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Fanli Digital Technology Co Ltd (600228) fair value: what the stock is really worth

As of Nov 10, 2026: fair value (intrinsic value) of Fanli Digital Technology Co Ltd stock ¥4.47, price ¥8.88, that is 49.7% below the price, quality 66 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Communication Services CN · ISIN CNE000000Y78

FD Fanli Digital Technology Co Ltd logo Thin data Nov 10, 2026

Fanli Digital Technology Co Ltd

600228 · SHG
Solid, but very expensive

Our calculation puts a fair price 50% below what the stock costs today.

Quality 66/100
Low debt
Revenue last quarter +47% vs. a year ago.
Changed on Nov 11: ¥7.79 → ¥4.47
Fair value ¥4.47 · Strongly overvalued
Weak Growth (revenue 5y +1.9 %/yr in CNY)
Loss-making · -8.3% net margin (TTM)
Negative free cash flow
Trails peers (3/10)
Narrow moat 10/100 · thin data
Thin data
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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

¥15.62 ¥3.07 Fair Value ¥4.47 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 ¥3.07 – ¥15.62 · fair‑value band ¥2.93 – ¥5.53 · the ¥8.88 price screens above the ¥4.47 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

Fanli Digital Technology Co.,Ltd provides internet and related services in China and internationally.

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The company offers online shopping guide services; advertising and promotion services, including strategy planning, content creation, ad placement, e-commerce traffic generation, data monitoring, and performance optimization; related platform services; services to small and medium-sized businesses that require order data and advertising strategy management; and technical services, such as order feedback and delivery optimization.

It also provides online shopping guide platforms comprising cashback apps, cashback websites, mini-programs, and official accounts; and operates Fanli.com and its Fanli APP, a shopping guide platform.

In addition, the company offers big data analytics and personalized recommendation technology, mobile application development technology, shopping guide service technology, and advertising placement services.

The company was formerly known as Fanli Inc and changed its name to Fanli Digital Technology Co.,Ltd in April 2021. The company was founded in 1999 and is based in Shanghai, China.

Stock analysis

Fanli Digital Technology Co Ltd (600228) currently trades at ¥8.88, while our model-based Fair Value estimate is ¥4.47, 50% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: ¥2.93 (bear) to ¥5.53 (bull), the price of ¥8.88 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 66/100 (solid quality), in the Communication Services sector.

Weak Growth: Revenue growth is weak: less than 2 % a year.

Fanli Digital Technology Co Ltd reported revenue of 553M CNY in FY2025 versus 495M CNY in FY2021, a compound +2.8%/yr. Reported net income was −63.3M CNY in FY2025.

Key figures

Market cap 3.7B CNY (≈ $555M) Small · P/S ratio 4.84 · EPS (TTM) ¥−0.1300 · Net margin −8.3% · Return on equity −14.7% · Return on assets (EBIT) 0.3% (5-year average) · Operating margin −8.2% · Revenue (TTM) 704M CNY.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 27% below its 52-week high and 83% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Communication Services peers we cover trades at 39% fair-value upside, at −50%, 600228 screens richer than that median.

Fair Value models

Bear ¥2.93 Fair Value ¥4.47 Bull ¥5.53
Price ¥8.88 · Downside -49.7%
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. 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.
Best data coverage
NCAV (Graham) ¥0.4400 ¥0.6700 ¥0.8300 55
All 1 models by family
Asset-Based
NCAV (Graham) ¥0.4400 ¥0.6700 ¥0.8300 55

Open the full fair value analysis →

Quality Score breakdown

Overall quality 66/100

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

Profitability 32
How much profit the company makes from its sales and capital
Quality Growth 53
Are margins and returns getting better?
Cashflow 33
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 47
How calm the share price moves, does not count
Price momentum 79
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 66
Distance to the 52-week high, does not count
New shares 100
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. 15/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
+126.8%
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.
+2.7%
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.
+1.9%
Start year 2020 (pandemic). Over 10 years: +0.2% a year
Revenue growth 30 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.
+1.6%
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.
28.4% (2020) → −10.1% (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

600228 screens overvalued: fair value 50% below the price. Compare with Alphabet Inc →

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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.Internet Content & Information · 138 stocks

Beats the industry median on 3/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 66 · Above median
Fair Value upside −49.7% · Bottom 25%
Profitability
Return on assets −11.1% · Bottom 25%
Net margin (12 months) −8.3% · Below median
Operating margin (12 months) −8.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 47.1% · Top 25%
Balance sheet
Debt / equity 0.01× · Below median

Valuation Multiplesvs Internet Content & Information median · lower = cheaper

P/B 9.35× · Priciest 25%
P/S (12 months) 5.26× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 40
FUTURE (revenue growth)100 · sector 32
PAST (return on equity)0 · sector 16
HEALTH (low debt)100 · sector 97
DIVIDEND (yield)0 · sector 39

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

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 Internet Content & Information stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Kuaishou Technology 1024 HK$28.98 HK$86.94 +200% vs 600228
Tencent Music Entertainment Group 1698 HK$36.92 HK$74.26 +101% vs 600228
Tencent Holdings 0700 HK$417.80 HK$710.45 +70% vs 600228
NAVER Corporation 035420 193,000 KRW 314,922 KRW +63% vs 600228
Pinterest, Inc PINS $18.95 $26.25 +39% vs 600228
Reddit, Inc RDDT $98.67 $110.87 +12% vs 600228
Alphabet Inc GOOG $284.92 $314.61 +10% vs 600228
Meta Platforms, Inc META $641.39 $705.51 +10% vs 600228
Spotify Technology S.A SPOT $606.22 $612.82 +1% vs 600228
Baidu, Inc BIDU $79.71 $54.09 −32% vs 600228

