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Shanghai human-resources and staffing group providing payroll, HR outsourcing and staffing for foreign and domestic enterprises.
Shanghai human-resources and staffing group providing payroll, HR outsourcing and staffing for foreign and domestic enterprises.
Charges fees per employee on payroll and benefits administration, while staffing, where it places workers on its own payroll with clients, is a large pass-through revenue line with thin margins. Clients are largely multinationals' China subsidiaries. A Shanghai state-owned group controls it.
In one line: A China-based ADP/Randstad-style HR outsourcing firm.
Moat: narrow (installed base, regulatory licence). Long-standing relationships and licences to service foreign-invested enterprises.
Headquarters: Shanghai, China · Employees: 3,335
Size Shanghai Foreign Service (600662.SS) is a China Industrials company (Miscellaneous Commercial Services) with a market value of $1.49B, the 1651st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.34 on 6 Nov 2026.
Performance Over six months the shares fell 14.4%, against -7.7% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 0.8% over the last twelve months (peer median +3.4%); the operating margin is 2.2% (peer median 9.6%).
Valuation It trades at 13.8× forward earnings against a peer median of 19.1× (5th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -21% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is -23 pp: the price already allows for a slowdown.
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥25.2B | CN¥24.0B | CN¥22.2B | CN¥19.0B | CN¥14.6B |
| Revenue growth | — | +8% | +16% | +31% | — |
| Gross profit | CN¥2.06B | CN¥1.78B | CN¥1.78B | CN¥1.67B | CN¥1.56B |
| EBITDA | n/a | CN¥731M | CN¥733M | CN¥696M | CN¥603M |
| Net income | CN¥694M | CN¥652M | CN¥1.09B | CN¥586M | CN¥546M |
| Free cash flow | CN¥472M | CN¥964M | CN¥1.15B | -CN¥1.22B | CN¥792M |
| Capital expenditure | CN¥60.9M | CN¥89.9M | CN¥180M | CN¥1.77B | CN¥67.1M |
| Total debt | CN¥233M | CN¥173M | CN¥588M | CN¥1.41B | CN¥102M |
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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 | 600662.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.4% | -8.2% | 7th highest of 21 |
| 6-month return | -14.4% | -7.7% | 9th lowest of 21 |
| Distance from 52-week high | -36.9% | -37.0% | 11th highest of 21 |
| Revenue growth (TTM) | +0.8% | +3.4% | 9th lowest of 21 |
| Operating margin | 2.2% | 9.6% | 5th lowest of 21 |
| Forward P/E | 13.8× | 19.1× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -20.6% | 12.1% | least demanding of 17 |
| Growth delivered (Del g) | +1.9% | +9.0% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | -22.5 pp | -3.6 pp | least demanding of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Foreign Service 600662.SS | China | $1.49B | -14% | +1% | 2% | 13.8× | -20.6% | +1.9% |
| Shenzhen Ampron Technology 301413.SZ | China | $1.48B | -7% | +11% | 2% | 423.6× | n/a | n/a |
| Clarivate CLVT | United States | $1.50B | -16% | -9% | 8% | 3.8× | 13.4% | +14.4% |
| Foxtron Vehicle Technologies 2258.TW | Taiwan | $1.50B | +1% | -50% | -132% | n/a | n/a | n/a |
| AFRY AFRY.ST | Sweden | $1.50B | +17% | -4% | 7% | 12.7× | -2.2% | +6.3% |
| Taiwan Secom 9917.TW | Taiwan | $1.47B | -8% | +3% | 16% | 14.2× | -2.3% | +6.7% |
| Shanghai Medicilon 688202.SS | China | $1.47B | +18% | +42% | -2% | 91.8× | n/a | n/a |
| Suzhou Recodeal Interconnect System 688800.SS | China | $1.47B | -55% | +5% | 9% | 28.7× | 26.1% | +38.9% |
| Moltiply MOL.MI | Italy | $1.53B | +6% | +32% | 15% | 14.6× | 10.8% | +21.0% |
| Yangzhou Tinfulong 603406.SS | China | $1.53B | -25% | -4% | 12% | n/a | 7.5% | +10.6% |
| ICF International ICFI | United States | $1.43B | +14% | -8% | 8% | 10.8× | -2.2% | +4.4% |
| AEM AWX.SI | Singapore | $1.55B | -18% | +15% | 11% | 23.4× | 15.4% | -5.1% |
| Derichebourg DBG.PA | France | $1.42B | -24% | -3% | 5% | 8.9× | 6.8% | +6.3% |
| China National Electric Apparatus Research Institute 688128.SS | China | $1.42B | -12% | +8% | 11% | 15.5× | 4.0% | +13.5% |
| Offcn Education Technology 002607.SZ | China | $1.56B | -36% | -2% | 13% | 38.8× | 17.7% | -27.6% |
| MEITEC 9744.T | Japan | $1.57B | +3% | +2% | 14% | 18.7× | -4.6% | +7.3% |
| Siglent Technologies 688112.SS | China | $1.41B | -5% | +30% | 24% | 46.2× | 31.3% | +22.0% |
| Concord Biotech CONCORDBIO.NS | India | $1.40B | +2% | +4% | 28% | 38.2× | 47.1% | +11.6% |
| Wintech Nano (Suzhou) 688757.SS | China | $1.39B | -18% | +23% | 7% | n/a | n/a | n/a |
| China Security 600654.SS | China | $1.39B | -31% | -30% | -1% | n/a | 56.7% | +0.4% |
| eClerx Services ECLERX.NS | India | $1.59B | 0% | +22% | 20% | 19.4× | 17.2% | +21.4% |