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Jiangsu's state publishing group: textbook and book publishing, printing and the province's Xinhua bookstore retail network.
Jiangsu's state publishing group: textbook and book publishing, printing and the province's Xinhua bookstore retail network.
Textbooks, supplied under provincial licence and sold at government-guided prices, give it steady annual volume that follows school enrolment; general books and the Xinhua store network are more competitive and exposed to online sellers. Jiangsu's provincial publishing group controls it.
In one line: A Chinese state-owned Pearson/Scholastic plus bookstore chain.
Moat: narrow (regulatory licence, distribution). Near-exclusive licence to publish compulsory-education textbooks for Jiangsu plus its bookstore network.
Headquarters: Nanjing, Jiangsu, China · Employees: 6,311
Size Jiangsu Phoenix Publishing & Media (601928.SS) is a China Communication Services company (Publishing: Books/Magazines) with a market value of $3.60B, the 715th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.44 on 6 Nov 2026.
Performance Over six months the shares gained 0.1%, against +4.8% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 18 in its peer set.
Growth Revenue fell 13.4% over the last twelve months (peer median -0.8%); the operating margin is 6.6% (peer median 9.9%).
Valuation It trades at 15.4× forward earnings against a peer median of 15.0× (9th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -8% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is -8 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥11.4B | CN¥12.3B | CN¥13.5B | CN¥13.6B | CN¥13.6B |
| Revenue growth | — | -9% | -1% | 0% | — |
| Gross profit | CN¥4.09B | CN¥4.55B | CN¥4.75B | CN¥4.77B | CN¥4.76B |
| EBITDA | n/a | CN¥1.77B | CN¥2.14B | CN¥2.08B | CN¥1.99B |
| Net income | CN¥1.36B | CN¥1.80B | CN¥1.60B | CN¥2.95B | CN¥2.08B |
| Free cash flow | CN¥1.99B | CN¥1.39B | CN¥1.61B | CN¥2.18B | CN¥2.14B |
| Capital expenditure | CN¥151M | CN¥198M | CN¥246M | CN¥467M | CN¥608M |
| Total debt | CN¥211M | CN¥252M | CN¥345M | CN¥469M | CN¥580M |
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 |
|---|---|---|---|---|---|---|
| Jiangsu Phoenix Publishing & Media 601928.SS | $3.60B | 0% | -13% | 7% | 15.4× | -7.9% |
| China South Publishing & Media 601098.SS | $3.11B | +2% | -1% | 11% | 13.6× | -20.2% |
| Zhejiang Publishing & Media 601921.SS | $2.71B | +7% | -7% | 10% | 14.0× | -12.6% |
| China Publishing & Media 601949.SS | $1.64B | -2% | -10% | 3% | 15.9× | 6.3% |
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 | 601928.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.3% | +9.1% | 7th highest of 18 |
| 6-month return | +0.1% | +4.8% | 7th lowest of 18 |
| Distance from 52-week high | -10.5% | -12.0% | 9th highest of 18 |
| Revenue growth (TTM) | -13.4% | -0.8% | lowest of 18 |
| Operating margin | 6.6% | 9.9% | 6th lowest of 18 |
| Forward P/E | 15.4× | 15.0× | 9th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -7.9% | 0.6% | 7th least demanding of 17 |
| Growth delivered (Del g) | +0.5% | +1.3% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | -8.4 pp | -0.3 pp | 7th least demanding of 17 |
| ROIC minus cost of capital | +4.1 pp | +4.1 pp | 9th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Phoenix Publishing & Media 601928.SS | China | $3.60B | 0% | -13% | 7% | 15.4× | -7.9% | +0.5% |
| China Literature 0772.HK | Hong Kong | $3.18B | -9% | +12% | 2% | 34.3× | 40.8% | -3.6% |
| China South Publishing & Media 601098.SS | China | $3.11B | +2% | -1% | 11% | 13.6× | -20.2% | +3.8% |
| Kadokawa 9468.T | Japan | $3.02B | -2% | +3% | 2% | 101.9× | 25.1% | +6.1% |
| Central China Land Media 000719.SZ | China | $2.91B | +5% | -10% | 13% | 10.5× | -8.9% | -0.5% |
| Zhejiang Publishing & Media 601921.SS | China | $2.71B | +7% | -7% | 10% | 14.0× | -12.6% | +1.5% |
| Springer Nature AG & Co. KGaA SPG.DE | Germany | $4.80B | +10% | +3% | 22% | 13.0× | -6.5% | +3.4% |
| John Wiley & Sons WLY | United States | $2.55B | +21% | 0% | 18% | 10.5× | 0.3% | -2.9% |
| Shandong Publishing & Media 601019.SS | China | $2.41B | +3% | -8% | 8% | 12.2× | -14.1% | +2.9% |
| China Science Publishing & Media 601858.SS | China | $2.31B | -23% | 0% | 10% | 31.4× | 25.2% | +3.6% |
| Southern Publishing & Media 601900.SS | China | $2.09B | +27% | -3% | 16% | 11.6× | -10.2% | +4.7% |
| Changjiang Publishing & Media 600757.SS | China | $1.67B | +6% | -3% | 11% | 9.9× | -9.5% | +1.2% |
| China Publishing & Media 601949.SS | China | $1.64B | -2% | -10% | 3% | 15.9× | 6.3% | -2.1% |
| Chinese Universe Publishing & Media 600373.SS | China | $1.57B | -6% | -5% | -4% | 26.0× | n/a | n/a |
| Pearson PSON.L | United Kingdom | $10.4B | +18% | +3% | 15% | 18.4× | 0.9% | +1.0% |
| Heilongjiang Publishing & Media 605577.SS | China | $1.03B | +37% | +2% | 7% | n/a | 3.2% | -0.5% |
| Storytel STORY-B.ST | Sweden | $1.01B | +37% | +9% | 12% | 20.2× | 12.0% | +12.5% |
| Citic Press 300788.SZ | China | $958M | -6% | -2% | 1% | 42.0× | 26.8% | -2.1% |