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Employees: 2,748
Size Linkage Software (688588.SS) is a China Information Technology company (Packaged Software) with a market value of $541M, the 3667th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.25 on 6 Nov 2026.
Performance Over six months the shares fell 21.3%, against -21.7% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 10.0% over the last twelve months (peer median +8.9%); the operating margin is 12.2% (peer median 2.1%).
Valuation It trades at 3.2× enterprise value to sales against a peer median of 3.5× (10th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 18% a year for seven years (Req g). Recent delivered growth is +11%, so the hurdle is +7 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 5.5 points above its cost of capital (10.2% WACC).
Next results Next results expected around 2 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥962M | CN¥1.05B | CN¥1.11B | CN¥696M | CN¥654M |
| Revenue growth | — | -5% | +60% | +6% | — |
| Gross profit | CN¥349M | CN¥334M | CN¥360M | CN¥254M | CN¥262M |
| EBITDA | n/a | CN¥170M | CN¥217M | CN¥123M | CN¥147M |
| Net income | CN¥17.6M | CN¥106M | CN¥124M | CN¥86.5M | CN¥141M |
| Free cash flow | CN¥127M | CN¥174M | CN¥79.8M | CN¥130M | CN¥178M |
| Capital expenditure | CN¥67.1M | CN¥11.6M | CN¥139M | CN¥7.04M | CN¥10.0M |
| Total debt | CN¥431M | CN¥335M | CN¥341M | CN¥217M | CN¥6.51M |
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 | 688588.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.5% | -6.4% | 3rd highest of 21 |
| 6-month return | -21.3% | -21.7% | 10th highest of 21 |
| Distance from 52-week high | -53.8% | -39.0% | 9th lowest of 21 |
| Revenue growth (TTM) | -10.0% | +8.9% | 5th lowest of 21 |
| Operating margin | 12.2% | 2.1% | 6th highest of 21 |
| EV / Sales | 3.2× | 3.5× | 10th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 17.6% | 6.6% | 3rd most demanding of 9 |
| Growth delivered (Del g) | +10.8% | +4.0% | 2nd highest of 9 |
| Hurdle (Req g minus delivered) | +6.8 pp | -2.9 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | +5.5 pp | -4.0 pp | 5th highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Linkage Software 688588.SS | China | $541M | -21% | -10% | 12% | 3.2× | 17.6% | +10.8% |
| Broadleaf 3673.T | Japan | $534M | 0% | +12% | 13% | 3.9× | 6.4% | -0.3% |
| NetDragon Websoft 0777.HK | Hong Kong | $534M | -13% | -16% | 13% | 0.6× | -14.5% | -6.8% |
| Mininglamp Technology 2718.HK | Hong Kong | $533M | -89% | +9% | -6% | 1.9× | n/a | n/a |
| Rezolve AI RZLV | United States | $550M | -45% | +2,224% | -94% | 3.6× | n/a | n/a |
| Shanghai Golden Bridge Info Tech 603918.SS | China | $530M | -27% | -15% | -9% | 4.7× | n/a | n/a |
| Seshaasai Technologies STYL.NS | India | $554M | +20% | -2% | 23% | 3.2× | 12.2% | +7.9% |
| Atos ATO.PA | France | $555M | -35% | -14% | 6% | 0.3× | n/a | n/a |
| Wuhan KOTEI Informatics 301221.SZ | China | $526M | -22% | +11% | 2% | 3.5× | n/a | n/a |
| Niewiadow Polish Military Group Joint Stock GNS.WA | Poland | $557M | -22% | +490% | -73% | 23.7× | n/a | n/a |
| Acast ACAST.ST | Sweden | $526M | -20% | +23% | 3% | 1.6× | 21.4% | +32.5% |
| Sphere 347700.KS | South Korea | $525M | -66% | +303% | 3% | 5.5× | n/a | n/a |
| Argo Graphics 7595.T | Japan | $525M | -10% | +5% | 15% | 0.8× | -10.9% | +10.5% |
| ENC Digital Technology 603869.SS | China | $559M | -26% | -10% | -8% | 4.1× | n/a | n/a |
| Quadient QDT.PA | France | $560M | +24% | -10% | 12% | 1.2× | -2.4% | +0.1% |
| Hangzhou Electronic Soul Network Technology 603258.SS | China | $562M | -7% | -9% | -79% | 6.9× | n/a | n/a |
| IVU Traffic Technologies IVU.DE | Germany | $518M | +40% | +10% | 13% | 2.7× | 6.8% | +10.2% |
| Beijing VRV Software 300352.SZ | China | $518M | -67% | +28% | -110% | 10.6× | 58.4% | -13.7% |
| Tanwan 9890.HK | Hong Kong | $517M | -52% | -4% | -6% | n/a | n/a | n/a |
| Manycore Tech 0068.HK | Hong Kong | $567M | -90% | +9% | 0% | 3.0× | n/a | n/a |
| Hangzhou Huasu Technology 301157.SZ | China | $516M | -19% | +16% | 5% | 9.4× | n/a | n/a |