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Chinese defense manufacturer under the NORINCO group producing ammunition and ordnance for the military.
Chinese defense manufacturer under the NORINCO group producing ammunition and ordnance for the military.
In one line: A Chinese state-owned ammunition/ordnance maker.
Moat: narrow (regulatory licence). State-controlled defense manufacturing licence under NORINCO restricts competition to approved contractors.
Headquarters: Anhui, China · Employees: 2,668
Size Anhui GreatWall Military Industry (601606.SS) is a China Industrials company (Aerospace & Defense) with a market value of $3.20B, the 808th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥29.45 on 6 Nov 2026.
Performance Over six months the shares fell 21.7%, against -14.0% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue fell 9.5% over the last twelve months (peer median +1.9%); the operating margin is -6.5% (peer median 0.8%).
Valuation It trades at 15.7× enterprise value to sales against a peer median of 4.1× (3rd most expensive of 21).
Capital Return on invested capital runs 11.4 points below its cost of capital (11.2% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.38B | CN¥1.56B | CN¥1.42B | CN¥1.61B | CN¥1.71B |
| Revenue growth | — | +10% | -12% | -6% | — |
| Gross profit | CN¥378M | CN¥368M | -CN¥43.1M | CN¥338M | CN¥357M |
| EBITDA | n/a | CN¥114M | -CN¥299M | CN¥100.0M | CN¥137M |
| Net income | -CN¥92.3M | CN¥8.35M | -CN¥363M | CN¥26.7M | CN¥80.0M |
| Free cash flow | -CN¥283M | -CN¥245M | CN¥101M | -CN¥188M | -CN¥115M |
| Capital expenditure | CN¥205M | CN¥171M | CN¥88.8M | CN¥112M | CN¥57.6M |
| Total debt | CN¥698M | CN¥789M | CN¥723M | CN¥628M | CN¥380M |
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 |
|---|---|---|---|---|---|---|
| Anhui GreatWall Military Industry 601606.SS | $3.20B | -22% | -10% | -7% | 15.7× | n/a |
| North Industries Group Red Arrow 000519.SZ | $2.88B | -22% | +100% | 1% | 1.5× | 23.0% |
| Poongsan 103140.KS | $1.05B | -47% | +20% | 7% | 0.2× | n/a |
| Rheinmetall RHM.DE | $42.5B | -29% | -2% | 18% | 4.0× | 6.5% |
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 | 601606.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.4% | +0.2% | 6th lowest of 21 |
| 6-month return | -21.7% | -14.0% | 8th lowest of 21 |
| Distance from 52-week high | -50.1% | -39.4% | 5th lowest of 21 |
| Revenue growth (TTM) | -9.5% | +1.9% | 4th lowest of 20 |
| Operating margin | -6.5% | 0.8% | 5th lowest of 21 |
| EV / Sales | 15.7× | 4.1× | 3rd most expensive of 21 |
| ROIC minus cost of capital | -11.4 pp | -5.4 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anhui GreatWall Military Industry 601606.SS | China | $3.20B | -22% | -10% | -7% | 15.7× | n/a | n/a |
| Inner Mongolia First Machinery 600967.SS | China | $3.22B | -10% | -7% | 0% | 2.0× | 38.2% | -5.4% |
| Lisi FII.PA | France | $3.27B | 0% | -8% | 10% | 1.9× | 20.4% | +7.3% |
| AviChina Industry & Technology 2357.HK | Hong Kong | $3.11B | -13% | +2% | 5% | 0.9× | n/a | n/a |
| Archer Aviation ACHR | United States | $3.42B | -31% | n/a | -13,570% | 289.8× | n/a | n/a |
| Firefly Aerospace FLY | United States | $3.48B | -48% | +179% | -116% | 10.1× | n/a | n/a |
| QinetiQ QQ..L | United Kingdom | $3.51B | +26% | 0% | 10% | 1.4× | 0.1% | +8.5% |
| Baimtec Material 688563.SS | China | $3.53B | -12% | -1% | 15% | 6.9× | 22.7% | +14.4% |
| Avicopter 600038.SS | China | $3.54B | -8% | -6% | 1% | 0.8× | 9.1% | +8.1% |
| North Industries Group Red Arrow 000519.SZ | China | $2.88B | -22% | +100% | 1% | 1.5× | 23.0% | +7.5% |
| AECC Aero-engine Control 000738.SZ | China | $3.66B | -10% | -3% | 3% | 4.5× | n/a | n/a |
| Sai MicroElectronics 300456.SZ | China | $2.75B | -45% | -59% | -99% | 42.5× | 41.7% | +1.5% |
| Jiangxi Hongdu Aviation Industry 600316.SS | China | $3.77B | -4% | +62% | 0% | 2.8× | 53.4% | +8.0% |
| RENK R3NK.DE | Germany | $3.84B | -24% | +11% | 13% | 2.8× | 29.8% | +54.5% |
| North Navigation Control Technology 600435.SS | China | $2.65B | -19% | -32% | -5% | 5.7× | 17.1% | +6.8% |
| Aerospace CH UAV 002389.SZ | China | $2.64B | -17% | +3% | 0% | 6.0× | n/a | n/a |
| Avic (Chengdu) UAS 688297.SS | China | $3.93B | -15% | +74% | 0% | 7.3× | n/a | n/a |
| Bharat Dynamics BDL.NS | India | $4.12B | -28% | -19% | 10% | 14.1× | n/a | n/a |
| Intuitive Machines LUNR | United States | $2.40B | -64% | +117% | -20% | 7.5× | n/a | n/a |
| Exail Technologies EXA.PA | France | $2.37B | +10% | +24% | -2% | 3.8× | 42.5% | +26.0% |
| Astronics ATRO | United States | $2.36B | -13% | +14% | 14% | 2.9× | 17.3% | +11.4% |