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State-owned software group building China's indigenous operating systems, government and financial IT solutions.
State-owned software group building China's indigenous operating systems, government and financial IT solutions.
Earns most from systems-integration and IT services contracts with government agencies and state-owned firms, won through tenders and booked as projects are delivered. Its Kylin operating system, sold through licences to those same buyers, is the strategic product. China Electronics Corporation, a central state-owned group, controls the company.
Moat: narrow (regulatory licence, customer qualification). Central-SOE (China Electronics Corp) backing gives preferred-vendor status in China's IT-indigenization push.
Headquarters: Beijing, China · Employees: 8,376
Size China National Software & Service (600536.SS) is a China Information Technology company (Packaged Software) with a market value of $4.22B, the 611th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥30.14 on 6 Nov 2026.
Performance Over six months the shares fell 20.2%, against +10.8% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 19 in its peer set.
Growth Revenue fell 15.8% over the last twelve months (peer median +16.5%); the operating margin is 0.3% (peer median 7.5%).
Valuation It trades at 131.0× forward earnings against a peer median of 19.3× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 50% a year for seven years (Req g). Recent delivered growth is -7%, so the hurdle is +57 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 6.4 points below its cost of capital (8.8% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.59B | CN¥5.07B | CN¥5.15B | CN¥6.68B | CN¥9.59B |
| Revenue growth | — | -2% | -23% | -30% | — |
| Gross profit | CN¥2.28B | CN¥2.07B | CN¥1.84B | CN¥2.31B | CN¥2.90B |
| EBITDA | n/a | CN¥372M | -CN¥278M | -CN¥108M | CN¥71.4M |
| Net income | CN¥28.8M | -CN¥41.4M | -CN¥413M | -CN¥233M | CN¥45.9M |
| Free cash flow | CN¥400M | CN¥315M | CN¥267M | -CN¥749M | -CN¥679M |
| Capital expenditure | CN¥422M | CN¥394M | CN¥384M | CN¥259M | CN¥219M |
| Total debt | CN¥1.45B | CN¥916M | CN¥2.09B | CN¥1.99B | CN¥1.83B |
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 |
|---|---|---|---|---|---|---|
| China National Software & Service 600536.SS | $4.22B | -20% | -16% | 0% | 131.0× | 49.7% |
| Shanghai Awinic Technology 688798.SS | $3.04B | -9% | +2% | 1% | 39.5× | n/a |
| Inspur Software 600756.SS | $669M | -23% | -25% | -25% | n/a | n/a |
| Digital China 000034.SZ | $3.16B | -22% | +28% | 1% | 26.6× | n/a |
| Beijing Thunisoft 300271.SZ | $663M | -13% | +11% | -9% | n/a | n/a |
| Yonyou Network Technology 600588.SS | $4.72B | -21% | +4% | -16% | n/a | n/a |
| Hundsun Technologies 600570.SS | $6.05B | -20% | -5% | 9% | 30.1× | 34.8% |
| Beijing eGOVA 300075.SZ | $851M | -29% | -5% | -102% | 25.4× | 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 | 600536.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.2% | +7.8% | 8th lowest of 21 |
| 6-month return | -20.2% | +10.8% | 3rd lowest of 19 |
| Distance from 52-week high | -43.4% | -22.8% | 8th lowest of 21 |
| Revenue growth (TTM) | -15.8% | +16.5% | 2nd lowest of 21 |
| Operating margin | 0.3% | 7.5% | 6th lowest of 21 |
| Forward P/E | 131.0× | 19.3× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 49.7% | 12.9% | most demanding of 14 |
| Growth delivered (Del g) | -7.3% | +20.6% | lowest of 14 |
| Hurdle (Req g minus delivered) | +57.0 pp | -4.6 pp | most demanding of 14 |
| ROIC minus cost of capital | -6.4 pp | -4.2 pp | 10th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China National Software & Service 600536.SS | China | $4.22B | -20% | -16% | 0% | 131.0× | 49.7% | -7.3% |
| Sportradar SRAD | United States | $4.22B | +4% | +25% | 13% | 30.2× | 11.3% | +25.8% |
| OPENLANE OPLN | United States | $4.22B | -9% | +13% | 17% | 20.7× | 11.1% | -2.4% |
| Sega Sammy 6460.T | Japan | $4.28B | +46% | +24% | 10% | 17.8× | -2.3% | +11.9% |
| Kingdee International Software 0268.HK | Hong Kong | $4.16B | +3% | +17% | 2% | 65.4× | 45.4% | +15.0% |
| Talkweb Information System 002261.SZ | China | $4.11B | -39% | +9% | 1% | n/a | n/a | n/a |
| HUB24 HUB.AX | Australia | $4.39B | -4% | +23% | 29% | 42.6× | 35.6% | +35.7% |
| Tenable TENB | United States | $4.40B | +93% | +10% | 5% | 17.8× | 30.1% | +17.8% |
| First Advantage FA | United States | $4.04B | +47% | +33% | 11% | 17.4× | 20.8% | +25.3% |
| Momenta Global 6880.HK | Hong Kong | $4.02B | n/a | +82% | -32% | n/a | n/a | n/a |
| Kinaxis KXS.TO | Canada | $4.01B | +35% | +16% | 18% | 30.9× | 12.9% | +20.6% |
| Kingsoft 3888.HK | Hong Kong | $4.46B | +4% | 0% | 14% | 15.1× | -5.8% | +10.8% |
| BILL BILL | United States | $4.50B | +25% | +13% | 1% | 13.7× | 36.5% | +47.3% |
| Maase MAAS | United States | $4.51B | +7% | -84% | -16% | n/a | n/a | n/a |
| DLocal DLO | United States | $3.94B | +2% | +57% | 18% | 14.4× | 2.4% | +60.0% |
| Magnite MGNI | United States | $3.93B | +94% | +8% | 16% | 20.9× | 31.9% | +26.4% |
| CCC Intelligent Solutions CCC | United States | $4.54B | +50% | +11% | 18% | 15.1× | 11.2% | +10.8% |
| RXO RXO | United States | $4.55B | +27% | +10% | 0% | 53.0× | n/a | n/a |
| HeartFlow HTFL | United States | $4.56B | +15% | +40% | -34% | n/a | n/a | n/a |
| Planet Labs PBC PL | United States | $4.57B | -68% | +44% | -26% | n/a | n/a | n/a |
| Beijing DeepZero Technology 2723.HK | Hong Kong | $4.58B | n/a | +31% | 1% | n/a | n/a | n/a |