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Chinese bus manufacturer (King Long brand), a leading maker of coaches, city buses and school buses.
Chinese bus manufacturer (King Long brand), a leading maker of coaches, city buses and school buses.
Sells buses to transit operators and coach companies, with city buses often bought through government tenders and coaches through dealers, so orders follow public budgets and fleet replacement cycles. Export sales bring in markets outside China.
In one line: A China-based New Flyer/Van Hool peer.
Moat: narrow (brand, scale, distribution). Established national and export bus brand with wide dealer/service network.
Headquarters: Xiamen, China · Employees: 12,619
Size Xiamen King Long Motor (600686.SS) is a China Consumer Discretionary company (Motor Vehicles) with a market value of $967M, the 2356th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.99 on 6 Nov 2026.
Performance Over six months the shares fell 42.1%, against -9.7% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 19 in its peer set.
Growth Revenue fell 2.9% over the last twelve months (peer median +9.6%); the operating margin is 1.9% (peer median 1.8%).
Valuation It trades at 9.1× forward earnings against a peer median of 16.5× (3rd cheapest of 13).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +12%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥24.1B | CN¥24.4B | CN¥22.9B | CN¥19.3B | CN¥18.2B |
| Revenue growth | — | +7% | +18% | +6% | — |
| Gross profit | CN¥3.35B | CN¥2.94B | CN¥2.13B | CN¥1.63B | CN¥1.59B |
| EBITDA | n/a | CN¥705M | CN¥444M | CN¥97.7M | -CN¥639M |
| Net income | CN¥569M | CN¥468M | CN¥158M | CN¥75.1M | -CN¥415M |
| Free cash flow | CN¥632M | CN¥1.51B | CN¥1.10B | CN¥2.23B | -CN¥444M |
| Capital expenditure | CN¥248M | CN¥332M | CN¥287M | CN¥223M | CN¥359M |
| Total debt | CN¥10.4B | CN¥11.8B | CN¥11.5B | CN¥11.7B | CN¥12.0B |
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| Measure | 600686.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.6% | +0.3% | 2nd lowest of 20 |
| 6-month return | -42.1% | -9.7% | 2nd lowest of 19 |
| Distance from 52-week high | -59.5% | -38.3% | 3rd lowest of 20 |
| Revenue growth (TTM) | -2.9% | +9.6% | 5th lowest of 20 |
| Operating margin | 1.9% | 1.8% | 10th highest of 20 |
| Forward P/E | 9.1× | 16.5× | 3rd cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | -1.1% | 6.1% | 2nd least demanding of 12 |
| Growth delivered (Del g) | +12.0% | +0.6% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | -13.0 pp | +6.0 pp | 3rd least demanding of 11 |
| ROIC minus cost of capital | +1.1 pp | -3.6 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xiamen King Long Motor 600686.SS | China | $967M | -42% | -3% | 2% | 9.1× | -1.1% | +12.0% |
| Breton Technology 1333.HK | Hong Kong | $915M | +5% | +16% | -24% | n/a | n/a | n/a |
| Shanghai New Power Automotive Technology 600841.SS | China | $914M | -39% | +15% | -5% | 19.5× | 2.1% | -23.6% |
| Zhejiang Qianjiang Motorcycle 000913.SZ | China | $896M | -16% | 0% | 2% | 17.2× | n/a | n/a |
| Olectra Greentech OLECTRA.NS | India | $891M | -19% | +38% | 12% | 23.7× | n/a | n/a |
| Giant Manufacturing 9921.TW | Taiwan | $1.06B | +29% | -15% | 2% | 18.1× | 1.3% | -3.0% |
| Guangdong Lvtong New Energy Electric Vehicle Tech 301322.SZ | China | $869M | +5% | +63% | -3% | n/a | n/a | n/a |
| China Motor 2204.TW | Taiwan | $867M | -4% | +6% | 4% | 8.4× | 3.7% | +0.8% |
| Aebi Schmidt AEBI | United States | $867M | -3% | +49% | 6% | 11.3× | 11.9% | n/a |
| Piaggio & C PIA.MI | Italy | $862M | +24% | -5% | 7% | 17.0× | 2.6% | +2.7% |
| Yulon Motor 2201.TW | Taiwan | $860M | -1% | -8% | 8% | 12.6× | 14.9% | -2.6% |
| Zhongtong Bus 000957.SZ | China | $857M | -18% | +6% | 6% | 11.6× | -16.1% | +10.7% |
| Aerosun 600501.SS | China | $1.10B | -28% | +10% | -5% | n/a | n/a | n/a |
| Tianrun Industry Technology 002283.SZ | China | $1.14B | -39% | +31% | 9% | 16.0× | 6.1% | -1.7% |
| Brilliance China Automotive 1114.HK | Hong Kong | $1.15B | -40% | +18% | -30% | 6.0× | n/a | n/a |
| SML Mahindra SMLMAH.NS | India | $806M | +35% | +22% | 7% | n/a | 23.6% | +36.9% |
| Kuen Tong Technology 7965.TWO | Taiwan | $796M | n/a | n/a | n/a | n/a | n/a | n/a |
| Haima Automobile 000572.SZ | China | $792M | -43% | -48% | -27% | n/a | n/a | n/a |
| Tianjin FUJI-TA Bicycle Industrial 603468.SS | China | $1.19B | n/a | +3% | 8% | n/a | 13.5% | +4.9% |
| Hanma Technology 600375.SS | China | $786M | -39% | +38% | 0% | n/a | 11.1% | +0.5% |
| IAT Automobile Technology 300825.SZ | China | $786M | +9% | +7% | -8% | 538.0× | n/a | n/a |