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Zhewen Interactive Group Co Ltd (600986) fair value: what the stock is really worth

As of Sep 28, 2026: fair value of Zhewen Interactive Group Co Ltd ¥1.47, price ¥6.71, upside -78.1%, quality 41 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Communication Services · CN · ISIN CNE000001HF8

ZI Some data Sep 27, 2026

Zhewen Interactive Group Co Ltd

600986 · SHG

Weakest SetupStrongly overvalued and low quality.

!Fair value ¥1.47 · Strongly overvalued (−78.1%)
!Quality 41/100
!Weak Growth (revenue 5y −2.1 %/yr)
!Loss over the last twelve months · -0.6% net margin (TTM) · fiscal year 2025 1.0%
!Low debt · negative free cash flow
!Trails peers (4/12)
!Narrow moat 21/100
!Evidence only medium, so the estimate is less certain
!Weak on dividend: 8 out of 100
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What runs behind every stock

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

Price vs Fair Value

¥15.52 ¥3.78 Fair Value ¥1.47 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range ¥3.78 – ¥15.52 · fair‑value band ¥1.03 – ¥1.91 · the ¥6.71 price screens above the ¥1.47 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Zhewen Interactive Group Co., Ltd., together with its subsidiaries, provides intelligent marketing solutions in China, Hong Kong, Macau, Taiwan, and internationally. It operates through two segments: Internet Business and Computing Power Business.

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Zhewen Interactive Group Co., Ltd., together with its subsidiaries, provides intelligent marketing solutions in China, Hong Kong, Macau, Taiwan, and internationally. It operates through two segments: Internet Business and Computing Power Business. The company offers integrated marketing services and industry solutions, performance marketing field, internet marketing, digital cultural services, and computing power services. It also provides planning and creative; advertising; investment; information technology consulting; technology development, consulting, and services; software development; internet information and advertising; application software development; technical; and computer network technology services. The company serves automotive, e-commerce, internet services, gaming, finance, and fast-moving consumer goods, and other industries. Zhewen Interactive Group Co., Ltd. was founded in 1993 and is headquartered in Beijing, China.

Stock analysis

Zhewen Interactive Group Co Ltd (600986) currently trades at ¥6.71, while our model-based Fair Value estimate is ¥1.47, implying the stock looks roughly 356.4% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of ¥2.33 per share, and 0 of the 14 models we run sit above the ¥6.71 price.

Bear case: the Earnings-Based group reads lowest at ¥1.04, and 14 of the 14 models stay below the price. Evidence for this calculation is medium.

Scenario range: ¥1.03 (bear) to ¥1.91 (bull), the price of ¥6.71 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 41/100 (below-average quality), in the Communication Services sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Zhewen Interactive Group Co Ltd reported revenue of 8.3B CNY in FY2025 versus 14.3B CNY in FY2021, a compound −12.6%/yr. Reported net income was 85.5M CNY in FY2025, compounding −26.6%/yr from FY2021.

Key figures

Market cap 12.0B CNY (≈ $1.8B) · P/S ratio 1.48 · EPS (TTM) ¥−0.0300 · Dividend yield 0.4% · Net margin 1.0% · Return on equity −0.5% · Return on assets (EBIT) 2.5% · Operating margin 1.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).

What moves the price

The share trades about 57% 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 23% fair-value upside, at −78%, 600986 screens richer than that median.

Fair Value models

Bear ¥1.03 Fair Value ¥1.47 Bull ¥1.91
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. 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. Evidence ⓘEvidence = 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.
Highest evidence
Residual Income ¥2.28 ¥2.09 ¥2.01 76
EPV ¥1.84 ¥2.02 ¥2.16 74
ROIC Compounder ¥1.84 ¥2.02 ¥2.16 72
All 14 models by family
Earnings-Based
Graham-Dodd ¥0.3900 ¥2.51 ¥3.51 63
Lynch FV ¥0.7300 ¥1.04 ¥1.35 61
PEG = 1.0 ¥0.7300 ¥1.04 ¥1.35 57
EPV ¥1.84 ¥2.02 ¥2.16 74
Multiples
P/E Multiple ¥0.9100 ¥1.21 ¥1.51 63
P/S Multiple ¥0.7300 ¥0.9800 ¥1.22 58
P/B Multiple ¥0.7300 ¥0.9800 ¥1.22 55
EV/EBIT ¥2.83 ¥3.58 ¥4.33 66
EV/EBITDA ¥2.89 ¥3.66 ¥4.44 67
EV/Revenue ¥2.18 ¥2.87 ¥3.56 54
Asset-Based
NCAV (Graham) ¥1.74 ¥2.33 ¥3.48 54
Economic Profit
Residual Income ¥2.28 ¥2.09 ¥2.01 76
ROIC Compounder ¥1.84 ¥2.02 ¥2.16 72
Growth Earnings
Growth-Adj P/E ¥1.03 ¥1.47 ¥1.91 67

