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Guangxi-based company originally built around the region's cable-TV network; current business scope not fully established from available knowledge.
Guangxi-based company originally built around the region's cable-TV network; current business scope not fully established from available knowledge.
Moat: none
Headquarters: Nanning, China · Employees: 1,198
Size Guangxi Beitou Technology (600936.SS) is a China Communication Services company (Cable/Satellite TV) with a market value of $925M, the 2457th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥3.69 on 6 Nov 2026.
Performance Over six months the shares fell 10.7%, against -6.3% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 13 in its peer set.
Growth Revenue grew 12.7% over the last twelve months (peer median -2.0%); the operating margin is 2.4% (peer median 3.1%).
Valuation It trades at 2.4× enterprise value to sales against a peer median of 2.4× (6th cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +5 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 2.5 points above its cost of capital (5.2% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.37B | CN¥3.58B | CN¥4.66B | CN¥1.40B | CN¥1.68B |
| Revenue growth | — | -23% | +232% | -16% | — |
| Gross profit | CN¥419M | CN¥622M | CN¥695M | CN¥39.3M | -CN¥74.9M |
| EBITDA | n/a | CN¥349M | CN¥394M | CN¥92.5M | CN¥131M |
| Net income | -CN¥3.91M | -CN¥377M | -CN¥686M | -CN¥698M | -CN¥1.04B |
| Free cash flow | CN¥59.1M | -CN¥66.9M | CN¥984M | CN¥147M | -CN¥145M |
| Capital expenditure | CN¥83.7M | CN¥131M | CN¥247M | CN¥191M | CN¥424M |
| Total debt | CN¥327M | CN¥309M | CN¥4.48B | CN¥4.06B | CN¥4.61B |
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| Measure | 600936.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.6% | +0.3% | 3rd lowest of 13 |
| 6-month return | -10.7% | -6.3% | 6th lowest of 13 |
| Distance from 52-week high | -44.6% | -30.5% | 2nd lowest of 13 |
| Revenue growth (TTM) | +12.7% | -2.0% | 3rd highest of 13 |
| Operating margin | 2.4% | 3.1% | 6th lowest of 13 |
| EV / Sales | 2.4× | 2.4× | 6th cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 15.7% | 1.6% | 3rd most demanding of 9 |
| Growth delivered (Del g) | +10.6% | +1.4% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | +5.1 pp | -1.9 pp | 3rd most demanding of 9 |
| ROIC minus cost of capital | +2.5 pp | -0.6 pp | 4th highest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangxi Beitou Technology 600936.SS | China | $925M | -11% | +13% | 2% | 2.4× | 15.7% | +10.6% |
| Shenzhen Topway Video Communication 002238.SZ | China | $810M | -8% | -16% | -22% | 4.7× | 16.0% | -5.8% |
| Stingray RAY.TO | Canada | $786M | +11% | +32% | 20% | 3.2× | 5.5% | +13.1% |
| Guizhou Broadcasting & TV Information Network 600996.SS | China | $1.22B | -23% | -7% | -89% | 13.0× | 30.2% | -18.3% |
| Hubei Broadcasting & Television Information Network 000665.SZ | China | $698M | -15% | +1% | -48% | 5.4× | n/a | n/a |
| Viaplay VPLAY-A.ST | Sweden | $615M | +32% | +20% | 3% | 0.6× | n/a | n/a |
| Cogeco Communications CCA.TO | Canada | $1.67B | -13% | -4% | 26% | 2.4× | -8.9% | +2.2% |
| Cyfrowy Polsat CPS.WA | Poland | $2.08B | -24% | 0% | 10% | 1.5× | 6.6% | +3.7% |
| Wasu Media 000156.SZ | China | $2.17B | +5% | -4% | 2% | 1.0× | -6.9% | +3.9% |
| Jiangsu Broadcasting Cable Information Network 600959.SS | China | $2.42B | -17% | -8% | -8% | 2.2× | n/a | n/a |
| AMC Global Media AMCX | United States | $346M | -5% | -5% | 8% | 0.7× | -4.9% | -3.9% |
| Taiwan Optical Platform 6464.TW | Taiwan | $311M | +5% | 0% | 26% | 3.8× | -2.3% | +0.6% |
| Canal+ CAN.L | United Kingdom | $3.11B | +2% | +10% | 4% | n/a | n/a | n/a |