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Chinese SaaS company providing order-management/ERP tools for online (e-commerce) merchants selling on platforms like Taobao and JD.
Chinese SaaS company providing order-management/ERP tools for online (e-commerce) merchants selling on platforms like Taobao and JD.
In one line: A Chinese Shopify-adjacent SaaS-for-sellers vendor.
Moat: narrow (switching costs, installed base). Embedded order-management workflows create switching costs for merchant customers.
Headquarters: Hangzhou, China · Employees: 2,143
Size Hangzhou Raycloud Technology (688365.SS) is a China Information Technology company (Packaged Software) with a market value of $926M, the 2455th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.48 on 6 Nov 2026.
Performance Over six months the shares fell 26.6%, against -2.5% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 19 in its peer set.
Growth Revenue grew 14.4% over the last twelve months (peer median +15.2%); the operating margin is -1.1% (peer median 1.3%).
Valuation It trades at 1,448.0× forward earnings against a peer median of 26.8× (most expensive of 14).
Capital Return on invested capital runs 9.5 points below its cost of capital (10.7% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥607M | CN¥561M | CN¥476M | CN¥473M | CN¥492M |
| Revenue growth | — | +18% | 0% | -4% | — |
| Gross profit | CN¥447M | CN¥379M | CN¥299M | CN¥288M | CN¥285M |
| EBITDA | n/a | CN¥6.55M | -CN¥43.0M | -CN¥50.9M | -CN¥121M |
| Net income | CN¥2.85M | -CN¥26.1M | -CN¥82.0M | -CN¥18.4M | -CN¥179M |
| Free cash flow | CN¥70.6M | CN¥53.0M | -CN¥50.4M | -CN¥80.6M | -CN¥163M |
| Capital expenditure | CN¥51.6M | CN¥68.8M | CN¥107M | CN¥111M | CN¥66.8M |
| Total debt | CN¥169M | CN¥175M | CN¥199M | CN¥176M | CN¥143M |
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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 | 688365.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.1% | +0.1% | 11th highest of 21 |
| 6-month return | -26.6% | -2.5% | 5th lowest of 19 |
| Distance from 52-week high | -57.7% | -41.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +14.4% | +15.2% | 11th highest of 21 |
| Operating margin | -1.1% | 1.3% | 9th lowest of 21 |
| Forward P/E | 1,448.0× | 26.8× | most expensive of 14 |
| ROIC minus cost of capital | -9.5 pp | -3.9 pp | 8th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hangzhou Raycloud Technology 688365.SS | China | $926M | -27% | +14% | -1% | 1,448.0× | n/a | n/a |
| BZS (Beijing) Technology Development 603082.SS | China | $925M | +9% | +22% | 6% | n/a | 19.0% | +13.7% |
| Dmall 2586.HK | Hong Kong | $922M | +8% | +19% | 7% | 25.2× | 6.6% | +34.6% |
| Playtika PLTK | United States | $931M | -33% | +6% | 17% | 3.8× | -16.4% | +3.0% |
| ODDITY Tech ODD | United States | $931M | +36% | -10% | -1% | 19.7× | n/a | n/a |
| Guotai Epoint Software 688232.SS | China | $932M | -13% | -9% | 0% | 87.7× | 29.4% | -3.0% |
| Asiainfo Security Technologies 688225.SS | China | $917M | -4% | -4% | -7% | 89.9× | n/a | n/a |
| N-able NABL | United States | $914M | -1% | +10% | 3% | 11.6× | 26.5% | +10.9% |
| Tier IV 593A.T | Japan | $913M | n/a | +66% | -164% | n/a | n/a | n/a |
| Beijing CTJ Information Technology 301153.SZ | China | $939M | -15% | +23% | 15% | 40.9× | 17.7% | +7.0% |
| Shandong Extreme Vision Technology 6636.HK | Hong Kong | $939M | -34% | +14% | -19% | 281.5× | n/a | n/a |
| RateGain Travel Technologies RATEGAIN.NS | India | $910M | +15% | +114% | 15% | 22.9× | 32.4% | +48.7% |
| GuoChuang Software 300520.SZ | China | $955M | -40% | -14% | -12% | n/a | n/a | n/a |
| Kakao Games 293490.KS | South Korea | $962M | +3% | -21% | -27% | n/a | n/a | n/a |
| Shiprocket SHIPROCKET.NS | India | $963M | n/a | +24% | -5% | n/a | 56.2% | +23.0% |
| Qt Group Plc QTCOM.HE | Finland | $887M | +62% | +17% | 16% | 26.8× | 16.4% | +22.2% |
| Nexwise Intelligence China 301248.SZ | China | $967M | -47% | +11% | 13% | 30.6× | n/a | n/a |
| Chengdu Information Technology of Chinese Academy of Sciences 300678.SZ | China | $969M | -24% | +100% | 0% | n/a | n/a | n/a |
| HealthStream HSTM | United States | $884M | +21% | +10% | 8% | 38.7× | 14.6% | +4.4% |
| Timee 215A.T | Japan | $878M | +9% | +56% | 18% | 21.0× | 0.0% | +89.1% |
| Beijing Shenzhou Aerospace Software Technology 688562.SS | China | $878M | -21% | +24% | -5% | n/a | n/a | n/a |