# Shenzhen Overseas Chinese Town (000069.SHE)

Canonical: https://gigainvestors.com/s/000069.SHE

Analysis as of: 2026-10-16T07:40:42.402Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 1.74 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 1.62×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.24×

- FY2017: 0.29×

- FY2018: 0.31×

- FY2019: 0.32×

- FY2020: 0.27×

- FY2021: 0.10×

- FY2022: -0.13×

- FY2023: -0.10×

- FY2024: -0.13×

- FY2025: -0.03×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 27.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 7.5%

- ROIC, second-lowest year: -4.8%

- Typical minus recent gross margin: 27.8 pp

- Typical gross margin (annual median): 37.1%

- Recent gross margin (lower of latest and 3-year median): 9.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 6.1%

- ROIC including acquisitions, ten-year median: 5.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.2%

- FY2017: 10.6%

- FY2018: 9.5%

- FY2019: 10.5%

- FY2020: 10.5%

- FY2021: 5.4%

- FY2022: -5.6%

- FY2023: -3.1%

- FY2024: -4.8%

- FY2025: -0.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -37B

- Net income, five-year total: CNY -37B

- Return on incremental invested capital: -7.5%

- Working capital / revenue, annual change: 6.9 pp

- Working capital / revenue, change between three-year averages: 50.2 pp

- Working capital / revenue, final three-year average: 315.2%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: CNY 3.2B

- FY2022: CNY -13B

- FY2023: CNY -6.8B

- FY2024: CNY -7.9B

- FY2025: CNY -12B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.6% vs -3.1%

- Per-share earnings: 0.84 to -1.10 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: CNY -37B

- Cumulative retained earnings: CNY -7.7B

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: CNY -1.94

- Per-share value, starting three-year median: CNY 0.84

- Per-share value, ending three-year median: CNY -1.10

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.4%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 8.3B

- Cumulative net income, 10 years: CNY 14B

- ROIC, first three-year median: 10.6%

- ROIC, last three-year median: -3.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.84

- FY2017: CNY 1.05

- FY2018: CNY 1.29

- FY2019: CNY 1.50

- FY2020: CNY 1.57

- FY2021: CNY 0.47

- FY2022: CNY -1.33

- FY2023: CNY -0.79

- FY2024: CNY -1.10

- FY2025: CNY -1.84

### accounting: pass

- Sloan accruals: -9.6%

- Receivables to sales index (DSRI): 0.06×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.29×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.7%

- FY2017: 7.3%

- FY2018: 7.0%

- FY2019: 4.6%

- FY2020: -1.9%

- FY2021: -3.2%

- FY2022: -2.6%

- FY2023: -2.7%

- FY2024: -4.3%

- FY2025: -9.6%

## Holders

## Price story

Down 77% since Jan 2022 · sales -42.3%

Story as of 2026-10-16T10:00:11.631Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -42.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 35B 

- FY2017: CNY 42B 

- FY2018: CNY 48B 

- FY2019: CNY 60B 

- FY2020: CNY 82B 

- FY2021: CNY 103B 

- FY2022: CNY 77B 

- FY2023: CNY 56B 

- FY2024: CNY 54B 

- FY2025: CNY 31B 

### Gross margin · FY2025

gross margin 9.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 53.2% 

- FY2017: 50.2% 

- FY2018: 60.3% 

- FY2019: 56.5% 

- FY2020: 49.3% 

- FY2021: 24.9% 

- FY2022: 7.8% 

- FY2023: 12.9% 

- FY2024: 9.2% 

- FY2025: 9.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in lodging; annual sales are CNY 31.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); FY2025: revenue 31381203946.95; grossProfit 2914770243.1; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000069.SHE: Shenzhen Overseas Chinese Town Co.,Ltd. engages in the investment and operation of theme parks, hotels, and real estate properties in China. The company offers theme parks, such as theme amusement, water park, theme culture, ecological pastoral, and skyscraper; cultural and commercial tourism complexes; natural and cultural scenic spots and others; and travel services. The company was formerly known as Shenzhen Overseas Chinese Town Holding Company and changed its name to Shenzhen Overseas Chinese Town Co.,Ltd. in July 2010. Shenzhen Overseas Chinese Town Co.,Ltd. was incorporated in 1997 and is based in Shenzhen, China.

