Zhongshan Public Utilities Group Co Ltd (000685) fair value: what the stock is really worth
We calculate from audited financials what Zhongshan Public Utilities Group Co Ltd is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
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ZPZhongshan Public Utilities Group Co Ltd000685 · SHE
Price¥11.44
Fair Value¥16.82
Upside+47.0%
Quality42/100
Below-average quality, trading 32% below our fair value of ¥16.82.
As of Aug 15, 2026, the fair value of Zhongshan Public Utilities Group Co Ltd is ¥16.82 per share against a price of ¥11.44, so the fair value sits 47% above the price. A model estimate from reported figures, not an analyst target.
!Expensive Growth (revenue 5y +16.1 %/yr)
✓Highly profitable · 46.5% net margin
!Low debt · negative free cash flow
·3.37% dividend yield
!Mixed vs. peers (7/13)
!Moderate moat 55/100
!Weak on future: 15 out of 100
Evidence: HighRange ¥12.61 to ¥21.18
Fair value as of: Aug 15, 2026
From 13 valuation models · updated 27 days ago
Fair value updated Aug 15, 2026, revised from ¥21.77 to ¥16.82 (−22.7%) since Jul 24, 2026. Share price +2.4% over the past month.
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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 ¥11.44 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.
Zhongshan Public Utilities Group Co Ltd (000685) currently trades at ¥11.44, 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 ¥11.44 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
Scenario range: ¥12.61 (bear) to ¥21.18 (bull), the price of ¥11.44 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a 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
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (¥0.7550 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
Highest evidence
Residual Income best evidence¥11.21¥12.48¥20.5474
Owner Earnings¥11.06¥28.44¥63.5869
Growth-Adj P/E¥21.62¥30.88¥40.1567
All 13 models by family
DCF Models
Owner Earnings¥11.06¥28.44¥63.5869
Earnings-Based
Graham-Dodd¥8.71¥56.49¥79.0363
Lynch FV¥16.41¥23.45¥30.4861
PEG = 1.0¥16.41¥23.45¥30.4857
Multiples
P/E Multiple¥17.29¥23.05¥28.8163
P/S Multiple¥5.89¥7.86¥9.8258
P/B Multiple¥16.33¥21.77¥27.2155
EV/EBITn/a¥0.2500¥1.2761
EV/EBITDA¥1.60¥3.40¥5.1964
EV/Revenuen/an/a¥0.770050
Asset-Based
NCAV (Graham)¥6.37¥8.53¥12.7354
Economic Profit
Residual Income best evidence¥11.21¥12.48¥20.5474
Growth Earnings
Growth-Adj P/E¥21.62¥30.88¥40.1567
Widest divergence: Growth Earnings (¥30.88) versus Multiples (¥7.86). Highest evidence: Residual Income (74).
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Key figures & financial health
P/E ratio7.8
P/S ratio3.17P/E × margin
EPS (TTM)¥1.47price ÷ EPS = P/E 7.8
Dividend yield3.4%payout 26.2%
Net margin40.7%FY2025
Return on equity11.5%TTM
More key figures
Profitability
Return on assets (EBIT)4.0%avg 5y
Operating margin13.2%TTM
Growth
Revenue (TTM)4.6B CNYTTM
Revenue growth (YoY)+2.9%3y avg +8.4%
EPS growth (YoY)+90.5%
Balance sheet & cash flow
Free cash flow−794M CNYFY2025
Net debt6.8B CNYFY2025
Figures from reported company fundamentals · as of Aug 15, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality42/100
Of which business quality 39
· Market factors (momentum, volatility) 52
Profitability39
Margins and returns on capital today
Quality Growth55
Are margins and returns improving?
Cashflow8
Earnings quality: real cash, not paper profit
Fin. Strength36
Balance sheet, leverage, solvency risk
Investment35
Disciplined investing over empire-building
Low Volatility73
Calm price path (market factor)
Momentum42
Price trend over the last 3–12 months (market factor)
52W Momentum47
Distance to the 52-week high (market factor)
Net Issuance76
Buybacks instead of dilution
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.
Growth Quality 51/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
4.6B CNY
Latest YoY
−18.8%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.4%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.1%
Avg. revenue growth/yr (32Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.7%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +9.9%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+6.5%
Dividend yield3.4%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 6.5% vs 10Y 7.0%, steady
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3.7% (1994) → 8.6% (2025) · rising
Worst earnings drop72% (2012) · in CNY
⚠ Final year 2025 sits 75% above trend (one-off), rate approximate
Revenue+18.1%/yr
FY212.4B CNY
FY223.6B CNY
FY235.2B CNY
FY245.7B CNY
FY254.6B CNY
Net income+6.4%/yr
FY211.5B CNY
FY221.1B CNY
FY23967M CNY
FY241.2B CNY
FY251.9B CNY
Character of growth · EPS growth decomposed (2013-2024)+0.9 % p.a.
