Diversified Chinese group spanning gold mining, solar power generation and power-line-carrier integrated circuit design.
Diversified Chinese group spanning gold mining, solar power generation and power-line-carrier integrated circuit design.
Moat: none (scale). Diversified conglomerate spanning unrelated industries with no single dominant franchise.
Headquarters: China · Employees: 158
Size Beijing Xiaocheng Technology Stock (300139.SZ) is a China Materials company (Precious Metals) with a market value of $1.64B, the 1511th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥39.86 on 6 Nov 2026.
Performance Over six months the shares fell 24.6%, against -10.7% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 19 in its peer set.
Growth Revenue grew 38.7% over the last twelve months (peer median +56.0%); the operating margin is 27.2% (peer median 34.7%).
Valuation It trades at 15.4× enterprise value to sales against a peer median of 2.5× (2nd most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 34% a year for seven years (Req g). Recent delivered growth is +28%, so the hurdle is +6 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 11.4 points above its cost of capital (10.7% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥682M | CN¥630M | CN¥350M | CN¥237M | CN¥219M |
| Revenue growth | — | +80% | +48% | +8% | — |
| Gross profit | CN¥452M | CN¥381M | CN¥191M | CN¥78.9M | CN¥117M |
| EBITDA | n/a | CN¥261M | CN¥116M | -CN¥3.70M | CN¥34.3M |
| Net income | CN¥140M | CN¥151M | CN¥46.6M | -CN¥34.4M | -CN¥82.6M |
| Free cash flow | CN¥76.7M | CN¥197M | CN¥31.0M | -CN¥65.7M | -CN¥19.7M |
| Capital expenditure | CN¥172M | CN¥117M | CN¥74.1M | CN¥69.3M | CN¥24.3M |
| Total debt | CN¥15.0M | CN¥17.9M | CN¥12.5M | CN¥0 | CN¥0 |
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| Measure | 300139.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.0% | -5.4% | 8th highest of 21 |
| 6-month return | -24.6% | -10.7% | 5th lowest of 19 |
| Distance from 52-week high | -56.6% | -34.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +38.7% | +56.0% | 6th lowest of 15 |
| Operating margin | 27.2% | 34.7% | 7th lowest of 15 |
| EV / Sales | 15.4× | 2.5× | 2nd most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 33.6% | -5.8% | 2nd most demanding of 12 |
| Growth delivered (Del g) | +27.8% | +19.0% | 5th highest of 12 |
| Hurdle (Req g minus delivered) | +5.7 pp | -19.6 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | +11.4 pp | +3.5 pp | 8th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Beijing Xiaocheng Technology Stock 300139.SZ | China | $1.64B | -25% | +39% | 27% | 15.4× | 33.6% | +27.8% |
| Alkane Resources ALK.AX | Australia | $1.63B | +11% | +403% | 34% | 2.1× | -1.2% | +48.9% |
| Southern Cross Gold Consolidated SXGC.TO | Canada | $1.65B | -9% | n/a | n/a | n/a | n/a | n/a |
| Tongguan Gold 0340.HK | Hong Kong | $1.73B | -14% | +65% | 52% | 4.7× | -9.9% | +48.9% |
| Hycroft Mining HYMC | United States | $1.75B | -51% | n/a | n/a | n/a | n/a | n/a |
| Resolute Mining RSG.AX | Australia | $1.81B | -12% | +5% | 35% | 1.6× | -7.2% | +8.9% |
| Henan Yuguang Gold & Lead 600531.SS | China | $1.83B | -32% | +48% | 2% | 0.4× | 7.9% | +19.6% |
| Orezone Gold ORE.TO | Canada | $1.46B | +31% | +93% | 40% | 2.3× | -8.0% | +110.4% |
| Bellevue Gold BGL.AX | Australia | $1.46B | -16% | +14% | 5% | 3.9× | 41.2% | +13.9% |
| Sunshine Silver Mining & Refining SSMR | United States | $1.91B | n/a | +422% | -3,022% | 3,229.2× | n/a | n/a |
| Snowline Gold SGD.TO | Canada | $1.93B | -6% | n/a | n/a | n/a | n/a | n/a |
| Ora Banda Mining OBM.AX | Australia | $1.93B | +4% | +101% | 39% | 3.1× | 1.1% | +101.1% |
| Sinda SIND | United States | $1.95B | n/a | n/a | n/a | n/a | n/a | n/a |
| Silvercorp Metals SVM.TO | Canada | $1.99B | -31% | +59% | 56% | 3.9× | 4.7% | +19.0% |
| Mineros MSA.TO | Canada | $2.00B | +73% | +77% | 39% | 1.8× | -5.8% | +11.8% |
| DRDGOLD Ltd. Sponsored ADR DRD | United States | $2.00B | -16% | +53% | 51% | 2.8× | -16.4% | +14.1% |
| Perenti PRN.AX | Australia | $1.31B | -8% | -4% | 9% | 0.7× | -9.8% | +9.8% |
| AbraSilver Resource ABRA.TO | Canada | $1.30B | -37% | n/a | n/a | n/a | n/a | n/a |
| Sino-Platinum Metals 600459.SS | China | $2.06B | -17% | -27% | 2% | 0.4× | n/a | n/a |
| Minerals 260 MI6.AX | Australia | $1.29B | +1% | n/a | n/a | n/a | n/a | n/a |
| i-80 Gold IAU.TO | Canada | $1.24B | -2% | +38% | -103% | 9.6× | n/a | n/a |