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Zhejiang Publishing & Media Co Ltd (601921) Fair Value & Analysis

Communication Services · CN · Market cap 15.9B CNY (≈ $2.4B) · ISIN CNE100004P08

What is Zhejiang Publishing & Media Co Ltd really worth?

ZP Zhejiang Publishing & Media Co Ltd 601921 · SHG
Price¥7.53
Fair Value¥7.54
Upside+0.1%
Quality64/100

A solid business, currently priced close to our fair value of ¥7.54.

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Strengths

Solidly profitable · 12.1% net margin
Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +1.5 %/yr)
!Mixed vs. peers (6/14)
!Narrow moat 39/100

For context

·4.25% dividend yield
Evidence: High Range ¥5.67 – ¥10.27

Fair value as of: Aug 16, 2026

From 22 valuation models · updated 20 days ago

Share price +3.9% 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 close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (¥5.67 to ¥10.27) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

¥13.32 ¥5.60 Fair Value ¥7.54 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 16, 2026.

How to read this chart

60‑month range ¥5.60 – ¥13.32 · fair‑value band ¥5.67 – ¥10.27 · the ¥7.53 price screens below the ¥7.54 fair value. Dashed = 300-day average. As of Aug 16, 2026.

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Analysis

Zhejiang Publishing & Media Co Ltd (601921) currently trades at ¥7.53, while our model-based Fair Value estimate is ¥7.54, implying the stock looks roughly 0.1% fairly valued today. The Quality Score stands at 64/100 (solid quality), in the Communication Services sector. Bull case: the Multiples group reads highest at a median of ¥9.68 per share, and 12 of the 22 models we run sit above the ¥7.53 price. Bear case: the Asset-Based group reads lowest at ¥4.34, and 10 of the 22 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Zhejiang Publishing & Media Co Ltd generated revenue of 10.3B CNY at a net margin of 12.1%. Revenue declined 7.6% year over year. It earns a return on equity of 8.9%. The balance sheet holds a net cash position of 6.0B CNY. Fundamentals as of Aug 16, 2026

Our scenario range runs from ¥5.67 (bear case) to ¥10.27 (bull case); at ¥7.53, the current price sits within 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 19% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 9% fair-value upside, at 0%, 601921 screens richer 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 ¥0.1692 per share, which is 2.2 % 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.

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 ¥4.93 ¥6.03 ¥8.06 82
Growth DCF ¥5.06 ¥6.12 ¥7.95 80
Owner Earnings ¥7.93 ¥10.21 ¥14.43 77
All 22 models by family
DCF Models
FCF DCF best evidence ¥4.93 ¥6.03 ¥8.06 82
Owner Earnings ¥7.93 ¥10.21 ¥14.43 77
5Y Revenue Exit ¥5.63 ¥7.47 ¥10.15 73
5Y EBITDA Exit ¥5.98 ¥8.08 ¥10.86 76
5Y P/E Exit ¥8.23 ¥11.98 ¥16.44 71
10Y Revenue Exit ¥5.22 ¥6.57 ¥8.04 68
10Y EBITDA Exit ¥5.54 ¥6.94 ¥8.45 70
10Y P/E Exit ¥6.91 ¥9.36 ¥11.73 65
Earnings-Based
Graham-Dodd ¥3.93 ¥4.81 ¥5.41 67
EPV ¥5.48 ¥6.03 ¥6.52 74
Multiples
P/E Multiple ¥9.55 ¥12.73 ¥15.91 63
P/S Multiple ¥7.38 ¥9.84 ¥12.29 58
P/B Multiple ¥7.38 ¥9.84 ¥12.29 55
EV/EBIT ¥7.79 ¥9.68 ¥11.56 66
EV/EBITDA ¥7.40 ¥9.15 ¥10.91 67
EV/Revenue ¥6.42 ¥8.26 ¥10.10 54
Asset-Based
NCAV (Graham) ¥3.24 ¥4.34 ¥6.47 54
Growth DCF
Growth DCF ¥5.06 ¥6.12 ¥7.95 80
Rev-Margin DCF ¥5.63 ¥7.54 ¥9.85 74
Economic Profit
Residual Income ¥5.53 ¥6.04 ¥8.08 76
ROIC Compounder ¥5.48 ¥6.03 ¥6.54 72
Growth Earnings
Growth-Adj P/E ¥6.73 ¥9.61 ¥12.50 67

Widest divergence: Multiples (¥9.68) versus Asset-Based (¥4.34). Highest evidence: FCF DCF (82).

