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Department-store operator mainly in southwestern and southern China, running malls and retail complexes.
Department-store operator mainly in southwestern and southern China, running malls and retail complexes.
Follows the common Chinese department-store model: brands staff and stock their own counters and pay the store a share of sales, so earnings depend on footfall and on keeping popular brands rather than on holding inventory. Property costs for large central stores are a heavy fixed burden.
Moat: none (scale). A regional department-store chain facing e-commerce and format competition.
Headquarters: Shenzhen, China · Employees: 1,180
Size Maoye Commercial (600828.SS) is a China Consumer Discretionary company (Department Stores) with a market value of $1.13B, the 2073rd 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 13.2%, against -14.2% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 22.2% over the last twelve months (peer median -1.9%); the operating margin is -2.7% (peer median 6.3%).
Valuation It trades at 7.1× enterprise value to sales against a peer median of 1.3× (5th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 13% a year for seven years (Req g). Recent delivered growth is -8%, so the hurdle is +21 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 2.6 points below its cost of capital (5.0% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.86B | CN¥2.34B | CN¥2.68B | CN¥3.12B | CN¥3.36B |
| Revenue growth | — | -13% | -14% | -7% | — |
| Gross profit | CN¥1.11B | CN¥784M | CN¥945M | CN¥1.09B | CN¥1.37B |
| EBITDA | n/a | CN¥912M | CN¥1.11B | CN¥1.26B | CN¥1.53B |
| Net income | -CN¥530M | -CN¥246M | CN¥37.1M | CN¥50.6M | CN¥342M |
| Free cash flow | CN¥269M | CN¥366M | CN¥1.00B | CN¥870M | CN¥494M |
| Capital expenditure | -CN¥14.9M | CN¥23.6M | CN¥54.2M | CN¥74.2M | CN¥193M |
| Total debt | CN¥5.30B | CN¥5.74B | CN¥5.85B | CN¥6.78B | CN¥7.34B |
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 |
|---|---|---|---|---|---|---|
| Maoye Commercial 600828.SS | $1.13B | -13% | -22% | -3% | 7.1× | 12.9% |
| Wangfujing 600859.SS | $1.65B | -21% | -10% | 5% | 1.2× | -13.6% |
| Fujian Dongbai (Group) 600693.SS | $1.11B | -23% | -1% | 32% | 8.0× | 4.1% |
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 | 600828.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.7% | -2.3% | 9th highest of 21 |
| 6-month return | -13.2% | -14.2% | 10th highest of 21 |
| Distance from 52-week high | -49.9% | -41.0% | 6th lowest of 21 |
| Revenue growth (TTM) | -22.2% | -1.9% | 2nd lowest of 21 |
| Operating margin | -2.7% | 6.3% | 4th lowest of 21 |
| EV / Sales | 7.1× | 1.3× | 5th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 12.9% | 1.0% | 5th most demanding of 20 |
| Growth delivered (Del g) | -8.4% | -0.4% | 2nd lowest of 20 |
| Hurdle (Req g minus delivered) | +21.3 pp | +2.1 pp | 4th most demanding of 20 |
| ROIC minus cost of capital | -2.6 pp | -1.0 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Maoye Commercial 600828.SS | China | $1.13B | -13% | -22% | -3% | 7.1× | 12.9% | -8.4% |
| Fujian Dongbai (Group) 600693.SS | China | $1.11B | -23% | -1% | 32% | 8.0× | 4.1% | +0.9% |
| Nanjing Xinjiekou Department Store 600682.SS | China | $1.07B | -22% | -11% | -16% | 0.7× | 5.7% | +2.4% |
| Hunan Friendship & Apollo Commercial 002277.SZ | China | $1.23B | -5% | -20% | -60% | 16.1× | 21.6% | -15.5% |
| Izumi 8273.T | Japan | $1.28B | -1% | +1% | 5% | 0.6× | n/a | n/a |
| Hyundaideptst 069960.KS | South Korea | $1.29B | -23% | -3% | 9% | 0.4× | -17.1% | +13.2% |
| Far Eastern Department Stores 2903.TW | Taiwan | $910M | -5% | -1% | 13% | 2.4× | 0.5% | -1.8% |
| Anhui Anfu Battery Technology 603031.SS | China | $1.43B | -39% | +4% | 23% | 2.5× | -0.2% | +21.9% |
| Matsuya 8237.T | Japan | $869M | +54% | -1% | 6% | 3.4× | 35.3% | -2.8% |
| Dashang 600694.SS | China | $827M | -10% | -4% | 12% | 0.8× | -18.9% | -5.1% |
| Shinsegae 004170.KS | South Korea | $1.59B | -38% | +7% | 9% | 1.1× | -2.2% | +7.8% |
| Rainbow Digital Commercial 002419.SZ | China | $793M | -15% | -4% | 0% | 1.3× | -5.8% | -0.4% |
| Hangzhou Jiebai 600814.SS | China | $776M | -9% | -3% | 25% | 1.3× | -21.8% | -1.6% |
| Wushang 000501.SZ | China | $775M | -18% | -3% | 7% | 2.1× | 11.5% | -4.7% |
| Wangfujing 600859.SS | China | $1.65B | -21% | -10% | 5% | 1.2× | -13.6% | -2.4% |
| Baida 600865.SS | China | $682M | +5% | +9% | 41% | 16.7× | 13.3% | -2.5% |
| Lotte Shopping 023530.KS | South Korea | $1.87B | -33% | +1% | 5% | 1.2× | 5.8% | -3.2% |
| Hefei Department Store 000417.SZ | China | $678M | -13% | -9% | 1% | 0.9× | 3.4% | +1.3% |
| Seria 2782.T | Japan | $1.91B | +18% | +13% | 9% | 0.9× | -2.1% | +5.0% |
| Easyhome New Retail 000785.SZ | China | $1.97B | -18% | -23% | 3% | 2.8× | 1.0% | +4.4% |
| Shanghai Join Buy 600838.SS | China | $628M | +9% | +6% | -28% | 38.8× | 22.2% | +0.4% |