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Employees: 1,361
Size Chongqing Zhengchuan Pharmaceutical Packaging (603976.SS) is a China Consumer Discretionary company (Home Furnishings) with a market value of $769M, the 2856th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥29.87 on 6 Nov 2026.
Performance Over six months the shares gained 41.2%, against -14.3% for the median peer and -16.4% for the China market (cap-weighted) — 3rd highest of 21 in its peer set.
Growth Revenue grew 8.6% over the last twelve months (peer median -0.1%); the operating margin is 3.1% (peer median 3.5%).
Valuation It trades at 7.4× enterprise value to sales against a peer median of 2.9× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 51% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is +45 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 5.4 points below its cost of capital (6.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥721M | CN¥661M | CN¥799M | CN¥890M | CN¥787M |
| Revenue growth | — | -17% | -10% | +13% | — |
| Gross profit | CN¥105M | CN¥108M | CN¥150M | CN¥117M | CN¥143M |
| EBITDA | CN¥137M | CN¥134M | CN¥185M | CN¥158M | CN¥154M |
| Net income | CN¥17.1M | CN¥18.9M | CN¥53.2M | CN¥40.3M | CN¥64.8M |
| Free cash flow | CN¥96.5M | CN¥112M | CN¥43.2M | CN¥110M | -CN¥229M |
| Capital expenditure | CN¥61.0M | CN¥27.1M | CN¥72.0M | CN¥90.0M | CN¥276M |
| Total debt | CN¥558M | CN¥538M | CN¥566M | CN¥613M | CN¥586M |
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| Measure | 603976.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.1% | -6.0% | 5th highest of 21 |
| 6-month return | +41.2% | -14.3% | 3rd highest of 21 |
| Distance from 52-week high | -19.7% | -41.4% | 5th highest of 21 |
| Revenue growth (TTM) | +8.6% | -0.1% | 5th highest of 21 |
| Operating margin | 3.1% | 3.5% | 11th highest of 21 |
| EV / Sales | 7.4× | 2.9× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 51.0% | 7.1% | most demanding of 11 |
| Growth delivered (Del g) | +6.0% | +6.3% | 4th lowest of 11 |
| Hurdle (Req g minus delivered) | +45.0 pp | +5.6 pp | most demanding of 11 |
| ROIC minus cost of capital | -5.4 pp | -2.8 pp | 9th lowest of 21 |
| EV / EBITDA | 39.1× | 18.7× | most expensive of 5 |
| Net debt / EBITDA | 1.7× | -1.8× | 3rd most indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chongqing Zhengchuan Pharmaceutical Packaging 603976.SS | China | $769M | +41% | +9% | 3% | 7.4× | 51.0% | +6.0% |
| Yotrio 002489.SZ | China | $809M | -23% | 0% | 2% | 0.9× | n/a | n/a |
| Hunan Hualian China Industry 001216.SZ | China | $729M | -9% | -15% | 12% | 3.2× | n/a | n/a |
| Zhejiang Truelove Vogue 003041.SZ | China | $698M | -38% | -1% | 7% | 5.2× | n/a | n/a |
| Cello World CELLO.NS | India | $870M | -14% | +7% | 16% | 3.5× | 28.6% | +17.2% |
| Helen of Troy HELE | United States | $876M | +51% | +1% | 7% | 0.9× | 3.9% | -3.1% |
| TTK Prestige TTKPRESTIG.NS | India | $882M | +14% | +16% | 7% | 2.6× | 36.8% | +6.3% |
| Cera Sanitaryware CERA.NS | India | $654M | -12% | +15% | 10% | 2.4× | 21.9% | +10.7% |
| Shanghai Shuixing Home Textile 603365.SS | China | $621M | -29% | +2% | 10% | 0.7× | -12.9% | +8.2% |
| Markor International Home Furnishings 600337.SS | China | $613M | +19% | -43% | -106% | 3.3× | n/a | n/a |
| Guang Dong Sitong 603838.SS | China | $612M | +43% | +8% | -23% | 10.0× | n/a | n/a |
| Zhang Xiaoquan 301055.SZ | China | $597M | -13% | +15% | 5% | 3.1× | 27.1% | +12.4% |
| Anhui Deli Household Glass 002571.SZ | China | $574M | -15% | -16% | -10% | 3.2× | n/a | n/a |
| GuangDong Topstrong Living Innovation & Integration 300749.SZ | China | $570M | -24% | -34% | -13% | 6.5× | n/a | n/a |
| Guangzhou Holike Creative Home 603898.SS | China | $555M | -7% | -21% | -5% | 2.0× | n/a | n/a |
| Keeson Technology 603610.SS | China | $550M | -39% | +11% | 2% | 1.2× | 10.4% | +6.1% |
| Dong Yi Ri Sheng Home Decoration 002713.SZ | China | $1.08B | -38% | -1% | -23% | 9.6× | n/a | n/a |
| Healthcare 603313.SS | China | $533M | -2% | +4% | 2% | 0.7× | -9.0% | +6.4% |
| Suofeiya Home Collection 002572.SZ | China | $1.12B | -35% | -22% | 8% | 1.1× | -2.8% | +2.3% |
| Guangdong Piano Customized Furniture 002853.SZ | China | $520M | -30% | -30% | -23% | 7.1× | n/a | n/a |
| De Rucci Healthy Sleep 001323.SZ | China | $1.15B | -26% | -6% | 5% | 1.3× | 0.0% | +3.3% |