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Dark Horse Beijing Technology Co Ltd (300688) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Dark Horse Beijing Technology Co Ltd stock ¥15.93, price ¥30.11, that is 47.1% below the price, quality 54 out of 100. Rating: strongly overvalued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Industrials CN · ISIN CNE1000034H4

DH Dark Horse Beijing Technology Co Ltd logo Thin data Nov 10, 2026

Dark Horse Beijing Technology Co Ltd

300688 · SHE
Solid, but very expensive

Our calculation puts a fair price 47% below what the stock costs today.

Quality 54/100
Revenue last quarter 15% below a year ago.
Fair value ¥15.93 · Strongly overvalued
Weak Growth (revenue 5y −2.9 %/yr in CNY)
Loss-making · -26.9% net margin (TTM)
Negative free cash flow
Trails peers (0/10)
Narrow moat 16/100
Thin data
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

¥43.62 ¥11.05 Fair Value ¥15.93 Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 10, 2026.

How to read this chart

60‑month range ¥11.05 – ¥43.62 · fair‑value band ¥11.95 – ¥19.91 · the ¥30.11 price screens above the ¥15.93 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 10, 2026.

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Company profile

Dark Horse Technology Group Co., Ltd. provides enterprise services in China and internationally. The company offers industrial acceleration, artificial intelligence, and AI talent services.

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It also provides comprehensive enterprise service platform integrating enterprise acceleration services; and science and technology innovation and intellectual property services.

The company was formerly known as Dark Horse Venture (Beijing) Technology Co., Ltd. and changed its name to Dark Horse Technology Group Co., Ltd. in June 2019. Dark Horse Technology Group Co., Ltd. was founded in 2011 and is based in Beijing, China.

Stock analysis

Dark Horse Beijing Technology Co Ltd (300688) currently trades at ¥30.11, while our estimate is ¥15.93, 47% below the price, so the stock looks overvalued today.

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: ¥11.95 (bear) to ¥19.91 (bull), the price of ¥30.11 sits above 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 54/100 (solid quality), in the Industrials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Dark Horse Beijing Technology Co Ltd reported revenue of 141M CNY in FY2025 versus 340M CNY in FY2021, a compound −19.7%/yr. Reported net income was −49.1M CNY in FY2025.

Key figures

Market cap 5.0B CNY (≈ $756M) Small · P/S ratio 45.4 · EPS (TTM) ¥−0.1900 · Dividend yield 0.0% · Net margin −26.9% · Return on equity −14.5% · Return on assets (EBIT) −8.0% (5-year average) · Operating margin −13.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 16 out of 100 (medium confidence).

What moves the price

The share trades about 18% below its 52-week high and 59% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −14% fair-value upside, at −47%, 300688 screens richer than that median.

Fair Value

Bear ¥11.95 Fair Value ¥15.93 Bull ¥19.91
Price ¥30.11 · Downside -47.1%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 54/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 8
How much profit the company makes from its sales and capital
Quality Growth 64
Are margins and returns getting better?
Cashflow 15
Do the profits arrive as real cash?
Financial strength 100
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 42
How calm the share price moves, does not count
Price momentum 46
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 51
Distance to the 52-week high, does not count
New shares 66
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−36.4%
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.
−25.9%
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.
−2.9%
Start year 2020 (pandemic). Over 10 years: −1.7% a year
Revenue growth 12 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.
+9.3%
Profit margin (trend) ⓘ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.
6.7% (2020) → −30.9% (2025)
What shareholders gained per year ⓘ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

300688 screens overvalued: fair value 47% below the price. Compare with Cintas Corporation →

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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.Specialty Business Services · 245 stocks

Beats the industry median on 0/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 54 · Below median
Fair Value upside −47.1% · Bottom 25%
Profitability
Return on assets −9.9% · Bottom 25%
Net margin (12 months) −26.9% · Bottom 25%
Operating margin (12 months) −13.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −14.7% · Bottom 25%
Dividend yield (12 months) 0.0% · Bottom 25%

Valuation Multiplesvs Specialty Business Services median · lower = cheaper

P/B 13.61× · Priciest 25%
P/S (12 months) 44.71× · Priciest 25%

Context: sector, industry, market

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 Specialty Business Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Wolters Kluwer N.V WKL €87.42 €98.05 +12% vs 300688
RB Global, Inc RBA C$136.49 C$149.12 +9% vs 300688
Copart, Inc CPRT $32.30 $35.15 +9% vs 300688
Global Payments Inc GPN $101.59 $87.83 −14% vs 300688
Brambles Limited BXB A$22.15 A$19.10 −14% vs 300688
Cintas Corporation CTAS $225.28 $188.90 −16% vs 300688
Rentokil Initial plc RTO $23.74 $19.63 −17% vs 300688
Thomson Reuters Corporation TRI $108.41 $70.75 −35% vs 300688
Aramark ARMK $54.22 $23.04 −58% vs 300688
UL Solutions Inc ULS $81.56 $33.46 −59% vs 300688

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Dark Horse Beijing Technology Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Dark Horse Beijing Technology Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/300688

