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Chinese digital-entertainment/gaming group; business scope has been reduced after past impairments, specifics not fully confirmed.
Chinese digital-entertainment/gaming group; business scope has been reduced after past impairments, specifics not fully confirmed.
Moat: none. History of large goodwill impairments has weakened its former mobile-game/entertainment franchise.
Headquarters: China · Employees: 2,238
Size Tianyu Digital Technology (002354.SZ) is a China Information Technology company (Packaged Software) with a market value of $2.00B, the 1259th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.12 on 6 Nov 2026.
Performance Over six months the shares gained 31.0%, against -6.0% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 21 in its peer set.
Growth Revenue grew 8.4% over the last twelve months (peer median +12.0%); the operating margin is -1.6% (peer median 2.9%).
Valuation It trades at 135.3× forward earnings against a peer median of 26.2× (2nd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +10 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 11.9 points below its cost of capital (11.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.05B | CN¥2.07B | CN¥1.58B | CN¥1.76B | CN¥1.74B |
| Revenue growth | — | +32% | -10% | +1% | — |
| Gross profit | CN¥669M | CN¥497M | CN¥351M | CN¥376M | CN¥281M |
| EBITDA | n/a | CN¥7.92M | CN¥3.67M | CN¥30.8M | -CN¥20.2M |
| Net income | -CN¥40.7M | -CN¥48.9M | -CN¥118M | -CN¥1.09B | -CN¥282M |
| Free cash flow | CN¥336M | CN¥97.0M | -CN¥78.3M | CN¥14.9M | -CN¥124M |
| Capital expenditure | CN¥29.1M | CN¥23.2M | CN¥6.50M | CN¥5.95M | CN¥12.5M |
| Total debt | CN¥61.4M | CN¥121M | CN¥23.0M | CN¥17.2M | CN¥24.2M |
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| Measure | 002354.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.0% | +5.5% | 3rd highest of 21 |
| 6-month return | +31.0% | -6.0% | 5th highest of 21 |
| Distance from 52-week high | -21.5% | -33.5% | 9th highest of 21 |
| Revenue growth (TTM) | +8.4% | +12.0% | 9th lowest of 21 |
| Operating margin | -1.6% | 2.9% | 9th lowest of 21 |
| Forward P/E | 135.3× | 26.2× | 2nd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 25.9% | 12.3% | 5th most demanding of 16 |
| Growth delivered (Del g) | +15.8% | +12.0% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | +10.1 pp | -3.5 pp | 6th most demanding of 16 |
| ROIC minus cost of capital | -11.9 pp | -5.8 pp | 7th lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianyu Digital Technology 002354.SZ | China | $2.00B | +31% | +8% | -2% | 135.3× | 25.9% | +15.8% |
| Justsystems 4686.T | Japan | $2.01B | +33% | +10% | 44% | n/a | -6.3% | +4.6% |
| Zhejiang Jinke Tom Culture Industry 300459.SZ | China | $2.01B | -9% | -10% | -108% | n/a | 43.2% | -12.5% |
| Pine Labs PINELABS.NS | India | $1.98B | -19% | +50% | 7% | 79.2× | n/a | n/a |
| iReader Technology 603533.SS | China | $1.98B | +20% | +14% | -2% | 91.2× | 37.2% | +9.5% |
| Aisino 600271.SS | China | $1.96B | -16% | -12% | -24% | 26.2× | n/a | n/a |
| Ourpalm 300315.SZ | China | $1.96B | -3% | -5% | -65% | 125.6× | 55.8% | -17.0% |
| Mobvista Incorporation 1860.HK | Hong Kong | $2.05B | -43% | +26% | 4% | 19.6× | -1.1% | +31.9% |
| Zhejiang Digital Culture Technology 600633.SS | China | $2.06B | -15% | +14% | 10% | 20.8× | 15.4% | -2.8% |
| Karooooo KARO | United States | $1.95B | +25% | +32% | 25% | 24.1× | 10.4% | +17.7% |
| Planisware Societe anonyme PLNW.PA | France | $1.94B | +46% | +8% | 31% | 28.2× | 12.3% | +16.8% |
| UCloud Technology 688158.SS | China | $2.08B | -34% | +26% | 2% | 499.0× | n/a | n/a |
| Embracer EMBRAC-B.ST | Sweden | $2.08B | +37% | -31% | -43% | 16.4× | -9.8% | +12.0% |
| Pony AI 2026.HK | Hong Kong | $1.93B | -56% | +67% | -214% | n/a | n/a | n/a |
| Amplitude AMPL | United States | $2.09B | +161% | +18% | -27% | 109.2× | 36.9% | +27.4% |
| Five9 FIVN | United States | $2.10B | +27% | +9% | 6% | 8.1× | 17.9% | +21.4% |
| Pitney Bowes PBI | United States | $2.11B | -1% | -4% | 25% | 9.6× | -5.4% | -11.8% |
| DoubleVerify DV | United States | $2.12B | +23% | +7% | 14% | 21.3× | 9.7% | +25.1% |
| China TransInfo Technology 002373.SZ | China | $1.89B | -11% | +16% | 1% | 39.7× | 22.0% | -2.7% |
| iFAST AIY.SI | Singapore | $1.89B | -10% | +35% | 24% | 18.6× | -11.6% | +24.8% |
| Business-Intelligence of Oriental Nations 300166.SZ | China | $1.88B | -27% | +7% | -5% | 94.1× | n/a | n/a |