China National Software & Service Co Ltd (600536) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of China National Software & Service Co Ltd ¥9.84, price ¥31.39, upside -68.7%, quality 37 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? No
- Good quality? No
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China National Software & Service Co Ltd
600536 · SHGWeakest SetupStrongly overvalued and low quality.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ¥17.91 – ¥69.19 · fair‑value band ¥7.80 – ¥11.89 · the ¥31.39 price screens above the ¥9.84 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Company profile
China National Software & Service Company Limited, together with its subsidiaries, provides basic software and core application solutions in China and internationally.
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China National Software & Service Company Limited, together with its subsidiaries, provides basic software and core application solutions in China and internationally. The company offers Galaxy Kylin desktop, Galaxy Kylin advanced server, and Starlight Kylin operating systems; and DM8 database management system, DM distributed database, database appliance DAMENG PAI, Dameng Qiyun database cloud service system, and GDMBASE. It also provides waterproof dam data leakage prevention, host monitoring and auditing, unified endpoint security management, printing and CD burning security monitoring and auditing, network access control, terminal security login and file protection, and electronic document security management systems, as well as consulting services for the protection of trade secrets of central state-owned enterprises; and communication power and environmental monitoring system. In addition, the company offers core applications for organization, taxation, railway, electricity, water conservancy, enterprise, and common application services; and operation support, application building, data service, and artificial intelligence platforms. Further, it is involved in application software services; computer system services; development and sale of computer software and hardware; research, development, production, and sale of core modules for automated ticketing systems; technical services; software and information technology services; information systems and integration; and business services. The company was founded in 1980 and is based in Beijing, China.
Stock analysis
China National Software & Service Co Ltd (600536) currently trades at ¥31.39, while our model-based Fair Value estimate is ¥9.84, implying the stock looks roughly 219.0% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of ¥12.59 per share, and 0 of the 15 models we run sit above the ¥31.39 price.
Bear case: the Asset-Based group reads lowest at ¥2.58, and 15 of the 15 models stay below the price. Evidence for this calculation is medium.
Scenario range: ¥7.80 (bear) to ¥11.89 (bull), the price of ¥31.39 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 37/100 (below-average quality), in the Technology sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
China National Software & Service Co Ltd reported revenue of 5.1B CNY in FY2025 versus 10.4B CNY in FY2021, a compound −16.2%/yr. Reported net income was −41.4M CNY in FY2025.
Key figures
Market cap 29.3B CNY (≈ $4.4B) · P/S ratio 5.81 · EPS (TTM) ¥−0.0300 · Dividend yield 0.1% · Net margin −0.8% · Return on equity 4.8% · Return on assets (EBIT) 0.7% · Operating margin −12.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (medium confidence).
What moves the price
The share trades about 43% below its 52-week high and 16% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Technology peers we cover trades at −13% fair-value upside, at −69%, 600536 screens richer than that median.
Fair Value models
All 15 models by family
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Set up alert →Quality Score breakdown
Of which business quality 40 · Market factors (momentum, volatility) 36
Revenue & earnings trend
Growth Forecast
600536 screens 219% overvalued. Compare with SAP SE →
Compare China National Software & Service Co Ltd with another stock
Price, fair value, quality and upside side by side.
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.Software - Application · 710 stocks
Valuation Multiplesvs Software - Application median · lower = cheaper
Strength profile in five axes (Snowflake)
VALUE 0: the price sits above our fair-value range.
Context: sector, industry, market
- Is the Information Technology sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Chinese Stocks
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Software - Application stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SAP SE SAP | €182.32 | €159.06 | −13% |
| Shopify Inc SHOP | $147.74 | $64.36 | −56% |
| Uber Technologies, Inc UBER | $69.89 | $104.82 | +50% |
| Salesforce, Inc CRM | $233.28 | $344.41 | +48% |
| ServiceNow, Inc NOW | $137.00 | $150.70 | +10% |
| Cadence Design Systems, Inc CDNS | $302.95 | $225.14 | −26% |
| Snowflake Inc SNOW | $336.59 | $75.08 | −78% |
| Datadog, Inc DDOG | $247.48 | $32.92 | −87% |
| Adobe Inc ADBE | $238.25 | $454.04 | +91% |
| Automatic Data Processing, Inc ADP | $269.64 | $177.51 | −34% |
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Key figures of China National Software & Service Co Ltd
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