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Quality Score breakdown

Overall quality 41/100

Of which business quality 44 · Market factors (momentum, volatility) 21

Profitability 27
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 35
Earnings quality: real cash, not paper profit
Fin. Strength 65
Balance sheet, leverage, solvency risk
Investment 63
Disciplined investing over empire-building
Low Volatility 36
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 42
Share count: buybacks or dilution?

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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. 20/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+8.4%
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.
−17.3%
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.
−2.1%
Start year 2020 (pandemic). Over 10 years: +13.2% a year
Revenue growth 24 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.
+13.7%
What shareholders gained per year (last 5 years) ⓘ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.
−16.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.1%
Dividend (yield on the price)0.4%
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.−17.1% vs −10.0%, slowing
Profit margin 2020 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.1% → 3%
Start year 2020 (pandemic)

600986 screens 356% overvalued. Compare with AppLovin 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.Advertising Agencies · 197 stocks

Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 41 · Bottom 25%
Fair Value upside −78.6% · Bottom 25%
Profitability
Return on assets 0.6% · Below median
Net margin (TTM) −0.6% · Below median
Operating margin (TTM) 1.9% · Below median
Growth and dividend
Revenue growth −14.1% · Bottom 25%
Dividend yield (TTM) 0.4% · Bottom 25%
Balance sheet
Debt / equity 0.03× · Below median

Valuation Multiplesvs Advertising Agencies median · lower = cheaper

P/B 0.34× · Cheapest 25%
P/S (TTM) 0.22× · Cheapest 25%
EV/EBITDA 5.2× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 33
FUTURE (revenue growth)0 · sector 11
PAST (return on equity)0 · sector 9
HEALTH (low debt)98 · sector 98
DIVIDEND (yield)8 · sector 55

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

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Magnite, Inc MGNI $23.97 $26.37 +10%
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Cite: Fair Value Calculator (2026). "Zhewen Interactive Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600986

