Employees: 3,085
Size Jiangsu Soho High Hope (600981.SS) is a China Industrials company (Wholesale Distributors) with a market value of $780M, the 2828th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.32 on 6 Nov 2026.
Performance Over six months the shares fell 18.6%, against -13.5% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 1.6% over the last twelve months (peer median +6.0%); the operating margin is 0.1% (peer median 4.8%).
Valuation It trades at 0.3× enterprise value to sales against a peer median of 0.7× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is +23 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 4.2 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥58.2B | CN¥55.2B | CN¥54.2B | CN¥49.7B | CN¥47.6B |
| Revenue growth | — | +2% | +9% | +5% | — |
| Gross profit | CN¥1.91B | CN¥1.48B | CN¥1.80B | CN¥1.81B | CN¥1.49B |
| EBITDA | n/a | CN¥198M | CN¥572M | CN¥557M | -CN¥603M |
| Net income | -CN¥329M | CN¥15.8M | CN¥29.4M | -CN¥78.8M | -CN¥500M |
| Free cash flow | CN¥144M | CN¥546M | CN¥365M | CN¥854M | CN¥563M |
| Capital expenditure | CN¥46.4M | CN¥54.4M | CN¥39.9M | CN¥53.2M | CN¥50.6M |
| Total debt | CN¥17.4B | CN¥14.6B | CN¥12.8B | CN¥11.0B | CN¥11.7B |
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| Measure | 600981.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.9% | -4.3% | 7th highest of 21 |
| 6-month return | -18.6% | -13.5% | 8th lowest of 21 |
| Distance from 52-week high | -43.4% | -30.0% | 10th lowest of 21 |
| Revenue growth (TTM) | +1.6% | +6.0% | 9th lowest of 21 |
| Operating margin | 0.1% | 4.8% | 3rd lowest of 21 |
| EV / Sales | 0.3× | 0.7× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 31.9% | -4.4% | most demanding of 14 |
| Growth delivered (Del g) | +8.5% | +8.2% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | +23.4 pp | -16.4 pp | most demanding of 14 |
| ROIC minus cost of capital | -4.2 pp | +0.2 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Soho High Hope 600981.SS | China | $780M | -19% | +2% | 0% | 0.3× | 31.9% | +8.5% |
| Yuasa 8074.T | Japan | $789M | -1% | +5% | 3% | 0.2× | -14.7% | +4.7% |
| Harim 003380.KS | South Korea | $790M | -16% | +10% | 7% | 0.9× | -2.2% | +11.3% |
| Dongfeng Electronic Technology 600081.SS | China | $795M | -15% | -15% | 3% | 0.6× | 2.3% | -3.6% |
| Acomo ACOMO.AS | Netherlands | $765M | -13% | -3% | 7% | 0.7× | n/a | n/a |
| Autobacs Seven 9832.T | Japan | $758M | +1% | +9% | 5% | 0.5× | n/a | n/a |
| SK Networks 001740.KS | South Korea | $804M | -4% | -4% | 1% | 0.4× | n/a | n/a |
| Shandong Nanshan Fashion Sci-Tech 300918.SZ | China | $808M | -24% | +40% | 5% | 2.4× | n/a | n/a |
| China Aviation Oil (Singapore) G92.SI | Singapore | $815M | -39% | -8% | 0% | 0.0× | -11.7% | +8.2% |
| Chongqing Port 600279.SS | China | $744M | -14% | +9% | 5% | 2.0× | 1.5% | -2.5% |
| Senshu Electric 9824.T | Japan | $736M | +17% | +13% | 7% | 0.5× | -5.1% | +12.8% |
| Jiangxi Bestoo Energy 001376.SZ | China | $734M | -34% | +10% | 22% | 3.8× | -2.1% | +17.4% |
| Ricegrowers SGLLV.AX | Australia | $730M | +24% | -2% | 6% | 0.7× | -4.4% | +12.0% |
| San-ai Obbli 8097.T | Japan | $843M | -3% | -8% | 2% | 0.2× | -3.1% | +5.2% |
| MAAS MGH.AX | Australia | $849M | -20% | +31% | 8% | 3.7× | n/a | n/a |
| Central Automotive Products 8117.T | Japan | $716M | +7% | +14% | 24% | 1.7× | -3.4% | +11.1% |
| CITIC Metal 601061.SS | China | $706M | -32% | +19% | 1% | 0.1× | -22.1% | +13.0% |
| CITIC Niya Wine 600084.SS | China | $701M | -22% | +5% | -17% | 28.2× | n/a | n/a |
| Kamei 8037.T | Japan | $869M | +40% | +1% | 3% | 0.2× | -13.1% | +7.6% |
| Yellow Hat 9882.T | Japan | $888M | +12% | +7% | 9% | 0.9× | -5.5% | +3.1% |
| Hunan Heshun Petroleum 603353.SS | China | $684M | -38% | -10% | -2% | 1.7× | n/a | n/a |