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Chinese cinema-chain operator with film investment, production and distribution, controlled by Hengdian Group.
Chinese cinema-chain operator with film investment, production and distribution, controlled by Hengdian Group.
Earns most of its income from ticket sales, snacks and screen advertising at the cinemas it runs, and also leads a wider chain that includes cinemas it does not own, so results follow the box office. Film investment and production add a smaller, hit-driven line. The Hengdian Group controls it.
In one line: A China-based film-studio theme park operator.
Moat: narrow (scale, distribution). One of China's largest cinema networks by sites and box office; scale helps with distributors and advertisers.
Headquarters: Dongyang, China · Employees: 4,710
Size Hengdian Entertainment (603103.SS) is a China Communication Services company (Movies/Entertainment) with a market value of $1.62B, the 1530th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.00 on 6 Nov 2026.
Performance Over six months the shares fell 17.7%, against +15.7% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 27.2% over the last twelve months (peer median +4.3%); the operating margin is -9.6% (peer median 11.3%).
Valuation It trades at 6.7× enterprise value to sales against a peer median of 3.6× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 36% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +18 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 0.0 points below its cost of capital (7.3% WACC).
Next results Next results expected around 5 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.64B | CN¥2.29B | CN¥1.97B | CN¥2.30B | CN¥1.42B |
| Revenue growth | — | +17% | -15% | +62% | — |
| Gross profit | CN¥292M | CN¥330M | CN¥57.0M | CN¥279M | -CN¥146M |
| EBITDA | n/a | CN¥567M | CN¥370M | CN¥693M | CN¥233M |
| Net income | -CN¥129M | CN¥159M | -CN¥96.4M | CN¥166M | -CN¥317M |
| Free cash flow | CN¥171M | CN¥709M | CN¥256M | CN¥553M | CN¥120M |
| Capital expenditure | CN¥87.9M | CN¥100M | CN¥223M | CN¥203M | CN¥202M |
| Total debt | CN¥1.30B | CN¥1.47B | CN¥1.82B | CN¥2.00B | CN¥2.18B |
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 |
|---|---|---|---|---|---|---|
| Hengdian Entertainment 603103.SS | $1.62B | -18% | -27% | -10% | 6.7× | 36.1% |
| Ruyi Film Entertainment 002739.SZ | $2.94B | -9% | -8% | 3% | 2.3× | 6.7% |
| Shanghai Film 601595.SS | $2.40B | +47% | -18% | -2% | 22.6× | 57.0% |
| China Film 600977.SS | $4.48B | +16% | 0% | -9% | 4.4× | -7.1% |
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 | 603103.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.8% | +13.2% | 11th highest of 21 |
| 6-month return | -17.7% | +15.7% | 6th lowest of 21 |
| Distance from 52-week high | -58.0% | -17.2% | lowest of 21 |
| Revenue growth (TTM) | -27.2% | +4.3% | 2nd lowest of 21 |
| Operating margin | -9.6% | 11.3% | 4th lowest of 21 |
| EV / Sales | 6.7× | 3.6× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 36.1% | 4.9% | 3rd most demanding of 17 |
| Growth delivered (Del g) | +18.3% | +19.6% | 8th lowest of 17 |
| Hurdle (Req g minus delivered) | +17.8 pp | -14.7 pp | 4th most demanding of 17 |
| ROIC minus cost of capital | -0.0 pp | -1.5 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hengdian Entertainment 603103.SS | China | $1.62B | -18% | -27% | -10% | 6.7× | 36.1% | +18.3% |
| PVR Inox PVRINOX.NS | India | $1.63B | +47% | +14% | 16% | 2.9× | 15.7% | +88.3% |
| Damai Entertainment 1060.HK | Hong Kong | $1.74B | -25% | +22% | 6% | 0.7× | -9.1% | +22.0% |
| EVT EVT.AX | Australia | $1.78B | +39% | +7% | 9% | 3.0× | 21.0% | +18.0% |
| Tabcorp TAH.AX | Australia | $1.45B | +28% | 0% | 9% | 1.2× | 5.5% | +0.1% |
| United Parks & Resorts PRKS | United States | $1.81B | +2% | -4% | 21% | 2.5× | 0.2% | +30.9% |
| Cultural Investment 600715.SS | China | $1.43B | +15% | -27% | -44% | 36.3× | n/a | n/a |
| Heiwa 6412.T | Japan | $1.32B | +16% | +47% | 16% | 2.8× | 4.1% | +19.1% |
| SM ENTERTAINMENT 041510.KS | South Korea | $1.31B | -19% | +10% | 14% | 1.4× | -9.1% | +15.2% |
| Shenzhen Overseas Chinese Town 000069.SZ | China | $2.00B | -25% | -22% | -32% | 4.2× | 1.1% | -17.4% |
| Saregama India SAREGAMA.NS | India | $1.26B | +77% | -3% | 28% | 10.4× | n/a | n/a |
| Songcheng Performance Development 300144.SZ | China | $2.17B | -29% | -15% | 37% | 6.0× | 5.6% | +20.1% |
| ROUND ONE 4680.T | Japan | $2.22B | +42% | +21% | 15% | 2.5× | 4.3% | +25.5% |
| Bona Film 001330.SZ | China | $1.17B | -25% | -29% | -34% | 10.3× | 24.0% | -4.9% |
| Compagnie des Alpes CDA.PA | France | $1.11B | -11% | +8% | 13% | 1.6× | 2.6% | +17.8% |
| Prime Focus PFOCUS.NS | India | $2.36B | -7% | +29% | 16% | 4.5× | 26.0% | +12.6% |
| Beijing Jetsen Technology 300182.SZ | China | $2.36B | +6% | -23% | 9% | 7.7× | n/a | n/a |
| MSG Rangers MSGR | United States | $2.37B | +1,624% | +2% | -9% | 8.1× | n/a | n/a |
| Accel Entertainment ACEL | United States | $1.10B | +18% | +9% | 8% | 1.0× | 0.8% | +33.3% |
| Shanghai Film 601595.SS | China | $2.40B | +47% | -18% | -2% | 22.6× | 57.0% | +24.4% |
| Tips Music TIPSMUSIC.NS | India | $1.04B | +20% | +27% | 67% | 22.6× | 36.6% | +32.9% |