### Why customers stay

Margins ranged from 9.2% to 12.9% during 2023–25; it earns 7.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); FY2023: grossProfit / revenue = 12.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); FY2024: grossProfit / revenue = 9.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); FY2025: grossProfit / revenue = 9.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); 10-year return on capital observations [[2016,0.11242748792148936],[2017,0.10600186427123533],[2018,0.09537071443357892],[2019,0.10477857190002274],[2020,0.10502724177408117],[2021,0.05372948203918006],[2022,-0.05618540839955435],[2023,-0.03135278930623154],[2024,-0.047539444349325284],[2025,-0.008242472497278884]]; median 0.07455009823637948. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); FY2016: growth capex 1307981000; upkeep 1822154000; owner earnings 6888418000. Growth capex / owner earnings = 0.18988118897546577.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); FY2017: growth capex 3183427000; upkeep 1994838000; owner earnings 8642839000. Growth capex / owner earnings = 0.3683311698852657.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); FY2018: growth capex 1288307000; upkeep 1849670000; owner earnings 10575071000. Growth capex / owner earnings = 0.12182490311412567.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); FY2019: growth capex 5023551613.085775; upkeep 2414210386.9142246; owner earnings 11847823613.085775. Growth capex / owner earnings = 0.42400627973034005.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); FY2020: growth capex 4326462000; upkeep 2112680000; owner earnings 12686266000. Growth capex / owner earnings = 0.34103510047794994.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); FY2021: growth capex 3489148000; upkeep 2421248000; owner earnings 3194614664.888. Growth capex / owner earnings = 1.0921968268502662.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); Dividend observations: [[2016,2204243000],[2017,3717981000],[2018,6091508000],[2019,8071669000],[2020,2460534000],[2021,3226099000],[2022,799134000],[2023,6384092000],[2024,5710241000],[2025,4756154177.48]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 57.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000069.SHE SharesStats.PercentInsiders = 57.718 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:42.402Z); Closing price 1.74 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 3.9832358037067706; price multiple 0.43683077923249447. FY2025 cash earnings/share -1.5774238842674697. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-10: CNY 6.92 per share

