# Xinjiang Tianshan Cement (000877.SHE)

Canonical: https://gigainvestors.com/s/000877.SHE

Analysis as of: 2026-10-16T07:38:24.830Z. 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 3.54 per share; close as of 2026-10-15.

## 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: 2

- Operating margin variation: 0.94×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.00×

- FY2017: 0.06×

- FY2018: 0.21×

- FY2019: 0.25×

- FY2020: 0.15×

- FY2021: 0.12×

- FY2022: 0.05×

- FY2023: 0.02×

- FY2024: 0.00×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 6.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.6%

- ROIC, second-lowest year: 0.0%

- Typical minus recent gross margin: 6.4 pp

- Typical gross margin (annual median): 23.2%

- Recent gross margin (lower of latest and 3-year median): 16.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.4%

- ROIC including acquisitions, ten-year median: 8.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -0.1%

- FY2017: 2.8%

- FY2018: 11.8%

- FY2019: 17.0%

- FY2020: 16.2%

- FY2021: 14.0%

- FY2022: 4.4%

- FY2023: 1.2%

- FY2024: 0.0%

- FY2025: 1.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.72×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 8.1B

- Net income, five-year total: CNY 11B

- Return on incremental invested capital: 424.1%

- Working capital / revenue, annual change: -0.3 pp

- Working capital / revenue, change between three-year averages: -2.5 pp

- Working capital / revenue, final three-year average: 6.9%

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

- FY2021: 0.87×

- FY2022: -0.20×

- FY2023: 0.47×

- FY2024: 0.65×

- FY2025: 0.34×

### 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: 2.8% vs 1.2%

- Per-share earnings: 0.11 to -0.07 (three-year endpoint medians)

- per-share value declined or ends nonpositive

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

- 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: 23.2%

- Ordinary dilution, 5-year annual growth: 46.6%

- Market cap gain: CNY 32B

- Cumulative retained earnings: CNY 23B

- Diluted shares, 10-year annual growth: 23.2%

- Diluted shares, 5-year annual growth: 46.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: CNY -0.19

- Per-share value, starting three-year median: CNY 0.11

- Per-share value, ending three-year median: CNY -0.07

- Buybacks concentrated in cheaper years (correlation): -1.00

- Average buyback yield: 7.2%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 55B

- Cumulative net income, 10 years: CNY 27B

- ROIC, first three-year median: 2.8%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.11

- FY2017: CNY 0.30

- FY2018: CNY 1.18

- FY2019: CNY 1.56

- FY2020: CNY 12.38

- FY2021: CNY 1.49

- FY2022: CNY 0.53

- FY2023: CNY 0.23

- FY2024: CNY -0.07

- FY2025: CNY -1.03

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 0.84×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.52×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.6%

- FY2017: -4.9%

- FY2018: -2.8%

- FY2019: -6.8%

- FY2020: -10.1%

- FY2021: -5.6%

- FY2022: -3.7%

- FY2023: -5.1%

- FY2024: -4.5%

- FY2025: -7.1%

## Holders

## Price story

Down 77% since Dec 2021 · sales -14.4%

Story as of 2026-10-16T10:00:09.927Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -14.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 5.0B 

- FY2017: CNY 7.1B 

- FY2018: CNY 7.9B 

- FY2019: CNY 9.7B 

- FY2020: CNY 162B 

- FY2021: CNY 170B 

- FY2022: CNY 133B 

- FY2023: CNY 107B 

- FY2024: CNY 87B 

- FY2025: CNY 74B 

### Gross margin · FY2025

gross margin 17.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 21.4% 

- FY2017: 28.9% 

- FY2018: 36.1% 

- FY2019: 36.6% 

- FY2020: 28.3% 

- FY2021: 24.9% 

- FY2022: 16.1% 

- FY2023: 16.2% 

- FY2024: 16.7% 

- FY2025: 17.9% 

## Owner memo

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

### How it makes money

Operates in building materials; annual sales are CNY 74.5 billion.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2025-12-31 (filed 2026-10-16T07:38:24.830Z); FY2025: revenue 74495749096.86; grossProfit 13369763939.62; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000877.SHE: Tianshan Material Co., Ltd. engages in the production and sale of cement, clinker, ready-mixed concrete, and aggregates in China and internationally. It offers ordinary cement, including silicate cement and common silicate cement; and special cements, such as sulfoaluminate cement, oil well cement, hydraulic cement, high-temperature heavy oil cement, sulfate-resistant silicate cement, ultrafine silicate cement, road silicate cement, silicate cement for nuclear power engineering, marine cement, fast-setting and fast-hardening sulfoaluminate cement, and medium-heat and low-heat silicate cement. The company also provides ordinary mortars consisting of leveling and plastering mortars, as well as tile adhesive specialty mortars; conventional commercial concrete and high-strength concrete; air entrained concrete, radiation proof concrete, permeable concrete, plain concrete, lightweight aggregate concrete, ultra-high strength and high-performance concrete, soil and low heat concrete, self-compacting concrete, marine concrete, colored concrete, cement concrete products; and wet-mix mortar, mirror-finish concrete, and underwater non-dispersible concrete. Its products are used in agriculture, water conservancy, transportation, and other fields. The company was incorporated in 1998 and is based in Shanghai, China. The company was formerly known as Xinjiangtianshan Cement Co.,Ltd and changed its name to Tianshan Material Co., Ltd. in April 2024. Tianshan Material Co., Ltd. operates as a subsidiary of China National Building Material Company Limited.

