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Employees: 983
Size Pinming Technology (688109.SS) is a China Information Technology company (Packaged Software) with a market value of $801M, the 2757th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥67.77 on 6 Nov 2026.
Performance Over six months the shares fell 29.0%, against -15.2% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue fell 12.6% over the last twelve months (peer median +6.2%); the operating margin is -5.5% (peer median 7.4%).
Valuation It trades at 53.0× forward earnings against a peer median of 16.5× (2nd most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 45% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +42 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 10.1 points below its cost of capital (7.2% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥399M | CN¥433M | CN¥443M | CN¥431M | CN¥430M |
| Revenue growth | — | -2% | +3% | 0% | — |
| Gross profit | CN¥285M | CN¥309M | CN¥324M | CN¥323M | CN¥306M |
| EBITDA | n/a | CN¥44.6M | CN¥28.5M | CN¥5.14M | -CN¥65.2M |
| Net income | CN¥2.26M | CN¥46.6M | CN¥31.5M | CN¥12.4M | -CN¥56.0M |
| Free cash flow | CN¥31.3M | CN¥99.8M | CN¥95.4M | CN¥19.2M | -CN¥135M |
| Capital expenditure | CN¥3.35M | CN¥1.11M | CN¥672,506 | CN¥3.67M | CN¥3.16M |
| Total debt | CN¥58.0M | CN¥34.7M | CN¥40.2M | CN¥15.5M | CN¥12.2M |
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 | 688109.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | -0.1% | 8th highest of 21 |
| 6-month return | -29.0% | -15.2% | 5th lowest of 21 |
| Distance from 52-week high | -64.1% | -44.5% | 4th lowest of 21 |
| Revenue growth (TTM) | -12.6% | +6.2% | 4th lowest of 21 |
| Operating margin | -5.5% | 7.4% | 5th lowest of 21 |
| Forward P/E | 53.0× | 16.5× | 2nd most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 44.7% | 6.6% | most demanding of 13 |
| Growth delivered (Del g) | +2.9% | +16.6% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +41.8 pp | -11.1 pp | most demanding of 13 |
| ROIC minus cost of capital | -10.1 pp | -2.7 pp | 5th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Pinming Technology 688109.SS | China | $801M | -29% | -13% | -6% | 53.0× | 44.7% | +2.9% |
| Anhui ZhongDianXinLong Science and Technology 002298.SZ | China | $799M | -21% | -29% | -17% | n/a | n/a | n/a |
| Gungho Online Entertainment 3765.T | Japan | $798M | -3% | -6% | 7% | 31.5× | n/a | n/a |
| Bumble BMBL | United States | $798M | +65% | -13% | 28% | 8.0× | -10.5% | +10.7% |
| Yonyou Auto Information Technology (Shanghai) 688479.SS | China | $793M | -9% | +1% | 2% | n/a | n/a | n/a |
| B-Soft 300451.SZ | China | $792M | -22% | -21% | -75% | 115.0× | n/a | n/a |
| Consensus Cloud Solutions CCSI | United States | $791M | +27% | +1% | 42% | 7.0× | -2.5% | +1.1% |
| V5 Technologies 7822.TW | Taiwan | $788M | -59% | +188% | 37% | 15.9× | -1.8% | +114.4% |
| Fujian Fuxin Software Development Joint Stock 688095.SS | China | $817M | -22% | +27% | 8% | 41.3× | 19.2% | +17.9% |
| Everplay EVPL.L | United Kingdom | $784M | +52% | +1% | 15% | 11.6× | 13.9% | +14.9% |
| Phreesia PHR | United States | $783M | +24% | +13% | 5% | 22.2× | 13.4% | +26.4% |
| Wutong 300292.SZ | China | $821M | -20% | -4% | 4% | n/a | 14.2% | +2.9% |
| PSI Software PSAN.DE | Germany | $822M | -1% | +2% | -5% | n/a | n/a | n/a |
| Dynavox DYVOX.ST | Sweden | $778M | -14% | +10% | 13% | 24.0× | 7.6% | +22.5% |
| CiDi 3881.HK | Hong Kong | $777M | -43% | +139% | -48% | n/a | n/a | n/a |
| MNTN MNTN | United States | $776M | -38% | +21% | 15% | 10.3× | 0.2% | +41.0% |
| Propel PRL.TO | Canada | $830M | +28% | +24% | 17% | 7.6× | n/a | n/a |
| LINK Mobility LINK.OL | Norway | $771M | -9% | +16% | 6% | 16.1× | 5.7% | +14.9% |
| Intellect Design Arena INTELLECT.NS | India | $766M | -34% | +17% | 12% | 17.0× | 28.1% | +15.2% |
| Shenzhen Bingchuan Network 300533.SZ | China | $763M | -18% | -5% | -10% | n/a | 4.7% | +46.0% |
| Vobile 3738.HK | Hong Kong | $844M | -17% | +20% | 13% | 18.8× | n/a | n/a |