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Maker of ATVs, side-by-sides and motorcycles, exported globally and partnered with Austria's KTM for larger motorcycles.
Maker of ATVs, side-by-sides and motorcycles, exported globally and partnered with Austria's KTM for larger motorcycles.
Makes ATVs and side-by-sides mostly for export, mainly to North America and Europe, where they sell through dealers, so US demand and tariffs matter. It builds bikes with KTM under a long-running technology partnership and also sells under its own brand.
In one line: A Chinese Polaris/Can-Am for powersports vehicles.
Moat: narrow (brand, distribution). Established export brand and KTM technology partnership in a competitive global powersports market.
Headquarters: Hangzhou, Zhejiang, China · Founded: 1989 · Employees: 8,738
Size Zhejiang CFMoto Power (603129.SS) is a China Consumer Discretionary company (Motor Vehicles) with a market value of $7.23B, the 340th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥317.58 on 6 Nov 2026.
Performance Over six months the shares gained 15.6%, against -15.4% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 39.5% over the last twelve months (peer median +7.7%); the operating margin is 10.8% (peer median 3.8%).
Valuation It trades at 19.9× forward earnings against a peer median of 12.7× (6th most expensive of 16).
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 +34%, so the hurdle is -38 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 44.1 points above its cost of capital (5.2% WACC).
Next results Next results expected around 15 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥25.8B | CN¥19.4B | CN¥14.8B | CN¥11.9B | CN¥11.1B |
| Revenue growth | — | +31% | +24% | +7% | — |
| Gross profit | CN¥7.50B | CN¥4.86B | CN¥4.16B | CN¥3.68B | CN¥2.61B |
| EBITDA | n/a | CN¥1.93B | CN¥1.50B | CN¥1.11B | CN¥682M |
| Net income | CN¥2.28B | CN¥1.68B | CN¥1.47B | CN¥1.01B | CN¥701M |
| Free cash flow | CN¥4.12B | CN¥3.30B | CN¥2.47B | CN¥904M | CN¥1.26B |
| Capital expenditure | CN¥1.25B | CN¥759M | CN¥502M | CN¥488M | CN¥448M |
| Total debt | CN¥9.14B | CN¥5.64B | CN¥4.05B | CN¥2.06B | CN¥2.49B |
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 |
|---|---|---|---|---|---|---|
| Zhejiang CFMoto Power 603129.SS | $7.23B | +16% | +40% | 11% | 19.9× | -3.9% |
| Polaris PII | $3.59B | -8% | +9% | 2% | 22.2× | 18.1% |
| Textron TXT | $14.2B | -8% | +9% | 7% | 11.9× | 8.3% |
| BRP DOO.TO | $4.65B | +20% | +20% | 7% | 19.6× | -0.1% |
| Yamaha Motor 7272.T | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% |
| Honda Motor 7267.T | $45.2B | +45% | +4% | -1% | 11.7× | 18.2% |
| Kawasaki Heavy Industries 7012.T | $10.9B | -39% | +9% | 6% | 13.8× | 20.2% |
| Harley-Davidson HOG | $3.40B | +28% | -15% | -4% | 18.6× | 0.4% |
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 | 603129.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +16.3% | +1.3% | 2nd highest of 21 |
| 6-month return | +15.6% | -15.4% | 3rd highest of 21 |
| Distance from 52-week high | -3.6% | -35.9% | 3rd highest of 21 |
| Revenue growth (TTM) | +39.5% | +7.7% | 5th highest of 21 |
| Operating margin | 10.8% | 3.8% | 4th highest of 21 |
| Forward P/E | 19.9× | 12.7× | 6th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | -3.9% | 3.8% | 5th least demanding of 11 |
| Growth delivered (Del g) | +34.5% | +10.2% | 2nd highest of 11 |
| Hurdle (Req g minus delivered) | -38.4 pp | -5.7 pp | 2nd least demanding of 11 |
| ROIC minus cost of capital | +44.1 pp | -3.5 pp | 2nd highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang CFMoto Power 603129.SS | China | $7.23B | +16% | +40% | 11% | 19.9× | -3.9% | +34.5% |
| Jardine Cycle & Carriage C07.SI | Singapore | $7.36B | -28% | -11% | 10% | 8.2× | -7.8% | +8.9% |
| Federal Signal FSS | United States | $6.92B | -4% | +24% | 17% | 20.1× | 11.8% | +14.0% |
| Ather Energy ATHERENERG.NS | India | $7.57B | +101% | +63% | -7% | n/a | n/a | n/a |
| VinFast Auto VFS | United States | $7.60B | -25% | +74% | -86% | n/a | n/a | n/a |
| NIO 9866.HK | Hong Kong | $7.60B | -46% | +70% | -4% | n/a | n/a | n/a |
| Oshkosh OSK | United States | $8.19B | -3% | +4% | 7% | 11.2× | 4.7% | +8.7% |
| Zhejiang Leapmotor Technology 9863.HK | Hong Kong | $6.34B | -25% | +71% | -1% | 16.1× | -14.5% | +150.7% |
| Guangzhou Automobile 2238.HK | Hong Kong | $6.28B | -27% | 0% | -17% | n/a | n/a | n/a |
| Nissan Motor 7201.T | Japan | $5.98B | -24% | -1% | 2% | 23.1× | n/a | n/a |
| Porsche Automobil Holding SE Pref PAH3.DE | Germany | $8.98B | -19% | +13% | 108% | 33.4× | 9.4% | +2.4% |
| Isuzu Motors 7202.T | Japan | $9.26B | -1% | +5% | 6% | 8.8× | n/a | n/a |
| Renault RNO.PA | France | $9.39B | +2% | +6% | 6% | 4.9× | 3.4% | +5.9% |
| Iveco IVG.MI | Italy | $5.55B | +3% | -5% | 3% | 12.7× | n/a | n/a |
| Chongqing Changan Automobile 000625.SZ | China | $9.51B | -25% | -7% | 0% | 28.5× | n/a | n/a |
| XPeng 9868.HK | Hong Kong | $9.51B | -37% | +29% | -7% | n/a | n/a | n/a |
| Yamaha Motor 7272.T | Japan | $10.1B | +54% | +10% | 6% | 9.3× | 4.2% | +11.5% |
| Yutong Bus 600066.SS | China | $10.1B | -12% | +3% | 14% | 11.5× | -10.0% | +13.8% |
| ARCHION 543A.T | Japan | $5.11B | -9% | +9% | 5% | 2.4× | 7.4% | +0.9% |
| Loncin Motor 603766.SS | China | $4.97B | +5% | +2% | 9% | 15.9× | -5.5% | +12.7% |
| Chongqing Afari Technology 601777.SS | China | $4.94B | -35% | +17% | -11% | 208.0× | n/a | n/a |