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Zhejiang Publishing & Media Co (601921) Fair Value & Analysis

Communication Services · CN · Market cap 15.9B CNY

ZP Zhejiang Publishing & Media Co 601921 · SHG
Price¥7.15
Fair Value¥7.54
Upside+5.5%
Quality64/100
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Weak Growth
Solidly profitable · 12.1% net margin
Low debt · generates free cash flow
4.44% dividend yield
Mixed vs. peers (7/14)
Narrow moat 39/100
Evidence: High Range ¥5.67 – ¥10.27 Share as image

Fair value as of: Aug 8, 2026

From 22 valuation models · updated 2 days ago

Fair value updated Aug 8, 2026, revised from ¥7.73 to ¥7.54 (−2.5%) since Jul 11, 2026. Share price +0.4% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (¥5.67 to ¥10.27) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥13.32 ¥5.60 Fair Value ¥7.54 Jul 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.

How to read this chart

60‑month range ¥5.60 – ¥13.32 · fair‑value band ¥5.67 – ¥10.27 · the ¥7.15 price screens below the ¥7.54 fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Zhejiang Publishing & Media Co (601921) currently trades at ¥7.15, while our model-based Fair Value estimate is ¥7.54, implying the stock looks roughly 5.5% fairly valued today. The Quality Score stands at 64/100 (solid quality), in the Communication Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Zhejiang Publishing & Media Co generated revenue of 10.3B CNY at a net margin of 12.1%. Revenue declined 7.6% year over year. It earns a return on equity of 8.9%. The balance sheet holds a net cash position of 6.0B CNY. Fundamentals as of Aug 8, 2026

Our scenario range runs from ¥5.67 (bear case) to ¥10.27 (bull case); at ¥7.15, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 23% below its 52-week high, currently below its 200-day average. For context, the median of 10 Communication Services peers we cover trades at 15% fair-value upside, at 5%, 601921 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥5.06 ¥6.12 ¥7.95 80
Residual Income ¥5.53 ¥6.04 ¥8.08 76
Rev-Margin DCF ¥5.63 ¥7.54 ¥9.85 74
All 22 models by family
DCF Models
FCF DCF ¥4.93 ¥6.03 ¥8.06 38
Owner Earnings ¥7.93 ¥10.21 ¥14.43 31
5Y Revenue Exit ¥5.63 ¥7.47 ¥10.15 39
5Y EBITDA Exit ¥5.98 ¥8.08 ¥10.86 41
5Y P/E Exit ¥8.23 ¥11.98 ¥16.44 38
10Y Revenue Exit ¥5.22 ¥6.57 ¥8.04 36
10Y EBITDA Exit ¥5.54 ¥6.94 ¥8.45 37
10Y P/E Exit ¥6.91 ¥9.36 ¥11.73 35
Earnings-Based
Graham-Dodd ¥3.93 ¥4.81 ¥5.41 54
EPV ¥5.48 ¥6.03 ¥6.52 59
Multiples
P/E Multiple ¥9.55 ¥12.73 ¥15.91 63
P/S Multiple ¥7.38 ¥9.84 ¥12.29 58
P/B Multiple ¥7.38 ¥9.84 ¥12.29 55
EV/EBIT ¥7.79 ¥9.68 ¥11.56 53
EV/EBITDA ¥7.40 ¥9.15 ¥10.91 54
EV/Revenue ¥6.42 ¥8.26 ¥10.10 43
Asset-Based
NCAV (Graham) ¥3.24 ¥4.34 ¥6.47 50
Growth DCF
Growth DCF ¥5.06 ¥6.12 ¥7.95 80
Rev-Margin DCF ¥5.63 ¥7.54 ¥9.85 74
Economic Profit
Residual Income ¥5.53 ¥6.04 ¥8.08 76
ROIC Compounder ¥5.48 ¥6.03 ¥6.54 72
Growth Earnings
Growth-Adj P/E ¥6.73 ¥9.61 ¥12.50 68

Widest divergence: Multiples (¥9.68) versus Asset-Based (¥4.34). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 10.3B CNY
Revenue growth (YoY) -7.6%
Net margin 12.1%
Return on equity 8.9%
Free cash flow 639M CNY FY2025
P/E ratio 13.5
More key figures
Operating margin 2.8%
EPS (TTM) ¥0.5700
Dividend yield 4.2%
EPS growth (YoY) -19.1%
Net cash 6.0B CNY FY2024

