Zhongsheng Group Holdings Limited ZSHGY

Consumer DiscretionarySpecialty RetailersChina

Last close 2.74 USD on Nov 2, 2026, −80.6% year to date

Quant rating

Quant rating D Rank 247 of 297 in Consumer Discretionary

Growth D 240 of 297
Valuation A 34 of 297
Quality D 251 of 297
Revisions C 165 of 297
Momentum D 283 of 297

Wall Street consensus Buy (2.44)Average target 0.89 USD −67.7%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	23,509	23,033	25,260	26,077	27,566	–
Revenue growth	2.1%	−8.8%	−3.1%	−5.4%	21.2%	0.7%
EPS (basic, normalized)	−0.10	0.19	0.29	0.40	0.55	–
EPS growth	–	−35.4%	−27.6%	−27.3%	–	–
Gross margin	5.4%	6.3%	7.7%	8.9%	10.5%	7.8%
Net margin	−1.0%	1.9%	2.8%	3.7%	4.8%	2.4%
ROE	−3.7%	6.9%	11.2%	15.9%	25.0%	11.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	23,509	+2.1%	0.1x	329	−69.5%	8.8x	−0.10	−155.3%	−26.7x
2026	21,542	−8.4%	0.1x	716	+117.2%	4.0x	0.07	+168.2%	39.1x
2027	22,073	+2.5%	0.1x	874	+22.1%	3.3x	0.12	+66.0%	23.5x
2028	22,752	+3.1%	0.1x	877	+0.4%	3.3x	0.12	+0.4%	23.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	21,542	0.0%	−12.1%	−13.9%	0.07	0.0%	−43.3%	−47.9%
2027	22,073	−1.7%	−10.7%	−13.5%	0.12	0.0%	−32.5%	−40.6%
2028	22,752	0.0%	−12.2%	−13.2%	0.12	0.0%	−44.0%	−47.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Specialty Retailers

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ZSHGY Zhongsheng Group Holdings Limited	655M	–	−1.0%	0.10x	39.1x	23.5x	4.0x	3.3x
GRGD Groupe Dynamite Inc.	812M	1.10x	19.2%	55.75x	17.4x	14.9x	2.5x	2.2x
HLFDY Halfords Group PLC	758M	–	1.8%	1.10x	26.3x	25.8x	4.0x	4.0x
NGVC Natural Grocers by Vitamin Cottage Inc	677M	–	3.5%	2.83x	14.0x	11.9x	6.9x	6.3x
BHOOY Boohoo Group PLC	559M	–	−11.8%	−14.69x	434.7x	236.4x	9.8x	8.9x
CWH Camping World Holdings Inc	553M	11.49x	−1.4%	2.25x	33.4x	9.1x	15.3x	11.8x
Mean		6.30x	1.7%	7.89x	94.2x	53.6x	7.1x	6.1x
Median		6.30x	0.4%	1.68x	29.9x	19.2x	5.5x	5.1x

Technical analysis

1M−8.4%
3M−53.9%
1Y−83.1%
3Y−86.9%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Zhongsheng Group Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	23,509	23,033	25,260	26,077	27,566	22,735
Cost of revenue	22,246	21,571	23,321	23,752	24,659	20,669
Gross profit	1,264	1,462	1,939	2,324	2,908	2,066
Selling, general & administrative expenses	1,449	1,340	1,431	1,491	1,534	1,221
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−70.5	−46.1	−68.4	−33.6	−32.5	−17.1
Unusual expense (income)	13.9	6.1	5.2	−18.3	−1.2	−2.0
Other operating expenses	−54.3	−615	−603	−590	−579	−506
Operating income	−74.7	777	1,175	1,474	1,986	1,370
Net interest income (expense)	−220	−215	−213	−177	−175	−193
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	−294	562	962	1,298	1,811	1,177
Provision for taxes	−22.7	141	259	336	487	322
Minority interest	32.4	19.4	3.8	7.7	−12.3	−6.3
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−239	440	707	970	1,311	849
Extraordinary items	–	–	–	–	–	–
Net income	−239	440	707	970	1,311	849
EBIT, normalized	196	751	1,112	1,422	1,953	1,348
EBITDA, normalized	581	1,130	1,408	1,818	2,311	1,630
Basic EPS, normalized	−0.10	0.19	0.29	0.40	0.55	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Zhongsheng Group Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	2,941	3,169	2,783	1,992	1,911	1,528
Receivables	1,812	1,939	1,742	1,204	1,223	1,216
Total inventory	2,565	2,531	2,306	2,209	1,762	1,393
Prepaid expenses	745	545	486	538	852	690
Other current assets	704	800	799	847	604	361
Total current assets	8,766	8,984	8,115	6,790	6,352	5,188
Property, plant & equipment	3,279	3,095	3,259	3,228	3,502	2,879
Goodwill	1,013	1,133	1,178	1,207	1,306	762
Intangibles	1,133	1,266	1,357	1,444	1,627	1,015
Long-term investments	31.4	17.7	19.3	8.9	8.8	7.6
Note receivable	–	–	–	–	–	–
Other long-term assets	611	597	621	636	660	647
Total assets	14,832	15,093	14,549	13,314	13,456	10,498
Liabilities
Accounts payable	2,364	1,727	1,556	1,190	860	763
Payable/accrued	–	–	–	–	–	–
Accrued expenses	3.3	9.7	12.5	16.3	21.0	13.2
Short-term debt	2,074	1,911	2,000	1,772	1,861	1,696
Current portion of long-term debt	309	968	322	427	597	949
Other current liabilities	849	867	834	784	1,129	943
Total current liabilities	5,600	5,483	4,724	4,189	4,468	4,364
Long-term debt	2,573	2,713	2,856	2,244	2,065	1,690
Minority interest	−20.4	12.1	35.1	43.9	72.8	64.2
Other liabilities	435	470	482	493	515	325
Total liabilities	8,587	8,678	8,097	6,969	7,121	6,443
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0	0	0	0	0	0
Additional paid-in capital	233	424	680	1,117	1,541	741
Retained earnings (accumulated deficit)	6,210	6,179	5,905	5,354	4,781	3,341
Treasury stock	−27.7	−26.5	0	−7.5	–	–
Other equity	−170	−161	−133	−118	13.9	−25.9
Total equity	6,245	6,416	6,452	6,345	6,336	4,056
Total liabilities & shareholders' equity	14,832	15,093	14,549	13,314	13,456	10,498

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Zhongsheng Group Holdings Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−294	562	962	1,298	1,811	1,177
Depreciation, depletion & amortization	384	378	296	395	358	283
Deferred taxes	–	–	–	–	–	–
Non-cash items	523	198	176	145	158	187
Changes in working capital	732	−668	−529	−564	−616	−218
Cash from operations	1,345	471	905	1,274	1,712	1,429
Investing activities
Capital expenditures	−420	−290	−405	−459	−713	−497
Other investing cash flows	127	374	335	−62.7	−769	1.4
Cash from investing	−293	84.9	−70.0	−522	−1,482	−496
Financing activities
Financing cash flow items	−359	−230	−465	−366	−43.4	−169
Cash dividends paid	−210	−238	−335	−251	−175	−143
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−947	330	518	−39.8	423	−296
Cash from financing	−1,515	−137	−282	−656	205	−607
Foreign exchange effects	−3.6	2.3	0.7	10.3	−2.6	−2.7
Net change in cash	−467	421	554	106	431	323
Free cash flow	925	182	500	814	999	932

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.