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Fanli Digital Technology Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Fanli Digital Technology Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600228

Frequently asked questions

Is Fanli Digital Technology Co Ltd (600228) overvalued or undervalued?
As of Nov 10, 2026, our model estimates a fair value of ¥4.47 versus a price of ¥8.88, about 50% lower (overvalued).
What is the fair value of 600228?
Our model-based fair value for Fanli Digital Technology Co Ltd is ¥4.47 (as of Nov 10, 2026), built from audited fundamentals. The current price: ¥8.88.
What is the quality score of 600228?
Fanli Digital Technology Co Ltd has a Quality Score of 66/100. 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 Fanli Digital Technology Co Ltd (600228)?
Our model-based price target is the fair value of ¥4.47 (as of Nov 10, 2026) from 1 valuation models. Cautious scenario ¥2.93, optimistic scenario ¥5.53. It is a calculation from audited fundamentals, not an analyst target.
What is the Fanli Digital Technology Co Ltd stock forecast for 2026?
Our models put fair value at ¥4.47, about 50% lower versus a price of ¥8.88 (overvalued). Cautious scenario ¥2.93, optimistic scenario ¥5.53. The calculation is refreshed regularly with new filings.
What is the revenue of Fanli Digital Technology Co Ltd (600228)?
Fanli Digital Technology Co Ltd reported trailing-twelve-month revenue of about 704M CNY (latest available figure, as of Nov 10, 2026).
What is the intrinsic value of Fanli Digital Technology Co Ltd (600228)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fanli Digital Technology Co Ltd it is ¥4.47 per share (as of Nov 10, 2026), against a price of ¥8.88. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Fanli Digital Technology Co Ltd stock overvalued or undervalued in 2026?
As of Nov 10, 2026, 600228 trades above its calculated fair value: price ¥8.88, fair value ¥4.47, a gap of about −50% (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 600228?
No. The price is what the market pays today (¥8.88); the fair value is what the company's own numbers justify (¥4.47). For Fanli Digital Technology Co Ltd the two are ¥4.41 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fanli Digital Technology Co Ltd worth?
The market values Fanli Digital Technology Co Ltd at about 3.7B CNY (market capitalisation, as of Nov 10, 2026). Per share that is ¥8.88; our models calculate a fair value of ¥4.47 per share.
What do the bullish and bearish scenarios say about 600228?
Our models span a range for Fanli Digital Technology Co Ltd: cautious scenario ¥2.93, base ¥4.47, optimistic ¥5.53 per share (as of Nov 10, 2026, price ¥8.88). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Fanli Digital Technology Co Ltd (600228)?
Balance-sheet figures for Fanli Digital Technology Co Ltd (as of Nov 10, 2026): return on equity −14.7%, debt of 0.01 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 600228 from its 52-week high?
Fanli Digital Technology Co Ltd trades at ¥8.88, about 27% below its 52-week high of ¥12.09 and 83% above the low of ¥4.85 (as of Nov 10, 2026). Distance from the high says nothing about value: that is what the fair value of ¥4.47 is for.
Which stocks are comparable to Fanli Digital Technology Co Ltd?
From the same area (Communication Services) we also value Alphabet Inc, Meta Platforms, Inc, Tencent Holdings, Spotify Technology S.A, 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 Fanli Digital Technology Co Ltd stock attractive at the current price?
The data as of Nov 10, 2026: price ¥8.88, calculated fair value ¥4.47 (−50%), Quality Score 66/100, from 1 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 600228 calculated?
We run Fanli Digital Technology Co Ltd through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of ¥4.47 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 15.1% above its aggregate fair value. Fanli Digital 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 Fanli Digital Technology Co Ltd (600228)?
The closing price on Nov 10, 2026 was ¥8.88. Our model-based fair value is ¥4.47, about 50% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fanli Digital Technology Co Ltd right now?
The price sits above even our optimistic bull case (¥5.53). 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 (66/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (¥2.93 to ¥5.53) leaves room in how you read the outcome.

Key figures of Fanli Digital Technology Co Ltd

How large is the market capitalisation of Fanli Digital Technology Co Ltd (600228)?
The market capitalisation of Fanli Digital Technology Co Ltd is 3.7B CNY (≈ $555M). 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 Fanli Digital Technology Co Ltd (600228)?
The price-to-sales ratio of Fanli Digital Technology Co Ltd is 4.84 (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 Fanli Digital Technology Co Ltd (600228)?
Earnings per share at Fanli Digital Technology Co Ltd are ¥−0.1300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Fanli Digital Technology Co Ltd (600228)?
The net margin of Fanli Digital Technology Co Ltd is −8.3% (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 Fanli Digital Technology Co Ltd (600228)?
The return on equity (ROE) of Fanli Digital Technology Co Ltd is −14.7% (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 Fanli Digital Technology Co Ltd (600228)?
On an EBIT basis the return on assets of Fanli Digital Technology Co Ltd is 0.3% (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 Fanli Digital Technology Co Ltd (600228)?
The operating margin of Fanli Digital Technology Co Ltd is −8.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fanli Digital Technology Co Ltd (600228)?
Revenue at Fanli Digital Technology Co Ltd is growing +47.1% versus a year earlier (3y avg +2.7%). 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 Fanli Digital Technology Co Ltd (600228)?
Earnings per share at Fanli Digital Technology Co Ltd are growing +17.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Fanli Digital Technology Co Ltd (600228) generate?
The free cash flow of Fanli Digital Technology Co Ltd is −135M 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 Fanli Digital Technology Co Ltd (600228) hold?
Fanli Digital Technology Co Ltd holds more cash than debt, 400M CNY net (fiscal year 2024). The company holds more cash than debt, a safety cushion.
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