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Zhejiang media group with newspaper-publishing roots that has diversified into digital content and gaming investments.
Zhejiang media group with newspaper-publishing roots that has diversified into digital content and gaming investments.
Moat: none (brand). Legacy regional media brand facing structural decline in print, diversifying into less-differentiated digital ventures.
Headquarters: Hangzhou, Zhejiang, China · Employees: 1,711
Size Zhejiang Digital Culture Technology (600633.SS) is a China Information Technology company (Packaged Software) with a market value of $2.06B, the 1226th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.15 on 6 Nov 2026.
Performance Over six months the shares fell 15.0%, against +16.5% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue grew 13.6% over the last twelve months (peer median +9.6%); the operating margin is 10.1% (peer median -1.8%).
Valuation It trades at 20.8× forward earnings against a peer median of 28.2× (5th cheapest of 16).
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 -3%, so the hurdle is +18 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 5.7 points below its cost of capital (9.7% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.49B | CN¥3.07B | CN¥3.08B | CN¥3.06B | CN¥5.16B |
| Revenue growth | — | 0% | +1% | -41% | — |
| Gross profit | CN¥1.54B | CN¥1.37B | CN¥1.61B | CN¥1.92B | CN¥2.99B |
| EBITDA | n/a | CN¥847M | CN¥876M | CN¥1.03B | CN¥1.19B |
| Net income | CN¥497M | CN¥573M | CN¥512M | CN¥663M | CN¥491M |
| Free cash flow | CN¥900M | CN¥538M | CN¥98.7M | CN¥535M | CN¥702M |
| Capital expenditure | CN¥68.0M | CN¥181M | CN¥203M | CN¥326M | CN¥364M |
| Total debt | CN¥473M | CN¥694M | CN¥268M | CN¥661M | CN¥693M |
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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 | 600633.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.4% | +5.8% | 5th highest of 21 |
| 6-month return | -15.0% | +16.5% | 7th lowest of 21 |
| Distance from 52-week high | -37.3% | -25.6% | 9th lowest of 21 |
| Revenue growth (TTM) | +13.6% | +9.6% | 9th highest of 21 |
| Operating margin | 10.1% | -1.8% | 6th highest of 21 |
| Forward P/E | 20.8× | 28.2× | 5th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 15.4% | 15.1% | 8th least demanding of 15 |
| Growth delivered (Del g) | -2.8% | +15.8% | 4th lowest of 14 |
| Hurdle (Req g minus delivered) | +18.2 pp | -3.5 pp | 4th most demanding of 14 |
| ROIC minus cost of capital | -5.7 pp | -12.0 pp | 7th highest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Digital Culture Technology 600633.SS | China | $2.06B | -15% | +14% | 10% | 20.8× | 15.4% | -2.8% |
| Mobvista Incorporation 1860.HK | Hong Kong | $2.05B | -43% | +26% | 4% | 19.6× | -1.1% | +31.9% |
| UCloud Technology 688158.SS | China | $2.08B | -34% | +26% | 2% | 499.0× | n/a | n/a |
| Embracer EMBRAC-B.ST | Sweden | $2.08B | +37% | -31% | -43% | 16.4× | -9.8% | +12.0% |
| Amplitude AMPL | United States | $2.09B | +161% | +18% | -27% | 109.2× | 36.9% | +27.4% |
| Five9 FIVN | United States | $2.10B | +27% | +9% | 6% | 8.1× | 17.9% | +21.4% |
| Zhejiang Jinke Tom Culture Industry 300459.SZ | China | $2.01B | -9% | -10% | -108% | n/a | 43.2% | -12.5% |
| Pitney Bowes PBI | United States | $2.11B | -1% | -4% | 25% | 9.6× | -5.4% | -11.8% |
| Justsystems 4686.T | Japan | $2.01B | +33% | +10% | 44% | n/a | -6.3% | +4.6% |
| Tianyu Digital Technology 002354.SZ | China | $2.00B | +31% | +8% | -2% | 135.3× | 25.9% | +15.8% |
| DoubleVerify DV | United States | $2.12B | +23% | +7% | 14% | 21.3× | 9.7% | +25.1% |
| Pine Labs PINELABS.NS | India | $1.98B | -19% | +50% | 7% | 79.2× | n/a | n/a |
| iReader Technology 603533.SS | China | $1.98B | +20% | +14% | -2% | 91.2× | 37.2% | +9.5% |
| Aisino 600271.SS | China | $1.96B | -16% | -12% | -24% | 26.2× | n/a | n/a |
| Ourpalm 300315.SZ | China | $1.96B | -3% | -5% | -65% | 125.6× | 55.8% | -17.0% |
| Ethos Technologies LIFE | United States | $2.18B | +13% | +112% | -16% | 33.9× | 24.1% | n/a |
| SeeWay.ai 002405.SZ | China | $2.18B | -32% | +22% | -29% | n/a | n/a | n/a |
| Karooooo KARO | United States | $1.95B | +25% | +32% | 25% | 24.1× | 10.4% | +17.7% |
| Planisware Societe anonyme PLNW.PA | France | $1.94B | +46% | +8% | 31% | 28.2× | 12.3% | +16.8% |
| Pony AI 2026.HK | Hong Kong | $1.93B | -56% | +67% | -214% | n/a | n/a | n/a |
| Schrodinger SDGR | United States | $2.23B | +125% | +9% | -59% | n/a | n/a | n/a |