# Wuliangye Yibin (000858.SHE)

Canonical: https://gigainvestors.com/s/000858.SHE

Analysis as of: 2026-10-16T07:34:03.820Z. 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 71.30 per share; close as of 2026-10-15.

Estimated value: low CNY 77.96 per share, central CNY 84.60 per share, high CNY 93.45 per share. Buy at or below the central value CNY 84.60 per share. Valuation as of 2026-10-16T07:34:03.820Z; scenarios are not confidence intervals.

Expected annual return: 12.3% at the stated quote. About 12.3% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.38×

- FY2017: 0.44×

- FY2018: 0.47×

- FY2019: 0.48×

- FY2020: 0.49×

- FY2021: 0.49×

- FY2022: 0.50×

- FY2023: 0.50×

- FY2024: 0.50×

- FY2025: 0.23×

### moat: pass

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

- ROIC, median of available years: >100%

- ROIC, second-lowest year: 54.8%

- Typical minus recent gross margin: -2.2 pp

- Typical gross margin (annual median): 74.9%

- Recent gross margin (lower of latest and 3-year median): 77.1%

- Years with nonpositive capital: 1

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 54.8%

- FY2017: 75.3%

- FY2018: 94.5%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: 6.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 117B

- Net income, five-year total: CNY 121B

- Return on incremental invested capital: 27.7%

- Working capital / revenue, annual change: -4.6 pp

- Working capital / revenue, change between three-year averages: -34.7 pp

- Working capital / revenue, final three-year average: 27.8%

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

- FY2021: 1.00×

- FY2022: 0.99×

- FY2023: 0.96×

- FY2024: 0.96×

- FY2025: 0.91×

### 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: 75.3% vs 222.2%

- Per-share earnings: 1.79 to 7.78 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.2%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: CNY 280B

- Cumulative retained earnings: CNY 37B

- Diluted shares, 10-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.2%

- Per-share value change: CNY 6.00

- Per-share value, starting three-year median: CNY 1.79

- Per-share value, ending three-year median: CNY 7.78

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 2.3B

- Cumulative net income, 10 years: CNY 188B

- ROIC, first three-year median: 75.3%

- ROIC, last three-year median: >100%

- Average buyback yield: 0.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.79

- FY2017: CNY 2.55

- FY2018: CNY 3.45

- FY2019: CNY 4.48

- FY2020: CNY 5.14

- FY2021: CNY 6.02

- FY2022: CNY 6.88

- FY2023: CNY 7.78

- FY2024: CNY 8.21

- FY2025: CNY 2.31

### accounting: pass

- Sloan accruals: -10.9%

- Receivables to sales index (DSRI): 0.00×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 3.32×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.9%

- FY2017: -0.1%

- FY2018: 1.2%

- FY2019: -5.4%

- FY2020: 4.6%

- FY2021: -2.5%

- FY2022: 1.5%

- FY2023: -7.0%

- FY2024: -1.1%

- FY2025: -10.9%

## Holders

## Price story

Down 68% since Dec 2021 · sales -54.6%

Story as of 2026-10-16T09:59:58.932Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.9% a year for ten years

### Sales · FY2024–2025

sales -54.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 25B 

- FY2017: CNY 30B 

- FY2018: CNY 40B 

- FY2019: CNY 50B 

- FY2020: CNY 57B 

- FY2021: CNY 66B 

- FY2022: CNY 74B 

- FY2023: CNY 83B 

- FY2024: CNY 89B 

- FY2025: CNY 41B 

### Gross margin · FY2025

gross margin 77.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 70.2% 

- FY2017: 72.0% 

- FY2018: 73.8% 

- FY2019: 74.4% 

- FY2020: 74.1% 

- FY2021: 75.3% 

- FY2022: 75.4% 

- FY2023: 75.8% 

- FY2024: 77.1% 

- FY2025: 77.5% 

## Owner memo

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

### How it makes money

Operates in beverages wineries & distilleries; annual sales are CNY 40.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2025: revenue 40528509770.23; grossProfit 31426552816.64; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000858.SHE: Wuliangye Yibin Co.,Ltd. manufactures and sells liquor and wine products and related auxiliary products under the Wuliangye brand in China. The company's Wuliangye products include eighth-generation Wuliangye, 39 -degree Wuliangye, classic Wuliangye, 29 -degree Wuliangye, etc. It also offers other alcoholic beverage products, such as Wuliangchun, Wuliangchun, Wuliangtequ, Jianzhuang, etc. The company was founded in 1997 and is headquartered in Xuzhou, China.

