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Develops and manages property and logistics infrastructure within Shanghai's Waigaoqiao Free Trade Zone, plus a trading business.
Develops and manages property and logistics infrastructure within Shanghai's Waigaoqiao Free Trade Zone, plus a trading business.
Trading brings large sales but thin margins, while rent and development of property inside the free trade zone are the steadier lines. Its position as developer within one designated zone ties it to Shanghai's import-export traffic.
Moat: narrow (regulatory licence, installed base). Exclusive developer status within a designated national free-trade zone.
Headquarters: Shanghai, China · Founded: 1990 · Employees: 2,498
Size Shanghai Waigaoqiao Free Trade Zone (600648.SS) is a China Real Estate company (Real Estate Development) with a market value of $1.60B, the 1543rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.48 on 6 Nov 2026.
Performance Over six months the shares fell 15.4%, against -10.1% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 3.5% over the last twelve months (peer median +9.0%); the operating margin is 8.4% (peer median 22.9%).
Valuation It trades at 12.1× forward earnings against a peer median of 13.7× (6th cheapest of 14).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.33B | CN¥5.96B | CN¥7.22B | CN¥7.68B | CN¥9.16B |
| Revenue growth | — | -18% | -6% | -16% | — |
| Gross profit | CN¥2.30B | CN¥1.65B | CN¥2.28B | CN¥2.71B | CN¥3.07B |
| EBITDA | n/a | CN¥1.64B | CN¥2.02B | CN¥2.26B | CN¥2.45B |
| Net income | CN¥945M | CN¥935M | CN¥951M | CN¥929M | CN¥1.24B |
| Free cash flow | CN¥1.22B | -CN¥1.03B | -CN¥3.40B | -CN¥400M | -CN¥2.00B |
| Capital expenditure | CN¥637M | CN¥1.04B | CN¥678M | CN¥920M | CN¥418M |
| Total debt | CN¥21.0B | CN¥25.6B | CN¥26.6B | CN¥23.5B | CN¥19.2B |
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 |
|---|---|---|---|---|---|---|
| Shanghai Waigaoqiao Free Trade Zone 600648.SS | $1.60B | -15% | -3% | 8% | 12.1× | n/a |
| Shanghai Jinqiao Export Processing Zone Development 600639.SS | $1.37B | -10% | +203% | 23% | 5.7× | 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 | 600648.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.6% | -0.2% | 4th lowest of 21 |
| 6-month return | -15.4% | -10.1% | 9th lowest of 21 |
| Distance from 52-week high | -26.0% | -25.4% | 11th highest of 21 |
| Revenue growth (TTM) | -3.5% | +9.0% | 7th lowest of 21 |
| Operating margin | 8.4% | 22.9% | 10th lowest of 21 |
| Forward P/E | 12.1× | 13.7× | 6th cheapest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Waigaoqiao Free Trade Zone 600648.SS | China | $1.60B | -15% | -3% | 8% | 12.1× | n/a | n/a |
| Dom Development DOM.WA | Poland | $1.59B | -6% | +14% | 24% | 9.1× | n/a | n/a |
| Castellana Properties Socimi YCPS.MC | Spain | $1.57B | -4% | +59% | 63% | n/a | n/a | n/a |
| Altra Fastigheter ALTRA.ST | Sweden | $1.64B | +18% | -2% | 64% | 11.8× | n/a | n/a |
| HIAG Immobilien HIAG.SW | Switzerland | $1.64B | -2% | +96% | 50% | 15.4× | n/a | n/a |
| Yuexiu Property 0123.HK | Hong Kong | $1.55B | -30% | -21% | 0% | 52.6× | n/a | n/a |
| Sino Horizon 2923.TW | Taiwan | $1.65B | +40% | +63% | 47% | n/a | n/a | n/a |
| Jeudan A/S JDAN.CO | Denmark | $1.66B | 0% | +3% | 62% | n/a | n/a | n/a |
| New World Development 0017.HK | Hong Kong | $1.68B | -46% | +10% | -8% | n/a | n/a | n/a |
| Jinke Property 000656.SZ | China | $1.68B | -24% | -87% | -1,642% | n/a | n/a | n/a |
| Realia Business RLIA.MC | Spain | $1.68B | -3% | +82% | 41% | 13.7× | n/a | n/a |
| GreatTown 600094.SS | China | $1.51B | -2% | -36% | 4% | n/a | n/a | n/a |
| Greater Bay Area AI Computing Tech 1396.HK | Hong Kong | $1.70B | -41% | +76% | -6% | 15.6× | n/a | n/a |
| Shenzhen Heungkong 600162.SS | China | $1.48B | +63% | -25% | -1% | n/a | n/a | n/a |
| Greentown Service 2869.HK | Hong Kong | $1.74B | -9% | +13% | 7% | 11.2× | n/a | n/a |
| Greentown China 3900.HK | Hong Kong | $1.74B | -48% | +1% | 3% | 43.6× | n/a | n/a |
| GuocoLand F17.SI | Singapore | $1.75B | -16% | -24% | 7% | 11.5× | n/a | n/a |
| China-Singapore Suzhou Industrial Park Development 601512.SS | China | $1.75B | -23% | -32% | 22% | 10.8× | n/a | n/a |
| Intea Fastigheter INTEA-B.ST | Sweden | $1.45B | -11% | +28% | 79% | 14.4× | n/a | n/a |
| NP3 Fastigheter NP3.ST | Sweden | $1.45B | -14% | +11% | 72% | 13.9× | n/a | n/a |
| Atrium Ljungberg ATRLJ-B.ST | Sweden | $1.45B | -24% | +8% | 55% | 12.3× | n/a | n/a |