Zhongshan Public Utilities Group Co Ltd (000685) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Zhongshan Public Utilities Group Co Ltd stock ¥11.03, price ¥10.69, upside +3.2%, quality 43 out of 100. Rating: fairly valued. Calculated from audited financials with 14 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range ¥5.63 – ¥13.92 · fair‑value band ¥7.06 – ¥13.78 · the ¥10.69 price screens below the ¥11.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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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.
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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.
Stock analysis
Zhongshan Public Utilities Group Co Ltd (000685) currently trades at ¥10.69, while our model-based Fair Value estimate is ¥11.03, so the stock looks roughly fairly valued today (gap 3.1%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥21.70 per share, and 6 of the 13 models we run sit above the ¥10.69 price.
Bear case: the Asset-Based group reads lowest at ¥6.59, and 7 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: ¥7.06 (bear) to ¥13.78 (bull), the price of ¥10.69 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 43/100 (below-average quality), in the Utilities sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
Key figures
Market cap 15.8B CNY (≈ $2.4B) Mid · P/E ratio 6.0 · P/S ratio 3.38 · EPS (TTM) ¥1.79 · Dividend yield 3.6% · Net margin 56.3% · Return on equity 13.9% · Return on assets (EBIT) 4.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (low confidence).
What moves the price
The share trades about 19% below its 52-week high and 8% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −43% fair-value upside, at 3%, 000685 screens cheaper than that median.
Fair Value models
Bear¥7.06Fair Value ¥11.03Bull¥13.78
Price ¥10.69 · Upside +3.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥1.20 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.56/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−18.8%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+8.4%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+16.1%
Start year 2020 (pandemic). Over 10 years: +11.9% a year
Revenue growth 32 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+5.7%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+9.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.0%
Dividend (yield on the price)3.6%
Pace: 5 vs 10 years ⓘ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.6.5% vs 7.0%, steady
Profit margin 1994 to 2025 ⓘ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.4% → 9%
2025 sits 75% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Compare Zhongshan Public Utilities Group Co Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Utilities - Regulated Water · 65 stocks
Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score43 · Below median
Fair Value upside+3.2% · Above median
Profitability
Return on equity (12 months)13.9% · Top 25%
Return on assets5.1% · Top 25%
Net margin (12 months)56.3% · Top 25%
Operating margin (12 months)14.6% · Below median
Growth and dividend
Revenue growth (quarter YoY)2.0% · Below median
Dividend yield (12 months)3.6% · Top 25%
Balance sheet
Debt / equity0.39× · Below median
Valuation Multiplesvs Utilities - Regulated Water median · lower = cheaper
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.
Cite: Fair Value Calculator (2026). "Zhongshan Public Utilities Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/000685
Frequently asked questions
Is Zhongshan Public Utilities Group Co Ltd (000685) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of ¥11.03 versus a price of ¥10.69, about +3% upside (fairly valued).
What is the fair value of 000685?
Our model-based fair value for Zhongshan Public Utilities Group Co Ltd is ¥11.03 (as of Nov 7, 2026), built from audited fundamentals. The current price: ¥10.69.
What is the quality score of 000685?
Zhongshan Public Utilities Group Co Ltd has a Quality Score of 43/100. 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 ¥11.03 (as of Nov 7, 2026) from 14 valuation models. Cautious scenario ¥7.06, optimistic scenario ¥13.78. 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 ¥11.03, about +3% upside versus a price of ¥10.69 (fairly valued). Cautious scenario ¥7.06, optimistic scenario ¥13.78. 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 4.7B CNY (latest available figure, as of Nov 7, 2026).
Does Zhongshan Public Utilities Group Co Ltd pay a dividend?
Zhongshan Public Utilities Group Co Ltd currently shows a dividend yield of 3.60% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Zhongshan Public Utilities Group Co Ltd (000685) and when is the ex-dividend date?
