# Faw Car (000800.SHE)

Canonical: https://gigainvestors.com/s/000800.SHE

Analysis as of: 2026-10-16T07:38:01.005Z. 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 5.70 per share; close as of 2026-10-15.

Estimated value: low CNY 8.50 per share, central CNY 8.88 per share, high CNY 9.37 per share. Buy at or below the central value CNY 8.88 per share. Valuation as of 2026-10-16T07:38:01.005Z; scenarios are not confidence intervals.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 3.16×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.05×

- FY2017: 0.02×

- FY2018: 0.02×

- FY2019: 0.02×

- FY2020: 0.03×

- FY2021: 0.04×

- FY2022: 0.00×

- FY2023: 0.01×

- FY2024: 0.00×

- FY2025: -0.02×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 5.4%

- ROIC, second-lowest year: -5.5%

- Typical minus recent gross margin: 2.4 pp

- Typical gross margin (annual median): 8.8%

- Recent gross margin (lower of latest and 3-year median): 6.4%

- Years with nonpositive capital: 1

- Capital spending / revenue: 2.2%

- ROIC including acquisitions, ten-year median: 12.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -10.0%

- FY2017: 4.9%

- FY2018: 6.0%

- FY2019: 45.3%

- FY2020: 43.7%

- FY2021: 14.7%

- FY2022: 2.0%

- FY2023: 27.1%

- FY2024: 3.9%

- FY2025: -5.5%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 5.6B

- Net income, five-year total: CNY 6.4B

- Return on incremental invested capital: -45.4%

- Working capital / revenue, annual change: -2.0 pp

- Working capital / revenue, change between three-year averages: -14.1 pp

- Working capital / revenue, final three-year average: -4.1%

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

- FY2021: 0.75×

- FY2022: -2.10×

- FY2023: 0.99×

- FY2024: 1.58×

- FY2025: 2.30×

### management: fail

- 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: 4.9% vs 3.9%

- Per-share earnings: 0.03 to 0.15 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 11.7%

- Ordinary dilution, 5-year annual growth: 1.3%

- Market cap gain: CNY 16B

- Cumulative retained earnings: CNY 4.0B

- Diluted shares, 10-year annual growth: 11.7%

- Diluted shares, 5-year annual growth: 1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.8%

- Per-share value change: CNY 0.11

- Per-share value, starting three-year median: CNY 0.03

- Per-share value, ending three-year median: CNY 0.15

- Average buyback yield: 0.6%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 3.3B

- Cumulative net income, 10 years: CNY 11B

- ROIC, first three-year median: 4.9%

- ROIC, last three-year median: 3.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY -0.59

- FY2017: CNY 0.17

- FY2018: CNY 0.12

- FY2019: CNY 1.22

- FY2020: CNY 0.58

- FY2021: CNY 0.85

- FY2022: CNY 0.08

- FY2023: CNY 0.18

- FY2024: CNY 0.13

- FY2025: CNY 0.15

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 0.78×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.00×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -8.0%

- FY2017: -10.8%

- FY2018: 0.6%

- FY2019: -17.7%

- FY2020: 5.4%

- FY2021: -16.2%

- FY2022: 9.7%

- FY2023: -4.8%

- FY2024: 8.9%

- FY2025: -3.0%

## Holders

## Price story

Down 45% since Oct 2021 · sales +6.9%

Story as of 2026-10-16T10:00:09.664Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +6.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 23B 

- FY2017: CNY 28B 

- FY2018: CNY 26B 

- FY2019: CNY 106B 

- FY2020: CNY 114B 

- FY2021: CNY 99B 

- FY2022: CNY 38B 

- FY2023: CNY 64B 

- FY2024: CNY 59B 

- FY2025: CNY 63B 

### Gross margin · FY2025

gross margin 6.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 18.2% 

- FY2017: 21.2% 

- FY2018: 20.1% 

- FY2019: 13.2% 

- FY2020: 8.3% 

- FY2021: 9.4% 

- FY2022: 6.4% 

- FY2023: 7.0% 

- FY2024: 5.3% 

- FY2025: 6.4% 

## Owner memo

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

### How it makes money

Operates in farm & heavy construction machinery; annual sales are CNY 62.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2025: revenue 62614063698; grossProfit 4037320146; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000800.SHE: FAW Jiefang Group Co.,Ltd, together with its subsidiaries, manufactures and sells light, medium, and heavy trucks and buses in China. The company provides engines, auto parts, and accessories; and technical services. It also engages in technology research and development activities. The company was formerly known as Faw Car Co., Ltd. and changed its name to FAW Jiefang Group Co.,Ltd in May 2020. The company was founded in 1953 and is headquartered in Changchun, China. FAW Jiefang Group Co.,Ltd operates as a subsidiary of China FAW Group Co., Ltd.

