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Chinese state-owned film group that produces, distributes and imports films, including a monopoly-like role in foreign-film imports.
Chinese state-owned film group that produces, distributes and imports films, including a monopoly-like role in foreign-film imports.
Earns a share of box-office takings as distributor of both its own and imported films, a licensed role held by only two state-owned distributors for foreign titles, plus returns from investing in productions. Government quotas on foreign releases and the annual film slate decide volume.
In one line: A state-controlled hybrid of a US studio and film distributor.
Moat: wide (regulatory licence). State-granted authority over most foreign-film imports into China is a unique regulatory moat.
Headquarters: Beijing, China · Employees: 2,763
Size China Film (600977.SS) is a China Communication Services company (Movies/Entertainment) with a market value of $4.48B, the 572nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.01 on 6 Nov 2026.
Performance Over six months the shares gained 16.2%, against +11.1% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 0.2% over the last twelve months (peer median +4.8%); the operating margin is -8.7% (peer median 10.6%).
Valuation It trades at 141.5× forward earnings against a peer median of 25.8× (4th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about -7% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.8 points below its cost of capital (6.3% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.50B | CN¥4.83B | CN¥4.57B | CN¥5.33B | CN¥2.91B |
| Revenue growth | — | +6% | -14% | +83% | — |
| Gross profit | CN¥702M | CN¥591M | CN¥792M | CN¥1.17B | CN¥402M |
| EBITDA | n/a | CN¥186M | CN¥277M | CN¥626M | CN¥43.4M |
| Net income | CN¥12.4M | CN¥117M | CN¥140M | CN¥262M | -CN¥215M |
| Free cash flow | CN¥1.90B | CN¥118M | CN¥699M | CN¥1.85B | -CN¥196M |
| Capital expenditure | CN¥150M | CN¥195M | CN¥154M | CN¥160M | CN¥131M |
| Total debt | CN¥2.74B | CN¥2.26B | CN¥1.84B | CN¥1.47B | CN¥1.72B |
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 |
|---|---|---|---|---|---|---|
| China Film 600977.SS | $4.48B | +16% | 0% | -9% | 141.5× | -7.1% |
| Beijing Enlight Media 300251.SZ | $5.49B | -16% | -71% | -57% | 179.5× | n/a |
| Shanghai Film 601595.SS | $2.40B | +47% | -18% | -2% | 264.9× | 57.0% |
| Huayi Brothers Media 300027.SZ | $648M | -14% | -24% | -125% | 20.0× | n/a |
| Ruyi Film Entertainment 002739.SZ | $2.94B | -9% | -8% | 3% | 34.1× | 6.7% |
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 | 600977.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +19.5% | +11.1% | 6th highest of 20 |
| 6-month return | +16.2% | +11.1% | 8th highest of 20 |
| Distance from 52-week high | -22.9% | -14.8% | 7th lowest of 20 |
| Revenue growth (TTM) | +0.2% | +4.8% | 7th lowest of 21 |
| Operating margin | -8.7% | 10.6% | 4th lowest of 21 |
| Forward P/E | 141.5× | 25.8× | 4th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | -7.1% | 5.0% | least demanding of 16 |
| Growth delivered (Del g) | +10.4% | +18.2% | 4th lowest of 16 |
| Hurdle (Req g minus delivered) | -17.5 pp | -14.7 pp | 8th least demanding of 16 |
| ROIC minus cost of capital | -14.8 pp | +1.1 pp | 3rd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Film 600977.SS | China | $4.48B | +16% | 0% | -9% | 141.5× | -7.1% | +10.4% |
| Cinemark CNK | United States | $4.51B | +44% | +13% | 15% | 14.8× | 2.4% | +35.3% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 52.8× | 18.6% | -8.0% |
| Toei Animation 4816.T | Japan | $4.17B | +23% | -2% | 31% | 27.9× | 0.5% | +12.7% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 142.1× | 18.3% | +6.5% |
| Benefit Systems BFT.WA | Poland | $5.18B | +54% | +40% | 19% | 23.7× | 13.4% | +34.3% |
| Banijay BNJ.AS | Netherlands | $3.83B | -13% | +7% | 14% | 8.0× | -4.5% | +18.1% |
| Beijing Enlight Media 300251.SZ | China | $5.49B | -16% | -71% | -57% | 179.5× | n/a | n/a |
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% | +66.9% |
| Genting Singapore G13.SI | Singapore | $5.76B | -10% | +2% | 15% | 19.1× | -5.0% | +18.2% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
| Itv ITV.L | United Kingdom | $3.23B | -16% | +2% | 13% | 8.3× | -2.8% | +4.8% |
| CTS Eventim AG & Co. KGaA EVD.DE | Germany | $6.68B | +11% | +14% | 15% | 18.4× | 6.8% | +64.3% |
| Churchill Downs CHDN | United States | $6.71B | +11% | +4% | 26% | 13.6× | 2.3% | +22.7% |
| Ruyi Film Entertainment 002739.SZ | China | $2.94B | -9% | -8% | 3% | 34.1× | 6.7% | +15.4% |
| AMC Entertainment AMC | United States | $2.80B | +109% | +6% | 5% | n/a | n/a | n/a |
| Zhejiang Huace Film & TV 300133.SZ | China | $2.79B | +15% | +44% | 8% | 50.4× | n/a | n/a |
| Toei 9605.T | Japan | $2.77B | +5% | +3% | 20% | 23.5× | -3.3% | +11.5% |
| MSG Knickerbockers MSGK | United States | $7.51B | n/a | +11% | 3% | n/a | 61.1% | +22.6% |
| China Star Entertainment 0326.HK | Hong Kong | $2.54B | -10% | -69% | -157% | n/a | n/a | n/a |
| Shanghai Film 601595.SS | China | $2.40B | +47% | -18% | -2% | 264.9× | 57.0% | +24.4% |