### Why customers stay

Margins ranged from 16.2% to 17.9% during 2023–25; it earns 3.6% on its capital.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2023-12-31 (filed 2026-10-16T07:38:24.830Z); FY2023: grossProfit / revenue = 16.2%.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2024-12-31 (filed 2026-10-16T07:38:24.830Z); FY2024: grossProfit / revenue = 16.7%.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2025-12-31 (filed 2026-10-16T07:38:24.830Z); FY2025: grossProfit / revenue = 17.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:24.830Z); 10-year return on capital observations [[2016,-0.00113868762665047],[2017,0.02784594120212608],[2018,0.1180358020870564],[2019,0.1702917317194338],[2020,0.16248420879625733],[2021,0.14036176907287956],[2022,0.04372273335960208],[2023,0.012419091312486316],[2024,0.0001072614657696885],[2025,0.016748947871269005]]; median 0.03578433728086408. 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 5 billion of shares.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2016-12-31 (filed 2026-10-16T07:38:24.830Z); FY2016: growth capex 0; upkeep 45236255; owner earnings 1040871268. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2017-12-31 (filed 2026-10-16T07:38:24.830Z); FY2017: growth capex 0; upkeep 47530915; owner earnings 1180832072. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2018-12-31 (filed 2026-10-16T07:38:24.830Z); FY2018: growth capex 0; upkeep 40571480; owner earnings 2094668523. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2019-12-31 (filed 2026-10-16T07:38:24.830Z); FY2019: growth capex 0; upkeep 174207407; owner earnings 2292231013. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2020-12-31 (filed 2026-10-16T07:38:24.830Z); FY2020: growth capex 0; upkeep 126460966; owner earnings 21682686034. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2021-12-31 (filed 2026-10-16T07:38:24.830Z); FY2021: growth capex 9548552651.26108; upkeep 10475188348.73892; owner earnings 10916711169.37508. Growth capex / owner earnings = 0.874673013063483.

- Source: https://eodhd.com/api/fundamentals/000877.SHE.json#2023-12-31 (filed 2026-10-16T07:38:24.830Z); FY2023: growth capex 0; upkeep 10572708000; owner earnings 930148233.1259328. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:24.830Z); Dividend observations: [[2016,474683087],[2017,418521602],[2018,348654656],[2019,582834500],[2020,11572762702],[2021,16108563000],[2022,15355152000],[2023,5582354000],[2024,4079741000],[2025,2734714877.05]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:24.830Z); FY2025: cash repurchases 4985704164.583333 CNY.

### Are managers owners

Insiders own 85.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000877.SHE SharesStats.PercentInsiders = 85.13199999999999 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:24.830Z); Closing price 3.54 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 10.47721672253502; price multiple 0.3378759926179591. FY2025 cash earnings/share -0.3459864164365733. Closing-price date 2026-10-15.