### Why customers stay

Margins ranged from 75.8% to 77.5% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2023: grossProfit / revenue = 75.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2024: grossProfit / revenue = 77.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2025: grossProfit / revenue = 77.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); 10-year return on capital observations [[2016,0.54773160022692],[2017,0.7533886176470711],[2018,0.945333651680868],[2019,1.5984635993756975],[2020,1.1967366936980708],[2021,1.4388463527486108],[2022,1.2922970124520676],[2023,2.2220814461793137],[2024,5.291104368290562],[2025,0.060217477171667075]]; median 1.2445168530750692. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 75% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); Gross margin observations: [[2021,0.7534127255363615],[2022,0.7541663834135794],[2023,0.7578890805905785]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2016: growth capex 0; upkeep 307337776.3; owner earnings 7004247356.7. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2017: growth capex 0; upkeep 216058886.55; owner earnings 9946761992.45. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2018: growth capex 0; upkeep 381381461.74; owner earnings 13502883783.26. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2019: growth capex 1261012791; upkeep 437642334; owner earnings 17402164198. Growth capex / owner earnings = 0.07246298659478952.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2020: growth capex 530512013; upkeep 463248074; owner earnings 19954809597. Growth capex / owner earnings = 0.02658567151047921.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2021: growth capex 1074322893; upkeep 464806287; owner earnings 23306006568.814. Growth capex / owner earnings = 0.04609639535747674.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2022: growth capex 1039441589.7845148; upkeep 741093303.2154852; owner earnings 26450401474.038513. Growth capex / owner earnings = 0.03929776229690665.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2023: growth capex 1234344574.2909672; upkeep 1722892425.7090328; owner earnings 28979705184.554966. Growth capex / owner earnings = 0.04259341378492781.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2024: growth capex 803609340.9263813; upkeep 1862701659.0736187; owner earnings 30546015877.358383. Growth capex / owner earnings = 0.02630815567414278.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); FY2025: growth capex 0; upkeep 1967407316.36; owner earnings 8142622397.522. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); Dividend observations: [[2016,3036773376],[2017,3416370048],[2018,5046090406.5],[2019,6598733608],[2020,8539537611],[2021,10014548652],[2022,11734100955],[2023,14680241000],[2024,18127109000],[2025,26740646736.3]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 55.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000858.SHE SharesStats.PercentInsiders = 55.114 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.9% yearly over ten years; actual growth was 2.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:03.820Z); Ten-year compound average after fade. Initial solved rate -0.06696727648754. Price 71.3; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.6771920674192502 → FY2025 2.0977062554391717. Closing-price date 2026-10-15.

