# Changchun High & New Technology Industries Group (000661.SHE)

Canonical: https://gigainvestors.com/s/000661.SHE

Analysis as of: 2026-10-16T07:38:01.570Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

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

Share price: CNY 69.05 per share; close as of 2026-10-15.

Estimated value: low CNY 81.69 per share, central CNY 91.52 per share, high CNY 104.60 per share. Buy at or below the central value CNY 91.52 per share. Valuation as of 2026-10-16T07:38:01.570Z; scenarios are not confidence intervals.

Expected annual return: 12.8% at the stated quote. About 12.8% 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: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.28×

- FY2017: 0.28×

- FY2018: 0.34×

- FY2019: 0.39×

- FY2020: 0.46×

- FY2021: 0.44×

- FY2022: 0.39×

- FY2023: 0.38×

- FY2024: 0.24×

- FY2025: 0.07×

### moat: pass

- ROIC, median of available years: 39.6%

- ROIC, second-lowest year: 15.5%

- Typical minus recent gross margin: 2.9 pp

- Typical gross margin (annual median): 85.0%

- Recent gross margin (lower of latest and 3-year median): 82.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 13.6%

- ROIC including acquisitions, ten-year median: 26.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 48.8%

- FY2017: 44.2%

- FY2018: 49.1%

- FY2019: 50.8%

- FY2020: 39.5%

- FY2021: 39.6%

- FY2022: 31.2%

- FY2023: 31.8%

- FY2024: 15.5%

- FY2025: 2.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.60×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 9.1B

- Net income, five-year total: CNY 15B

- Return on incremental invested capital: 0.3%

- Working capital / revenue, annual change: 1.3 pp

- Working capital / revenue, change between three-year averages: 6.7 pp

- Working capital / revenue, final three-year average: 60.9%

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

- FY2021: 0.67×

- FY2022: 0.76×

- FY2023: 0.82×

- FY2024: 0.40×

- FY2025: -8.33×

### management: pass

- 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: 48.8% vs 15.5%

- Per-share earnings: 1.43 to 6.42 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.8%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: CNY -1.2B

- Cumulative retained earnings: CNY 15B

- Diluted shares, 10-year annual growth: 2.8%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.7%

- Per-share value change: CNY 4.99

- Per-share value, starting three-year median: CNY 1.43

- Per-share value, ending three-year median: CNY 6.42

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.8%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 3.6B

- Cumulative net income, 10 years: CNY 22B

- ROIC, first three-year median: 48.8%

- ROIC, last three-year median: 15.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.43

- FY2017: CNY 1.94

- FY2018: CNY 2.96

- FY2019: CNY 5.22

- FY2020: CNY 7.53

- FY2021: CNY 9.28

- FY2022: CNY 10.16

- FY2023: CNY 11.06

- FY2024: CNY 6.42

- FY2025: CNY 0.39

### accounting: pass

- Sloan accruals: -2.2%

- Receivables to sales index (DSRI): 0.52×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 5.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.17×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.8%

- FY2017: 3.8%

- FY2018: 1.3%

- FY2019: -1.3%

- FY2020: 11.4%

- FY2021: 1.9%

- FY2022: 5.0%

- FY2023: -1.9%

- FY2024: -1.7%

- FY2025: -2.2%

## Holders

## Price story

Down 76% since Nov 2021 · sales -10.3%

Story as of 2026-10-16T10:00:09.686Z; price observation 2026-10-15.

Price needs cash profits to shrink 3.2% a year for ten years

### Sales · FY2024–2025

sales -10.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 2.9B 

- FY2017: CNY 4.1B 

- FY2018: CNY 5.4B 

- FY2019: CNY 7.4B 

- FY2020: CNY 8.6B 

- FY2021: CNY 11B 

- FY2022: CNY 13B 

- FY2023: CNY 15B 

- FY2024: CNY 13B 

- FY2025: CNY 12B 

### Gross margin · FY2025

gross margin 82.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 79.3% 

- FY2017: 81.9% 

- FY2018: 85.0% 

- FY2019: 85.1% 

- FY2020: 86.6% 

- FY2021: 86.6% 

- FY2022: 87.5% 

- FY2023: 85.5% 

- FY2024: 84.6% 

- FY2025: 82.1% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are CNY 12.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2025: revenue 12083140489.05; grossProfit 9922009955.47; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000661.SHE: Changchun High-Tech Industry (Group) Co., Ltd., together with its subsidiaries, researches, develops, manufactures, and sells biopharmaceuticals and traditional Chinese medicines products in China. The company offers recombinant human growth hormone injection; recombinant human follicle stimulating hormone for injection; herpes zoster vaccines; live attenuated varicella vaccine; freeze-dried nasal spray live attenuated influenza; xueshuanxinmaining tablet; and yinhuamiyanling tablet. It also develops real estate properties. The company was founded in 1993 and is based in Changchun, China.