Revenue per share+15.9 %
of which total revenue +16.4 % · buybacks/dilution −0.4 %
EBIT margin−13.1 %
Tax rate+0.0 %
Residual (interest, one-offs)+0.1 %
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).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
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.
This stockSector peers
VALUE96· sector 0
FUTURE15· sector 29
PAST46· sector 30
HEALTH81· sector 63
DIVIDEND67· sector 52
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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Is Zhongshan Public Utilities Group Co Ltd (000685) overvalued or undervalued?
As of Aug 15, 2026, our model estimates a fair value of ¥16.82 versus a price of ¥11.44, about +47% upside (undervalued).
What is the fair value of 000685?
Our model-based fair value for Zhongshan Public Utilities Group Co Ltd is ¥16.82 (as of Aug 15, 2026), built from audited fundamentals. The current price: ¥11.44.
What is the quality score of 000685?
Zhongshan Public Utilities Group Co Ltd has a Quality Score of 42/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Zhongshan Public Utilities Group Co Ltd (000685)?
Our model-based price target is the fair value of ¥16.82 (as of Aug 15, 2026) from 13 valuation models. Cautious scenario ¥12.61, optimistic scenario ¥21.18. It is a calculation from audited fundamentals, not an analyst target.
What is the Zhongshan Public Utilities Group Co Ltd stock forecast for 2026?
Our models put fair value at ¥16.82, about +47% upside versus a price of ¥11.44 (undervalued). Cautious scenario ¥12.61, optimistic scenario ¥21.18. The calculation is refreshed regularly with new filings.
What is the revenue of Zhongshan Public Utilities Group Co Ltd (000685)?
Zhongshan Public Utilities Group Co Ltd reported trailing-twelve-month revenue of about 4.6B CNY (latest available figure, as of Aug 15, 2026).
What is the net profit margin of 000685?
The net profit margin of Zhongshan Public Utilities Group Co Ltd is about 46.5%, meaning it keeps roughly 46.5% of revenue as net income. Based on the latest reported figures.
Does Zhongshan Public Utilities Group Co Ltd pay a dividend?
Zhongshan Public Utilities Group Co Ltd currently shows a dividend yield of about 3.37% relative to its recent price (as of Aug 15, 2026).
What is the intrinsic value of Zhongshan Public Utilities Group Co Ltd (000685)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zhongshan Public Utilities Group Co Ltd it is ¥16.82 per share (as of Aug 15, 2026), against a price of ¥11.44. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Zhongshan Public Utilities Group Co Ltd stock overvalued or undervalued in 2026?
As of Aug 15, 2026, 000685 trades below its calculated fair value: price ¥11.44, fair value ¥16.82, a gap of about +47% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 000685?
No. The price is what the market pays today (¥11.44); the fair value is what the company's own numbers justify (¥16.82). For Zhongshan Public Utilities Group Co Ltd the two are ¥5.38 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zhongshan Public Utilities Group Co Ltd worth?
The market values Zhongshan Public Utilities Group Co Ltd at about 16.9B CNY (market capitalisation, as of Aug 15, 2026). Per share that is ¥11.44; our models calculate a fair value of ¥16.82 per share.
What do the bullish and bearish scenarios say about 000685?
Our models span a range for Zhongshan Public Utilities Group Co Ltd: cautious scenario ¥12.61, base ¥16.82, optimistic ¥21.18 per share (as of Aug 15, 2026, price ¥11.44). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 000685?
Zhongshan Public Utilities Group Co Ltd trades at a price-to-earnings ratio of 7.8 (as of Aug 15, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥16.82 is built from several models across several years. Other multiples: P/B 0.9, P/S 3.5, EV/EBITDA 20.5.
How solid is the balance sheet of Zhongshan Public Utilities Group Co Ltd (000685)?
Balance-sheet figures for Zhongshan Public Utilities Group Co Ltd (as of Aug 15, 2026): return on equity 11.5%, debt of 0.39 per unit of equity. They feed the Quality Score of 42/100, which measures business quality independently of the share price.
How far is 000685 from its 52-week high?
Zhongshan Public Utilities Group Co Ltd trades at ¥11.44, about 23% below its 52-week high of ¥14.79 and 36% above the low of ¥8.41 (as of Aug 15, 2026). Distance from the high says nothing about value: that is what the fair value of ¥16.82 is for.
Which stocks are comparable to Zhongshan Public Utilities Group Co Ltd?
From the same area (Utilities) we also value American Water Works Company, SBS, Essential Utilities, Inc, Guangdong Investment Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Zhongshan Public Utilities Group Co Ltd stock attractive at the current price?
The data as of Aug 15, 2026: price ¥11.44, calculated fair value ¥16.82 (+47%), Quality Score 42/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 000685 calculated?
We run Zhongshan Public Utilities Group Co Ltd through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥16.82, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. Zhongshan Public Utilities Group Co Ltd currently trades 47 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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