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

- 2016-10: CNY 6.84 per share

- 2016-11: CNY 7.06 per share

- 2016-12: CNY 7.05 per share

- 2017-01: CNY 7.45 per share

- 2017-02: CNY 13.70 per share

- 2017-03: CNY 15.18 per share

- 2017-04: CNY 13.79 per share

- 2017-05: CNY 11.15 per share

- 2017-06: CNY 12.67 per share

- 2017-07: CNY 13.39 per share

- 2017-08: CNY 12.93 per share

- 2017-09: CNY 11.92 per share

- 2017-10: CNY 11.99 per share

- 2017-11: CNY 11.07 per share

- 2017-12: CNY 10.40 per share

- 2018-01: CNY 10.79 per share

- 2018-02: CNY 10.74 per share

- 2018-03: CNY 10.64 per share

- 2018-04: CNY 8.91 per share

- 2018-05: CNY 7.86 per share

- 2018-06: CNY 6.75 per share

- 2018-07: CNY 8.25 per share

- 2018-08: CNY 8.28 per share

- 2018-09: CNY 7.92 per share

- 2018-10: CNY 7.45 per share

- 2018-11: CNY 7.62 per share

- 2018-12: CNY 7.11 per share

- 2019-01: CNY 7.94 per share

- 2019-02: CNY 9.09 per share

- 2019-03: CNY 11.80 per share

- 2019-04: CNY 11.04 per share

- 2019-05: CNY 10.41 per share

- 2019-06: CNY 11.62 per share

- 2019-07: CNY 10.32 per share

- 2019-08: CNY 10.48 per share

- 2019-09: CNY 10.94 per share

- 2019-10: CNY 10.12 per share

- 2019-11: CNY 10.51 per share

- 2019-12: CNY 11.85 per share

- 2020-01: CNY 10.71 per share

- 2020-02: CNY 11.32 per share

- 2020-03: CNY 11.39 per share

- 2020-04: CNY 12.05 per share

- 2020-05: CNY 12.40 per share

- 2020-06: CNY 15.06 per share

- 2020-07: CNY 18.01 per share

- 2020-08: CNY 22.61 per share

- 2020-09: CNY 17.46 per share

- 2020-10: CNY 14.87 per share

- 2020-11: CNY 16.49 per share

- 2020-12: CNY 15.10 per share

- 2021-01: CNY 14.62 per share

- 2021-02: CNY 15.89 per share

- 2021-03: CNY 17.13 per share

- 2021-04: CNY 14.63 per share

- 2021-05: CNY 15.21 per share

- 2021-06: CNY 13.03 per share

- 2021-07: CNY 12.22 per share

- 2021-08: CNY 14.75 per share

- 2021-09: CNY 14.07 per share

- 2021-10: CNY 13.68 per share

- 2021-11: CNY 13.28 per share

- 2021-12: CNY 15.31 per share

- 2022-01: CNY 13.70 per share

- 2022-02: CNY 14.52 per share

- 2022-03: CNY 13.18 per share

- 2022-04: CNY 12.18 per share

- 2022-05: CNY 12.20 per share

- 2022-06: CNY 12.30 per share

- 2022-07: CNY 11.41 per share

- 2022-08: CNY 9.70 per share

- 2022-09: CNY 8.89 per share

- 2022-10: CNY 7.70 per share

- 2022-11: CNY 9.09 per share

- 2022-12: CNY 8.52 per share

- 2023-01: CNY 9.07 per share

- 2023-02: CNY 9.75 per share

- 2023-03: CNY 8.86 per share

- 2023-04: CNY 8.38 per share

- 2023-05: CNY 8.52 per share

- 2023-06: CNY 8.14 per share

- 2023-07: CNY 8.83 per share

- 2023-08: CNY 7.71 per share

- 2023-09: CNY 7.78 per share

- 2023-10: CNY 7.13 per share

- 2023-11: CNY 6.94 per share

- 2023-12: CNY 6.68 per share

- 2024-01: CNY 6.62 per share

- 2024-02: CNY 6.88 per share

- 2024-03: CNY 6.83 per share

- 2024-04: CNY 6.44 per share

- 2024-05: CNY 5.93 per share

- 2024-06: CNY 5.40 per share

- 2024-07: CNY 5.43 per share

- 2024-08: CNY 4.73 per share

- 2024-09: CNY 5.70 per share

- 2024-10: CNY 6.14 per share

- 2024-11: CNY 6.57 per share

- 2024-12: CNY 5.66 per share

- 2025-01: CNY 5.32 per share

- 2025-02: CNY 5.52 per share

- 2025-03: CNY 5.55 per share

- 2025-04: CNY 4.89 per share

- 2025-05: CNY 4.61 per share

- 2025-06: CNY 4.64 per share

- 2025-07: CNY 5.29 per share

- 2025-08: CNY 6.53 per share

- 2025-09: CNY 6.02 per share

- 2025-10: CNY 6.02 per share

- 2025-11: CNY 5.79 per share

- 2025-12: CNY 5.32 per share

- 2026-01: CNY 5.66 per share

- 2026-02: CNY 5.47 per share

- 2026-03: CNY 5.02 per share

- 2026-04: CNY 4.64 per share

- 2026-05: CNY 4.34 per share

- 2026-06: CNY 3.63 per share

- 2026-07: CNY 3.83 per share

- 2026-08: CNY 3.74 per share

- 2026-09: CNY 3.76 per share

- 2026-10: CNY 3.64 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 5.31 per share, central CNY 5.86 per share, high CNY 6.59 per share

- FY2017: low CNY 16.78 per share, central CNY 20.99 per share, high CNY 24.20 per share

- FY2018: low CNY 15.88 per share, central CNY 18.83 per share, high CNY 21.71 per share

- FY2019: low CNY 22.99 per share, central CNY 27.82 per share, high CNY 32.32 per share

- FY2020: low CNY 449.73 per share, central CNY 637.20 per share, high CNY 746.37 per share

- FY2021: low CNY 38.34 per share, central CNY 43.42 per share, high CNY 50.20 per share

- FY2022: low CNY 26.41 per share, central CNY 34.05 per share, high CNY 39.66 per share

- FY2023: low CNY 10.22 per share, central CNY 11.42 per share, high CNY 13.01 per share

- FY2024: low CNY 2.20 per share, central CNY 2.34 per share, high CNY 2.53 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.