- 2016-11: CNY 7.45 per share

- 2016-12: CNY 6.95 per share

- 2017-01: CNY 6.95 per share

- 2017-02: CNY 7.50 per share

- 2017-03: CNY 7.30 per share

- 2017-04: CNY 8.15 per share

- 2017-05: CNY 8.82 per share

- 2017-06: CNY 10.06 per share

- 2017-07: CNY 9.20 per share

- 2017-08: CNY 8.70 per share

- 2017-09: CNY 8.17 per share

- 2017-10: CNY 8.76 per share

- 2017-11: CNY 8.89 per share

- 2017-12: CNY 8.49 per share

- 2018-01: CNY 10.35 per share

- 2018-02: CNY 8.51 per share

- 2018-03: CNY 8.24 per share

- 2018-04: CNY 7.74 per share

- 2018-05: CNY 7.88 per share

- 2018-06: CNY 7.23 per share

- 2018-07: CNY 6.76 per share

- 2018-08: CNY 6.28 per share

- 2018-09: CNY 6.30 per share

- 2018-10: CNY 5.77 per share

- 2018-11: CNY 6.01 per share

- 2018-12: CNY 6.35 per share

- 2019-01: CNY 6.40 per share

- 2019-02: CNY 6.92 per share

- 2019-03: CNY 7.70 per share

- 2019-04: CNY 7.82 per share

- 2019-05: CNY 6.82 per share

- 2019-06: CNY 6.95 per share

- 2019-07: CNY 7.21 per share

- 2019-08: CNY 6.81 per share

- 2019-09: CNY 7.03 per share

- 2019-10: CNY 7.04 per share

- 2019-11: CNY 6.89 per share

- 2019-12: CNY 7.79 per share

- 2020-01: CNY 7.08 per share

- 2020-02: CNY 6.53 per share

- 2020-03: CNY 6.37 per share

- 2020-04: CNY 6.53 per share

- 2020-05: CNY 5.86 per share

- 2020-06: CNY 6.06 per share

- 2020-07: CNY 7.16 per share

- 2020-08: CNY 7.18 per share

- 2020-09: CNY 6.76 per share

- 2020-10: CNY 6.56 per share

- 2020-11: CNY 7.28 per share

- 2020-12: CNY 7.09 per share

- 2021-01: CNY 6.58 per share

- 2021-02: CNY 8.08 per share

- 2021-03: CNY 10.19 per share

- 2021-04: CNY 9.31 per share

- 2021-05: CNY 8.34 per share

- 2021-06: CNY 7.44 per share

- 2021-07: CNY 6.45 per share

- 2021-08: CNY 6.74 per share

- 2021-09: CNY 7.49 per share

- 2021-10: CNY 6.26 per share

- 2021-11: CNY 5.93 per share

- 2021-12: CNY 7.04 per share

- 2022-01: CNY 7.71 per share

- 2022-02: CNY 6.90 per share

- 2022-03: CNY 7.36 per share

- 2022-04: CNY 6.05 per share

- 2022-05: CNY 5.73 per share

- 2022-06: CNY 6.49 per share

- 2022-07: CNY 5.59 per share

- 2022-08: CNY 5.35 per share

- 2022-09: CNY 4.81 per share

- 2022-10: CNY 4.20 per share

- 2022-11: CNY 5.85 per share

- 2022-12: CNY 5.33 per share

- 2023-01: CNY 5.37 per share

- 2023-02: CNY 5.31 per share

- 2023-03: CNY 4.83 per share

- 2023-04: CNY 5.01 per share

- 2023-05: CNY 4.75 per share

- 2023-06: CNY 4.40 per share

- 2023-07: CNY 4.91 per share

- 2023-08: CNY 4.35 per share

- 2023-09: CNY 4.23 per share

- 2023-10: CNY 3.62 per share

- 2023-11: CNY 3.45 per share

- 2023-12: CNY 3.11 per share

- 2024-01: CNY 2.95 per share

- 2024-02: CNY 3.07 per share

- 2024-03: CNY 2.69 per share

- 2024-04: CNY 2.64 per share

- 2024-05: CNY 2.59 per share

- 2024-06: CNY 2.04 per share

- 2024-07: CNY 2.06 per share

- 2024-08: CNY 1.92 per share

- 2024-09: CNY 2.92 per share

- 2024-10: CNY 2.96 per share

- 2024-11: CNY 3.05 per share

- 2024-12: CNY 2.67 per share

- 2025-01: CNY 2.44 per share

- 2025-02: CNY 2.47 per share

- 2025-03: CNY 2.42 per share

- 2025-04: CNY 2.36 per share

- 2025-05: CNY 2.37 per share

- 2025-06: CNY 2.25 per share

- 2025-07: CNY 2.29 per share

- 2025-08: CNY 2.25 per share

- 2025-09: CNY 2.65 per share

- 2025-10: CNY 2.38 per share

- 2025-11: CNY 2.66 per share

- 2025-12: CNY 2.48 per share

- 2026-01: CNY 2.74 per share

- 2026-02: CNY 2.61 per share

- 2026-03: CNY 2.17 per share

- 2026-04: CNY 2.26 per share

- 2026-05: CNY 1.94 per share

- 2026-06: CNY 1.64 per share

- 2026-07: CNY 1.76 per share

- 2026-08: CNY 1.81 per share

- 2026-09: CNY 1.97 per share

- 2026-10: CNY 1.83 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 11.16 per share, central CNY 15.11 per share, high CNY 17.40 per share

- FY2017: low CNY 14.44 per share, central CNY 19.14 per share, high CNY 21.88 per share

- FY2018: low CNY 18.69 per share, central CNY 25.33 per share, high CNY 29.20 per share

- FY2019: low CNY 24.07 per share, central CNY 32.49 per share, high CNY 37.39 per share

- FY2020: low CNY 34.42 per share, central CNY 46.06 per share, high CNY 52.83 per share

- FY2021: low CNY 38.87 per share, central CNY 47.16 per share, high CNY 53.70 per share

- FY2022: low CNY 19.20 per share, central CNY 21.38 per share, high CNY 24.29 per share

- FY2023: low CNY 5.74 per share, central CNY 6.06 per share, high CNY 6.48 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.