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SHA/600048 (SHA/600048)

Shanghai Stock Exchange: SHA/600048 · CNY

CN¥5.43

+0.04 (+0.7%)· Recorded snapshot

Market cap	64.4B
Revenue (ttm)	294.1B
Net income (ttm)	-317.4M
EPS (ttm)	-CN¥0.03
Shares out	11.9B
P/E (forward)	27.5x
Dividend	CN¥0.04 (0.64%)
Volume	89,819,780
Beta	0.47

Market data

Price

Recent price action with selectable time range.

Metric	Value
Amount currency	CNY
Country	China
Country code	CN
Earnings date	2026-10-29
Employees	44,445
Employees change	-5,345
Employees growth	-10.74%
Enterprise value	CNY 398.7B
Exchange	Shanghai Stock Exchange
Financial currency	CNY
Financial report date	2026-09-30
First seen	2026-05-10
Fiscal year end	December
Founded	1992
Industry	Real Estate - Development
Is primary listing	Yes
ISIN number	CNE000001ND1
Last earnings date	2026-08-27
Last refreshed	2026-10-28
Last stock split date	2014-05-22
Last stock split type	Forward
Market cap	CNY 64.4B
Next earnings date	2026-10-29
Price	CNY 5.43
Price currency	CNY
Sector	Real Estate
SIC code	6552
Stock price date	2026-10-28
Symbol	sha/600048
Website	https://www.polycn.com

Metric

Value

Amount currency

CNY

Country

China

Country code

Earnings date

2026-10-29

Employees

44,445

Employees change

-5,345

Employees growth

-10.74%

Enterprise value

CNY 398.7B

Exchange

Shanghai Stock Exchange

Financial currency

CNY

Financial report date

2026-09-30

First seen

2026-05-10

Fiscal year end

December

Founded

1992

Industry

Real Estate - Development

Is primary listing

Yes

ISIN number

CNE000001ND1

Last earnings date

2026-08-27

Last refreshed

2026-10-28

Last stock split date

2014-05-22

Last stock split type

Forward

Market cap

CNY 64.4B

Next earnings date

2026-10-29

Price

CNY 5.43

Price currency

CNY

Sector

Real Estate

SIC code

6552

Stock price date

2026-10-28

Symbol

sha/600048

Website

https://www.polycn.com

Metric	Value
Average P/E ratio (10Y)	13.51x
Average P/E ratio (3Y)	31.15x
Average P/E ratio (5Y)	20.18x
Earnings yield	-0.52%
EV/EBIT	38.56x
EV/EBITDA	30.39x
EV/FCF	17.23x
EV/Sales	1.36x
FCF / EV yield	5.8%
FCF yield	35.92%
Forward P/E	27.53x
P/B ratio	0.2x
P/FCF ratio	2.78x
P/OCF ratio	2.72x
P/S ratio	0.22x
Price / tangible book value	0.33x
Price/EBITDA ratio	5.23x

Metric

Value

Average P/E ratio (10Y)

13.51x

Average P/E ratio (3Y)

31.15x

Average P/E ratio (5Y)

20.18x

Earnings yield

-0.52%

EV/EBIT

38.56x

EV/EBITDA

30.39x

EV/FCF

17.23x

EV/Sales

1.36x

FCF / EV yield

5.8%

FCF yield

35.92%

Forward P/E

27.53x

P/B ratio

0.2x

P/FCF ratio

2.78x

P/OCF ratio

2.72x

P/S ratio

0.22x

Price / tangible book value

0.33x

Price/EBITDA ratio

5.23x

Metric	Value
EBIT margin	3.52%
EBITDA margin	4.19%
Effective tax rate	77.32%
FCF margin	7.87%
Gross margin	9.99%
Operating margin	3.52%
Pretax margin	1.57%
Profit margin	-0.11%
Profit per employee	CNY -7,142
Profitable quarters	2
Profitable years	23
Revenue per employee	CNY 6.6M
ROA	0.52%
ROA (5Y)	1.28%
ROCE	1.73%
ROE	0.31%
ROE (5Y)	6.3%
ROIC	0.44%
ROIC (5Y)	4.01%
Tax / revenue	1.22%

Metric

Value

EBIT margin

3.52%

EBITDA margin

4.19%

Effective tax rate

77.32%

FCF margin

7.87%

Gross margin

9.99%

Operating margin

3.52%

Pretax margin

1.57%

Profit margin

-0.11%

Profit per employee

CNY -7,142

Profitable quarters

Profitable years

Revenue per employee

CNY 6.6M

ROA

0.52%

ROA (5Y)

