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Developer and operator of Shanghai's Shibei Hi-Tech Park: leases and sells business space, invests in and services tenant companies.
Developer and operator of Shanghai's Shibei Hi-Tech Park: leases and sells business space, invests in and services tenant companies.
Earns rent and service fees from companies housed in the Shibei park, builds and operates the buildings, and sells some space, with investment gains from stakes in tenant firms as a side line. The park, positioned around big data and AI, is its only site, so occupancy there carries results.
Moat: narrow (installed base). Only listed operator of the Shibei park with a cluster of tenants; tied to one site and the property cycle.
Headquarters: Shanghai, China · Employees: 632
Size Shanghai Shibei Hi-Tech (600604.SS) is a China Industrials company (Industrial Machinery) with a market value of $960M, the 2378th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.21 on 6 Nov 2026.
Performance Over six months the shares fell 12.8%, against -17.3% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 25.8% over the last twelve months (peer median +10.9%); the operating margin is 3.9% (peer median 8.7%).
Valuation It trades at 8.6× enterprise value to sales against a peer median of 3.1× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +17 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 3.4 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.96B | CN¥1.10B | CN¥2.57B | CN¥1.02B | CN¥1.26B |
| Revenue growth | — | -57% | +153% | -19% | — |
| Gross profit | CN¥666M | CN¥161M | CN¥690M | CN¥312M | CN¥587M |
| EBITDA | n/a | CN¥360M | CN¥792M | CN¥448M | CN¥699M |
| Net income | -CN¥240M | -CN¥315M | CN¥30.5M | -CN¥178M | CN¥78.3M |
| Free cash flow | CN¥662M | CN¥12.8M | -CN¥303M | -CN¥395M | CN¥1.74B |
| Capital expenditure | CN¥212M | CN¥74.2M | CN¥502,291 | CN¥33.6M | CN¥52.6M |
| Total debt | CN¥10.9B | CN¥9.82B | CN¥9.10B | CN¥8.93B | CN¥9.64B |
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 |
|---|---|---|---|---|---|---|
| Shanghai Shibei Hi-Tech 600604.SS | $960M | -13% | -26% | 4% | 8.6× | 15.1% |
| Shanghai Zhangjiang Hi-Tech Park Development 600895.SS | $5.71B | -33% | +89% | 26% | n/a | n/a |
| Shanghai Lingang 600848.SS | $3.00B | -9% | -26% | 15% | 8.2× | 12.9% |
| Shanghai Jinqiao Export Processing Zone Development 600639.SS | $1.37B | -10% | +203% | 23% | n/a | n/a |
| Shanghai Waigaoqiao Free Trade Zone 600648.SS | $1.60B | -15% | -3% | 8% | 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 | 600604.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.2% | -10.1% | 11th highest of 21 |
| 6-month return | -12.8% | -17.3% | 10th highest of 20 |
| Distance from 52-week high | -39.5% | -46.9% | 9th highest of 21 |
| Revenue growth (TTM) | -25.8% | +10.9% | lowest of 21 |
| Operating margin | 3.9% | 8.7% | 6th lowest of 21 |
| EV / Sales | 8.6× | 3.1× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 15.1% | 3.1% | 4th most demanding of 11 |
| Growth delivered (Del g) | -1.7% | +9.8% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | +16.8 pp | -9.3 pp | 3rd most demanding of 11 |
| ROIC minus cost of capital | -3.4 pp | -0.8 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Shibei Hi-Tech 600604.SS | China | $960M | -13% | -26% | 4% | 8.6× | 15.1% | -1.7% |
| Chang Wah Electromaterials 8070.TW | Taiwan | $965M | -10% | +19% | 12% | 1.2× | -6.6% | +3.3% |
| Zhejiang Taitan 003036.SZ | China | $953M | -10% | +14% | 2% | 3.9× | n/a | n/a |
| Truking Technology 300358.SZ | China | $968M | -8% | +6% | 6% | 1.0× | -1.7% | +10.1% |
| Yindu Kitchen Equipment 603277.SS | China | $969M | -17% | -4% | 19% | 2.2× | -4.3% | +11.1% |
| METAWATER 9551.T | Japan | $972M | +4% | +13% | 6% | 0.7× | 0.9% | +9.5% |
| Zhejiang Liju Thermal Energy Equipment 603391.SS | China | $973M | +18% | +9% | 18% | 5.7× | 12.0% | +5.0% |
| SUSS MicroTec SMHN.DE | Germany | $948M | -53% | -15% | 9% | 1.8× | 24.2% | +14.8% |
| Zhejiang Jinggong Integration Technology 002006.SZ | China | $946M | -31% | -12% | 5% | 3.7× | 28.8% | +9.6% |
| Jiangyin Hengrun Heavy Industries 603985.SS | China | $942M | -45% | -20% | 9% | 2.6× | n/a | n/a |
| Shanghai Seer Intelligent Technology 6106.HK | Hong Kong | $940M | n/a | +30% | -12% | 13.3× | n/a | n/a |
| Ye Siang Enterprise 7909.TWO | Taiwan | $984M | -53% | -14% | 16% | 19.6× | 34.9% | -13.5% |
| Shenzhen Dobot 2432.HK | Hong Kong | $937M | -50% | +67% | -33% | 6.8× | n/a | n/a |
| Unimech Aerospace & Manufacturing UNIMECH.NS | India | $937M | +63% | +40% | 27% | 25.4× | n/a | n/a |
| Changzhou Kaidi Electrical 605288.SS | China | $985M | +12% | +1% | 3% | 4.3× | n/a | n/a |
| Shanghai SK Automation Technology 688155.SS | China | $936M | -53% | +56% | 15% | 1.8× | 5.3% | +43.3% |
| Phoenix Silicon International 8028.TW | Taiwan | $991M | -26% | +24% | 24% | 7.4× | n/a | n/a |
| Noritake Co.,Limited 5331.T | Japan | $991M | -19% | +9% | 9% | 1.2× | n/a | n/a |
| Galilei 6420.T | Japan | $925M | -3% | +4% | 13% | 0.7× | n/a | n/a |
| Taesung 323280.KS | South Korea | $999M | -44% | +67% | 3% | 19.1× | n/a | n/a |
| Mesnac 002073.SZ | China | $923M | -11% | +18% | 4% | 0.6× | -3.2% | +21.6% |