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Beijing Venustech Inc (002439) Fair Value & Analysis

Technology · CN · Market cap 15.8B CNY (≈ $2.4B) · ISIN CNE100000QJ2

What is Beijing Venustech Inc really worth?

BV Beijing Venustech Inc 002439 · SHE
Price¥13.50
Fair Value¥2.83
Upside−79.0%
Quality33/100

Below-average quality, and trading another 377% above our fair value of ¥2.83.

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Strengths

Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y −8.5 %/yr)
!Loss-making · -22.2% net margin
!Mixed vs. peers (5/12)
!Narrow moat 19/100
!Evidence only medium, so the estimate is less certain
!Weak on future: 21 out of 100
Evidence: Medium Range ¥2.46 – ¥3.19

Fair value as of: Aug 19, 2026

From 9 valuation models · updated 16 days ago

Share price −5.9% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (¥3.19). The favourable scenario is already priced in.
  • Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts.

Price vs Fair Value (5 years)

¥35.53 ¥12.41 Fair Value ¥2.83 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 19, 2026.

How to read this chart

60‑month range ¥12.41 – ¥35.53 · fair‑value band ¥2.46 – ¥3.19 · the ¥13.50 price screens above the ¥2.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 19, 2026.

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Analysis

Beijing Venustech Inc (002439) currently trades at ¥13.50, while our model-based Fair Value estimate is ¥2.83, implying the stock looks roughly 377.1% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Technology sector. Bull case: the Asset-Based group reads highest at a median of ¥6.00 per share, and 0 of the 9 models we run sit above the ¥13.50 price. Bear case: the Multiples group reads lowest at ¥1.94, and 9 of the 9 models stay below the price. Evidence for this calculation is medium.

Over the trailing twelve months, Beijing Venustech Inc generated revenue of 2.4B CNY at a net margin of −22.2%. Revenue grew 4.1% year over year. It earns a return on equity of −4.7%. The balance sheet holds a net cash position of 1.9B CNY. Fundamentals as of Aug 19, 2026

Our scenario range runs from ¥2.46 (bear case) to ¥3.19 (bull case); at ¥13.50, the current price sits above 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 24% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Technology peers we cover trades at −32% fair-value upside, at −79%, 002439 screens richer than that median.

Fair Value models

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.

Model Bear 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
FCF DCF best evidence ¥1.91 ¥2.82 ¥4.37 80
Growth DCF ¥1.90 ¥2.75 ¥4.17 78
5Y Revenue Exit ¥1.67 ¥2.33 ¥3.19 73
All 9 models by family
DCF Models
FCF DCF best evidence ¥1.91 ¥2.82 ¥4.37 80
5Y Revenue Exit ¥1.67 ¥2.33 ¥3.19 73
10Y Revenue Exit ¥1.71 ¥2.36 ¥3.31 67
Dividend Discount
Gordon GGM ¥2.49 ¥5.18 ¥8.22 66
DDM Multi-Stage ¥2.49 ¥4.37 ¥5.44 66
Multiples
EV/Revenue ¥1.58 ¥1.94 ¥2.31 54
Asset-Based
NCAV (Graham) ¥4.48 ¥6.00 ¥8.95 54
Growth DCF
Growth DCF ¥1.90 ¥2.75 ¥4.17 78
Rev-Margin DCF ¥1.67 ¥2.32 ¥3.13 73

Widest divergence: Asset-Based (¥6.00) versus Multiples (¥1.94). Highest evidence: FCF DCF (80).

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Key figures & financial health

P/S ratio 6.70 TTM
EPS (TTM) ¥−0.4300
Dividend yield 2.1%
Net margin −24.5% FY2025
Return on equity −4.7% TTM
Return on assets (EBIT) 3.3% avg 5y
More key figures
Profitability
Operating margin 9.0% TTM
Growth
Revenue (TTM) 2.4B CNY TTM
Revenue growth (YoY) +4.1% 3y avg −19.2%
EPS growth (YoY) +29.9%
Balance sheet & cash flow
Free cash flow 114M CNY FY2025
Net cash 1.9B CNY FY2024

Figures from reported company fundamentals · as of Aug 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 33/100

Of which business quality 36 · Market factors (momentum, volatility) 41

Profitability 5
Margins and returns on capital today
Quality Growth 19
Are margins and returns improving?
Cashflow 30
Earnings quality: real cash, not paper profit
Fin. Strength 81
Balance sheet, leverage, solvency risk
Investment 52
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 17
Distance to the 52-week high (market factor)
Net Issuance 32
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

Venustech Group Inc. provides network security products, trusted security management platforms, and specialized security services and solutions worldwide.

