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Shanghai utility holding company with interests in natural-gas distribution, water and toll-road/transportation assets.
Shanghai utility holding company with interests in natural-gas distribution, water and toll-road/transportation assets.
In one line: A diversified Chinese municipal-utility holding company.
Moat: narrow (regulatory licence). Regulated municipal utility concessions across gas, water and transportation infrastructure.
Headquarters: Shanghai, China · Employees: 2,721
Size Shanghai Dazhong Public Utilities (Group) (600635.SS) is a China Utilities company (Gas Distributors) with a market value of $1.59B, the 1548th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.05 on 6 Nov 2026.
Performance Over six months the shares fell 23.4%, against -8.8% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 2.6% over the last twelve months (peer median 0.0%); the operating margin is 3.8% (peer median 6.6%).
Valuation It trades at 2.6× enterprise value to sales against a peer median of 1.4× (7th 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 +5%, so the hurdle is +6 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 2.4 points below its cost of capital (5.0% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.37B | CN¥6.10B | CN¥6.33B | CN¥6.39B | CN¥5.84B |
| Revenue growth | — | -3% | -1% | +9% | — |
| Gross profit | CN¥1.25B | CN¥906M | CN¥924M | CN¥963M | CN¥796M |
| EBITDA | n/a | CN¥611M | CN¥614M | CN¥628M | CN¥579M |
| Net income | CN¥199M | CN¥415M | CN¥233M | CN¥213M | -CN¥333M |
| Free cash flow | CN¥274M | CN¥540M | CN¥91.3M | CN¥1.01B | CN¥598M |
| Capital expenditure | CN¥781M | CN¥733M | CN¥486M | CN¥353M | CN¥285M |
| Total debt | CN¥7.57B | CN¥7.48B | CN¥8.08B | CN¥8.36B | CN¥9.03B |
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 Dazhong Public Utilities (Group) 600635.SS | $1.59B | -23% | +3% | 4% | 2.6× | 10.6% |
| Shenzhen Gas 601139.SS | $2.79B | -7% | -1% | 7% | 0.9× | -9.2% |
| China Suntien Green Energy 600956.SS | $3.40B | -18% | -12% | 13% | 4.3× | 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 | 600635.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.0% | -2.1% | 4th lowest of 21 |
| 6-month return | -23.4% | -8.8% | 3rd lowest of 21 |
| Distance from 52-week high | -51.8% | -25.6% | 2nd lowest of 21 |
| Revenue growth (TTM) | +2.6% | 0.0% | 9th highest of 21 |
| Operating margin | 3.8% | 6.6% | 4th lowest of 21 |
| EV / Sales | 2.6× | 1.4× | 7th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 10.6% | -2.9% | 4th most demanding of 16 |
| Growth delivered (Del g) | +4.5% | +8.7% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | +6.1 pp | -10.0 pp | 4th most demanding of 16 |
| ROIC minus cost of capital | -2.4 pp | -0.6 pp | 7th lowest of 21 |
| Net debt / EBITDA | 2.1× | 4.5× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Dazhong Public Utilities (Group) 600635.SS | China | $1.59B | -23% | +3% | 4% | 2.6× | 10.6% | +4.5% |
| Xinjiang Xintai Natural Gas 603393.SS | China | $1.55B | -22% | +4% | 22% | 4.2× | -8.4% | +12.3% |
| SK Gas 018670.KS | South Korea | $1.55B | -19% | +27% | 4% | 0.2× | -17.3% | +11.7% |
| NIPPON GAS 8174.T | Japan | $1.69B | +1% | +8% | 9% | 1.4× | -2.9% | +7.8% |
| Towngas Smart Energy 1083.HK | Hong Kong | $1.46B | -15% | +3% | 6% | 1.3× | 6.3% | +10.3% |
| Centuri CTRI | United States | $2.06B | -41% | +25% | 3% | 0.9× | n/a | n/a |
| Shaanxi Provincial Natural Gas 002267.SZ | China | $1.17B | -11% | +2% | 8% | 1.4× | -5.1% | +1.0% |
| Northwest Natural NWN | United States | $2.18B | +3% | +4% | 36% | 3.8× | n/a | n/a |
| Foran Energy 002911.SZ | China | $2.27B | -5% | -10% | 4% | 0.7× | -6.9% | +34.8% |
| Kogas 036460.KS | South Korea | $2.31B | -7% | -10% | 7% | 1.0× | -1.5% | +11.4% |
| Chengdu Gas 603053.SS | China | $1.09B | -16% | -1% | 6% | 0.8× | -10.0% | +5.1% |
| Keppel Infrastructure Trust A7RU.SI | Singapore | $2.34B | -8% | +4% | 10% | 2.9× | 8.7% | +8.7% |
| Chongqing Gas 600917.SS | China | $1.07B | -12% | -4% | 0% | 0.8× | 15.0% | +8.6% |
| Guizhou Gas (Group) 600903.SS | China | $1.02B | -9% | -6% | 4% | 2.1× | 8.0% | +9.4% |
| Tokai 3167.T | Japan | $1.02B | +9% | +1% | 8% | 0.8× | -5.6% | +4.5% |
| Shenzhen Gas 601139.SS | China | $2.79B | -7% | -1% | 7% | 0.9× | -9.2% | +14.7% |
| TOHO GAS 9533.T | Japan | $2.83B | +3% | -2% | 1% | 0.9× | 24.6% | +8.4% |
| Delong Composite Energy 000593.SZ | China | $896M | -34% | -24% | 6% | 4.8× | 31.8% | +3.7% |
| Zhongyu Energy 3633.HK | Hong Kong | $896M | -7% | -7% | 6% | 1.8× | n/a | n/a |
| China Suntien Green Energy 0956.HK | Hong Kong | $3.37B | -15% | -8% | 13% | 4.4× | n/a | n/a |
| Chesapeake Utilities CPK | United States | $3.38B | +11% | +15% | 27% | 5.1× | n/a | n/a |