# Anhui Gujing Distillery (000596.SHE)

Canonical: https://gigainvestors.com/s/000596.SHE

Analysis as of: 2026-10-16T07:36:49.603Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CNY 83.86 per share; close as of 2026-10-15.

Estimated value: low CNY 81.45 per share, central CNY 89.24 per share, high CNY 99.62 per share. Buy at or below the central value CNY 89.24 per share. Valuation as of 2026-10-16T07:36:49.603Z; scenarios are not confidence intervals.

Expected annual return: 10.7% at the stated quote. About 10.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.23×

- FY2018: 0.27×

- FY2019: 0.27×

- FY2020: 0.24×

- FY2021: 0.23×

- FY2022: 0.27×

- FY2023: 0.31×

- FY2024: 0.33×

- FY2025: 0.26×

### moat: pass

- ROIC, median of available years: 64.9%

- ROIC, second-lowest year: 25.0%

- Typical minus recent gross margin: -2.7 pp

- Typical gross margin (annual median): 76.5%

- Recent gross margin (lower of latest and 3-year median): 79.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.9%

- ROIC including acquisitions, ten-year median: 49.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.0%

- FY2017: 25.0%

- FY2018: 61.5%

- FY2019: 69.7%

- FY2020: 50.9%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: 68.2%

- FY2025: 31.4%

### economics: pass

- Owner earnings / net income, 5-yr: 0.82×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 16B

- Net income, five-year total: CNY 19B

- Return on incremental invested capital: 18.9%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.8 pp

- Working capital / revenue, final three-year average: 32.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.83×

- FY2023: 0.76×

- FY2024: 0.83×

- FY2025: 0.74×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 25.0% vs 68.2%

- Per-share earnings: 1.64 to 8.68 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 1.0%

- Market cap gain: CNY 47B

- Cumulative retained earnings: CNY 15B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 1.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 23.1%

- Per-share value change: CNY 7.04

- Per-share value, starting three-year median: CNY 1.64

- Per-share value, ending three-year median: CNY 8.68

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.4B

- Cumulative net income, 10 years: CNY 27B

- ROIC, first three-year median: 25.0%

- ROIC, last three-year median: 68.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.64

- FY2017: CNY 2.29

- FY2018: CNY 3.40

- FY2019: CNY 4.18

- FY2020: CNY 3.68

- FY2021: CNY 4.33

- FY2022: CNY 5.95

- FY2023: CNY 8.68

- FY2024: CNY 10.44

- FY2025: CNY 6.71

### accounting: pass

- Sloan accruals: 4.2%

- Receivables to sales index (DSRI): 0.02×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.55×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.0%

- FY2017: 2.1%

- FY2018: 2.0%

- FY2019: 13.7%

- FY2020: -11.6%

- FY2021: -11.6%

- FY2022: 0.1%

- FY2023: 0.3%

- FY2024: 1.9%

- FY2025: 4.2%

## Holders

## Price story

Down 72% since Mar 2023 · sales -20.1%

Story as of 2026-10-16T10:00:08.172Z; price observation 2026-10-15.

Price needs cash profits to grow 0.4% a year for ten years

### Sales · FY2024–2025

sales -20.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 6.0B 

- FY2017: CNY 7.0B 

- FY2018: CNY 8.7B 

- FY2019: CNY 10B 

- FY2020: CNY 10B 

- FY2021: CNY 13B 

- FY2022: CNY 17B 

- FY2023: CNY 20B 

- FY2024: CNY 24B 

- FY2025: CNY 19B 

### Gross margin · FY2025

gross margin 79.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 74.0% 

- FY2017: 75.2% 

- FY2018: 76.7% 

- FY2019: 76.3% 

- FY2020: 74.6% 

- FY2021: 74.5% 

- FY2022: 76.8% 

- FY2023: 78.7% 

- FY2024: 79.6% 

- FY2025: 79.3% 

## Owner memo

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

### How it makes money

Operates in beverages wineries & distilleries; annual sales are CNY 18.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2025: revenue 18831982591.24; grossProfit 14925482801.07; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000596.SHE: Anhui Gujing Distillery Co., Ltd., together with its subsidiaries, engages in the production and sale of distilled wine in the People's Republic of China and internationally. The company primarily offers baijiu; and engages in machinery production, advertising, research and development, sewage processing, e-commerce, food testing, and construction activities. It is also involved in the manufacture and sale of glass products; provision of hotel management services; leasing of houses; and wholesale of construction materials, feeds, assistant materials, etc. The company was founded in 1996 and is based in Bozhou, the People's Republic of China. Anhui Gujing Distillery Co., Ltd. operates as a subsidiary of Anhui Gujing Group Co., Ltd.