Zhongshan Public Utilities Group Co Ltd pays a dividend of ¥0.385 per share a year, a dividend yield of 3.6%. The last ex-dividend date was Jul 15, 2026. A dividend has been paid every year since 2011. The payout ratio is 21.5% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
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 ¥11.03 per share (as of Nov 7, 2026), against a price of ¥10.69. It is the blended result of 14 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Zhongshan Public Utilities Group Co Ltd stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 000685 trades below its calculated fair value: price ¥10.69, fair value ¥11.03, a gap of about +3% (fairly valued). 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 (¥10.69); the fair value is what the company's own numbers justify (¥11.03). For Zhongshan Public Utilities Group Co Ltd the two are ¥0.3400 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 15.8B CNY (market capitalisation, as of Nov 7, 2026). Per share that is ¥10.69; our models calculate a fair value of ¥11.03 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 ¥7.06, base ¥11.03, optimistic ¥13.78 per share (as of Nov 7, 2026, price ¥10.69). 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 6.0 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥11.03 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 11.2. Other multiples: P/B 0.8, P/S 3.4, EV/EBITDA 18.1.
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 Nov 7, 2026): return on equity 13.9%, debt of 0.39 per unit of equity. They feed the Quality Score of 43/100, 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 ¥10.69, about 19% below its 52-week high of ¥13.13 and 8% above the low of ¥9.90 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ¥11.03 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, Essential Utilities, Inc, Grandblue Environment Co, American States Water Company, 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 Nov 7, 2026: price ¥10.69, calculated fair value ¥11.03 (+3%), Quality Score 43/100, from 14 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 14 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥11.03 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. Zhongshan Public Utilities Group Co Ltd currently trades 3% 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 is it worth investing now.
What is the share price of Zhongshan Public Utilities Group Co Ltd (000685)?
The closing price on Nov 9, 2026 was ¥10.69. Our model-based fair value is ¥11.03, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zhongshan Public Utilities Group Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (¥7.06 to ¥13.78) leaves room in how you read the outcome.
Where does the earnings growth of Zhongshan Public Utilities Group Co Ltd (000685) come from?
Earnings per share at Zhongshan Public Utilities Group Co Ltd grew +0.9 % a year from 2013 to 2024. Broken into its drivers: revenue per share +15.9 %, EBIT margin −13.1 %, tax rate +0.0 %, residual (interest, one-offs) +0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Zhongshan Public Utilities Group Co Ltd
How large is the market capitalisation of Zhongshan Public Utilities Group Co Ltd (000685)?
The market capitalisation of Zhongshan Public Utilities Group Co Ltd is 15.8B CNY (≈ $2.4B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Zhongshan Public Utilities Group Co Ltd (000685)?
The price-to-sales ratio of Zhongshan Public Utilities Group Co Ltd is 3.38 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zhongshan Public Utilities Group Co Ltd (000685)?
Earnings per share at Zhongshan Public Utilities Group Co Ltd are ¥1.79 (price ÷ EPS = P/E 6.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zhongshan Public Utilities Group Co Ltd (000685)?
The dividend yield of Zhongshan Public Utilities Group Co Ltd is 3.6% (payout 21.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Zhongshan Public Utilities Group Co Ltd (000685)?
The net margin of Zhongshan Public Utilities Group Co Ltd is 56.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Zhongshan Public Utilities Group Co Ltd (000685)?
The return on equity (ROE) of Zhongshan Public Utilities Group Co Ltd is 13.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Zhongshan Public Utilities Group Co Ltd (000685)?
On an EBIT basis the return on assets of Zhongshan Public Utilities Group Co Ltd is 4.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Zhongshan Public Utilities Group Co Ltd (000685)?
The operating margin of Zhongshan Public Utilities Group Co Ltd is 14.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zhongshan Public Utilities Group Co Ltd (000685)?
Revenue at Zhongshan Public Utilities Group Co Ltd is growing +2.0% versus a year earlier (3y avg +8.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Zhongshan Public Utilities Group Co Ltd (000685)?
Earnings per share at Zhongshan Public Utilities Group Co Ltd are growing +115% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zhongshan Public Utilities Group Co Ltd (000685) generate?
The free cash flow of Zhongshan Public Utilities Group Co Ltd is −794M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Zhongshan Public Utilities Group Co Ltd (000685) carry?
The net debt of Zhongshan Public Utilities Group Co Ltd is 6.8B CNY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 7, 2026