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Chinese women's fashion apparel company operating branded retail stores.
Chinese women's fashion apparel company operating branded retail stores.
Moat: none. Competitive apparel retail segment without a clear structural advantage.
Headquarters: China · Employees: 2,659
Size Topscore Fashion (603608.SS) is a China Consumer Discretionary company (Apparel/Footwear) with a market value of $1.05B, the 2201st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.85 on 6 Nov 2026.
Performance Over six months the shares gained 27.9%, against -14.1% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 8.7% over the last twelve months (peer median +6.7%); the operating margin is 3.6% (peer median 7.0%).
Valuation It trades at 5.9× enterprise value to sales against a peer median of 1.8× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 52% a year for seven years (Req g). Recent delivered growth is -9%, so the hurdle is +61 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 5.6 points below its cost of capital (9.2% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.13B | CN¥1.14B | CN¥1.09B | CN¥1.27B | CN¥1.26B |
| Revenue growth | — | +4% | -14% | 0% | — |
| Gross profit | CN¥660M | CN¥650M | CN¥641M | CN¥733M | CN¥672M |
| EBITDA | CN¥90.9M | CN¥75.0M | CN¥10.3M | CN¥62.8M | -CN¥52.9M |
| Net income | CN¥35.8M | CN¥14.5M | -CN¥90.8M | -CN¥30.2M | -CN¥179M |
| Free cash flow | CN¥132M | CN¥165M | CN¥33.0M | CN¥103M | CN¥8.17M |
| Capital expenditure | CN¥9.10M | CN¥12.1M | CN¥27.9M | CN¥24.8M | CN¥94.8M |
| Total debt | CN¥116M | CN¥226M | CN¥396M | CN¥575M | CN¥571M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Topscore Fashion 603608.SS | $1.05B | +28% | +9% | 4% | 5.9× | 51.6% |
| Zhejiang Semir Garment 002563.SZ | $2.42B | -1% | +4% | 7% | 0.8× | -8.1% |
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 | 603608.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.6% | -3.5% | 9th lowest of 21 |
| 6-month return | +27.9% | -14.1% | 3rd highest of 21 |
| Distance from 52-week high | -42.5% | -39.8% | 6th lowest of 21 |
| Revenue growth (TTM) | +8.7% | +6.7% | 10th highest of 21 |
| Operating margin | 3.6% | 7.0% | 9th lowest of 21 |
| EV / Sales | 5.9× | 1.8× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 51.6% | 6.6% | most demanding of 17 |
| Growth delivered (Del g) | -9.4% | +2.2% | 2nd lowest of 16 |
| Hurdle (Req g minus delivered) | +61.0 pp | +2.0 pp | most demanding of 16 |
| ROIC minus cost of capital | -5.6 pp | +0.2 pp | 7th lowest of 21 |
| EV / EBITDA | 73.1× | 11.0× | most expensive of 9 |
| Net debt / EBITDA | -4.2× | 0.0× | least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Topscore Fashion 603608.SS | China | $1.05B | +28% | +9% | 4% | 5.9× | 51.6% | -9.4% |
| Jiangsu Hongdou Industrial 600400.SS | China | $1.06B | +11% | +22% | -9% | 3.0× | 13.7% | -1.3% |
| Dazzle Fashion 603587.SS | China | $1.03B | +10% | +7% | 16% | 1.9× | -9.2% | -3.5% |
| Human Made 456A.T | Japan | $1.10B | +39% | +27% | 30% | 9.6× | 7.7% | n/a |
| Jihua 601718.SS | China | $1.10B | -43% | -22% | -10% | 0.8× | n/a | n/a |
| Lai Yih Footwear 6890.TW | Taiwan | $1.11B | -7% | -11% | 8% | 1.0× | n/a | n/a |
| Zhonghong Pulin Medical Products 300981.SZ | China | $990M | +5% | +11% | 9% | 1.9× | -1.7% | -13.1% |
| Guangdong Golden Dragon Development 000712.SZ | China | $1.12B | -20% | -3% | -20% | 17.5× | n/a | n/a |
| JOEONE 601566.SS | China | $975M | +4% | +1% | 6% | 1.7× | -2.9% | +2.1% |
| Shanghai Puyuan Chemical Materials 603196.SS | China | $964M | -46% | +78% | 12% | 4.3× | 16.2% | -0.2% |
| Lancy 002612.SZ | China | $1.19B | +11% | +9% | 10% | 1.6× | -1.2% | +15.9% |
| Toread 300005.SZ | China | $1.21B | -45% | +22% | -1% | 4.6× | n/a | n/a |
| Wacoal 3591.T | Japan | $1.21B | -21% | +2% | -1% | 1.1× | 35.7% | +2.4% |
| Salvatore Ferragamo SFER.MI | Italy | $1.22B | -19% | -2% | 3% | 1.6× | 22.5% | +2.2% |
| Tayho Advanced Materials 002254.SZ | China | $1.26B | -13% | +6% | -2% | 3.0× | 10.1% | +8.1% |
| Fujian Septwolves Industry 002029.SZ | China | $873M | -20% | +1% | -3% | 1.4× | 4.5% | -2.0% |
| Bata India BATAINDIA.NS | India | $868M | -12% | +5% | 9% | 2.6× | 28.9% | +15.5% |
| Xtep International 1368.HK | Hong Kong | $1.27B | -16% | +10% | 10% | 0.5× | -10.3% | +10.8% |
| Canada Goose GOOS.TO | Canada | $850M | -23% | +12% | 10% | 1.2× | 5.5% | +11.0% |
| Pearl Global Industries PGIL.NS | India | $1.31B | +51% | +14% | 8% | 2.3× | 25.0% | +27.5% |
| Ningbo Peacebird Fashion 603877.SS | China | $839M | -15% | -2% | 4% | 0.8× | -13.1% | -7.5% |