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Chinese toy and animation company known for licensed Ultraman merchandise, building-block toys and animated content.
Chinese toy and animation company known for licensed Ultraman merchandise, building-block toys and animated content.
Earns mostly by selling toys built around licensed characters, chiefly Ultraman, and its own brands to distributors and retailers; the animation mainly serves to build the characters' appeal. Results therefore depend on how well the licensed characters sell season to season.
In one line: A Chinese Hasbro/Bandai for licensed character toys.
Moat: narrow (brand, IP / patents). Exclusive Ultraman IP licence in China plus its own animation-driven toy brands.
Headquarters: Shantou, Guangdong, China · Founded: 1993 · Employees: 3,280
Size Alpha (002292.SZ) is a China Consumer Discretionary company (Recreational Products) with a market value of $2.08B, the 1213th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.40 on 6 Nov 2026.
Performance Over six months the shares gained 13.0%, against +1.7% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +7.7%); the operating margin is 8.8% (peer median 9.3%).
Valuation It trades at 72.3× forward earnings against a peer median of 16.4× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +28 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 1.0 points below its cost of capital (8.1% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.64B | CN¥2.46B | CN¥2.71B | CN¥2.72B | CN¥2.64B |
| Revenue growth | — | -9% | -1% | +3% | — |
| Gross profit | CN¥1.32B | CN¥1.00B | CN¥1.07B | CN¥945M | CN¥743M |
| EBITDA | n/a | CN¥193M | CN¥223M | CN¥214M | -CN¥25.7M |
| Net income | CN¥207M | CN¥71.9M | -CN¥285M | CN¥93.6M | -CN¥171M |
| Free cash flow | CN¥200M | CN¥108M | CN¥223M | CN¥162M | CN¥61.9M |
| Capital expenditure | CN¥41.5M | CN¥38.1M | CN¥33.1M | CN¥44.2M | CN¥88.5M |
| Total debt | CN¥667M | CN¥664M | CN¥719M | CN¥987M | CN¥1.30B |
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 |
|---|---|---|---|---|---|---|
| Alpha 002292.SZ | $2.08B | +13% | +2% | 9% | 72.3× | 28.4% |
| Bandai Namco 7832.T | $26.1B | +76% | +9% | 15% | 25.5× | -0.4% |
| Hasbro HAS | $16.6B | +22% | +19% | 31% | 17.3× | -9.8% |
| Pop Mart 9992.HK | $23.8B | -11% | +87% | 45% | 17.5× | 3.8% |
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 | 002292.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.9% | +3.7% | 10th highest of 21 |
| 6-month return | +13.0% | +1.7% | 6th highest of 21 |
| Distance from 52-week high | -13.6% | -18.1% | 8th highest of 21 |
| Revenue growth (TTM) | +1.9% | +7.7% | 7th lowest of 21 |
| Operating margin | 8.8% | 9.3% | 10th lowest of 21 |
| Forward P/E | 72.3× | 16.4× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 28.4% | 0.7% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +0.9% | +7.9% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | +27.5 pp | -6.5 pp | most demanding of 17 |
| ROIC minus cost of capital | -1.0 pp | +3.6 pp | 6th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Alpha 002292.SZ | China | $2.08B | +13% | +2% | 9% | 72.3× | 28.4% | +0.9% |
| tonies TNIE.DE | Germany | $1.86B | +24% | +36% | 4% | 37.4× | n/a | n/a |
| VTech 0303.HK | Hong Kong | $1.72B | -15% | -7% | 9% | 11.9× | -9.7% | -3.0% |
| Tomy 7867.T | Japan | $2.74B | +89% | +7% | 9% | 20.2× | 2.5% | +13.9% |
| Bloks 0325.HK | Hong Kong | $1.56B | -23% | +30% | 21% | 12.4× | -1.0% | +102.8% |
| Spin Master TOY.TO | Canada | $1.52B | +6% | -2% | 9% | 9.6× | -11.5% | +7.0% |
| Sanlorenzo SL.MI | Italy | $1.46B | -7% | +2% | 14% | 11.8× | -2.0% | +13.7% |
| Callaway Golf CALY | United States | $3.00B | -4% | -37% | 9% | 18.6× | 2.4% | +5.3% |
| New Gonow Recreational Vehicles 0805.HK | Hong Kong | $1.36B | +491% | +13% | 2% | n/a | n/a | n/a |
| Yonex 7906.T | Japan | $1.31B | -10% | +15% | 10% | 14.6× | n/a | n/a |
| Technogym S.p.A TGYM.MI | Italy | $3.34B | -32% | +10% | 16% | 23.8× | 9.7% | +14.9% |
| Hayward HAYW | United States | $3.38B | +11% | +8% | 22% | 17.9× | 9.9% | +5.1% |
| Yamaha 7951.T | Japan | $3.39B | +7% | +5% | 8% | 15.8× | -1.7% | +4.5% |
| Mips MIPS.ST | Sweden | $1.24B | +75% | +41% | 37% | 47.3× | 32.9% | +7.9% |
| Polaris PII | United States | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% | +0.4% |
| Asmodee ASMDEE-B.ST | Sweden | $3.97B | +39% | +17% | 16% | 17.1× | -1.8% | +11.9% |
| Fusheng Precision 6670.TW | Taiwan | $1.07B | -1% | +1% | 15% | 9.3× | -14.6% | +15.9% |
| Fluidra FDR.MC | Spain | $4.12B | +4% | +2% | 14% | 14.9× | 5.4% | +8.0% |
| Thor Industries THO | United States | $4.18B | +5% | 0% | 3% | 22.3× | 16.0% | -4.8% |
| GoldLok Holdings (Guangdong) 002348.SZ | China | $1.03B | -38% | +77% | -14% | n/a | n/a | n/a |
| Johnson Health Tech 1736.TW | Taiwan | $1.01B | -12% | +8% | 8% | 8.5× | -8.0% | +13.9% |