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

- 2016-10: CNY 34.98 per share

- 2016-11: CNY 35.93 per share

- 2016-12: CNY 34.48 per share

- 2017-01: CNY 37.00 per share

- 2017-02: CNY 39.56 per share

- 2017-03: CNY 43.00 per share

- 2017-04: CNY 45.50 per share

- 2017-05: CNY 47.88 per share

- 2017-06: CNY 55.66 per share

- 2017-07: CNY 55.76 per share

- 2017-08: CNY 55.49 per share

- 2017-09: CNY 57.28 per share

- 2017-10: CNY 66.62 per share

- 2017-11: CNY 65.60 per share

- 2017-12: CNY 79.88 per share

- 2018-01: CNY 84.38 per share

- 2018-02: CNY 74.28 per share

- 2018-03: CNY 66.36 per share

- 2018-04: CNY 67.98 per share

- 2018-05: CNY 78.98 per share

- 2018-06: CNY 76.00 per share

- 2018-07: CNY 72.15 per share

- 2018-08: CNY 61.90 per share

- 2018-09: CNY 67.95 per share

- 2018-10: CNY 48.15 per share

- 2018-11: CNY 52.39 per share

- 2018-12: CNY 50.88 per share

- 2019-01: CNY 60.30 per share

- 2019-02: CNY 71.50 per share

- 2019-03: CNY 95.00 per share

- 2019-04: CNY 102.27 per share

- 2019-05: CNY 101.25 per share

- 2019-06: CNY 117.95 per share

- 2019-07: CNY 120.71 per share

- 2019-08: CNY 141.50 per share

- 2019-09: CNY 129.80 per share

- 2019-10: CNY 132.08 per share

- 2019-11: CNY 127.55 per share

- 2019-12: CNY 133.01 per share

- 2020-01: CNY 126.16 per share

- 2020-02: CNY 120.60 per share

- 2020-03: CNY 115.58 per share

- 2020-04: CNY 135.79 per share

- 2020-05: CNY 148.20 per share

- 2020-06: CNY 171.25 per share

- 2020-07: CNY 217.53 per share

- 2020-08: CNY 240.00 per share

- 2020-09: CNY 220.77 per share

- 2020-10: CNY 244.02 per share

- 2020-11: CNY 254.00 per share

- 2020-12: CNY 291.85 per share

- 2021-01: CNY 291.14 per share

- 2021-02: CNY 280.00 per share

- 2021-03: CNY 267.98 per share

- 2021-04: CNY 285.00 per share

- 2021-05: CNY 315.12 per share

- 2021-06: CNY 297.89 per share

- 2021-07: CNY 220.75 per share

- 2021-08: CNY 201.69 per share

- 2021-09: CNY 219.39 per share

- 2021-10: CNY 216.51 per share

- 2021-11: CNY 218.00 per share

- 2021-12: CNY 222.66 per share

- 2022-01: CNY 198.38 per share

- 2022-02: CNY 190.00 per share

- 2022-03: CNY 155.06 per share

- 2022-04: CNY 162.13 per share

- 2022-05: CNY 171.40 per share

- 2022-06: CNY 201.93 per share

- 2022-07: CNY 178.40 per share

- 2022-08: CNY 167.19 per share

- 2022-09: CNY 169.23 per share

- 2022-10: CNY 133.50 per share

- 2022-11: CNY 156.86 per share

- 2022-12: CNY 180.69 per share

- 2023-01: CNY 209.00 per share

- 2023-02: CNY 204.42 per share

- 2023-03: CNY 197.00 per share

- 2023-04: CNY 169.00 per share

- 2023-05: CNY 161.18 per share

- 2023-06: CNY 163.57 per share

- 2023-07: CNY 181.00 per share

- 2023-08: CNY 155.91 per share

- 2023-09: CNY 156.10 per share

- 2023-10: CNY 156.00 per share

- 2023-11: CNY 149.15 per share

- 2023-12: CNY 140.31 per share

- 2024-01: CNY 126.30 per share

- 2024-02: CNY 142.25 per share

- 2024-03: CNY 153.51 per share

- 2024-04: CNY 150.43 per share

- 2024-05: CNY 146.70 per share

- 2024-06: CNY 128.04 per share

- 2024-07: CNY 126.86 per share

- 2024-08: CNY 123.03 per share

- 2024-09: CNY 162.51 per share

- 2024-10: CNY 146.83 per share

- 2024-11: CNY 146.77 per share

- 2024-12: CNY 140.04 per share

- 2025-01: CNY 127.20 per share

- 2025-02: CNY 131.58 per share

- 2025-03: CNY 131.35 per share

- 2025-04: CNY 128.70 per share

- 2025-05: CNY 126.44 per share

- 2025-06: CNY 118.90 per share

- 2025-07: CNY 121.15 per share

- 2025-08: CNY 129.53 per share

- 2025-09: CNY 121.48 per share

- 2025-10: CNY 118.99 per share

- 2025-11: CNY 117.85 per share

- 2025-12: CNY 105.94 per share

- 2026-01: CNY 105.00 per share

- 2026-02: CNY 104.05 per share

- 2026-03: CNY 103.27 per share

- 2026-04: CNY 97.08 per share

- 2026-05: CNY 84.89 per share

- 2026-06: CNY 74.00 per share

- 2026-07: CNY 78.00 per share

- 2026-08: CNY 71.27 per share

- 2026-09: CNY 70.06 per share

- 2026-10: CNY 70.46 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 29.78 per share, central CNY 32.64 per share, high CNY 36.45 per share

- FY2017: low CNY 42.30 per share, central CNY 55.91 per share, high CNY 63.84 per share

- FY2018: low CNY 53.59 per share, central CNY 71.24 per share, high CNY 81.52 per share

- FY2019: low CNY 73.83 per share, central CNY 98.61 per share, high CNY 113.03 per share

- FY2020: low CNY 85.03 per share, central CNY 114.06 per share, high CNY 130.96 per share

- FY2021: low CNY 106.90 per share, central CNY 146.37 per share, high CNY 168.38 per share

- FY2022: low CNY 115.97 per share, central CNY 153.15 per share, high CNY 175.67 per share

- FY2023: low CNY 137.76 per share, central CNY 187.51 per share, high CNY 215.26 per share

- FY2024: low CNY 148.49 per share, central CNY 201.77 per share, high CNY 231.49 per share

- FY2025: low CNY 73.94 per share, central CNY 79.74 per share, high CNY 87.45 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 2026-10-15T06:39:50.201Z 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.