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Key figures & financial health

P/E ratio 13.2
P/S ratio 1.61 P/E × margin
EPS (TTM) ¥0.5700 price ÷ EPS = P/E 13.2
Dividend yield 4.2% payout 56.1%
Net margin 12.2% FY2025
Return on equity 8.9% TTM
More key figures
Profitability
Return on assets (EBIT) 6.0% avg 5y
Operating margin 2.8% TTM
Growth
Revenue (TTM) 10.3B CNY TTM
Revenue growth (YoY) −7.6% 3y avg −3.6%
EPS growth (YoY) −19.1%
Balance sheet & cash flow
Free cash flow 639M CNY FY2025
Net cash 6.0B CNY FY2024

Figures from reported company fundamentals · as of Aug 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 63 · Market factors (momentum, volatility) 52

Profitability 40
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 96
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 37
Price trend over the last 3–12 months (market factor)
52W Momentum 30
Distance to the 52-week high (market factor)
Net Issuance 79
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

Zhejiang Publishing & Media Co., Ltd. engages in publishing, distribution, printing, and other activities in China. It is involved in publishing, distribution, wholesale, and retail of textbooks, supplementary teaching materials, general books, audio-visual products, cultural supplies, etc.; printing and packaging of various books and periodicals, etc.; and …

Full company description

Zhejiang Publishing & Media Co., Ltd. engages in publishing, distribution, printing, and other activities in China. It is involved in publishing, distribution, wholesale, and retail of textbooks, supplementary teaching materials, general books, audio-visual products, cultural supplies, etc.; printing and packaging of various books and periodicals, etc.; and provision of information technology, logistics, hotel services, etc. The company also offers investment management, journal publishing, telecommunications, cultural, print, advertising, technical, information consulting, internet publishing, warehousing, hotel catering, hotel and property management, and trading services. The company was formerly known as Zhejiang Publishing Media Co., Ltd. and changed its name to Zhejiang Publishing & Media Co., Ltd. in September 2018. Zhejiang Publishing & Media Co., Ltd. was incorporated in 2016 and is based in Hangzhou, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Publishing & Media Co Ltd reported revenue of 10.5B CNY in FY2025 versus 11.4B CNY in FY2021, a compound −1.9%/yr. Reported net income was 1.3B CNY in FY2025, compounding −0.6%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
10.5B CNY
Latest YoY
−5.8%
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.
−3.6%
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.
+1.5%
Avg. revenue growth/yr (8Y) 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.
+1.4%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+6.5% (2.3 + 4.2)
Revenue −1.9%/yr
FY21 11.4B CNY
FY22 11.8B CNY
FY23 11.7B CNY
FY24 11.2B CNY
FY25 10.5B CNY
Net income −0.6%/yr
FY21 1.3B CNY
FY22 1.4B CNY
FY23 1.5B CNY
FY24 1.1B CNY
FY25 1.3B CNY

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Cite: Fair Value Calculator (2026). "Zhejiang Publishing & Media Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/601921

Peer Group

Publishing · 108 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 64 · Above median
Fair Value upside +0% · Below median
Return on equity (TTM) 9% · Above median
Return on assets 3% · Above median
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 3% · Below median
Revenue growth −8% · Below median
Dividend yield (TTM) 4.2% · Above median
Debt / equity 0.02× · Higher than median

Valuation Multiples vs Publishing median · lower = cheaper

P/E (TTM) 13.2× · Pricier than median
P/B 1.10× · Pricier than median
P/S (TTM) 1.54× · Pricier than median
P/FCF 3.7× · Pricier than median
EV/EBITDA 9.8× · 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
VALUE33 · sector 39
FUTURE0 · sector 0
PAST35 · sector 22
HEALTH99 · sector 99
DIVIDEND85 · sector 55

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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Frequently asked questions

Is Zhejiang Publishing & Media Co Ltd (601921) overvalued or undervalued?
As of Aug 16, 2026, our model estimates a fair value of ¥7.54 versus a price of ¥7.53, about +0% upside (fairly valued).
What is the fair value of 601921?
Our model-based fair value for Zhejiang Publishing & Media Co Ltd is ¥7.54 (as of Aug 16, 2026), built from audited fundamentals. The current price: ¥7.53.
What is the quality score of 601921?
Zhejiang Publishing & Media Co Ltd has a Quality Score of 64/100. 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 Zhejiang Publishing & Media Co Ltd (601921)?
Zhejiang Publishing & Media Co Ltd reported trailing-twelve-month revenue of about 10.3B CNY (latest available figure, as of Aug 16, 2026).
What is the net profit margin of 601921?
The net profit margin of Zhejiang Publishing & Media Co Ltd is about 12.1%, meaning it keeps roughly 12.1% of revenue as net income. Based on the latest reported figures.
Does Zhejiang Publishing & Media Co Ltd pay a dividend?
Zhejiang Publishing & Media Co Ltd currently shows a dividend yield of about 4.25% relative to its recent price (as of Aug 16, 2026).
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