Figures from reported company fundamentals · as of Aug 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 64/100

Of which business quality 63 · Market factors (momentum, volatility) 47

Profitability 40
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 38
Earnings quality: real cash, not paper profit
Fin. Strength 96
Balance sheet, leverage, solvency risk
Investment 93
Disciplined investing over empire-building
Low Volatility 93
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 79
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Zhejiang Publishing & Media Co., Ltd. engages in publishing, distribution, printing, and other activities in China. It is involved in publishing, distribution, wholesale, and retail of textbooks, supplementary teaching materials, general books, audio-visual products, cultural supplies, etc.; printing and packaging of various books and periodicals, etc.; and …

Full company description

Zhejiang Publishing & Media Co., Ltd. engages in publishing, distribution, printing, and other activities in China. It is involved in publishing, distribution, wholesale, and retail of textbooks, supplementary teaching materials, general books, audio-visual products, cultural supplies, etc.; printing and packaging of various books and periodicals, etc.; and provision of information technology, logistics, hotel services, etc. The company also offers investment management, journal publishing, telecommunications, cultural, print, advertising, technical, information consulting, internet publishing, warehousing, hotel catering, hotel and property management, and trading services. The company was formerly known as Zhejiang Publishing Media Co., Ltd. and changed its name to Zhejiang Publishing & Media Co., Ltd. in September 2018. Zhejiang Publishing & Media Co., Ltd. was incorporated in 2016 and is based in Hangzhou, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Publishing & Media Co reported revenue of ¥10.5B in FY2025 versus ¥11.4B in FY2021, a compound −1.9%/yr. Reported net income was ¥1.3B in FY2025, compounding −0.6%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
10.5B CNY
Latest YoY
−5.8%
Avg. growth/yr (3Y)
−3.6%
Avg. growth/yr (5Y)
+1.5%
Avg. growth/yr (8Y)
+1.4%
Revenue −1.9%/yr
FY21 ¥11.4B
FY22 ¥11.8B
FY23 ¥11.7B
FY24 ¥11.2B
FY25 ¥10.5B
Net income −0.6%/yr
FY21 ¥1.3B
FY22 ¥1.4B
FY23 ¥1.5B
FY24 ¥1.1B
FY25 ¥1.3B

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Cite: Fair Value Calculator (2026). "Zhejiang Publishing & Media Co Fair Value". https://www.fairvalue-calculator.com/stock/601921

Peer Group

Publishing · 110 stocks

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.

Quality Score 64 · Above median
Fair Value upside +6% · Above median
Return on equity (TTM) 9% · Above median
Return on assets 3% · Above median
Net margin (TTM) 12% · Top 25%
Operating margin (TTM) 3% · Below median
Revenue growth -8% · Below median
Dividend yield (TTM) 4.4% · Above median
Debt / equity 0.02× · Higher than median

Valuation Multiples vs Publishing median · lower = cheaper

P/E (TTM) 12.5× · Cheaper than median
P/B 1.10× · Pricier than median
P/S (TTM) 1.54× · Pricier than median
P/FCF 3.7× · Pricier than median
EV/EBITDA 9.8× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 41 · sector 39
FUTURE 0 · sector 0
PAST 35 · sector 21
HEALTH 99 · sector 99
DIVIDEND 89 · sector 57

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

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Frequently asked questions

Is Zhejiang Publishing & Media Co (601921) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of ¥7.54 versus a price of ¥7.15, about +5% (fairly valued).
What is the fair value of 601921?
Our model-based fair value for Zhejiang Publishing & Media Co is ¥7.54 (as of Aug 8, 2026), built from audited fundamentals. The current price is ¥7.15.
What is the quality score of 601921?
Zhejiang Publishing & Media Co has a Quality Score of 64/100. 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 revenue of Zhejiang Publishing & Media Co (601921)?
Zhejiang Publishing & Media Co reported trailing-twelve-month revenue of about 10.3B CNY (latest available figure, as of Aug 8, 2026).
What is the net profit margin of 601921?
The net profit margin of Zhejiang Publishing & Media Co is about 12.1%, meaning it keeps roughly 12.1% of revenue as net income. Based on the latest reported figures.
Does Zhejiang Publishing & Media Co pay a dividend?
Zhejiang Publishing & Media Co currently shows a dividend yield of about 4.22% relative to its recent price (as of Aug 8, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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