Frequently asked questions

Is Dark Horse Beijing Technology Co Ltd (300688) overvalued or undervalued?
As of Nov 10, 2026, our estimate of fair value is ¥15.93 versus a price of ¥30.11, about 47% lower (overvalued).
What is the fair value of 300688?
Our estimate for Dark Horse Beijing Technology Co Ltd is ¥15.93 (as of Nov 10, 2026), built from audited fundamentals. The current price: ¥30.11.
What is the quality score of 300688?
Dark Horse Beijing Technology Co Ltd has a Quality Score of 54/100. 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 Dark Horse Beijing Technology Co Ltd (300688)?
Our calculated price target is the estimate of ¥15.93 (as of Nov 10, 2026). Cautious scenario ¥11.95, optimistic scenario ¥19.91. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Dark Horse Beijing Technology Co Ltd stock forecast for 2026?
Our estimate puts fair value at ¥15.93, about 47% lower versus a price of ¥30.11 (overvalued). Cautious scenario ¥11.95, optimistic scenario ¥19.91. The calculation is refreshed regularly with new filings.
What is the revenue of Dark Horse Beijing Technology Co Ltd (300688)?
Dark Horse Beijing Technology Co Ltd reported trailing-twelve-month revenue of about 113M CNY (latest available figure, as of Nov 10, 2026).
Does Dark Horse Beijing Technology Co Ltd pay a dividend?
Dark Horse Beijing Technology Co Ltd currently shows a dividend yield of 0.02% relative to its recent price (as of Nov 10, 2026).
How much is the dividend of Dark Horse Beijing Technology Co Ltd (300688)?
Dark Horse Beijing Technology Co Ltd has a dividend yield of 0.0%.
What is the intrinsic value of Dark Horse Beijing Technology Co Ltd (300688)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Dark Horse Beijing Technology Co Ltd it is ¥15.93 per share (as of Nov 10, 2026), against a price of ¥30.11.
Is Dark Horse Beijing Technology Co Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 300688 trades above its calculated fair value: price ¥30.11, fair value ¥15.93, a gap of about −47% (overvalued). 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 300688?
No. The price is what the market pays today (¥30.11); the fair value is what the company's own numbers justify (¥15.93). For Dark Horse Beijing Technology Co Ltd the two are ¥14.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is Dark Horse Beijing Technology Co Ltd worth?
The market values Dark Horse Beijing Technology Co Ltd at about 5.0B CNY (market capitalisation, as of Nov 10, 2026). Per share that is ¥30.11; our models calculate a fair value of ¥15.93 per share.
What do the bullish and bearish scenarios say about 300688?
Our models span a range for Dark Horse Beijing Technology Co Ltd: cautious scenario ¥11.95, base ¥15.93, optimistic ¥19.91 per share (as of Nov 10, 2026, price ¥30.11). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Dark Horse Beijing Technology Co Ltd (300688)?
Balance-sheet figures for Dark Horse Beijing Technology Co Ltd (as of Nov 10, 2026): return on equity −14.5%. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is 300688 from its 52-week high?
Dark Horse Beijing Technology Co Ltd trades at ¥30.11, about 18% below its 52-week high of ¥36.78 and 59% above the low of ¥18.94 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of ¥15.93 is for.
Which stocks are comparable to Dark Horse Beijing Technology Co Ltd?
From the same area (Industrials) we also value Cintas Corporation, Thomson Reuters Corporation, Copart, Inc, Global Payments Inc, 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 Dark Horse Beijing Technology Co Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price ¥30.11, calculated fair value ¥15.93 (−47%), Quality Score 54/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 15.1% above its aggregate fair value. Dark Horse Beijing Technology Co Ltd itself currently trades above fair value. 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 Dark Horse Beijing Technology Co Ltd (300688)?
The closing price on Nov 10, 2026 was ¥30.11. Our estimate is ¥15.93, about 47% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Dark Horse Beijing Technology Co Ltd right now?
The price sits above even our optimistic bull case (¥19.91). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of Dark Horse Beijing Technology Co Ltd

How large is the market capitalisation of Dark Horse Beijing Technology Co Ltd (300688)?
The market capitalisation of Dark Horse Beijing Technology Co Ltd is 5.0B CNY (≈ $756M). 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 Dark Horse Beijing Technology Co Ltd (300688)?
The price-to-sales ratio of Dark Horse Beijing Technology Co Ltd is 45.4 (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 Dark Horse Beijing Technology Co Ltd (300688)?
Earnings per share at Dark Horse Beijing Technology Co Ltd are ¥−0.1900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Dark Horse Beijing Technology Co Ltd (300688)?
The dividend yield of Dark Horse Beijing Technology Co Ltd is 0.0%. 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 Dark Horse Beijing Technology Co Ltd (300688)?
The net margin of Dark Horse Beijing Technology Co Ltd is −26.9% (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 Dark Horse Beijing Technology Co Ltd (300688)?
The return on equity (ROE) of Dark Horse Beijing Technology Co Ltd is −14.5% (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 Dark Horse Beijing Technology Co Ltd (300688)?
On an EBIT basis the return on assets of Dark Horse Beijing Technology Co Ltd is −8.0% (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 Dark Horse Beijing Technology Co Ltd (300688)?
The operating margin of Dark Horse Beijing Technology Co Ltd is −13.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Dark Horse Beijing Technology Co Ltd (300688)?
Revenue at Dark Horse Beijing Technology Co Ltd is growing −14.7% versus a year earlier (3y avg −25.9%). 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 Dark Horse Beijing Technology Co Ltd (300688)?
Earnings per share at Dark Horse Beijing Technology Co Ltd are growing −53.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Dark Horse Beijing Technology Co Ltd (300688) generate?
The free cash flow of Dark Horse Beijing Technology Co Ltd is −56.9M 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 cash does Dark Horse Beijing Technology Co Ltd (300688) hold?
Dark Horse Beijing Technology Co Ltd holds more cash than debt, 334M CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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