# Henan Shuanghui Investment & Development (000895.SHE)

Canonical: https://gigainvestors.com/s/000895.SHE

Analysis as of: 2026-10-16T07:35:29.325Z. 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 23.81 per share; close as of 2026-10-15.

Estimated value: low CNY 13.53 per share, central CNY 15.29 per share, high CNY 17.63 per share. Buy at or below the central value CNY 15.29 per share. Valuation as of 2026-10-16T07:35:29.325Z; scenarios are not confidence intervals.

Expected annual return: 7.4% at the stated quote. About 7.4% 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: fail

- 7 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- Financial history: 10 years

- Years with declining revenue: 7

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.11×

- FY2018: 0.13×

- FY2019: 0.11×

- FY2020: 0.11×

- FY2021: 0.09×

- FY2022: 0.11×

- FY2023: 0.11×

- FY2024: 0.11×

- FY2025: 0.11×

### moat: pass

- ROIC, median of available years: 33.1%

- ROIC, second-lowest year: 23.8%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 17.4%

- Recent gross margin (lower of latest and 3-year median): 17.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 30.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 36.2%

- FY2017: 38.8%

- FY2018: 42.0%

- FY2019: 40.8%

- FY2020: 49.4%

- FY2021: 28.8%

- FY2022: 30.1%

- FY2023: 20.8%

- FY2024: 23.8%

- FY2025: 24.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.79×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 20B

- Net income, five-year total: CNY 26B

- Return on incremental invested capital: 11.9%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 4.3 pp

- Working capital / revenue, final three-year average: 7.9%

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

- FY2021: 0.39×

- FY2022: 0.58×

- FY2023: 0.81×

- FY2024: 1.04×

- FY2025: 1.13×

### 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: 38.8% vs 23.8%

- Per-share earnings: 1.31 to 1.46 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.5%

- Ordinary dilution, 5-year annual growth: 0.9%

- Market cap gain: CNY 23B

- Cumulative retained earnings: CNY 568M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.4%

- Per-share value change: CNY 0.15

- Per-share value, starting three-year median: CNY 1.31

- Per-share value, ending three-year median: CNY 1.46

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 435M

- Cumulative net income, 10 years: CNY 51B

- ROIC, first three-year median: 38.8%

- ROIC, last three-year median: 23.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.33

- FY2017: CNY 1.31

- FY2018: CNY 1.49

- FY2019: CNY 1.64

- FY2020: CNY 1.88

- FY2021: CNY 1.40

- FY2022: CNY 1.62

- FY2023: CNY 1.46

- FY2024: CNY 1.44

- FY2025: CNY 1.47

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -6.0%

- Receivables to sales index (DSRI): 2.16×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.3%

- FY2017: -5.8%

- FY2018: -1.2%

- FY2019: 3.5%

- FY2020: -7.4%

- FY2021: -3.4%

- FY2022: -5.3%

- FY2023: 4.5%

- FY2024: -9.2%

- FY2025: -6.0%

## Holders

## Price story

Down 25% since Dec 2021 · sales -0.7%

Story as of 2026-10-16T10:00:05.117Z; price observation 2026-10-15.

Price needs cash profits to grow 6.7% a year for ten years

### Sales · FY2024–2025

sales -0.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 52B 

- FY2017: CNY 51B 

- FY2018: CNY 49B 

- FY2019: CNY 60B 

- FY2020: CNY 74B 

- FY2021: CNY 67B 

- FY2022: CNY 63B 

- FY2023: CNY 60B 

- FY2024: CNY 60B 

- FY2025: CNY 59B 

### Gross margin · FY2025

gross margin 17.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.5% 

- FY2017: 18.1% 

- FY2018: 20.6% 

- FY2019: 17.9% 

- FY2020: 14.9% 

- FY2021: 13.6% 

- FY2022: 16.2% 

- FY2023: 16.6% 

- FY2024: 17.4% 

- FY2025: 17.8% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are CNY 59.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2025: revenue 59270807000; grossProfit 10534744000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000895.SHE: Henan Shuanghui Investment & Development Co.,Ltd., together with its subsidiaries, engages in the slaughtering, processing, and selling of meat products in China. The company offers canned and frozen meat; pre-packaged cooked meat, including halal food; edible animal fats/lard; aquatic products, such as ready-to-eat surimi products; feed; PVDC casing films and color prints, PVDC resin powder, offset cartons, and food packaging materials, and other packaging materials; seasonings, food additives, and compound food additives; technical consulting; warehousing; catering services and management; essences for osteoarthritis; financial services, including accounts receivable factoring and financing; heat and electricity; sodium lactate; and other supporting services. It is also involved in the breeding and slaughtering of livestock and poultry; acquisition of agricultural and sideline products; sales of egg and chemical products; food industry and business investment; sales and trade agency; rolling, processing, and sales of aluminum; self-operated and agency import and export business; information product research and development; e-commerce; catering investment management; technology development; and technical services. The company sells its products through sales terminals. The company was founded in 1958 and is headquartered in Luohe, China. Henan Shuanghui Investment & Development Co.,Ltd. operates as a subsidiary of Rotary Vortex Limited.

