies (Req g, 7 yrs) | 16.0% | 1.6% | 2nd most demanding of 9 |
| Growth delivered (Del g) | -5.8% | +2.9% | 2nd lowest of 9 |
| Hurdle (Req g minus delivered) | +21.9 pp | -1.9 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | -9.6 pp | -0.0 pp | 2nd lowest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| 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% |
| Guangxi Beitou Technology 600936.SS | China | $925M | -11% | +13% | 2% | 2.4× | 15.7% | +10.6% |
| 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 |
| Guizhou Broadcasting & TV Information Network 600996.SS | China | $1.22B | -23% | -7% | -89% | 13.0× | 30.2% | -18.3% |
| Cogeco Communications CCA.TO | Canada | $1.67B | -13% | -4% | 26% | 2.4× | -8.9% | +2.2% |
| AMC Global Media AMCX | United States | $346M | -5% | -5% | 8% | 0.7× | -4.9% | -3.9% |
| Cyfrowy Polsat CPS.WA | Poland | $2.08B | -24% | 0% | 10% | 1.5× | 6.6% | +3.7% |
| Taiwan Optical Platform 6464.TW | Taiwan | $311M | +5% | 0% | 26% | 3.8× | -2.3% | +0.6% |
| Wasu Media 000156.SZ | China | $2.17B | +5% | -4% | 2% | 1.0× | -6.9% | +3.9% |
| Jiangsu Broadcasting Cable Information Network 600959.SS | China | $2.42B | -17% | -8% | -8% | 2.2× | n/a | n/a |
| Canal+ CAN.L | United Kingdom | $3.11B | +2% | +10% | 4% | n/a | n/a | n/a |