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Employees: 3,579
Size Zhejiang Red Dragonfly Footwear (603116.SS) is a China Consumer Discretionary company (Apparel/Footwear) with a market value of $465M, the 4038th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.57 on 6 Nov 2026.
Performance Over six months the shares fell 14.6%, against -24.0% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +1.1%); the operating margin is -7.2% (peer median 4.4%).
Valuation It trades at 1.1× enterprise value to sales against a peer median of 1.3× (8th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is -5%, so the hurdle is +9 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 13.6 points below its cost of capital (7.2% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.02B | CN¥2.02B | CN¥2.14B | CN¥2.46B | CN¥2.25B |
| Revenue growth | — | -5% | -13% | +10% | — |
| Gross profit | CN¥747M | CN¥738M | CN¥784M | CN¥865M | CN¥738M |
| EBITDA | -CN¥31.6M | -CN¥23.0M | CN¥111M | CN¥180M | CN¥58.2M |
| Net income | -CN¥108M | -CN¥140M | -CN¥70.3M | CN¥51.9M | -CN¥39.3M |
| Free cash flow | CN¥120M | CN¥219M | CN¥24.4M | CN¥306M | CN¥47.0M |
| Capital expenditure | CN¥30.5M | CN¥27.4M | CN¥58.5M | CN¥75.4M | CN¥64.5M |
| Total debt | CN¥224M | CN¥231M | CN¥266M | CN¥434M | CN¥711M |
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| Measure | 603116.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -22.1% | -9.1% | lowest of 21 |
| 6-month return | -14.6% | -24.0% | 8th highest of 21 |
| Distance from 52-week high | -34.6% | -35.5% | 10th highest of 21 |
| Revenue growth (TTM) | +0.9% | +1.1% | 11th highest of 21 |
| Operating margin | -7.2% | 4.4% | 2nd lowest of 21 |
| EV / Sales | 1.1× | 1.3× | 8th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 4.1% | 11.6% | 6th least demanding of 14 |
| Growth delivered (Del g) | -4.7% | +6.8% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | +8.8 pp | +3.4 pp | 7th most demanding of 14 |
| ROIC minus cost of capital | -13.6 pp | +0.3 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Red Dragonfly Footwear 603116.SS | China | $465M | -15% | +1% | -7% | 1.1× | 4.1% | -4.7% |
| Sunrise Manufacture 605138.SS | China | $457M | -29% | +3% | 5% | 1.7× | n/a | n/a |
| Zhejiang Kanglongda Special Protection Technology 603665.SS | China | $476M | -29% | -1% | 3% | 2.7× | 10.2% | +6.8% |
| Shanghai Metersbonwe Fashion & Accessories 002269.SZ | China | $482M | -25% | -16% | -54% | 9.2× | 17.7% | -34.8% |
| Wuxi Double Elephant Micro Fibre Material 002395.SZ | China | $448M | -45% | -5% | 4% | 1.1× | -0.1% | +14.0% |
| Nueva Expresion Textil NXT.MC | Spain | $490M | +1% | +55% | 22% | 11.6× | n/a | n/a |
| Oxford Industries OXM | United States | $440M | -35% | -2% | 3% | 0.7× | 11.6% | +14.6% |
| Marimekko MEKKO.HE | Finland | $437M | -1% | +2% | 16% | 2.1× | -1.5% | +8.9% |
| ShenZhen HuiJie 002763.SZ | China | $437M | -24% | -3% | 6% | 0.8× | -11.8% | +4.9% |
| Zhejiang Giuseppe Garment 002687.SZ | China | $432M | +18% | -1% | 8% | 1.9× | 12.1% | +3.0% |
| TSI 3608.T | Japan | $430M | -11% | +29% | 2% | 0.5× | n/a | n/a |
| LF Corp. 093050.KS | South Korea | $426M | -13% | 0% | 9% | 0.6× | -12.5% | +3.2% |
| Harson Trading (China) 603958.SS | China | $511M | -36% | +23% | 3% | 2.4× | 25.6% | +10.4% |
| Shanghai Dragon 600630.SS | China | $420M | -21% | +9% | 2% | 1.4× | 26.5% | -10.9% |
| Gokaldas Exports GOKEX.NS | India | $529M | -6% | +8% | 4% | 1.2× | n/a | n/a |
| China Lilang 1234.HK | Hong Kong | $406M | -27% | +21% | 12% | 0.6× | n/a | n/a |
| Xin Hee 003016.SZ | China | $404M | -24% | +9% | 2% | 1.3× | 14.9% | -4.2% |
| Anhui Anli Material Technology 300218.SZ | China | $402M | -20% | -3% | 3% | 1.1× | 25.1% | +8.0% |
| Shenzhen Ellassay Fashion 603808.SS | China | $401M | -35% | 0% | 10% | 0.8× | -15.0% | +7.8% |
| QingDao Kutesmart 300840.SZ | China | $540M | -30% | 0% | 5% | 4.6× | n/a | n/a |
| ZheJiang Jasan 603558.SS | China | $545M | -12% | +6% | 17% | 1.8× | n/a | n/a |