1.28%

ROCE

1.73%

ROE

0.31%

ROE (5Y)

6.3%

ROIC

0.44%

ROIC (5Y)

4.01%

Tax / revenue

1.22%

Metric	Value
EPS growth (Q)	-19.87%
EPS growth (QoQ)	0%
EPS growth quarters	1
EPS growth years	0
FCF growth	-40.96%
FCF growth (Q)	10.16%
FCF growth (QoQ)	82.59%
FCF growth 3Y	-14.37%
FCF growth 5Y	8.78%
Gross profit growth	-13.58%
Gross profit growth (Q)	-17.81%
Gross profit growth 3Y	-21.96%
Gross profit growth 5Y	-18.74%
Net income growth (Q)	-11.47%
Net income growth (QoQ)	13.89%
Net income growth quarters	1
Net income growth years	0
OCF growth	-39.82%
OCF growth (Q)	10.58%
OCF growth (QoQ)	83.08%
OCF growth 10Y	-1.63%
OCF growth 3Y	-13.79%
OCF growth 5Y	8.76%
Operating income growth	-33.23%
Operating income growth (Q)	-31.98%
Operating income growth 3Y	-33.73%
Operating income growth 5Y	-27.11%
Revenue growth	1.69%
Revenue growth (Q)	-8.72%
Revenue growth (QoQ)	24.93%
Revenue growth 10Y	8%
Revenue growth 3Y	-1.45%
Revenue growth 5Y	2.55%
Revenue growth years	0

Metric

Value

EPS growth (Q)

-19.87%

EPS growth (QoQ)

EPS growth quarters

EPS growth years

FCF growth

-40.96%

FCF growth (Q)

10.16%

FCF growth (QoQ)

82.59%

FCF growth 3Y

-14.37%

FCF growth 5Y

8.78%

Gross profit growth

-13.58%

Gross profit growth (Q)

-17.81%

Gross profit growth 3Y

-21.96%

Gross profit growth 5Y

-18.74%

Net income growth (Q)

-11.47%

Net income growth (QoQ)

13.89%

Net income growth quarters

Net income growth years

OCF growth

-39.82%

OCF growth (Q)

10.58%

OCF growth (QoQ)

83.08%

OCF growth 10Y

-1.63%

OCF growth 3Y

-13.79%

OCF growth 5Y

8.76%

Operating income growth

-33.23%

Operating income growth (Q)

-31.98%

Operating income growth 3Y

-33.73%

Operating income growth 5Y

-27.11%

Revenue growth

1.69%

Revenue growth (Q)

-8.72%

Revenue growth (QoQ)

24.93%

Revenue growth 10Y

Revenue growth 3Y

-1.45%

Revenue growth 5Y

2.55%

Revenue growth years

Metric	Value
Capital expenditures	CNY -577.8M
Depreciation and amortization	CNY 2B
EBIT	CNY 10.3B
EBITDA	CNY 12.3B
EPS	CNY -0.03
FCF per share	CNY 1.95
Financing cash flow	CNY -28.9B
Free cash flow	CNY 23.1B
Gross profit	CNY 29.4B
Income taxes	CNY 3.6B
Investing cash flow	CNY -1.1B
Net borrowing	CNY -11.1B
Net cash flow	CNY -6.3B
Net income	CNY -317.4M
Operating income	CNY 10.3B
Revenue	CNY 294.1B

Metric

Value

Capital expenditures

CNY -577.8M

Depreciation and amortization

CNY 2B

EBIT

CNY 10.3B

EBITDA

CNY 12.3B

EPS

CNY -0.03

FCF per share

CNY 1.95

Financing cash flow

CNY -28.9B

Free cash flow

CNY 23.1B

Gross profit

CNY 29.4B

Income taxes

CNY 3.6B

Investing cash flow

CNY -1.1B

Net borrowing

CNY -11.1B

Net cash flow

CNY -6.3B

Net income

CNY -317.4M

Operating income

CNY 10.3B

Revenue

CNY 294.1B

Metric	Value
Altman Z-Score	0.96
Book value per share	CNY 16.40
Debt / EBITDA	25.56
Debt / equity	1.02
Debt / FCF	14.49
Goodwill	CNY 66.8M
Interest coverage	2.29
Long-term assets	CNY 183.9B
Long-term liabilities	CNY 267.4B
Net cash (debt)	CNY -200.2B
Net cash / market cap	-310.66%
Net debt / EBITDA	16.25
Net debt / equity	0.61
Net debt / FCF	8.65
Piotroski F-Score	6
Property, plant and equipment	CNY 11.4B
Shareholders' equity	CNY 328.7B
Tangible book value	CNY 194.2B
Tangible book value per share	CNY 16.37
Total assets	CNY 1.2T
Total cash	CNY 135.3B
Total debt	CNY 335.4B
Total liabilities	CNY 836.5B
WACC	1.36%

