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One of China's major national residential property developers, building and selling apartments across large Chinese cities.
One of China's major national residential property developers, building and selling apartments across large Chinese cities.
Earns when homes are delivered, though buyers pay deposits and instalments before then, so cash arrives well ahead of reported revenue. Property management and rental properties are smaller, steadier lines. Sector-wide weak sales since 2021 have constrained its ability to buy new land.
In one line: A large Chinese homebuilder, akin to a scaled national real estate developer.
Moat: none. Faces the same demand downturn, high leverage and margin pressure as peer national developers.
Headquarters: Shenzhen, China · Employees: 36,633
Size Gemdale (600383.SS) is a China Consumer Discretionary company (Homebuilding) with a market value of $1.45B, the 1678th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.14 on 6 Nov 2026.
Performance Over six months the shares fell 26.2%, against -11.2% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 46.5% over the last twelve months (peer median +7.3%); the operating margin is -23.6% (peer median 5.4%).
Valuation It trades at 3.2× enterprise value to sales against a peer median of 1.2× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is -16%, so the hurdle is +26 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 8.8 points below its cost of capital (5.0% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥31.2B | CN¥35.8B | CN¥75.2B | CN¥97.9B | CN¥120B |
| Revenue growth | — | -52% | -23% | -18% | — |
| Gross profit | CN¥4.83B | CN¥4.66B | CN¥11.2B | CN¥16.9B | CN¥24.7B |
| EBITDA | n/a | -CN¥7.84B | -CN¥630M | CN¥5.19B | CN¥9.09B |
| Net income | -CN¥12.3B | -CN¥13.3B | -CN¥6.12B | CN¥888M | CN¥6.11B |
| Free cash flow | CN¥2.48B | -CN¥91.6M | CN¥11.1B | -CN¥3.37B | CN¥20.7B |
| Capital expenditure | CN¥557M | CN¥516M | CN¥200M | CN¥594M | CN¥695M |
| Total debt | CN¥64.5B | CN¥67.6B | CN¥74.3B | CN¥93.4B | CN¥117B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Gemdale 600383.SS | $1.45B | -26% | -47% | -24% | 3.2× | 10.8% |
| China Vanke 000002.SZ | $5.36B | -17% | -32% | -24% | n/a | 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 | 600383.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.7% | 0.0% | lowest of 21 |
| 6-month return | -26.2% | -11.2% | 2nd lowest of 21 |
| Distance from 52-week high | -47.9% | -28.3% | 3rd lowest of 21 |
| Revenue growth (TTM) | -46.5% | +7.3% | lowest of 21 |
| Operating margin | -23.6% | 5.4% | lowest of 21 |
| EV / Sales | 3.2× | 1.2× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 10.8% | -7.9% | 2nd most demanding of 12 |
| Growth delivered (Del g) | -15.6% | +8.1% | 2nd lowest of 12 |
| Hurdle (Req g minus delivered) | +26.5 pp | -14.0 pp | most demanding of 12 |
| ROIC minus cost of capital | -8.8 pp | -0.7 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gemdale 600383.SS | China | $1.45B | -26% | -47% | -24% | 3.2× | 10.8% | -15.6% |
| Century Communities CCS | United States | $1.56B | 0% | -7% | 2% | 0.9× | n/a | n/a |
| Nishimatsu Construction 1820.T | Japan | $1.28B | -11% | +14% | 8% | 0.9× | n/a | n/a |
| JSL Construction & Development 2540.TW | Taiwan | $1.25B | -14% | -35% | 3% | 8.6× | n/a | n/a |
| Katitas 8919.T | Japan | $1.69B | +11% | +20% | 12% | 1.8× | n/a | n/a |
| Okumura 1833.T | Japan | $1.19B | -17% | 0% | 5% | 0.8× | n/a | n/a |
| CEVIA Enviro 000885.SZ | China | $1.16B | -14% | -2% | 27% | 3.6× | -8.3% | +14.0% |
| GS Engineering & Construction 006360.KS | South Korea | $1.86B | -22% | -15% | 3% | 0.2× | -9.8% | +4.2% |
| Vistry VTY.L | United Kingdom | $1.12B | -19% | -8% | -9% | 0.4× | n/a | n/a |
| Dream Finders Homes DFH | United States | $1.12B | -13% | -11% | 3% | 0.7× | n/a | n/a |
| Cairn Homes CRN.L | United Kingdom | $1.92B | +18% | +44% | 18% | 1.7× | -0.7% | +28.6% |
| LGI Homes LGIH | United States | $1.06B | -2% | -2% | 4% | 1.4× | 18.3% | -6.4% |
| Black Diamond BDI.TO | Canada | $1.02B | +25% | +26% | 12% | 3.2× | n/a | n/a |
| Huaku Development 2548.TW | Taiwan | $928M | -21% | +331% | 22% | 1.4× | -18.6% | +10.0% |
| Ruentex Development 9945.TW | Taiwan | $2.27B | +13% | +37% | 19% | 3.0× | -1.0% | +15.5% |
| Dexterra DXT.TO | Canada | $876M | +59% | +9% | 6% | 1.3× | 5.1% | +17.2% |
| Shanghai Tongji Science & Technology Industrial 600846.SS | China | $870M | -27% | +51% | 3% | 1.0× | 7.8% | -6.8% |
| Run Long Construction 1808.TW | Taiwan | $844M | +10% | +741% | 25% | 2.5× | -12.0% | -3.2% |
| Tokyu Construction 1720.T | Japan | $774M | -21% | +11% | 5% | 0.2× | -13.6% | +8.1% |
| Chongqing Construction Engineering 600939.SS | China | $773M | -11% | -28% | -4% | 1.1× | -7.9% | -16.8% |
| Takamatsu Construction 1762.T | Japan | $769M | +16% | +6% | 6% | 0.3× | n/a | n/a |