Employees: 1,613
Size Anhui Jiuhuashan Tourism Development (603199.SS) is a China Industrials company (Other Transportation) with a market value of $573M, the 3535th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥34.51 on 6 Nov 2026.
Performance Over six months the shares fell 5.4%, against -15.4% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 21 in its peer set.
Growth Revenue grew 5.5% over the last twelve months (peer median +0.5%); the operating margin is 32.1% (peer median 10.6%).
Valuation It trades at 16.5× forward earnings against a peer median of 15.2× (4th most expensive of 8).
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 +21%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 10.9 points above its cost of capital (5.3% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥895M | CN¥877M | CN¥749M | CN¥722M | CN¥322M |
| Revenue growth | — | +17% | +4% | +124% | — |
| Gross profit | CN¥444M | CN¥427M | CN¥359M | CN¥348M | CN¥69.8M |
| EBITDA | CN¥371M | CN¥359M | CN¥313M | CN¥295M | CN¥60.2M |
| Net income | CN¥223M | CN¥213M | CN¥186M | CN¥175M | -CN¥13.7M |
| Free cash flow | CN¥190M | CN¥107M | CN¥133M | CN¥141M | -CN¥76.2M |
| Capital expenditure | CN¥178M | CN¥212M | CN¥135M | CN¥186M | CN¥136M |
| Total debt | CN¥189M | CN¥14.0M | CN¥15.4M | CN¥3.39M | CN¥3.46M |
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| Measure | 603199.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.9% | -5.2% | 2nd highest of 21 |
| 6-month return | -5.4% | -15.4% | 4th highest of 21 |
| Distance from 52-week high | -24.4% | -31.9% | 8th highest of 21 |
| Revenue growth (TTM) | +5.5% | +0.5% | 6th highest of 21 |
| Operating margin | 32.1% | 10.6% | 2nd highest of 21 |
| Forward P/E | 16.5× | 15.2× | 4th most expensive of 8 |
| Growth the price implies (Req g, 7 yrs) | -4.0% | 0.4% | 6th least demanding of 18 |
| Growth delivered (Del g) | +21.3% | +7.0% | 2nd highest of 18 |
| Hurdle (Req g minus delivered) | -25.3 pp | -6.6 pp | 2nd least demanding of 18 |
| ROIC minus cost of capital | +10.9 pp | -1.5 pp | highest of 21 |
| EV / EBITDA | 9.3× | 9.8× | 4th cheapest of 9 |
| Net debt / EBITDA | -1.1× | -0.2× | 4th least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anhui Jiuhuashan Tourism Development 603199.SS | China | $573M | -5% | +6% | 32% | 16.5× | -4.0% | +21.3% |
| Nanjing Port 002040.SZ | China | $576M | -21% | +2% | 31% | n/a | -4.8% | +6.7% |
| Bohai Ferry 603167.SS | China | $565M | -10% | -5% | 14% | 11.0× | -8.4% | +9.6% |
| Transport International 0062.HK | Hong Kong | $592M | -16% | +1% | 6% | n/a | -8.6% | +6.4% |
| Delixi New Energy Technology 603032.SS | China | $550M | -33% | +27% | 17% | 68.0× | 33.8% | +61.4% |
| China Hi-Tech 600730.SS | China | $548M | -31% | +16% | -32% | n/a | n/a | n/a |
| Hainan Haiqi Transportation 603069.SS | China | $548M | -32% | -22% | -20% | 23.1× | n/a | n/a |
| Shanghai Shentong Metro 600834.SS | China | $520M | -9% | +1% | 8% | n/a | 11.4% | +14.6% |
| Zhuhai Port 000507.SZ | China | $638M | -9% | 0% | 12% | n/a | -2.0% | +4.5% |
| Guangdong Great River Smarter Logistics 002930.SZ | China | $507M | -43% | +5% | -8% | 49.3× | 8.9% | +7.1% |
| Beijing Changjiu Logistics 603569.SS | China | $502M | -17% | -47% | -1% | 10.5× | 6.2% | -2.0% |
| Sichuan Fulin Transportation 002357.SZ | China | $496M | -10% | -2% | -8% | n/a | 43.1% | +5.3% |
| Tianjin Port Development 3382.HK | Hong Kong | $478M | -14% | -21% | 21% | n/a | -8.3% | -5.5% |
| Yuexiu Transport Infrastructure 1052.HK | Hong Kong | $699M | -19% | +9% | 36% | 6.2× | 0.1% | +7.4% |
| Guangzhou Hangxin Aviation Technology 300424.SZ | China | $457M | -35% | -1% | -3% | n/a | 3.2% | +7.5% |
| Heilongjiang Transport Development 601188.SS | China | $746M | +13% | -4% | 27% | n/a | 0.4% | +7.0% |
| AZ-COM Maruwa 9090.T | Japan | $760M | -1% | +9% | 5% | 15.2× | n/a | n/a |
| Jiangsu Lianyungang Port 601008.SS | China | $765M | -13% | +5% | 15% | n/a | 1.9% | +9.7% |
| Subaru Enterprise 9632.T | Japan | $424M | +48% | 0% | 15% | n/a | -6.0% | +1.5% |
| Ningxia Western Venture Industrial 000557.SZ | China | $807M | -21% | +7% | 9% | n/a | 0.2% | +8.3% |
| Xiandai Investment 000900.SZ | China | $822M | -14% | -6% | 20% | n/a | 2.8% | -14.7% |