Metric

Value

Altman Z-Score

0.96

Book value per share

CNY 16.40

Debt / EBITDA

25.56

Debt / equity

1.02

Debt / FCF

14.49

Goodwill

CNY 66.8M

Interest coverage

2.29

Long-term assets

CNY 183.9B

Long-term liabilities

CNY 267.4B

Net cash (debt)

CNY -200.2B

Net cash / market cap

-310.66%

Net debt / EBITDA

16.25

Net debt / equity

0.61

Net debt / FCF

8.65

Piotroski F-Score

Property, plant and equipment

CNY 11.4B

Shareholders' equity

CNY 328.7B

Tangible book value

CNY 194.2B

Tangible book value per share

CNY 16.37

Total assets

CNY 1.2T

Total cash

CNY 135.3B

Total debt

CNY 335.4B

Total liabilities

CNY 836.5B

WACC

1.36%

Metric	Value
Asset turnover	0.24
Current assets	CNY 981.3B
Current liabilities	CNY 569.1B
Current ratio	1.72
Inventory turnover	0.38
Net working capital	CNY 346.6B
Quick ratio	0.48
Working capital	CNY 412.2B
Working capital turnover	0.68

Metric

Value

Asset turnover

0.24

Current assets

CNY 981.3B

Current liabilities

CNY 569.1B

Current ratio

1.72

Inventory turnover

0.38

Net working capital

CNY 346.6B

Quick ratio

0.48

Working capital

CNY 412.2B

Working capital turnover

0.68

Metric	Value
Buyback yield / dilution	4.15%
Dividend growth	-79.41%
Dividend growth (10Y)	-20.45%
Dividend growth (3Y)	-57.31%
Dividend growth (5Y)	-45.53%
Dividend growth years	0
Dividend payment date	2026-06-30
Dividend payment years	20
Dividend payout frequency	Annual
Dividend per share	CNY 0.04
Dividend yield	0.64%
Ex-dividend date	2026-06-30
FCF payout ratio	1.79%
Last dividend	CNY 0.04
Shareholder yield	4.79%

Metric

Value

Buyback yield / dilution

4.15%

Dividend growth

-79.41%

Dividend growth (10Y)

-20.45%

Dividend growth (3Y)

-57.31%

Dividend growth (5Y)

-45.53%

Dividend growth years

Dividend payment date

2026-06-30

Dividend payment years

Dividend payout frequency

Annual

Dividend per share

CNY 0.04

Dividend yield

0.64%

Ex-dividend date

2026-06-30

FCF payout ratio

1.79%

Last dividend

CNY 0.04

Shareholder yield

4.79%

Metric	Value
10Y price change	-40.59%
10Y return CAGR	-1.56%
10Y total return	-14.53%
150-day SMA	CNY 5.44
15Y price change	0.35%
15Y return CAGR	3.36%
15Y total return	64.25%
1D price change	0.74%
1M price change	-2.34%
1M total return	-2.34%
1W price change	0.74%
1W total return	0.74%
1Y price change	-27.41%
1Y return CAGR	-26.88%
1Y total return	-26.86%
20-day SMA	CNY 5.53
200-day SMA	CNY 5.73
20Y price change	204.54%
20Y return CAGR	8.52%
20Y total return	413.37%
3M price change	8.38%
3M total return	8.38%
3Y price change	-51.65%
3Y return CAGR	-19.44%
3Y total return	-47.73%
50-day SMA	CNY 5.33
50-day SMA vs 200-day SMA	50under200
52-week high	CNY 7.49
52-week high date	2025-10-28
52-week low	CNY 4.51
52-week low date	2026-07-08
5Y price change	-58.26%
5Y return CAGR	-13.56%
5Y total return	-51.74%
6M price change	-6.06%
6M total return	-5.35%
All-time high	CNY 19.88
All-time high date	2022-04-15
All-time low	CNY 1.18
All-time low date	2006-07-31
Average true range (ATR)	CNY 0.21
Average volume	199.6M
Beta (1Y)	0.37
Beta (2Y)	0.3
Beta (5Y)	0.47
Change from 52-week high	-27.5%
Change from 52-week low	20.4%
Change from all-time high	-72.69%
Change from all-time low	362.13%
Change from open	0.74%
Day's gap	0%
Dollar volume	CNY 487.7M
High price	CNY 5.45
Low price	CNY 5.37
Monthly RSI	37.44
Open price	CNY 5.39
Position in 52-week range	75%
Previous close	CNY 5.39
Price vs 150-day SMA	-0.22%
Price vs 20-day SMA	-1.76%
Price vs 200-day SMA	-5.27%
Price vs 50-day SMA	1.91%
Relative volume	0.46
RSI	50.22
Sharpe ratio	-1.08
Sharpe ratio (3Y)	-0.79
Sharpe ratio (5Y)	-0.26
Sortino ratio	-1.43
Sortino ratio (3Y)	-1.03
Sortino ratio (5Y)	-0.24
Volume	89.8M
Weekly RSI	47.56
YTD price change	-10.98%
YTD total return	-10.32%