### Why customers stay

Margins ranged from 16.6% to 17.8% during 2023–25; it earns 33.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2023: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2024: grossProfit / revenue = 17.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2025: grossProfit / revenue = 17.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); 10-year return on capital observations [[2016,0.3615942812265339],[2017,0.3883461399734433],[2018,0.4201416032647643],[2019,0.4083858574865714],[2020,0.49432154060317524],[2021,0.2882826597385184],[2022,0.30125216514931036],[2023,0.20755690694882467],[2024,0.23835791858447594],[2025,0.24351755445617013]]; median 0.33142322318792217. 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 2026-10-16T07:35:29.325Z); FY2016: growth capex 0; upkeep 895774108; owner earnings 4434631103. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2017: growth capex 0; upkeep 526605944; owner earnings 4732482630. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2018: growth capex 0; upkeep 515222333; owner earnings 5350210417. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2019: growth capex 0; upkeep 667924000; owner earnings 5721050670. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2020: growth capex 203727334; upkeep 953248776; owner earnings 6255513993. Growth capex / owner earnings = 0.032567641000879145.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2021: growth capex 0; upkeep 3933359511; owner earnings 1885089865.4559999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2022: growth capex 0; upkeep 3549039091; owner earnings 3275179861.19. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2023: growth capex 0; upkeep 2411672000; owner earnings 4105380697.918. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2024: growth capex 0; upkeep 1387547994; owner earnings 5186064817.818. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); FY2025: growth capex 0; upkeep 900176631; owner earnings 5793526251.6380005. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); Dividend observations: [[2016,7097721991],[2017,4028241775],[2018,6677633670],[2019,1814757056],[2020,5623662719],[2021,5960386456],[2022,6730848443],[2023,6281951000],[2024,4871579434],[2025,4850525698]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 71.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 000895.SHE SharesStats.PercentInsiders = 71.24000000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.7% yearly over ten years; actual growth was 6.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:29.325Z); Ten-year compound average after fade. Initial solved rate 0.0829967808748372. Price 23.81; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8625968392442356 → FY2025 1.672176849972517. Closing-price date 2026-10-15.