### Why customers stay

Margins ranged from 5.3% to 7% during 2023–25; it earns 5.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2023: grossProfit / revenue = 7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2024: grossProfit / revenue = 5.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2025: grossProfit / revenue = 6.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); 10-year return on capital observations [[2016,-0.10005307952922382],[2017,0.04861631396891802],[2018,0.059557491085843905],[2019,0.45312646153759006],[2020,0.4366970737421854],[2021,0.14709696571399994],[2022,0.020178352796697527],[2023,0.2712558060119844],[2024,0.03902119294306864],[2025,-0.05512852933103563]]; median 0.054086902527380964. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2017: growth capex 0; upkeep 375720818; owner earnings 1000106676. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2018: growth capex 0; upkeep 501083552; owner earnings 705026329. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2019: growth capex 0; upkeep 839236677; owner earnings 3596810323. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2020: growth capex 218470000; upkeep 1687668000; owner earnings 2671714000. Growth capex / owner earnings = 0.08177147703683853.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2021: growth capex 0; upkeep 2491852081; owner earnings 2920679475.39. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2023: growth capex 412110105; upkeep 1839956709; owner earnings 799997892.174. Growth capex / owner earnings = 0.515138988529192.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2024: growth capex 0; upkeep 1513680646; owner earnings 985906530.872. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); FY2025: growth capex 0; upkeep 1041543625; owner earnings 1668795497.102. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); Dividend observations: [[2016,167012216.4],[2017,43609958],[2018,33565290],[2019,968825000],[2020,2325326934],[2021,2325326934],[2022,3025174498],[2023,0],[2024,693696364],[2025,246064048]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 80.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000800.SHE SharesStats.PercentInsiders = 80.545 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.4 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:01.005Z); Closing price 5.7 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 12.723123044183009; price multiple 0.44800321274940674. FY2025 cash earnings/share 0.33909778716191985. Closing-price date 2026-10-15.

