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Chinese embedded-systems/software company, likely serving connected-vehicle or industrial-electronics customers.
Chinese embedded-systems/software company, likely serving connected-vehicle or industrial-electronics customers.
Moat: none
Headquarters: Shanghai, China · Employees: 615
Size Embedway Technologies (Shanghai) (603496.SS) is a China Industrials company (Miscellaneous Commercial Services) with a market value of $910M, the 2490th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥19.18 on 6 Nov 2026.
Performance Over six months the shares fell 37.1%, against -3.9% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 3.5% over the last twelve months (peer median +4.9%); the operating margin is 1.1% (peer median 13.1%).
Valuation It trades at 137.0× forward earnings against a peer median of 18.6× (most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 54% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is +40 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 7.3 points below its cost of capital (8.6% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.01B | CN¥1.04B | CN¥1.11B | CN¥766M | CN¥767M |
| Revenue growth | — | -6% | +45% | 0% | — |
| Gross profit | CN¥317M | CN¥284M | CN¥342M | CN¥342M | CN¥317M |
| EBITDA | n/a | CN¥50.2M | CN¥51.6M | CN¥69.3M | CN¥63.3M |
| Net income | CN¥35.2M | CN¥34.9M | CN¥26.8M | CN¥78.8M | CN¥76.2M |
| Free cash flow | CN¥118M | CN¥147M | -CN¥11.6M | CN¥40.7M | -CN¥26.3M |
| Capital expenditure | CN¥7.29M | CN¥9.02M | CN¥17.4M | CN¥45.3M | CN¥54.9M |
| Total debt | CN¥328M | CN¥190M | CN¥383M | CN¥272M | CN¥270M |
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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 | 603496.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.1% | +1.4% | 6th lowest of 21 |
| 6-month return | -37.1% | -3.9% | 3rd lowest of 21 |
| Distance from 52-week high | -51.5% | -30.0% | 3rd lowest of 21 |
| Revenue growth (TTM) | +3.5% | +4.9% | 10th lowest of 21 |
| Operating margin | 1.1% | 13.1% | 4th lowest of 21 |
| Forward P/E | 137.0× | 18.6× | most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 54.3% | 3.6% | most demanding of 17 |
| Growth delivered (Del g) | +14.5% | +18.0% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | +39.8 pp | -15.4 pp | 2nd most demanding of 17 |
| ROIC minus cost of capital | -7.3 pp | +3.4 pp | 4th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Embedway Technologies (Shanghai) 603496.SS | China | $910M | -37% | +4% | 1% | 137.0× | 54.3% | +14.5% |
| Shaanxi Fenghuo Electronics 000561.SZ | China | $929M | -24% | +8% | -26% | n/a | n/a | n/a |
| Wavestone WAVE.PA | France | $931M | -22% | +1% | 12% | 10.0× | -5.3% | +18.0% |
| Zhejiang Meorient Commerce & Exhibition 300795.SZ | China | $890M | -1% | -3% | 18% | 29.6× | n/a | n/a |
| Xi'an High Voltage Apparatus Research Institute 688334.SS | China | $889M | -10% | +4% | 29% | 21.3× | -2.4% | +20.3% |
| W.A.G. Payment Solutions EWG.L | United Kingdom | $935M | -4% | +16% | 3% | 17.5× | -1.7% | +12.2% |
| IP Group plc IPO.L | United Kingdom | $879M | +13% | -37% | 51% | 11.9× | n/a | n/a |
| Service Stream SSM.AX | Australia | $943M | +7% | +1% | 3% | 17.6× | 11.7% | +24.0% |
| Aimed Bio 0009K0.KS | South Korea | $875M | -61% | +223% | 36% | n/a | 13.2% | +652.2% |
| B2 Impact B2I.OL | Norway | $947M | +1% | +9% | 48% | 10.2× | -8.3% | +3.1% |
| DOOSAN TESNA 131970.KS | South Korea | $861M | -53% | +3% | 11% | 36.9× | 17.8% | +18.1% |
| NOMURA 9716.T | Japan | $861M | +4% | -10% | 7% | 14.1× | -8.4% | +8.6% |
| Funshine Culture 300860.SZ | China | $858M | +21% | -49% | -35% | 28.1× | 27.8% | -24.6% |
| Rites RITES.NS | India | $990M | -15% | +11% | 20% | 19.7× | 19.8% | +5.3% |
| Shanghai Action Education Tehnology 605098.SS | China | $991M | -10% | +15% | 40% | 16.3× | -3.0% | +16.4% |
| GL events GLO.PA | France | $991M | -14% | +6% | 10% | 8.7× | 3.1% | +29.1% |
| TaskUs TASK | United States | $833M | +41% | +11% | 12% | 6.5× | 0.5% | +19.9% |
| Anbang Save-Guard 603373.SS | China | $830M | +30% | -1% | 14% | 41.5× | 6.7% | +5.6% |
| Karnov KAR.ST | Sweden | $828M | +16% | -4% | 20% | 20.2× | 4.1% | +27.9% |
| Shenzhen Boshijie Technology 301608.SZ | China | $1.00B | -20% | +15% | 14% | 20.9× | n/a | n/a |
| PharmaResources (Shanghai) 301230.SZ | China | $822M | -4% | +9% | 0% | 90.5× | 42.7% | +19.5% |