### Why customers stay

Margins ranged from 82.1% to 85.5% during 2023–25; it earns 39.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2023: grossProfit / revenue = 85.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2024: grossProfit / revenue = 84.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2025: grossProfit / revenue = 82.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); 10-year return on capital observations [[2016,0.4875801449006464],[2017,0.4421638792208233],[2018,0.4914927353338957],[2019,0.507858915678303],[2020,0.39498430655803535],[2021,0.3962378451215801],[2022,0.3120006807898154],[2023,0.31767540836158603],[2024,0.15520887068111877],[2025,0.027984947314049692]]; median 0.3956110758398077. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 506.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2016: growth capex 103399640; upkeep 81863306; owner earnings 484852475. Growth capex / owner earnings = 0.2132600024368237.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2017: growth capex 146497383; upkeep 84959217; owner earnings 661948776. Growth capex / owner earnings = 0.22131226510493615.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2018: growth capex 485189432.70289147; upkeep 200387081.29710853; owner earnings 909408552.7028915. Growth capex / owner earnings = 0.5335219591467878.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2019: growth capex 702198273; upkeep 142663305; owner earnings 1775009201. Growth capex / owner earnings = 0.3956026101748641.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2020: growth capex 408026036.036597; upkeep 689080426.963403; owner earnings 2531726046.0365973. Growth capex / owner earnings = 0.16116516108658732.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2021: growth capex 731701615.7947664; upkeep 1498122207.2052336; owner earnings 2525931655.3787665. Growth capex / owner earnings = 0.2896759357034333.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2022: growth capex 684290759.8086915; upkeep 1406958861.1913085; owner earnings 3127011746.530424. Growth capex / owner earnings = 0.21883216798528063.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2023: growth capex 760302638.346143; upkeep 1336497277.653857; owner earnings 3724976458.407228. Growth capex / owner earnings = 0.20410938078015203.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2024: growth capex 0; upkeep 2181156783; owner earnings 1033759977.4362416. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); Dividend observations: [[2016,104114495],[2017,157075275],[2018,137683778],[2019,118764079],[2020,216198630],[2021,323776232],[2022,321797671],[2023,404665890],[2024,1838685300],[2025,1083634829.69]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); FY2025: cash repurchases 506606156.16 CNY.

### Are managers owners

Insiders own 29.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000661.SHE SharesStats.PercentInsiders = 29.151 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 3.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.570Z); Ten-year compound average after fade. Initial solved rate -0.057501596384769246. Price 69.05; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.9715138889169577 → FY2025 -3.249414032951291. Closing-price date 2026-10-15.

