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Chinese manufacturer of bicycles for domestic and export markets.
Chinese manufacturer of bicycles for domestic and export markets.
Moat: none. Commodity bicycle manufacturing with thin margins and many competitors.
Headquarters: Tianjin, China · Employees: 5,757
Size Tianjin FUJI-TA Bicycle Industrial (603468.SS) is a China Consumer Discretionary company (Motor Vehicles) with a market value of $1.19B, the 1981st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥19.23 on 6 Nov 2026.
Growth Revenue grew 3.4% over the last twelve months (peer median +8.4%); the operating margin is 8.1% (peer median 1.9%).
Valuation It trades at 1.1× enterprise value to sales against a peer median of 1.4× (9th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 14% 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 5.2 points above its cost of capital (14.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | CN¥5.04B | CN¥4.88B | CN¥3.62B | CN¥4.37B |
| Revenue growth | — | +3% | +35% | -17% | — |
| Gross profit | n/a | CN¥656M | CN¥691M | CN¥502M | CN¥624M |
| EBITDA | n/a | CN¥502M | CN¥510M | CN¥373M | CN¥452M |
| Net income | n/a | CN¥382M | CN¥408M | CN¥285M | CN¥348M |
| Free cash flow | n/a | CN¥572M | CN¥281M | CN¥393M | CN¥181M |
| Capital expenditure | n/a | CN¥58.9M | CN¥39.7M | CN¥24.6M | CN¥174M |
| Total debt | CN¥734M | CN¥631M | CN¥493M | CN¥341M | CN¥385M |
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.
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 | 603468.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.4% | +0.3% | 4th lowest of 21 |
| Distance from 52-week high | -57.7% | -37.6% | 4th lowest of 21 |
| Revenue growth (TTM) | +3.4% | +8.4% | 8th lowest of 21 |
| Operating margin | 8.1% | 1.9% | 5th highest of 21 |
| EV / Sales | 1.1× | 1.4× | 9th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 13.5% | 2.6% | 3rd most demanding of 12 |
| Growth delivered (Del g) | +4.9% | -0.4% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | +8.7 pp | +3.6 pp | 4th most demanding of 11 |
| ROIC minus cost of capital | +5.2 pp | -2.8 pp | 3rd highest of 20 |
| EV / EBITDA | 11.2× | 12.4× | 4th cheapest of 8 |
| Net debt / EBITDA | -5.0× | 1.9× | least indebted of 8 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianjin FUJI-TA Bicycle Industrial 603468.SS | China | $1.19B | n/a | +3% | 8% | 1.1× | 13.5% | +4.9% |
| Brilliance China Automotive 1114.HK | Hong Kong | $1.15B | -40% | +18% | -30% | 1.9× | n/a | n/a |
| Tianrun Industry Technology 002283.SZ | China | $1.14B | -39% | +31% | 9% | 1.7× | 6.1% | -1.7% |
| Aerosun 600501.SS | China | $1.10B | -28% | +10% | -5% | 3.3× | n/a | n/a |
| Lucid LCID | United States | $1.30B | -48% | +67% | -259% | 4.6× | n/a | n/a |
| Giant Manufacturing 9921.TW | Taiwan | $1.06B | +29% | -15% | 2% | 0.6× | 1.3% | -3.0% |
| Sanyang Motor 2206.TW | Taiwan | $1.43B | +8% | -3% | 8% | 1.4× | 1.2% | +9.0% |
| Xiamen King Long Motor 600686.SS | China | $967M | -42% | -3% | 2% | 0.4× | -1.1% | +12.0% |
| Dongfeng Automobile 600006.SS | China | $1.53B | -24% | -5% | -13% | 1.3× | n/a | n/a |
| Breton Technology 1333.HK | Hong Kong | $915M | +5% | +16% | -24% | 9.1× | n/a | n/a |
| Shanghai New Power Automotive Technology 600841.SS | China | $914M | -39% | +15% | -5% | 0.7× | 2.1% | -23.6% |
| Zhejiang Qianjiang Motorcycle 000913.SZ | China | $896M | -16% | 0% | 2% | 0.8× | n/a | n/a |
| Olectra Greentech OLECTRA.NS | India | $891M | -19% | +38% | 12% | 3.3× | n/a | n/a |
| Guangdong Lvtong New Energy Electric Vehicle Tech 301322.SZ | China | $869M | +5% | +63% | -3% | 4.3× | n/a | n/a |
| China Motor 2204.TW | Taiwan | $867M | -4% | +6% | 4% | 0.9× | 3.7% | +0.8% |
| Aebi Schmidt AEBI | United States | $867M | -3% | +49% | 6% | 0.7× | 11.9% | n/a |
| Xuzhou Handler Special Vehicle 300201.SZ | China | $1.64B | -9% | +18% | 22% | 5.4× | 22.0% | -3.3% |
| Piaggio & C PIA.MI | Italy | $862M | +24% | -5% | 7% | 0.8× | 2.6% | +2.7% |
| Yulon Motor 2201.TW | Taiwan | $860M | -1% | -8% | 8% | 3.9× | 14.9% | -2.6% |
| Zhongtong Bus 000957.SZ | China | $857M | -18% | +6% | 6% | 0.5× | -16.1% | +10.7% |
| Jiangling Motors 000550.SZ | China | $1.70B | -12% | +7% | 1% | n/a | n/a | n/a |