Zhongshan Public Utilities Group Co Ltd (000685) Fair Value & Analysis
Utilities · CN · Market cap 16.4B CNY (≈ $2.4B) · ISIN CNE0000006B7
What is Zhongshan Public Utilities Group Co Ltd really worth?
Below-average quality, trading 32% below our fair value of ¥16.82.
Strengths
Risks
For context
Fair value as of: Aug 15, 2026
From 13 valuation models · updated 21 days ago
Fair value updated Aug 15, 2026, revised from ¥21.77 to ¥16.82 (−22.7%) since Jul 24, 2026. Share price +2.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The large discount to fair value meets weak quality (42/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (¥12.61). The market is more pessimistic than our downside scenario.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 15, 2026.
How to read this chart
60‑month range ¥5.83 – ¥14.42 · fair‑value band ¥12.61 – ¥21.18 · the ¥11.43 price screens below the ¥16.82 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 15, 2026.
Analysis
Zhongshan Public Utilities Group Co Ltd (000685) currently trades at ¥11.43, while our model-based Fair Value estimate is ¥16.82, implying the stock looks roughly 32.0% undervalued today. The Quality Score stands at 42/100 (below-average quality), in the Utilities sector. Bull case: the Growth Earnings group reads highest at a median of ¥30.88 per share, and 8 of the 12 models we run sit above the ¥11.43 price. Bear case: the Multiples group reads lowest at ¥7.86, and 4 of the 12 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Zhongshan Public Utilities Group Co Ltd generated revenue of 4.6B CNY at a net margin of 46.5%. Revenue grew 2.9% year over year. It earns a return on equity of 11.5%. Net debt stands at 6.8B CNY. Fundamentals as of Aug 15, 2026
Our scenario range runs from ¥12.61 (bear case) to ¥21.18 (bull case); at ¥11.43, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high and 36% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at 12% fair-value upside, at 47%, 000685 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥0.7342 per share, which is 4.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: Growth Earnings (¥30.88) versus Multiples (¥7.86). Highest evidence: Residual Income (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 39 · Market factors (momentum, volatility) 52
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Zhongshan Public Utilities Group Co.,Ltd., together with its subsidiaries, engages in the environmental water, solid waste, new energy, engineering construction, and auxiliary businesses in China and internationally.
Full company description
Zhongshan Public Utilities Group Co.,Ltd., together with its subsidiaries, engages in the environmental water, solid waste, new energy, engineering construction, and auxiliary businesses in China and internationally. The company is involved in the urban water supply comprising water quality monitoring, engineering design, construction installation, information technology, and water treatment technology research and development and other related businesses, sewage treatment and reuse, drainage facility operation, flood control management, municipal and power industry, and new energy power generation and grid franchise projects; and financial investment, market operation, port passenger transportation, and other, as well as photovoltaic power generation, and electrochemical energy storage businesses. It also engages in market leasing management; sale of materials; agency sale of tickets; municipal engineering, building construction engineering, power engineering, water conservancy and hydropower engineering, water supply and drainage network construction, water treatment, and gas engineering, and construction of water management; and garbage disposal and sanitation services. The company was formerly known as Zhongshan Public Utilities Science and Technology Company Limited and changed its name to Zhongshan Public Utilities Group Co.,Ltd. in August 2008. Zhongshan Public Utilities Group Co.,Ltd. was founded in 1992 and is headquartered in Zhongshan, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Zhongshan Public Utilities Group Co Ltd reported revenue of 4.6B CNY in FY2025 versus 2.4B CNY in FY2021, a compound +18.1%/yr. Reported net income was 1.9B CNY in FY2025, compounding +6.4%/yr from FY2021.
of which total revenue +16.4 % · buybacks/dilution −0.4 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Peer Group
Utilities - Regulated Water · 64 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Utilities - Regulated Water median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Utilities - Regulated Water stocks, each showing price versus our Fair Value estimate (as of Aug 15, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| American Water Works Company AWK | $138.30 | $65.80 | −52% |
| SBS SBS | $4.82 | $8.13 | +69% |
| Essential Utilities, Inc WTRG | $41.10 | $21.81 | −47% |
| Guangdong Investment Limited 0270 | HK$8.15 | HK$12.82 | +57% |
| Grandblue Environment Co 600323 | ¥29.61 | ¥33.29 | +12% |
| American States Water Company AWR | $89.88 | $47.94 | −47% |
| Chengdu Xingrong Environment Co 000598 | ¥7.35 | ¥9.09 | +24% |
| California Water Service Group CWT | $50.48 | $33.56 | −34% |
| Chongqing Water Group 601158 | ¥4.14 | ¥2.77 | −33% |
| Beijing Enterprises Water Group 0371 | HK$1.74 | HK$3.00 | +73% |
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