Employees: 1,883
Size Northern United Publishing & Media (Group) (601999.SS) is a China Communication Services company (Publishing: Books/Magazines) with a market value of $581M, the 3502nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.03 on 6 Nov 2026.
Performance Over six months the shares fell 3.8%, against -2.5% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 20.4% over the last twelve months (peer median -3.8%); the operating margin is 1.8% (peer median 7.8%).
Valuation It trades at 1.5× enterprise value to sales against a peer median of 2.4× (8th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 20% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is +24 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 3.7 points below its cost of capital (5.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.89B | CN¥2.09B | CN¥2.42B | CN¥2.40B | CN¥2.60B |
| Revenue growth | — | -14% | +1% | -8% | — |
| Gross profit | CN¥447M | CN¥452M | CN¥491M | CN¥405M | CN¥377M |
| EBITDA | CN¥116M | CN¥127M | CN¥128M | CN¥96.6M | CN¥95.1M |
| Net income | CN¥93.8M | CN¥105M | CN¥102M | CN¥112M | CN¥75.4M |
| Free cash flow | CN¥220M | CN¥273M | CN¥115M | CN¥223M | CN¥119M |
| Capital expenditure | CN¥22.2M | CN¥26.7M | CN¥39.2M | CN¥14.0M | CN¥16.5M |
| Total debt | CN¥318M | CN¥304M | CN¥345M | CN¥430M | CN¥445M |
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| Measure | 601999.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.9% | +1.6% | 9th highest of 21 |
| 6-month return | -3.8% | -2.5% | 9th lowest of 21 |
| Distance from 52-week high | -19.7% | -25.0% | 7th highest of 21 |
| Revenue growth (TTM) | -20.4% | -3.8% | 3rd lowest of 21 |
| Operating margin | 1.8% | 7.8% | 5th lowest of 21 |
| EV / Sales | 1.5× | 2.4× | 8th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 20.0% | 6.9% | 7th most demanding of 18 |
| Growth delivered (Del g) | -3.8% | +1.2% | 2nd lowest of 18 |
| Hurdle (Req g minus delivered) | +23.8 pp | +3.7 pp | 7th most demanding of 18 |
| ROIC minus cost of capital | -3.7 pp | +1.7 pp | 5th lowest of 20 |
| EV / EBITDA | 23.8× | 11.0× | 2nd most expensive of 10 |
| Net debt / EBITDA | -9.8× | -0.2× | 5th least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Northern United Publishing & Media (Group) 601999.SS | China | $581M | -4% | -20% | 2% | 1.5× | 20.0% | -3.8% |
| Astro Century Education & Technology 300654.SZ | China | $580M | -4% | -3% | 4% | 6.4× | 48.9% | +7.3% |
| Arnoldo Mondadori Editore MN.MI | Italy | $579M | -5% | +2% | 9% | 0.9× | -4.9% | +4.6% |
| DuZhe Publishing&Media 603999.SS | China | $577M | 0% | -6% | 2% | 3.2× | 24.3% | -3.5% |
| Dook Media 301025.SZ | China | $603M | -11% | -5% | 4% | 10.2× | 52.3% | -3.1% |
| Inner Mongolia Xinhua Distribution 603230.SS | China | $554M | -3% | -27% | 1% | 1.0× | 34.7% | +3.6% |
| Scholastic SCHL | United States | $685M | -7% | -3% | 1% | 0.7× | n/a | n/a |
| Bloomsbury Publishing BMY.L | United Kingdom | $722M | +9% | -7% | 9% | 1.7× | 0.7% | +12.0% |
| Time Publishing & Media 600551.SS | China | $761M | -5% | -25% | 4% | 0.2× | -21.0% | +0.7% |
| MPS MPSLTD.NS | India | $404M | +36% | +10% | 29% | 4.7× | 9.6% | +12.7% |
| Value Line VALU | United States | $398M | +22% | -5% | 11% | 9.5× | 33.3% | -3.7% |
| Thinkingdom Media 603096.SS | China | $383M | -9% | -7% | 13% | 2.8× | 6.9% | -5.9% |
| Future FUTR.L | United Kingdom | $372M | +5% | -8% | 16% | 0.9× | -6.8% | +16.8% |
| Citic Press 300788.SZ | China | $958M | -6% | -2% | 1% | 2.9× | 26.8% | -2.1% |
| Wilmington WIL.L | United Kingdom | $339M | +12% | +18% | 20% | 2.6× | 1.1% | +1.2% |
| Promotora de Informaciones PRS.MC | Spain | $338M | -23% | 0% | 8% | n/a | n/a | n/a |
| Storytel STORY-B.ST | Sweden | $1.01B | +37% | +9% | 12% | 2.3× | 12.0% | +12.5% |
| Heilongjiang Publishing & Media 605577.SS | China | $1.03B | +37% | +2% | 7% | 2.5× | 3.2% | -0.5% |
| Chinese Universe Publishing & Media 600373.SS | China | $1.57B | -6% | -5% | -4% | n/a | n/a | n/a |
| China Publishing & Media 601949.SS | China | $1.64B | -2% | -10% | 3% | 1.1× | 6.3% | -2.1% |
| Changjiang Publishing & Media 600757.SS | China | $1.67B | +6% | -3% | 11% | 1.1× | -9.5% | +1.2% |