Metric

Value

10Y price change

-40.59%

10Y return CAGR

-1.56%

10Y total return

-14.53%

150-day SMA

CNY 5.44

15Y price change

0.35%

15Y return CAGR

3.36%

15Y total return

64.25%

1D price change

0.74%

1M price change

-2.34%

1M total return

-2.34%

1W price change

0.74%

1W total return

0.74%

1Y price change

-27.41%

1Y return CAGR

-26.88%

1Y total return

-26.86%

20-day SMA

CNY 5.53

200-day SMA

CNY 5.73

20Y price change

204.54%

20Y return CAGR

8.52%

20Y total return

413.37%

3M price change

8.38%

3M total return

8.38%

3Y price change

-51.65%

3Y return CAGR

-19.44%

3Y total return

-47.73%

50-day SMA

CNY 5.33

50-day SMA vs 200-day SMA

50under200

52-week high

CNY 7.49

52-week high date

2025-10-28

52-week low

CNY 4.51

52-week low date

2026-07-08

5Y price change

-58.26%

5Y return CAGR

-13.56%

5Y total return

-51.74%

6M price change

-6.06%

6M total return

-5.35%

All-time high

CNY 19.88

All-time high date

2022-04-15

All-time low

CNY 1.18

All-time low date

2006-07-31

Average true range (ATR)

CNY 0.21

Average volume

199.6M

Beta (1Y)

0.37

Beta (2Y)

0.3

Beta (5Y)

0.47

Change from 52-week high

-27.5%

Change from 52-week low

20.4%

Change from all-time high

-72.69%

Change from all-time low

362.13%

Change from open

0.74%

Day's gap

Dollar volume

CNY 487.7M

High price

CNY 5.45

Low price

CNY 5.37

Monthly RSI

37.44

Open price

CNY 5.39

Position in 52-week range

75%

Previous close

CNY 5.39

Price vs 150-day SMA

-0.22%

Price vs 20-day SMA

-1.76%

Price vs 200-day SMA

-5.27%

Price vs 50-day SMA

1.91%

Relative volume

0.46

RSI

50.22

Sharpe ratio

-1.08

Sharpe ratio (3Y)

-0.79

Sharpe ratio (5Y)

-0.26

Sortino ratio

-1.43

Sortino ratio (3Y)

-1.03

Sortino ratio (5Y)

-0.24

Volume

89.8M

Weekly RSI

47.56

YTD price change

-10.98%

YTD total return

-10.32%

Metric	Value
Float	7B
Shares change (QoQ)	13.89%
Shares change (YoY)	-4.15%
Shares held by insiders	0.08%
Shares held by institutions	15.85%
Shares outstanding	11.9B

Metric

Value

Float

Shares change (QoQ)

13.89%

Shares change (YoY)

-4.15%

Shares held by insiders

0.08%

Shares held by institutions

15.85%

Shares outstanding

11.9B

SHA/600048 (SHA/600048)

Price

Financial snapshot

Fair-value bridge

Latest news · SHA/600048

Valuation

Profitability

Balance sheet

Trading

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All SHA/600048 indicators

Profile and market data

Valuation

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Financial statements

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Dividends and buybacks

Performance and technicals

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Frequently asked questions