### Why customers stay

Margins ranged from 78.7% to 79.6% during 2023–25; it earns 64.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2023: grossProfit / revenue = 78.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2024: grossProfit / revenue = 79.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2025: grossProfit / revenue = 79.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); 10-year return on capital observations [[2016,0.17966539393497444],[2017,0.24953866679348685],[2018,0.6154790683283081],[2019,0.6974330314097145],[2020,0.508826294142868],[2021,1.432991785585998],[2022,1.26968799991535],[2023,1.0531009923409782],[2024,0.6821037828102934],[2025,0.31402940073888896]]; median 0.6487914255693008. 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 2026-10-16T07:36:49.603Z); FY2016: growth capex 0; upkeep 172716601; owner earnings 850219029. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2017: growth capex 0; upkeep 200093340; owner earnings 1155005998. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2018: growth capex 93032373; upkeep 214286741; owner earnings 1695231647. Growth capex / owner earnings = 0.05487885573905877.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2019: growth capex 176788764.60000002; upkeep 235540366; owner earnings 2097527743. Growth capex / owner earnings = 0.08428435103659081.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2020: growth capex 0; upkeep 561616750; owner earnings 1541477673. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2021: growth capex 311185145; upkeep 266969026; owner earnings 2292272968.364. Growth capex / owner earnings = 0.13575396529763797.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2022: growth capex 792066344.9347838; upkeep 788154913.0652162; owner earnings 2620276188.748784. Growth capex / owner earnings = 0.3022835334442381.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2023: growth capex 928220200.5390544; upkeep 1452817743.4609456; owner earnings 3468310536.983054. Growth capex / owner earnings = 0.2676289192220015.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2024: growth capex 1004737546.0367985; upkeep 1422665600.7632017; owner earnings 4580393240.576798. Growth capex / owner earnings = 0.21935617604532884.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); FY2025: growth capex 0; upkeep 1663125672.79; owner earnings 2624932139.044. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); Dividend observations: [[2016,50360000],[2017,302160000],[2018,503600000],[2019,755400000],[2020,755400000],[2021,755400000],[2022,1169370066],[2023,1587482163],[2024,2392838604],[2025,3180359075.67]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 66.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000596.SHE SharesStats.PercentInsiders = 66.423 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.4% yearly over ten years; actual growth was 13.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:49.603Z); Ten-year compound average after fade. Initial solved rate -0.021199636964000033. Price 83.86; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.4348560939815032 → FY2025 4.9627376849222005. Closing-price date 2026-10-15.