Wuliangye Yibin

000858 · SHE

CSI 300

A wonderful business at a fair price

Passes the quality tests.

Share price: CNY 71.30
Buy up to: CNY 84.60
Expected / yr: 12.3% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 17.9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 48.5%
Worst year: 23.4%
Latest · 2025: 23.4%

Capital return excluding acquisitions: median >100% (minimum 15%), and the second-worst year 54.8% (minimum 10%).

ROIC excluding acquisitions

10y median: >100%
Worst year: 6.0%
Latest · 2025: 6.0%

Each $1 of profit left $0.97 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.97×
Annual median: 0.96×
Latest · 2025: 0.91×

Per-share value rose from 1.79 to 7.78, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CNY 4.81
Worst year: CNY 1.79
Latest · 2025: CNY 2.31

Profits were backed by cash: accruals were -10.9% of assets (limit 10%).

Sloan accruals

10y median: -1.8%
Worst year: 4.6%
Latest · 2025: -10.9%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 44.8%, three-year average owner earnings per share 5.81 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 34.98 · Value 32.64 · Buy at or below 32.64; 2016-11 · Price CNY 35.93 · Value 32.64 · Buy at or below 32.64; 2016-12 · Price CNY 34.48 · Value 32.64 · Buy at or below 32.64; 2017-01 · Price CNY 37.00 · Value 32.64 · Buy at or below 32.64; 2017-02 · Price CNY 39.56 · Value 55.91 · Buy at or below 55.91; 2017-03 · Price CNY 43.00 · Value 55.91 · Buy at or below 55.91; 2017-04 · Price CNY 45.50 · Value 55.91 · Buy at or below 55.91; 2017-05 · Price CNY 47.88 · Value 55.91 · Buy at or below 55.91; 2017-06 · Price CNY 55.66 · Value 55.91 · Buy at or below 55.91; 2017-07 · Price CNY 55.76 · Value 55.91 · Buy at or below 55.91; 2017-08 · Price CNY 55.49 · Value 55.91 · Buy at or below 55.91; 2017-09 · Price CNY 57.28 · Value 55.91 · Buy at or below 55.91; 2017-10 · Price CNY 66.62 · Value 55.91 · Buy at or below 55.91; 2017-11 · Price CNY 65.60 · Value 55.91 · Buy at or below 55.91; 2017-12 · Price CNY 79.88 · Value 55.91 · Buy at or below 55.91; 2018-01 · Price CNY 84.38 · Value 55.91 · Buy at or below 55.91; 2018-02 · Price CNY 74.28 · Value 71.24 · Buy at or below 71.24; 2018-03 · Price CNY 66.36 · Value 71.24 · Buy at or below 71.24; 2018-04 · Price CNY 67.98 · Value 71.24 · Buy at or below 71.24; 2018-05 · Price CNY 78.98 · Value 71.24 · Buy at or below 71.24; 2018-06 · Price CNY 76.00 · Value 71.24 · Buy at or below 71.24; 2018-07 · Price CNY 72.15 · Value 71.24 · Buy at or below 71.24; 2018-08 · Price CNY 61.90 · Value 71.24 · Buy at or below 71.24; 2018-09 · Price CNY 67.95 · Value 71.24 · Buy at or below 71.24; 2018-10 · Price CNY 48.15 · Value 71.24 · Buy at or below 71.24; 2018-11 · Price CNY 52.39 · Value 71.24 · Buy at or below 71.24; 2018-12 · Price CNY 50.88 · Value 71.24 · Buy at or below 71.24; 2019-01 · Price CNY 60.30 · Value 71.24 · Buy at or below 71.24; 2019-02 · Price CNY 71.50 · Value 98.61 · Buy at or below 98.61; 2019-03 · Price CNY 95.00 · Value 98.61 · Buy at or below 98.61; 2019-04 · Price CNY 102.27 · Value 98.61 · Buy at or below 98.61; 2019-05 · Price CNY 101.25 · Value 98.61 · Buy at or below 98.61; 2019-06 · Price CNY 117.95 · Value 98.61 · Buy at or below 98.61; 2019-07 · Price CNY 120.71 · Value 98.61 · Buy at or below 98.61; 2019-08 · Price CNY 141.50 · Value 98.61 · Buy at or below 98.61; 2019-09 · Price CNY 129.80 · Value 98.61 · Buy at or below 98.61; 2019-10 · Price CNY 132.08 · Value 98.61 · Buy at or below 98.61; 2019-11 · Price CNY 127.55 · Value 98.61 · Buy at or below 98.61; 2019-12 · Price CNY 133.01 · Value 98.61 · Buy at or below 98.61; 2020-01 · Price CNY 126.16 · Value 98.61 · Buy at or below 98.61; 2020-02 · Price CNY 120.60 · Value 114.06 · Buy at or below 114.06; 2020-03 · Price CNY 115.58 · Value 114.06 · Buy at or below 114.06; 2020-04 · Price CNY 135.79 · Value 114.06 · Buy at or below 114.06; 2020-05 · Price CNY 148.20 · Value 114.06 · Buy at or below 114.06; 2020-06 · Price CNY 171.25 · Value 114.06 · Buy at or below 114.06; 2020-07 · Price CNY 217.53 · Value 114.06 · Buy at or below 114.06; 2020-08 · Price CNY 240.00 · Value 114.06 · Buy at or below 114.06; 2020-09 · Price CNY 220.77 · Value 114.06 · Buy at or below 114.06; 2020-10 · Price CNY 244.02 · Value 114.06 · Buy at or below 114.06; 2020-11 · Price CNY 254.00 · Value 114.06 · Buy at or below 114.06; 2020-12 · Price CNY 291.85 · Value 114.06 · Buy at or below 114.06; 2021-01 · Price CNY 291.14 · Value 114.06 · Buy at or below 114.06; 2021-02 · Price CNY 280.00 · Value 146.37 · Buy at or below 146.37; 2021-03 · Price CNY 267.98 · Value 146.37 · Buy at or below 146.37; 2021-04 · Price CNY 285.00 · Value 146.37 · Buy at or below 146.37; 2021-05 · Price CNY 315.12 · Value 146.37 · Buy at or below 146.37; 2021-06 · Price CNY 297.89 · Value 146.37 · Buy at or below 146.37; 2021-07 · Price CNY 220.75 · Value 146.37 · Buy at or below 146.37; 2021-08 · Price CNY 201.69 · Value 146.37 · Buy at or below 146.37; 2021-09 · Price CNY 219.39 · Value 146.37 · Buy at or below 146.37; 2021-10 · Price CNY 216.51 · Value 146.37 · Buy at or below 146.37; 2021-11 · Price CNY 218.00 · Value 146.37 · Buy at or below 146.37; 2021-12 · Price CNY 222.66 · Value 146.37 · Buy at or below 146.37; 2022-01 · Price CNY 198.38 · Value 146.37 · Buy at or below 146.37; 2022-02 · Price CNY 190.00 · Value 153.15 · Buy at or below 153.15; 2022-03 · Price CNY 155.06 · Value 153.15 · Buy at or below 153.15; 2022-04 · Price CNY 162.13 · Value 153.15 · Buy at or below 153.15; 2022-05 · Price CNY 171.40 · Value 153.15 · Buy at or below 153.15; 2022-06 · Price CNY 201.93 · Value 153.15 · Buy at or below 153.15; 2022-07 · Price CNY 178.40 · Value 153.15 · Buy at or below 153.15; 2022-08 · Price CNY 167.19 · Value 153.15 · Buy at or below 153.15; 2022-09 · Price CNY 169.23 · Value 153.15 · Buy at or below 153.15; 2022-10 · Price CNY 133.50 · Value 153.15 · Buy at or below 153.15; 2022-11 · Price CNY 156.86 · Value 153.15 · Buy at or below 153.15; 2022-12 · Price CNY 180.69 · Value 153.15 · Buy at or below 153.15; 2023-01 · Price CNY 209.00 · Value 153.15 · Buy at or below 153.15; 2023-02 · Price CNY 204.42 · Value 187.51 · Buy at or below 187.51; 2023-03 · Price CNY 197.00 · Value 187.51 · Buy at or below 187.51; 2023-04 · Price CNY 169.00 · Value 187.51 · Buy at or below 187.51; 2023-05 · Price CNY 161.18 · Value 187.51 · Buy at or below 187.51; 2023-06 · Price CNY 163.57 · Value 187.51 · Buy at or below 187.51; 2023-07 · Price CNY 181.00 · Value 187.51 · Buy