Who are Poly Developments &'s main competitors?

Named competitors: China Vanke (000002.SZ), China Merchants Shekou (001979.SZ), China Overseas Land (0688.HK), Longfor Group (0960.HK). The cockpit's measured peer set (industry) also includes China Merchants Shekou Industrial Zone (001979.SZ), Hulic (3003.T), PSP Swiss Property (PSPN.SW), Klepierre (LI.PA), China Res Mixc (1209.HK), Phoenix Mills (PHOENIXLTD.NS).

Is Poly Developments & expensive compared with its peers?

On forward p/e it trades at 48.6× against a peer median of 19.2×, 3rd most expensive of 19 in its peer set.

How has Poly Developments & stock performed?

Over six months to 6 Nov 2026 the shares returned -8.8% against +4.3% for the median peer; over one year -25.4%.

← CockpitCompetitor Analysis › 600048.SS Poly Developments & Holdings Group Co., Ltd. Class AOpen in the cockpit ↗

Poly Developments & Holdings Group Co., Ltd. Class A600048.SSCompetitor analysis, valuation and peers

China · CNY·Real Estate›Real Estate Development

State-owned Chinese real estate developer, one of the country's largest, building residential and mixed-use property.

≈ A state-backed Chinese LennarMomentum leader 81

Competitor Analysis ▸ Charts Open in the cockpit

Mkt cap

$10.1B

US dollars, full cap

Free float

55%

of shares outstanding

$/day

$119M

20-day average traded

Fwd P/E

48.6×

forward earnings

ROIC−WACC

n/a

WACC 5.0%

Hurdle

n/a

no reverse DCF

Next earnings

165 days

20 Apr 2027

Close · CNYCN¥5.60

1D-1.4%

1W+3.7%

1M-3.0%

3M+6.7%

6M-8.8%

YTD-8.2%

1Y-25.4%

ATR %3.5%

52w lowhigh25.5% off high

What Poly Developments & does

State-owned Chinese real estate developer, one of the country's largest, building residential and mixed-use property.

Sells homes before completion and books revenue when they are handed over, so profit follows sales made earlier. It also holds commercial property and runs property management. China Poly Group, a central-government-owned firm, controls it.

In one line: A state-backed Chinese Lennar.

Products and services

Residential development
Commercial/mixed-use property
Property management

Customers

Homebuyers
Commercial tenants

Where it sits in the supply chain

Real estate
Property development
Residential & mixed-use development

What could go right

State backing supports funding access
Market share gains as weaker developers exit

What could go wrong

Chinese property downturn
Homebuyer demand weakness

Moat: narrow (scale, distribution, brand). State-owned parent China Poly Group gives cheaper funding access than private developers in a downturn.

Headquarters: Guangzhou, China · Founded: 1992 · Employees: 44,445

Named competitors

Poly Developments & at a glance

Size Poly Developments & (600048.SS) is a China Real Estate company (Real Estate Development) with a market value of $10.1B, the 247th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.60 on 6 Nov 2026.

Performance Over six months the shares fell 8.8%, against +4.3% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.

Growth Revenue fell 4.4% over the last twelve months (peer median +8.2%); the operating margin is 3.7% (peer median 41.0%).

Valuation It trades at 48.6× forward earnings against a peer median of 19.2× (3rd most expensive of 19).

Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).

Relative performance

Six months, rebased to 100: Poly Developments & against the median of its 20 peers (local-currency closes).

Poly Developments & financials

Reported figures in CNY; fiscal year ends 2025-12-31. TTM = trailing twelve months.
	TTM	FY2025	FY2024	FY2023	FY2022
Revenue	CN¥289B	CN¥307B	CN¥311B	CN¥346B	CN¥280B
Revenue growth	—	-1%	-10%	+23%	—
Gross profit	CN¥37.0B	CN¥38.2B	CN¥42.0B	CN¥54.0B	CN¥60.5B
EBITDA	n/a	CN¥17.3B	CN¥20.1B	CN¥29.2B	CN¥36.6B
Net income	CN¥1.44B	CN¥1.03B	CN¥5.00B	CN¥12.1B	CN¥18.3B
Free cash flow	CN¥17.2B	CN¥16.3B	CN¥6.55B	CN¥14.6B	CN¥10.2B
Capital expenditure	CN¥578M	CN¥487M	CN¥179M	CN¥179M	CN¥186M
Total debt	CN¥339B	CN¥344B	CN¥358B	CN¥364B	CN¥396B

Quarterly statements and history in the cockpit →

Poly Developments & competitor charts

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.

Performance: 6-month against 1-month return

Up and to the right = strong over both horizons. Poly Developments & is the large dot.

Fundamentals: revenue growth against valuation

Further right = faster growth; higher = more expensive. The dashed lines are the peer medians. Poly Developments & is the large dot.