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

- 2016-10: CNY 48.32 per share

- 2016-11: CNY 46.70 per share

- 2016-12: CNY 45.50 per share

- 2017-01: CNY 44.93 per share

- 2017-02: CNY 51.24 per share

- 2017-03: CNY 50.90 per share

- 2017-04: CNY 49.53 per share

- 2017-05: CNY 47.40 per share

- 2017-06: CNY 50.95 per share

- 2017-07: CNY 53.80 per share

- 2017-08: CNY 51.80 per share

- 2017-09: CNY 61.88 per share

- 2017-10: CNY 72.98 per share

- 2017-11: CNY 60.85 per share

- 2017-12: CNY 65.67 per share

- 2018-01: CNY 69.57 per share

- 2018-02: CNY 59.88 per share

- 2018-03: CNY 58.68 per share

- 2018-04: CNY 63.99 per share

- 2018-05: CNY 88.49 per share

- 2018-06: CNY 88.78 per share

- 2018-07: CNY 93.67 per share

- 2018-08: CNY 78.47 per share

- 2018-09: CNY 83.23 per share

- 2018-10: CNY 55.20 per share

- 2018-11: CNY 56.97 per share

- 2018-12: CNY 53.96 per share

- 2019-01: CNY 64.19 per share

- 2019-02: CNY 77.80 per share

- 2019-03: CNY 107.50 per share

- 2019-04: CNY 115.80 per share

- 2019-05: CNY 106.77 per share

- 2019-06: CNY 118.51 per share

- 2019-07: CNY 119.09 per share

- 2019-08: CNY 125.00 per share

- 2019-09: CNY 115.00 per share

- 2019-10: CNY 110.40 per share

- 2019-11: CNY 108.16 per share

- 2019-12: CNY 135.92 per share

- 2020-01: CNY 143.20 per share

- 2020-02: CNY 122.30 per share

- 2020-03: CNY 114.23 per share

- 2020-04: CNY 134.97 per share

- 2020-05: CNY 149.01 per share

- 2020-06: CNY 150.09 per share

- 2020-07: CNY 213.15 per share

- 2020-08: CNY 260.69 per share

- 2020-09: CNY 216.50 per share

- 2020-10: CNY 210.20 per share

- 2020-11: CNY 211.20 per share

- 2020-12: CNY 272.00 per share

- 2021-01: CNY 244.00 per share

- 2021-02: CNY 234.28 per share

- 2021-03: CNY 210.17 per share

- 2021-04: CNY 227.33 per share

- 2021-05: CNY 244.90 per share

- 2021-06: CNY 239.50 per share

- 2021-07: CNY 185.89 per share

- 2021-08: CNY 212.00 per share

- 2021-09: CNY 238.52 per share

- 2021-10: CNY 227.65 per share

- 2021-11: CNY 253.67 per share

- 2021-12: CNY 244.00 per share

- 2022-01: CNY 209.50 per share

- 2022-02: CNY 221.00 per share

- 2022-03: CNY 171.36 per share

- 2022-04: CNY 195.51 per share

- 2022-05: CNY 227.99 per share

- 2022-06: CNY 249.66 per share

- 2022-07: CNY 213.34 per share

- 2022-08: CNY 255.15 per share

- 2022-09: CNY 271.95 per share

- 2022-10: CNY 197.06 per share

- 2022-11: CNY 238.31 per share

- 2022-12: CNY 266.90 per share

- 2023-01: CNY 278.00 per share

- 2023-02: CNY 273.82 per share

- 2023-03: CNY 296.00 per share

- 2023-04: CNY 273.74 per share

- 2023-05: CNY 251.92 per share

- 2023-06: CNY 247.38 per share

- 2023-07: CNY 272.11 per share

- 2023-08: CNY 288.05 per share

- 2023-09: CNY 271.80 per share

- 2023-10: CNY 279.02 per share

- 2023-11: CNY 258.56 per share

- 2023-12: CNY 232.80 per share

- 2024-01: CNY 199.12 per share

- 2024-02: CNY 219.13 per share

- 2024-03: CNY 260.00 per share

- 2024-04: CNY 271.24 per share

- 2024-05: CNY 250.70 per share

- 2024-06: CNY 211.07 per share

- 2024-07: CNY 188.21 per share

- 2024-08: CNY 172.02 per share

- 2024-09: CNY 203.02 per share

- 2024-10: CNY 188.41 per share

- 2024-11: CNY 189.63 per share

- 2024-12: CNY 173.30 per share

- 2025-01: CNY 166.08 per share

- 2025-02: CNY 167.85 per share

- 2025-03: CNY 170.25 per share

- 2025-04: CNY 164.39 per share

- 2025-05: CNY 150.55 per share

- 2025-06: CNY 133.15 per share

- 2025-07: CNY 137.79 per share

- 2025-08: CNY 171.30 per share

- 2025-09: CNY 160.58 per share

- 2025-10: CNY 161.00 per share

- 2025-11: CNY 166.30 per share

- 2025-12: CNY 132.60 per share

- 2026-01: CNY 132.12 per share

- 2026-02: CNY 121.21 per share

- 2026-03: CNY 102.85 per share

- 2026-04: CNY 107.23 per share

- 2026-05: CNY 93.03 per share

- 2026-06: CNY 79.80 per share

- 2026-07: CNY 94.95 per share

- 2026-08: CNY 91.71 per share

- 2026-09: CNY 93.55 per share

- 2026-10: CNY 87.88 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 17.04 per share, central CNY 23.99 per share, high CNY 28.03 per share

- FY2017: low CNY 30.19 per share, central CNY 42.80 per share, high CNY 49.84 per share

- FY2018: low CNY 44.71 per share, central CNY 61.09 per share, high CNY 70.22 per share

- FY2019: low CNY 58.56 per share, central CNY 78.60 per share, high CNY 90.27 per share

- FY2020: low CNY 57.93 per share, central CNY 77.68 per share, high CNY 89.17 per share

- FY2021: low CNY 85.61 per share, central CNY 110.75 per share, high CNY 125.38 per share

- FY2022: low CNY 103.11 per share, central CNY 134.95 per share, high CNY 153.49 per share

- FY2023: low CNY 126.05 per share, central CNY 169.75 per share, high CNY 194.12 per share

- FY2024: low CNY 140.24 per share, central CNY 191.13 per share, high CNY 219.52 per share

- FY2025: low CNY 114.64 per share, central CNY 155.26 per share, high CNY 177.91 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

Prior published observations retained from 2026-10-15T06:42:29.226Z where newer inputs omit a numeric field or fiscal period.

## 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.