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

- 2016-10: CNY 117.66 per share

- 2016-11: CNY 115.90 per share

- 2016-12: CNY 111.85 per share

- 2017-01: CNY 110.30 per share

- 2017-02: CNY 108.88 per share

- 2017-03: CNY 110.00 per share

- 2017-04: CNY 113.95 per share

- 2017-05: CNY 114.60 per share

- 2017-06: CNY 129.11 per share

- 2017-07: CNY 121.73 per share

- 2017-08: CNY 135.40 per share

- 2017-09: CNY 148.55 per share

- 2017-10: CNY 169.70 per share

- 2017-11: CNY 170.22 per share

- 2017-12: CNY 183.00 per share

- 2018-01: CNY 172.21 per share

- 2018-02: CNY 162.40 per share

- 2018-03: CNY 183.58 per share

- 2018-04: CNY 201.70 per share

- 2018-05: CNY 214.61 per share

- 2018-06: CNY 227.70 per share

- 2018-07: CNY 206.00 per share

- 2018-08: CNY 230.38 per share

- 2018-09: CNY 237.00 per share

- 2018-10: CNY 177.20 per share

- 2018-11: CNY 196.02 per share

- 2018-12: CNY 175.00 per share

- 2019-01: CNY 185.87 per share

- 2019-02: CNY 226.05 per share

- 2019-03: CNY 316.99 per share

- 2019-04: CNY 303.20 per share

- 2019-05: CNY 315.85 per share

- 2019-06: CNY 338.00 per share

- 2019-07: CNY 332.00 per share

- 2019-08: CNY 351.65 per share

- 2019-09: CNY 394.36 per share

- 2019-10: CNY 455.21 per share

- 2019-11: CNY 439.00 per share

- 2019-12: CNY 447.00 per share

- 2020-01: CNY 498.18 per share

- 2020-02: CNY 484.00 per share

- 2020-03: CNY 548.15 per share

- 2020-04: CNY 596.00 per share

- 2020-05: CNY 661.00 per share

- 2020-06: CNY 435.01 per share

- 2020-07: CNY 497.80 per share

- 2020-08: CNY 467.80 per share

- 2020-09: CNY 369.59 per share

- 2020-10: CNY 374.53 per share

- 2020-11: CNY 366.55 per share

- 2020-12: CNY 448.91 per share

- 2021-01: CNY 454.62 per share

- 2021-02: CNY 420.92 per share

- 2021-03: CNY 452.73 per share

- 2021-04: CNY 497.60 per share

- 2021-05: CNY 410.61 per share

- 2021-06: CNY 387.00 per share

- 2021-07: CNY 305.76 per share

- 2021-08: CNY 255.24 per share

- 2021-09: CNY 274.66 per share

- 2021-10: CNY 272.76 per share

- 2021-11: CNY 283.38 per share

- 2021-12: CNY 271.40 per share

- 2022-01: CNY 174.55 per share

- 2022-02: CNY 182.05 per share

- 2022-03: CNY 167.85 per share

- 2022-04: CNY 157.02 per share

- 2022-05: CNY 165.88 per share

- 2022-06: CNY 233.42 per share

- 2022-07: CNY 193.83 per share

- 2022-08: CNY 177.08 per share

- 2022-09: CNY 170.35 per share

- 2022-10: CNY 161.90 per share

- 2022-11: CNY 169.10 per share

- 2022-12: CNY 166.45 per share

- 2023-01: CNY 201.10 per share

- 2023-02: CNY 197.29 per share

- 2023-03: CNY 163.30 per share

- 2023-04: CNY 162.91 per share

- 2023-05: CNY 159.40 per share

- 2023-06: CNY 136.30 per share

- 2023-07: CNY 150.21 per share

- 2023-08: CNY 137.50 per share

- 2023-09: CNY 139.00 per share

- 2023-10: CNY 155.62 per share

- 2023-11: CNY 160.89 per share

- 2023-12: CNY 145.80 per share

- 2024-01: CNY 114.25 per share

- 2024-02: CNY 128.50 per share

- 2024-03: CNY 120.19 per share

- 2024-04: CNY 113.06 per share

- 2024-05: CNY 104.81 per share

- 2024-06: CNY 91.77 per share

- 2024-07: CNY 94.81 per share

- 2024-08: CNY 82.32 per share

- 2024-09: CNY 109.89 per share

- 2024-10: CNY 104.38 per share

- 2024-11: CNY 107.22 per share

- 2024-12: CNY 99.44 per share

- 2025-01: CNY 92.97 per share

- 2025-02: CNY 94.98 per share

- 2025-03: CNY 97.80 per share

- 2025-04: CNY 87.90 per share

- 2025-05: CNY 104.56 per share

- 2025-06: CNY 99.18 per share

- 2025-07: CNY 105.52 per share

- 2025-08: CNY 103.06 per share

- 2025-09: CNY 130.00 per share

- 2025-10: CNY 112.26 per share

- 2025-11: CNY 99.26 per share

- 2025-12: CNY 92.55 per share

- 2026-01: CNY 95.90 per share

- 2026-02: CNY 95.77 per share

- 2026-03: CNY 85.87 per share

- 2026-04: CNY 84.93 per share

- 2026-05: CNY 73.57 per share

- 2026-06: CNY 66.60 per share

- 2026-07: CNY 81.00 per share

- 2026-08: CNY 73.20 per share

- 2026-09: CNY 71.83 per share

- 2026-10: CNY 70.14 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 23.81 per share, central CNY 30.80 per share, high CNY 34.87 per share

- FY2017: low CNY 29.67 per share, central CNY 39.53 per share, high CNY 45.26 per share

- FY2018: low CNY 41.65 per share, central CNY 56.51 per share, high CNY 65.17 per share

- FY2019: low CNY 60.46 per share, central CNY 81.58 per share, high CNY 93.88 per share

- FY2020: low CNY 58.19 per share, central CNY 79.10 per share, high CNY 91.27 per share

- FY2021: low CNY 98.49 per share, central CNY 134.84 per share, high CNY 156.00 per share

- FY2022: low CNY 114.24 per share, central CNY 157.69 per share, high CNY 182.99 per share

- FY2023: low CNY 136.58 per share, central CNY 187.85 per share, high CNY 217.71 per share

- FY2024: low CNY 126.55 per share, central CNY 174.84 per share, high CNY 202.95 per share

- FY2025: low CNY 85.59 per share, central CNY 96.36 per share, high CNY 110.70 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.

## Reported holder observations