Frequently asked questions

Is Zhewen Interactive Group Co Ltd (600986) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of ¥1.47 versus a price of ¥6.71, about −78% upside (overvalued).
What is the fair value of 600986?
Our model-based fair value for Zhewen Interactive Group Co Ltd is ¥1.47 (as of Sep 27, 2026), built from audited fundamentals. The current price: ¥6.71.
What is the quality score of 600986?
Zhewen Interactive Group Co Ltd has a Quality Score of 41/100. 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 Zhewen Interactive Group Co Ltd (600986)?
Our model-based price target is the fair value of ¥1.47 (as of Sep 27, 2026) from 14 valuation models. Cautious scenario ¥1.03, optimistic scenario ¥1.91. It is a calculation from audited fundamentals, not an analyst target.
What is the Zhewen Interactive Group Co Ltd stock forecast for 2026?
Our models put fair value at ¥1.47, about −78% upside versus a price of ¥6.71 (overvalued). Cautious scenario ¥1.03, optimistic scenario ¥1.91. The calculation is refreshed regularly with new filings.
What is the revenue of Zhewen Interactive Group Co Ltd (600986)?
Zhewen Interactive Group Co Ltd reported trailing-twelve-month revenue of about 8.1B CNY (latest available figure, as of Sep 27, 2026).
Does Zhewen Interactive Group Co Ltd pay a dividend?
Zhewen Interactive Group Co Ltd currently shows a dividend yield of about 0.42% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of Zhewen Interactive Group Co Ltd (600986)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zhewen Interactive Group Co Ltd it is ¥1.47 per share (as of Sep 27, 2026), against a price of ¥6.71. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Zhewen Interactive Group Co Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 600986 trades above its calculated fair value: price ¥6.71, fair value ¥1.47, a gap of about −78% (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 600986?
No. The price is what the market pays today (¥6.71); the fair value is what the company's own numbers justify (¥1.47). For Zhewen Interactive Group Co Ltd the two are ¥5.24 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zhewen Interactive Group Co Ltd worth?
The market values Zhewen Interactive Group Co Ltd at about 12.0B CNY (market capitalisation, as of Sep 27, 2026). Per share that is ¥6.71; our models calculate a fair value of ¥1.47 per share.
What do the bullish and bearish scenarios say about 600986?
Our models span a range for Zhewen Interactive Group Co Ltd: cautious scenario ¥1.03, base ¥1.47, optimistic ¥1.91 per share (as of Sep 27, 2026, price ¥6.71). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Zhewen Interactive Group Co Ltd (600986)?
Balance-sheet figures for Zhewen Interactive Group Co Ltd (as of Sep 27, 2026): return on equity −0.5%, debt of 0.03 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is 600986 from its 52-week high?
Zhewen Interactive Group Co Ltd trades at ¥6.71, about 57% below its 52-week high of ¥15.52 and 5% above the low of ¥6.40 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of ¥1.47 is for.
Which stocks are comparable to Zhewen Interactive Group Co Ltd?
From the same area (Communication Services) we also value AppLovin Corporation, Publicis Groupe S.A, Omnicom Group, Focus Media Information Technology Co, 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 Zhewen Interactive Group Co Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price ¥6.71, calculated fair value ¥1.47 (−78%), Quality Score 41/100, 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 600986 calculated?
We run Zhewen Interactive Group Co Ltd through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥1.47, 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 16.1 % above its aggregate fair value. Zhewen Interactive Group 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 Zhewen Interactive Group Co Ltd (600986)?
The closing price on Sep 28, 2026 was ¥6.71. Our model-based fair value is ¥1.47, about −78% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zhewen Interactive Group Co Ltd right now?
The price sits above even our optimistic bull case (¥1.91). The favourable scenario is already priced in. Weak quality (41/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (¥1.03 to ¥1.91) leaves room in how you read the outcome.
Where does the earnings growth of Zhewen Interactive Group Co Ltd (600986) come from?
Earnings per share at Zhewen Interactive Group Co Ltd grew −3.7 % a year from 2014 to 2024. Broken into its drivers: revenue per share +12.4 %, EBIT margin −18.9 %, tax rate +4.4 %, residual (interest, one-offs) +1.2 %. 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 Zhewen Interactive Group Co Ltd

How large is the market capitalisation of Zhewen Interactive Group Co Ltd (600986)?
The market capitalisation of Zhewen Interactive Group Co Ltd is 12.0B CNY (≈ $1.8B). 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 Zhewen Interactive Group Co Ltd (600986)?
The price-to-sales ratio of Zhewen Interactive Group Co Ltd is 1.48 (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 Zhewen Interactive Group Co Ltd (600986)?
Earnings per share at Zhewen Interactive Group Co Ltd are ¥−0.0300. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zhewen Interactive Group Co Ltd (600986)?
The dividend yield of Zhewen Interactive Group Co Ltd is 0.4%. 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 Zhewen Interactive Group Co Ltd (600986)?
The net margin of Zhewen Interactive Group Co Ltd is 1.0% (fiscal year 2025). 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 Zhewen Interactive Group Co Ltd (600986)?
The return on equity (ROE) of Zhewen Interactive Group Co Ltd is −0.5% (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 Zhewen Interactive Group Co Ltd (600986)?
On an EBIT basis the return on assets of Zhewen Interactive Group Co Ltd is 2.5% (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 Zhewen Interactive Group Co Ltd (600986)?
The operating margin of Zhewen Interactive Group Co Ltd is 1.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zhewen Interactive Group Co Ltd (600986)?
Revenue at Zhewen Interactive Group Co Ltd is growing −14.1% versus a year earlier (3y avg −17.3%). 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 Zhewen Interactive Group Co Ltd (600986)?
Earnings per share at Zhewen Interactive Group Co Ltd are growing −87.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zhewen Interactive Group Co Ltd (600986) generate?
The free cash flow of Zhewen Interactive Group Co Ltd is −101M 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 Zhewen Interactive Group Co Ltd (600986) carry?
The net debt of Zhewen Interactive Group Co Ltd is 1.0B 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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