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Employees: 8,152
Size Toly Bread (603866.SS) is a China Consumer Staples company (Food Retail) with a market value of $1.01B, the 2276th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.22 on 6 Nov 2026.
Performance Over six months the shares fell 15.3%, against -5.3% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 2.0% over the last twelve months (peer median +2.7%); the operating margin is 8.0% (peer median 2.9%).
Valuation It trades at 24.1× forward earnings against a peer median of 14.3× (3rd most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +2 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 1.5 points above its cost of capital (6.9% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.36B | CN¥5.41B | CN¥6.05B | CN¥6.68B | CN¥6.61B |
| Revenue growth | — | -11% | -9% | +1% | — |
| Gross profit | CN¥1.37B | CN¥1.17B | CN¥1.37B | CN¥1.44B | CN¥1.51B |
| EBITDA | n/a | CN¥831M | CN¥977M | CN¥993M | CN¥1.02B |
| Net income | CN¥190M | CN¥284M | CN¥522M | CN¥574M | CN¥640M |
| Free cash flow | CN¥411M | CN¥445M | CN¥347M | -CN¥45.7M | CN¥176M |
| Capital expenditure | CN¥236M | CN¥336M | CN¥657M | CN¥861M | CN¥900M |
| Total debt | CN¥1.33B | CN¥1.27B | CN¥1.20B | CN¥1.15B | CN¥679M |
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 | 603866.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.9% | +2.6% | 5th lowest of 21 |
| 6-month return | -15.3% | -5.3% | 5th lowest of 21 |
| Distance from 52-week high | -28.5% | -20.8% | 9th lowest of 21 |
| Revenue growth (TTM) | -2.0% | +2.7% | 5th lowest of 21 |
| Operating margin | 8.0% | 2.9% | highest of 21 |
| Forward P/E | 24.1× | 14.3× | 3rd most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 0.5% | -3.8% | 7th most demanding of 18 |
| Growth delivered (Del g) | -1.8% | +3.0% | 3rd lowest of 18 |
| Hurdle (Req g minus delivered) | +2.2 pp | -7.6 pp | 4th most demanding of 18 |
| ROIC minus cost of capital | +1.5 pp | +2.6 pp | 10th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Toly Bread 603866.SS | China | $1.01B | -15% | -2% | 8% | 24.1× | 0.5% | -1.8% |
| Chengdu Hongqi Chain 002697.SZ | China | $1.01B | -5% | -1% | 5% | 14.3× | -17.5% | +1.1% |
| United Super Markets 3222.T | Japan | $999M | -7% | +11% | 0% | n/a | 31.5% | +5.6% |
| Fuji 8278.T | Japan | $1.11B | -1% | -1% | 1% | n/a | 2.6% | +20.9% |
| Jiangxi Guoguang Commercial Chains 605188.SS | China | $908M | -26% | +3% | 1% | n/a | 27.5% | +4.6% |
| Jiajiayue 603708.SS | China | $874M | -12% | 0% | 2% | 25.6× | -12.7% | +1.5% |
| Axial Retailing 8255.T | Japan | $865M | +30% | +3% | 4% | 15.1× | -10.9% | +2.9% |
| BELC 9974.T | Japan | $852M | -8% | +5% | 4% | 10.7× | n/a | n/a |
| WH Smith SMWH.L | United Kingdom | $851M | -10% | -31% | 8% | 11.0× | 9.1% | +8.8% |
| San-a 2659.T | Japan | $1.22B | -2% | +6% | 7% | 16.4× | -12.3% | +3.9% |
| Sanjiang Shopping Club 601116.SS | China | $833M | -26% | -7% | 3% | n/a | n/a | n/a |
| Taiwan FamilyMart 5903.TWO | Taiwan | $1.23B | -4% | +7% | 2% | 23.4× | -2.4% | +5.2% |
| Valor 9956.T | Japan | $1.25B | -6% | +9% | 3% | 8.8× | -2.7% | +4.8% |
| Chongqing Chongbai Technology 600729.SS | China | $1.26B | -9% | -11% | 4% | 11.3× | -10.4% | -6.9% |
| Arcs 9948.T | Japan | $1.27B | +5% | +2% | 3% | 15.9× | -10.6% | +2.4% |
| Aryzta ARYN.SW | Switzerland | $1.28B | -26% | -3% | 7% | 13.0× | -6.6% | +3.0% |
| Grocery Outlet GO | United States | $1.29B | +59% | +5% | 4% | 21.6× | 4.4% | +8.4% |
| Better Life Commercial Chain Share 002251.SZ | China | $1.34B | -19% | +11% | 5% | 42.1× | 10.8% | -23.1% |
| Heiwado 8276.T | Japan | $749M | -2% | +2% | 3% | 13.3× | -3.8% | +0.7% |
| Aeon Hokkaido 7512.T | Japan | $719M | -4% | +3% | 2% | n/a | n/a | n/a |
| Life 8194.T | Japan | $1.43B | +1% | +3% | 3% | 12.1× | -11.0% | +3.0% |