Loading…
China's leading tax-filing and tax-administration software provider, serving businesses and China's tax authorities.
China's leading tax-filing and tax-administration software provider, serving businesses and China's tax authorities.
Businesses pay for tax filing and invoicing software and services, while tax bureaus buy systems on project contracts, so part of revenue is recurring and part is project-based. Rule changes by the tax authority, such as the move to nationwide electronic invoicing, are what drive demand.
In one line: A Chinese Intuit, focused on tax software.
Moat: narrow (regulatory licence, switching costs, installed base). Deep integration with China's tax-filing infrastructure and large installed base of business users.
Headquarters: Hangzhou, China · Employees: 6,263
Size Servyou Software (603171.SS) is a China Information Technology company (Packaged Software) with a market value of $2.84B, the 903rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥46.65 on 6 Nov 2026.
Performance Over six months the shares fell 15.6%, against -2.0% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 20 in its peer set.
Growth Revenue grew 5.6% over the last twelve months (peer median +12.5%); the operating margin is 5.1% (peer median 3.5%).
Valuation It trades at 72.7× forward earnings against a peer median of 18.6× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +34 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 1.1 points below its cost of capital (8.1% WACC).
Next results Next results expected around 20 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.20B | CN¥2.04B | CN¥1.93B | CN¥1.82B | CN¥1.69B |
| Revenue growth | — | +6% | +6% | +8% | — |
| Gross profit | CN¥1.31B | CN¥1.06B | CN¥1.00B | CN¥962M | CN¥958M |
| EBITDA | n/a | CN¥174M | CN¥113M | CN¥65.4M | CN¥107M |
| Net income | CN¥254M | CN¥136M | CN¥113M | CN¥83.4M | CN¥144M |
| Free cash flow | CN¥251M | CN¥84.5M | CN¥111M | CN¥77.9M | -CN¥60.8M |
| Capital expenditure | CN¥78.4M | CN¥180M | CN¥163M | CN¥184M | CN¥172M |
| Total debt | CN¥296M | CN¥144M | CN¥210M | CN¥111M | CN¥103M |
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 |
|---|---|---|---|---|---|---|
| Servyou Software 603171.SS | $2.84B | -16% | +6% | 5% | 72.7× | 40.3% |
| Aisino 600271.SS | $1.96B | -16% | -12% | -24% | 26.2× | n/a |
| Yonyou Network Technology 600588.SS | $4.72B | -21% | +4% | -16% | n/a | n/a |
| Kingdee International Software 0268.HK | $4.16B | +3% | +17% | 2% | 65.4× | 45.4% |
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 | 603171.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +24.6% | +2.1% | 3rd highest of 21 |
| 6-month return | -15.6% | -2.0% | 9th lowest of 20 |
| Distance from 52-week high | -48.5% | -39.4% | 7th lowest of 21 |
| Revenue growth (TTM) | +5.6% | +12.5% | 8th lowest of 21 |
| Operating margin | 5.1% | 3.5% | 10th highest of 21 |
| Forward P/E | 72.7× | 18.6× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 40.3% | 12.9% | 2nd most demanding of 14 |
| Growth delivered (Del g) | +5.9% | +18.3% | 3rd lowest of 14 |
| Hurdle (Req g minus delivered) | +34.4 pp | -3.8 pp | 3rd most demanding of 14 |
| ROIC minus cost of capital | -1.1 pp | -4.5 pp | 9th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Servyou Software 603171.SS | China | $2.84B | -16% | +6% | 5% | 72.7× | 40.3% | +5.9% |
| Tata Technologies TATATECH.NS | India | $2.86B | +6% | +22% | 13% | 34.9× | 28.3% | +18.3% |
| SPS Commerce SPSC | United States | $2.90B | +45% | +7% | 17% | 15.3× | 7.3% | +19.2% |
| Vertex VERX | United States | $2.77B | +14% | +11% | 1% | 17.4× | 57.9% | +14.8% |
| Beijing 51WORLD Digital Twin Technology 6651.HK | Hong Kong | $2.91B | -1% | +39% | -38% | n/a | n/a | n/a |
| XD, Inc. 2400.HK | Hong Kong | $2.77B | -28% | +6% | 26% | 11.9× | 3.0% | +14.3% |
| Teradata TDC | United States | $2.96B | +1% | +1% | 8% | 11.6× | -5.4% | -2.0% |
| Intsig Information 688615.SS | China | $2.96B | -26% | +24% | 22% | 34.9× | 12.6% | +22.1% |
| JWIPC Technology 001339.SZ | China | $2.72B | -19% | +41% | 21% | 21.9× | n/a | n/a |
| Beijing Shiji Information Technology 002153.SZ | China | $3.02B | -27% | -4% | -3% | 492.7× | n/a | n/a |
| DHC Software 002065.SZ | China | $3.04B | -23% | -4% | 3% | 39.5× | 14.8% | +7.1% |
| Shijiazhuang Changshan Beiming Technology 000158.SZ | China | $2.64B | -35% | -14% | 2% | n/a | n/a | n/a |
| Shenzhen Infogem Technologies 300085.SZ | China | $3.06B | -23% | +2% | -11% | n/a | n/a | n/a |
| Liftoff Mobile LFTO | United States | $3.07B | n/a | +35% | 36% | 18.6× | -7.3% | +35.5% |
| Via Transportation VIA | United States | $3.07B | +118% | +29% | -17% | 259.2× | n/a | n/a |
| Urban URBANCO.NS | India | $2.58B | +8% | +36% | -26% | n/a | n/a | n/a |
| Cellebrite DI CLBT | United States | $3.13B | -2% | +18% | 11% | 38.0× | 22.8% | +19.5% |
| Tsinghua Tongfang 600100.SS | China | $3.15B | -22% | -11% | -2% | n/a | 30.2% | -10.3% |
| Freshworks FRSH | United States | $3.18B | +37% | +15% | 8% | 14.5× | 12.9% | +27.4% |
| Wix.com WIX | United States | $3.18B | -5% | +14% | -3% | 12.6× | -4.4% | +15.2% |
| Sinch SINCH.ST | Sweden | $3.19B | +13% | -6% | 4% | 13.3× | 23.8% | +27.5% |