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One of China's largest cybersecurity vendors, selling network-security, firewall and threat-detection products.
One of China's largest cybersecurity vendors, selling network-security, firewall and threat-detection products.
Sells security appliances and software, plus services such as monitoring and testing, through project-by-project procurement by large institutions, so orders cluster late in the year when state and enterprise budgets are spent. Government and large state-owned institutions are its main buyers.
In one line: A China-focused Palo Alto Networks/Check Point.
Moat: narrow (regulatory licence, installed base, brand). Long-standing government/enterprise relationships and security-product certifications create switching costs.
Headquarters: Beijing, China · Founded: 1996 · Employees: 5,479
Size Venustech (002439.SZ) is a China Information Technology company (Computer Peripherals) with a market value of $2.58B, the 1007th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.23 on 6 Nov 2026.
Performance Over six months the shares fell 8.9%, against -17.0% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue fell 0.4% over the last twelve months (peer median +9.0%); the operating margin is -15.7% (peer median 9.7%).
Valuation It trades at 169.0× forward earnings against a peer median of 16.2× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is -9%, 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 10.3 points below its cost of capital (8.9% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.53B | CN¥2.32B | CN¥3.30B | CN¥4.48B | CN¥4.40B |
| Revenue growth | — | -30% | -26% | +2% | — |
| Gross profit | CN¥1.41B | CN¥1.13B | CN¥1.76B | CN¥2.43B | CN¥2.60B |
| EBITDA | n/a | -CN¥391M | -CN¥83.9M | CN¥614M | CN¥700M |
| Net income | -CN¥318M | -CN¥572M | -CN¥226M | CN¥741M | CN¥626M |
| Free cash flow | CN¥458M | CN¥245M | -CN¥501M | -CN¥499M | -CN¥213M |
| Capital expenditure | CN¥203M | CN¥173M | CN¥266M | CN¥159M | CN¥237M |
| Total debt | CN¥26.3M | CN¥40.0M | CN¥132M | CN¥298M | CN¥340M |
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 |
|---|---|---|---|---|---|---|
| Venustech 002439.SZ | $2.58B | -9% | 0% | -16% | 169.0× | 19.0% |
| NSFOCUS Technologies 300369.SZ | $1.29B | +45% | +8% | -4% | 266.0× | 38.1% |
| Qi An Xin Technology 688561.SS | $2.61B | -15% | -14% | -45% | n/a | n/a |
| Sangfor Technologies 300454.SZ | $7.84B | +5% | +21% | 2% | 71.4× | 46.1% |
| Palo Alto Networks PANW | $257B | +51% | +24% | 5% | 75.0× | 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 | 002439.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.3% | -11.2% | 5th highest of 21 |
| 6-month return | -8.9% | -17.0% | 6th highest of 21 |
| Distance from 52-week high | -17.0% | -40.0% | 2nd highest of 21 |
| Revenue growth (TTM) | -0.4% | +9.0% | 6th lowest of 21 |
| Operating margin | -15.7% | 9.7% | 3rd lowest of 21 |
| Forward P/E | 169.0× | 16.2× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 19.0% | 13.8% | 4th most demanding of 9 |
| Growth delivered (Del g) | -8.6% | +13.1% | lowest of 9 |
| Hurdle (Req g minus delivered) | +27.6 pp | -5.2 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | -10.3 pp | +12.9 pp | 3rd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Venustech 002439.SZ | China | $2.58B | -9% | 0% | -16% | 169.0× | 19.0% | -8.6% |
| Newland Digital Technology 000997.SZ | China | $2.56B | -14% | +29% | 11% | 16.0× | n/a | n/a |
| Societe Industrielle & Financiere de l'Artois ARTO.PA | France | $2.55B | -26% | -6% | -8% | n/a | n/a | n/a |
| VusionGroup VU.PA | France | $2.61B | +11% | +45% | 10% | 16.5× | n/a | n/a |
| Innodisk 5289.TWO | Taiwan | $2.76B | -35% | +334% | 49% | 2.5× | n/a | n/a |
| Netweb Technologies India NETWEB.NS | India | $2.37B | -12% | +175% | 13% | 55.9× | 46.1% | +72.5% |
| Kardex KARN.SW | Switzerland | $2.35B | -9% | +3% | 9% | 30.3× | 11.8% | +12.5% |
| AURAS Technology 3324.TWO | Taiwan | $2.90B | -10% | +71% | 16% | 15.1× | n/a | n/a |
| Extreme Networks EXTR | United States | $3.15B | 0% | +11% | 6% | 17.2× | 27.3% | +4.9% |
| ADATA Technology 3260.TWO | Taiwan | $3.16B | -33% | +125% | 34% | 4.5× | n/a | n/a |
| Transcend Information 2451.TW | Taiwan | $3.22B | -13% | +286% | 67% | 3.2× | n/a | n/a |
| Tianma Microelectronics 000050.SZ | China | $2.05B | -27% | -3% | -1% | 29.5× | -6.2% | +4.4% |
| Beijing Dahao Technology 603025.SS | China | $2.04B | -25% | +23% | 29% | n/a | 7.4% | +29.2% |
| Chicony Electronics 2385.TW | Taiwan | $1.96B | -31% | -8% | 7% | 15.4× | -9.6% | +0.1% |
| Micro-Star International 2377.TW | Taiwan | $3.50B | +43% | +1% | 5% | 11.6× | n/a | n/a |
| Hangzhou EZVIZ Network 688475.SS | China | $3.53B | -4% | +8% | 12% | 30.1× | 15.7% | +13.8% |
| Sichuan Changhong Electric 600839.SS | China | $3.55B | -41% | +4% | 0% | n/a | n/a | n/a |
| InfoVision Optoelectronics (Kunshan) 688055.SS | China | $1.56B | -23% | -24% | -19% | n/a | n/a | n/a |
| Nancal Technology 603859.SS | China | $1.49B | -5% | +10% | 12% | 42.5× | n/a | n/a |
| Toyou Feiji Electronics 300302.SZ | China | $1.49B | -24% | +5% | -15% | n/a | n/a | n/a |
| Visionox Technology 002387.SZ | China | $1.35B | -20% | -1% | -35% | n/a | 50.6% | +18.9% |