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

- 2016-10: CNY 11.37 per share

- 2016-11: CNY 11.88 per share

- 2016-12: CNY 10.87 per share

- 2017-01: CNY 10.95 per share

- 2017-02: CNY 11.67 per share

- 2017-03: CNY 11.76 per share

- 2017-04: CNY 10.80 per share

- 2017-05: CNY 9.63 per share

- 2017-06: CNY 10.17 per share

- 2017-07: CNY 9.84 per share

- 2017-08: CNY 10.20 per share

- 2017-09: CNY 13.76 per share

- 2017-10: CNY 12.05 per share

- 2017-11: CNY 10.60 per share

- 2017-12: CNY 10.76 per share

- 2018-01: CNY 12.26 per share

- 2018-02: CNY 10.58 per share

- 2018-03: CNY 10.20 per share

- 2018-04: CNY 9.34 per share

- 2018-05: CNY 8.89 per share

- 2018-06: CNY 7.48 per share

- 2018-07: CNY 7.49 per share

- 2018-08: CNY 6.80 per share

- 2018-09: CNY 6.59 per share

- 2018-10: CNY 6.51 per share

- 2018-11: CNY 7.27 per share

- 2018-12: CNY 6.62 per share

- 2019-01: CNY 6.70 per share

- 2019-02: CNY 8.40 per share

- 2019-03: CNY 8.44 per share

- 2019-04: CNY 10.72 per share

- 2019-05: CNY 9.32 per share

- 2019-06: CNY 9.84 per share

- 2019-07: CNY 9.03 per share

- 2019-08: CNY 9.11 per share

- 2019-09: CNY 8.30 per share

- 2019-10: CNY 8.27 per share

- 2019-11: CNY 10.51 per share

- 2019-12: CNY 9.97 per share

- 2020-01: CNY 9.67 per share

- 2020-02: CNY 9.00 per share

- 2020-03: CNY 8.72 per share

- 2020-04: CNY 9.97 per share

- 2020-05: CNY 10.09 per share

- 2020-06: CNY 10.74 per share

- 2020-07: CNY 13.50 per share

- 2020-08: CNY 14.14 per share

- 2020-09: CNY 12.09 per share

- 2020-10: CNY 12.39 per share

- 2020-11: CNY 12.83 per share

- 2020-12: CNY 11.68 per share

- 2021-01: CNY 10.88 per share

- 2021-02: CNY 11.17 per share

- 2021-03: CNY 10.92 per share

- 2021-04: CNY 11.06 per share

- 2021-05: CNY 11.01 per share

- 2021-06: CNY 10.82 per share

- 2021-07: CNY 11.02 per share

- 2021-08: CNY 11.18 per share

- 2021-09: CNY 10.75 per share

- 2021-10: CNY 10.41 per share

- 2021-11: CNY 10.34 per share

- 2021-12: CNY 10.29 per share

- 2022-01: CNY 9.38 per share

- 2022-02: CNY 9.29 per share

- 2022-03: CNY 8.64 per share

- 2022-04: CNY 8.11 per share

- 2022-05: CNY 8.96 per share

- 2022-06: CNY 9.34 per share

- 2022-07: CNY 8.71 per share

- 2022-08: CNY 8.16 per share

- 2022-09: CNY 7.18 per share

- 2022-10: CNY 6.96 per share

- 2022-11: CNY 8.09 per share

- 2022-12: CNY 7.73 per share

- 2023-01: CNY 8.23 per share

- 2023-02: CNY 8.53 per share

- 2023-03: CNY 8.30 per share

- 2023-04: CNY 8.14 per share

- 2023-05: CNY 8.10 per share

- 2023-06: CNY 8.37 per share

- 2023-07: CNY 9.27 per share

- 2023-08: CNY 8.58 per share

- 2023-09: CNY 8.68 per share

- 2023-10: CNY 9.22 per share

- 2023-11: CNY 9.89 per share

- 2023-12: CNY 8.50 per share

- 2024-01: CNY 7.85 per share

- 2024-02: CNY 8.76 per share

- 2024-03: CNY 9.11 per share

- 2024-04: CNY 8.98 per share

- 2024-05: CNY 8.42 per share

- 2024-06: CNY 7.83 per share

- 2024-07: CNY 8.47 per share

- 2024-08: CNY 7.73 per share

- 2024-09: CNY 9.27 per share

- 2024-10: CNY 8.61 per share

- 2024-11: CNY 8.45 per share

- 2024-12: CNY 8.20 per share

- 2025-01: CNY 7.86 per share

- 2025-02: CNY 7.97 per share

- 2025-03: CNY 8.09 per share

- 2025-04: CNY 7.20 per share

- 2025-05: CNY 7.19 per share

- 2025-06: CNY 6.86 per share

- 2025-07: CNY 6.96 per share

- 2025-08: CNY 7.15 per share

- 2025-09: CNY 7.01 per share

- 2025-10: CNY 7.18 per share

- 2025-11: CNY 7.17 per share

- 2025-12: CNY 6.78 per share

- 2026-01: CNY 6.92 per share

- 2026-02: CNY 6.93 per share

- 2026-03: CNY 6.64 per share

- 2026-04: CNY 6.73 per share

- 2026-05: CNY 6.08 per share

- 2026-06: CNY 5.95 per share

- 2026-07: CNY 6.50 per share

- 2026-08: CNY 6.11 per share

- 2026-09: CNY 5.88 per share

- 2026-10: CNY 5.83 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.14 per share, central CNY 2.38 per share, high CNY 2.71 per share

- FY2017: low CNY 3.88 per share, central CNY 4.36 per share, high CNY 4.99 per share

- FY2018: low CNY 3.14 per share, central CNY 3.58 per share, high CNY 4.15 per share

- FY2019: low CNY 33.40 per share, central CNY 36.12 per share, high CNY 39.75 per share

- FY2020: low CNY 11.00 per share, central CNY 12.03 per share, high CNY 13.40 per share

- FY2021: low CNY 13.17 per share, central CNY 14.13 per share, high CNY 15.40 per share

- FY2022: low CNY 6.91 per share, central CNY 7.25 per share, high CNY 7.72 per share

- FY2023: low CNY 8.44 per share, central CNY 8.93 per share, high CNY 9.59 per share

- FY2024: low CNY 6.02 per share, central CNY 6.32 per share, high CNY 6.73 per share

- FY2025: low CNY 6.62 per share, central CNY 6.95 per share, high CNY 7.37 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.