Full company description

Venustech Group Inc. provides network security products, trusted security management platforms, and specialized security services and solutions worldwide. It provides Venusense Traffic Anomaly Detection and Mitigation System, an anti-DDOS security defense system; NGFW; unified threat management products; web application firewall; application delivery controller products; unified security management platform; intrusion prevention system; industrial firewall; privilege access manager device; network access control products; and network traffic analysis products. The company also offers penetration test, vulnerability assessment, configuration verification services; security operation center; and threat intelligence center. It serves government, telecom carrie, financial service, industrial control, SME, rail transit, municipal utility, smart manufacturing, media, and technology industries. The company was formerly known as Beijing Venustech Inc. Venustech Group Inc. was founded in 1996 and is headquartered in Beijing, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Beijing Venustech Inc reported revenue of 2.3B CNY in FY2025 versus 4.4B CNY in FY2021, a compound −14.6%/yr. Reported net income was −572M CNY in FY2025.

Growth Quality 18/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
2.3B CNY
Latest YoY
−29.5%
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.
−19.2%
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.
−8.5%
Avg. revenue growth/yr (18Y) 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.
+13.7%
Value creation/yr We only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Revenue −14.6%/yr
FY21 4.4B CNY
FY22 4.4B CNY
FY23 4.5B CNY
FY24 3.3B CNY
FY25 2.3B CNY
Net income
FY21 862M CNY
FY22 626M CNY
FY23 741M CNY
FY24 −226M CNY
FY25 −572M CNY
Character of growth · EPS growth decomposed (2013-2024) +15.3 % p.a.
Revenue per share +14.7 %

of which total revenue +16.4 % · buybacks/dilution −1.5 %

EBIT margin +8.0 %
Tax rate +1.2 %
Residual (interest, one-offs) −8.0 %

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).

002439 screens 377% overvalued. Compare with Microsoft Corporation →

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Cite: Fair Value Calculator (2026). "Beijing Venustech Inc Fair Value". https://www.fairvalue-calculator.com/stock/002439

Peer Group

Software - Infrastructure · 369 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.

Quality Score 33 · Bottom 25%
Fair Value upside −79% · Bottom 25%
Return on assets −2% · Below median
Net margin (TTM) −22% · Bottom 25%
Operating margin (TTM) 9% · Above median
Revenue growth 4% · Below median
Dividend yield (TTM) 2.1% · Above median

Valuation Multiples vs Software - Infrastructure median · lower = cheaper

P/B 0.22× · Cheaper than 75% of peers
P/S (TTM) 1.00× · Cheaper than median
P/FCF 20.8× · Pricier than median

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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE21 · sector 50
PAST0 · sector 15
HEALTH100 · sector 98
DIVIDEND42 · sector 26

VALUE 0: the price sits above our fair-value range.

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

Similar stocks

10 more Software - Infrastructure stocks, each showing price versus our Fair Value estimate (as of Aug 19, 2026).

Stock Price Fair Value vs Fair Value
Microsoft Corporation MSFT $480.35 $365.74 −24%
Oracle Corporation ORCL $151.94 $117.84 −22%
Fortinet, Inc FTNT $166.00 $61.46 −63%
Synopsys, Inc SNPS $442.61 $101.19 −77%
Block, Inc XYZ A$111.01 A$70.69 −36%
CoreWeave, Inc CRWV $105.26 $71.79 −32%
NetApp, Inc NTAP $190.64 $154.83 −19%
Adyen N.V ADYEN €1,007 €707.53 −30%
MongoDB, Inc MDB $440.58 $93.91 −79%
Okta, Inc OKTA $166.23 $30.50 −82%

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Frequently asked questions

Is Beijing Venustech Inc (002439) overvalued or undervalued?
As of Aug 19, 2026, our model estimates a fair value of ¥2.83 versus a price of ¥13.50, about −79% upside (overvalued).
What is the fair value of 002439?
Our model-based fair value for Beijing Venustech Inc is ¥2.83 (as of Aug 19, 2026), built from audited fundamentals. The current price: ¥13.50.
What is the quality score of 002439?
Beijing Venustech Inc has a Quality Score of 33/100. 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 revenue of Beijing Venustech Inc (002439)?
Beijing Venustech Inc reported trailing-twelve-month revenue of about 2.4B CNY (latest available figure, as of Aug 19, 2026).
What is the net profit margin of 002439?
The net profit margin of Beijing Venustech Inc is about −22.2%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Beijing Venustech Inc pay a dividend?
Beijing Venustech Inc currently shows a dividend yield of about 2.08% relative to its recent price (as of Aug 19, 2026).
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