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

- 2016-10: CNY 22.90 per share

- 2016-11: CNY 22.62 per share

- 2016-12: CNY 20.93 per share

- 2017-01: CNY 21.40 per share

- 2017-02: CNY 21.47 per share

- 2017-03: CNY 22.55 per share

- 2017-04: CNY 21.73 per share

- 2017-05: CNY 21.71 per share

- 2017-06: CNY 23.75 per share

- 2017-07: CNY 21.19 per share

- 2017-08: CNY 22.44 per share

- 2017-09: CNY 24.90 per share

- 2017-10: CNY 26.31 per share

- 2017-11: CNY 25.05 per share

- 2017-12: CNY 26.50 per share

- 2018-01: CNY 27.89 per share

- 2018-02: CNY 27.11 per share

- 2018-03: CNY 25.60 per share

- 2018-04: CNY 25.01 per share

- 2018-05: CNY 29.30 per share

- 2018-06: CNY 26.41 per share

- 2018-07: CNY 25.23 per share

- 2018-08: CNY 23.30 per share

- 2018-09: CNY 26.15 per share

- 2018-10: CNY 22.54 per share

- 2018-11: CNY 22.90 per share

- 2018-12: CNY 23.59 per share

- 2019-01: CNY 25.00 per share

- 2019-02: CNY 24.15 per share

- 2019-03: CNY 25.85 per share

- 2019-04: CNY 25.90 per share

- 2019-05: CNY 25.07 per share

- 2019-06: CNY 24.89 per share

- 2019-07: CNY 24.01 per share

- 2019-08: CNY 22.36 per share

- 2019-09: CNY 24.70 per share

- 2019-10: CNY 29.85 per share

- 2019-11: CNY 30.99 per share

- 2019-12: CNY 29.03 per share

- 2020-01: CNY 29.21 per share

- 2020-02: CNY 34.00 per share

- 2020-03: CNY 39.34 per share

- 2020-04: CNY 40.41 per share

- 2020-05: CNY 39.60 per share

- 2020-06: CNY 46.10 per share

- 2020-07: CNY 54.64 per share

- 2020-08: CNY 62.99 per share

- 2020-09: CNY 52.92 per share

- 2020-10: CNY 49.80 per share

- 2020-11: CNY 46.12 per share

- 2020-12: CNY 46.94 per share

- 2021-01: CNY 46.99 per share

- 2021-02: CNY 46.04 per share

- 2021-03: CNY 41.00 per share

- 2021-04: CNY 36.64 per share

- 2021-05: CNY 35.22 per share

- 2021-06: CNY 31.80 per share

- 2021-07: CNY 25.68 per share

- 2021-08: CNY 24.10 per share

- 2021-09: CNY 27.15 per share

- 2021-10: CNY 29.50 per share

- 2021-11: CNY 28.46 per share

- 2021-12: CNY 31.55 per share

- 2022-01: CNY 29.80 per share

- 2022-02: CNY 28.80 per share

- 2022-03: CNY 29.06 per share

- 2022-04: CNY 29.75 per share

- 2022-05: CNY 28.34 per share

- 2022-06: CNY 29.30 per share

- 2022-07: CNY 26.83 per share

- 2022-08: CNY 26.81 per share

- 2022-09: CNY 24.46 per share

- 2022-10: CNY 22.78 per share

- 2022-11: CNY 25.26 per share

- 2022-12: CNY 25.93 per share

- 2023-01: CNY 25.50 per share

- 2023-02: CNY 26.48 per share

- 2023-03: CNY 25.94 per share

- 2023-04: CNY 24.95 per share

- 2023-05: CNY 24.58 per share

- 2023-06: CNY 24.49 per share

- 2023-07: CNY 25.24 per share

- 2023-08: CNY 26.86 per share

- 2023-09: CNY 26.39 per share

- 2023-10: CNY 26.21 per share

- 2023-11: CNY 26.10 per share

- 2023-12: CNY 26.71 per share

- 2024-01: CNY 28.44 per share

- 2024-02: CNY 29.22 per share

- 2024-03: CNY 26.25 per share

- 2024-04: CNY 26.94 per share

- 2024-05: CNY 25.34 per share

- 2024-06: CNY 23.77 per share

- 2024-07: CNY 23.07 per share

- 2024-08: CNY 23.22 per share

- 2024-09: CNY 27.09 per share

- 2024-10: CNY 24.88 per share

- 2024-11: CNY 24.51 per share

- 2024-12: CNY 25.96 per share

- 2025-01: CNY 26.36 per share

- 2025-02: CNY 26.88 per share

- 2025-03: CNY 26.97 per share

- 2025-04: CNY 24.98 per share

- 2025-05: CNY 24.35 per share

- 2025-06: CNY 24.41 per share

- 2025-07: CNY 24.68 per share

- 2025-08: CNY 25.22 per share

- 2025-09: CNY 24.74 per share

- 2025-10: CNY 25.74 per share

- 2025-11: CNY 26.99 per share

- 2025-12: CNY 26.47 per share

- 2026-01: CNY 25.68 per share

- 2026-02: CNY 26.28 per share

- 2026-03: CNY 28.40 per share

- 2026-04: CNY 27.73 per share

- 2026-05: CNY 25.02 per share

- 2026-06: CNY 22.40 per share

- 2026-07: CNY 25.99 per share

- 2026-08: CNY 24.06 per share

- 2026-09: CNY 23.66 per share

- 2026-10: CNY 23.44 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 13.88 per share, central CNY 18.51 per share, high CNY 21.57 per share

- FY2017: low CNY 16.84 per share, central CNY 20.16 per share, high CNY 23.23 per share

- FY2018: low CNY 15.19 per share, central CNY 17.28 per share, high CNY 19.88 per share

- FY2019: low CNY 20.96 per share, central CNY 24.58 per share, high CNY 28.35 per share

- FY2020: low CNY 32.09 per share, central CNY 42.30 per share, high CNY 48.93 per share

- FY2021: low CNY 22.02 per share, central CNY 24.74 per share, high CNY 28.35 per share

- FY2022: low CNY 22.36 per share, central CNY 29.87 per share, high CNY 34.73 per share

- FY2023: low CNY 13.60 per share, central CNY 15.39 per share, high CNY 17.76 per share

- FY2024: low CNY 14.84 per share, central CNY 16.61 per share, high CNY 18.98 per share

- FY2025: low CNY 15.64 per share, central CNY 17.40 per share, high CNY 19.74 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