Poly Developments & competitors and peer comparison

Head to head with its named competitors (600048.SS vs 000002.SZ vs 001979.SZ vs 0688.HK)
Company	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g
Poly Developments & 600048.SS	$10.1B	-9%	-4%	4%	48.6×	n/a
China Vanke 000002.SZ	$5.36B	-17%	-32%	-24%	n/a	n/a
China Merchants Shekou Industrial Zone 001979.SZ	$10.4B	-10%	-22%	1%	69.7×	n/a
China Overseas 0688.HK	$18.4B	-13%	+4%	11%	10.2×	n/a
Longfor 0960.HK	$4.05B	-47%	-42%	1%	n/a	n/a

How Poly Developments & compares with its peers

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.

Poly Developments & against its 20 peers (data as of 6 Nov 2026)
Measure	600048.SS	Peer median	Rank in peer set
1-month return	-3.0%	+7.8%	lowest of 21
6-month return	-8.8%	+4.3%	7th lowest of 21
Distance from 52-week high	-25.5%	-12.4%	6th lowest of 21
Revenue growth (TTM)	-4.4%	+8.2%	4th lowest of 21
Operating margin	3.7%	41.0%	3rd lowest of 21
Forward P/E	48.6×	19.2×	3rd most expensive of 19

Peer table

Peer set: Industry: the same industry and sector in any market, nearest in size
Company	Market	Market cap	6M return	Revenue growth	Op. margin	Forward P/E	Req g	Delivered g
Poly Developments & 600048.SS	China	$10.1B	-9%	-4%	4%	48.6×	n/a	n/a
China Merchants Shekou Industrial Zone 001979.SZ	China	$10.4B	-10%	-22%	1%	69.7×	n/a	n/a
Hulic 3003.T	Japan	$9.16B	+7%	+25%	23%	11.5×	n/a	n/a
PSP Swiss Property PSPN.SW	Switzerland	$8.73B	+5%	+44%	68%	27.9×	n/a	n/a
Klepierre LI.PA	France	$11.6B	+8%	+3%	63%	13.1×	n/a	n/a
China Res Mixc 1209.HK	Hong Kong	$12.1B	-14%	+10%	28%	18.4×	n/a	n/a
Phoenix Mills PHOENIXLTD.NS	India	$8.13B	+18%	+13%	52%	52.0×	n/a	n/a
Lodha Developers LODHA.NS	India	$12.5B	+22%	+21%	31%	27.0×	n/a	n/a
Wharf Reic 1997.HK	Hong Kong	$12.6B	+24%	-1%	73%	14.8×	n/a	n/a
Wharf (Holdings) 0004.HK	Hong Kong	$7.92B	-32%	-1%	41%	15.7×	n/a	n/a
Sino Land 0083.HK	Hong Kong	$12.8B	-20%	+15%	34%	20.4×	n/a	n/a
Compass COMP	United States	$7.84B	+17%	+68%	0%	n/a	n/a	n/a
Swiss Prime Site SPSN.SW	Switzerland	$13.0B	+1%	-12%	76%	31.7×	n/a	n/a
Ctp CTPNV.AS	Netherlands	$7.43B	-18%	+12%	67%	13.0×	n/a	n/a
Prestige Estates Projects PRESTIGE.NS	India	$7.42B	+10%	+66%	24%	38.5×	n/a	n/a
Daito Trust Construction 1878.T	Japan	$7.10B	-7%	+6%	7%	9.7×	n/a	n/a
Deutsche Wohnen DWNI.DE	Germany	$7.05B	-20%	0%	48%	11.0×	n/a	n/a
AB Sagax SAGA-A.ST	Sweden	$6.96B	+5%	+5%	78%	15.7×	n/a	n/a
Cpi Property O5G.DE	Germany	$6.85B	-1%	-8%	41%	n/a	n/a	n/a
Oberoi Realty OBEROIRLTY.NS	India	$6.66B	+4%	+16%	57%	20.0×	n/a	n/a
FirstService FSV.TO	Canada	$6.46B	+18%	+3%	6%	23.6×	n/a	n/a

Questions

Who are Poly Developments &'s main competitors?: Named competitors: China Vanke (000002.SZ), China Merchants Shekou (001979.SZ), China Overseas Land (0688.HK), Longfor Group (0960.HK). The cockpit's measured peer set (industry) also includes China Merchants Shekou Industrial Zone (001979.SZ), Hulic (3003.T), PSP Swiss Property (PSPN.SW), Klepierre (LI.PA), China Res Mixc (1209.HK), Phoenix Mills (PHOENIXLTD.NS).
Is Poly Developments & expensive compared with its peers?: On forward p/e it trades at 48.6× against a peer median of 19.2×, 3rd most expensive of 19 in its peer set.
How has Poly Developments & stock performed?: Over six months to 6 Nov 2026 the shares returned -8.8% against +4.3% for the median peer; over one year -25.4%.