at or below 187.51; 2023-08 · Price CNY 155.91 · Value 187.51 · Buy at or below 187.51; 2023-09 · Price CNY 156.10 · Value 187.51 · Buy at or below 187.51; 2023-10 · Price CNY 156.00 · Value 187.51 · Buy at or below 187.51; 2023-11 · Price CNY 149.15 · Value 187.51 · Buy at or below 187.51; 2023-12 · Price CNY 140.31 · Value 187.51 · Buy at or below 187.51; 2024-01 · Price CNY 126.30 · Value 187.51 · Buy at or below 187.51; 2024-02 · Price CNY 142.25 · Value 201.77 · Buy at or below 201.77; 2024-03 · Price CNY 153.51 · Value 201.77 · Buy at or below 201.77; 2024-04 · Price CNY 150.43 · Value 201.77 · Buy at or below 201.77; 2024-05 · Price CNY 146.70 · Value 201.77 · Buy at or below 201.77; 2024-06 · Price CNY 128.04 · Value 201.77 · Buy at or below 201.77; 2024-07 · Price CNY 126.86 · Value 201.77 · Buy at or below 201.77; 2024-08 · Price CNY 123.03 · Value 201.77 · Buy at or below 201.77; 2024-09 · Price CNY 162.51 · Value 201.77 · Buy at or below 201.77; 2024-10 · Price CNY 146.83 · Value 201.77 · Buy at or below 201.77; 2024-11 · Price CNY 146.77 · Value 201.77 · Buy at or below 201.77; 2024-12 · Price CNY 140.04 · Value 201.77 · Buy at or below 201.77; 2025-01 · Price CNY 127.20 · Value 201.77 · Buy at or below 201.77; 2025-02 · Price CNY 131.58 · Value 79.74 · Buy at or below 79.74; 2025-03 · Price CNY 131.35 · Value 79.74 · Buy at or below 79.74; 2025-04 · Price CNY 128.70 · Value 79.74 · Buy at or below 79.74; 2025-05 · Price CNY 126.44 · Value 79.74 · Buy at or below 79.74; 2025-06 · Price CNY 118.90 · Value 79.74 · Buy at or below 79.74; 2025-07 · Price CNY 121.15 · Value 79.74 · Buy at or below 79.74; 2025-08 · Price CNY 129.53 · Value 79.74 · Buy at or below 79.74; 2025-09 · Price CNY 121.48 · Value 79.74 · Buy at or below 79.74; 2025-10 · Price CNY 118.99 · Value 79.74 · Buy at or below 79.74; 2025-11 · Price CNY 117.85 · Value 79.74 · Buy at or below 79.74; 2025-12 · Price CNY 105.94 · Value 79.74 · Buy at or below 79.74; 2026-01 · Price CNY 105.00 · Value 79.74 · Buy at or below 79.74; 2026-02 · Price CNY 104.05 · Value 84.60 · Buy at or below 84.60; 2026-03 · Price CNY 103.27 · Value 84.60 · Buy at or below 84.60; 2026-04 · Price CNY 97.08 · Value 84.60 · Buy at or below 84.60; 2026-05 · Price CNY 84.89 · Value 84.60 · Buy at or below 84.60; 2026-06 · Price CNY 74.00 · Value 84.60 · Buy at or below 84.60; 2026-07 · Price CNY 78.00 · Value 84.60 · Buy at or below 84.60; 2026-08 · Price CNY 71.27 · Value 84.60 · Buy at or below 84.60; 2026-09 · Price CNY 70.06 · Value 84.60 · Buy at or below 84.60; 2026-10 · Price CNY 70.46 · Value 84.60 · Buy at or below 84.60; 2026-10 · Price CNY 71.30 · Value 84.60 · Buy at or below 84.60

CNY per share · annual estimates

Price & return math
Value range	CNY 77.96 – CNY 93.45
Buy at or below	Central value CNY 84.60
Discount to value	1 − 71.30 / 84.60 = 15.7%
Return / year	About 12.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CNY 4.17/share; 0.0% growth fades over 10 years to 3.0%; excess cash CNY 30.44/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCNY 41B

Revenue

Owner earningsCNY 8.1B

Owner earnings

Operating margin23.4%

Operating margin

Net cash / debtCNY 127B

Net cash / debt

Diluted shares3.9B

Diluted shares

Prices 15 Oct 2026 · FY2025