# Zhejiang Nhu (002001.SHE)

Canonical: https://gigainvestors.com/s/002001.SHE

Analysis as of: 2026-10-16T07:35:38.147Z. Financial observations: FY2001–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 25.59 per share; close as of 2026-10-15.

Estimated value: low CNY 34.61 per share, central CNY 48.10 per share, high CNY 55.96 per share. Buy at or below the central value CNY 48.10 per share. Valuation as of 2026-10-16T07:35:38.147Z; scenarios are not confidence intervals.

Expected annual return: 16.5% at the stated quote. About 16.5% 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: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.31×

- FY2017: 0.34×

- FY2018: 0.42×

- FY2019: 0.33×

- FY2020: 0.40×

- FY2021: 0.34×

- FY2022: 0.27×

- FY2023: 0.22×

- FY2024: 0.32×

- FY2025: 0.36×

### moat: pass

- ROIC, median of available years: 19.0%

- ROIC, second-lowest year: 11.2%

- Typical minus recent gross margin: 3.3 pp

- Typical gross margin (annual median): 44.9%

- Recent gross margin (lower of latest and 3-year median): 41.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 24.8%

- ROIC including acquisitions, ten-year median: 15.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.3%

- FY2017: 20.5%

- FY2018: 20.0%

- FY2019: 11.2%

- FY2020: 18.1%

- FY2021: 20.9%

- FY2022: 15.0%

- FY2023: 9.7%

- FY2024: 21.2%

- FY2025: 25.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.83×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 19B

- Net income, five-year total: CNY 23B

- Return on incremental invested capital: 27.4%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -4.9 pp

- Working capital / revenue, final three-year average: 31.2%

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

- FY2021: 1.00×

- FY2022: 0.41×

- FY2023: -0.01×

- FY2024: 1.10×

- FY2025: 1.06×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.0% vs 21.2%

- Per-share earnings: 0.54 to 1.91 (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: 3.1%

- Ordinary dilution, 5-year annual growth: 3.6%

- Market cap gain: CNY 33B

- Cumulative retained earnings: CNY 20B

- Diluted shares, 10-year annual growth: 3.1%

- Diluted shares, 5-year annual growth: 3.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 17.2%

- Per-share value change: CNY 1.37

- Per-share value, starting three-year median: CNY 0.54

- Per-share value, ending three-year median: CNY 1.91

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.3%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 2.1B

- Cumulative net income, 10 years: CNY 35B

- ROIC, first three-year median: 20.0%

- ROIC, last three-year median: 21.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.54

- FY2017: CNY 0.77

- FY2018: CNY 1.18

- FY2019: CNY 0.84

- FY2020: CNY 1.39

- FY2021: CNY 1.70

- FY2022: CNY 1.17

- FY2023: CNY 0.87

- FY2024: CNY 1.91

- FY2025: CNY 2.21

### accounting: pass

- Sloan accruals: -4.5%

- Receivables to sales index (DSRI): 0.69×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.30×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.1%

- FY2017: 2.4%

- FY2018: -2.7%

- FY2019: 0.2%

- FY2020: 1.4%

- FY2021: -4.3%

- FY2022: -1.9%

- FY2023: -6.2%

- FY2024: -2.8%

- FY2025: -4.5%

## Holders

## Price story

Down 26% since Apr 2026 · sales +3%

Story as of 2026-10-16T10:00:05.697Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.2% a year for ten years

### Sales · FY2024–2025

sales +3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 4.7B 

- FY2017: CNY 6.2B 

- FY2018: CNY 8.7B 

- FY2019: CNY 7.7B 

- FY2020: CNY 10B 

- FY2021: CNY 15B 

- FY2022: CNY 16B 

- FY2023: CNY 15B 

- FY2024: CNY 22B 

- FY2025: CNY 22B 

### Gross margin · FY2025

gross margin 44.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.1% 

- FY2017: 50.3% 

- FY2018: 53.2% 

- FY2019: 46.9% 

- FY2020: 54.0% 

- FY2021: 44.2% 

- FY2022: 35.9% 

- FY2023: 31.5% 

- FY2024: 41.5% 

- FY2025: 44.7% 

## 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 22.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2025: revenue 22251361880.58; grossProfit 9940553890.69; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002001.SHE: Zhejiang NHU Company Ltd., together with its subsidiaries, produces and sells nutritional products, fragrances and flavors, polymer materials, and active pharmaceutical ingredients in China and internationally. It operates through Pharmaceutical and Chemical; and Other segments. The company offers animal nutrition products comprising vitamins, amino acids, and carotenoids for poultry, swine, ruminants, and farmed fish; human nutrition products consisting of vitamins A, D3, E, H, C, B5, B6, and B12, as well as coenzyme Q10, beta carotene, taurine, and l-serine for use in nutritional supplements, food and beverages, and personal care applications; and flavor and fragrance products, including fruity, floral, and green/herbal products for use in soap, toothpaste, shampoo, skin care products, and food and beverage products. It also provides pigments; methionine, biotin, cysteine, and tryptophan; linalool, citral, leaf alcohol, methyl dihydrojasmonate, raspberry ketone, privet aldehyde, and menthol; PPS and PPA resins, PPS fibers, LTF composite materials, and PPS cast films and heat pipes; chemical products, such as prenol, l-ascorbic acid, acrylic acid, acrolein, sodium thiomethoxide in H2O, acrolein cyanohydrin acetate, diethyl oxalate/oxalic acid diethyl ester, potassium sulfate, ammonium sulfate, isophorone, cyclopentanone, and isovaleraldehyde for use in construction chemicals, crop protection, fertilizers, industrial solvents, and intermediates. In addition, the company offers active pharmaceutical ingredients, vitamins, and pharmaceutical intermediates, as well as professional services for preparation companies. The company exports its products. The company was incorporated in 1999 and is headquartered in Xinchang, the People's Republic of China. Zhejiang NHU Company Ltd. operates as a subsidiary of NHU Holding Group Co.,Ltd.

### Why customers stay

Margins ranged from 31.5% to 44.7% during 2023–25; it earns 19% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2023: grossProfit / revenue = 31.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2024: grossProfit / revenue = 41.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2025: grossProfit / revenue = 44.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); 10-year return on capital observations [[2016,0.15332067369643027],[2017,0.20547046932435534],[2018,0.20010512564734143],[2019,0.1122432680197224],[2020,0.18068619913514897],[2021,0.2085327439086875],[2022,0.15031608835425977],[2023,0.09702259472456923],[2024,0.21241222501216192],[2025,0.25104439414421215]]; median 0.1903956623912452. 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 272.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2016: growth capex 722588726.0378834; upkeep 510558703.9621166; owner earnings 1038451142.0378834. Growth capex / owner earnings = 0.6958331468728096.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2017: growth capex 645858647; upkeep 369925746; owner earnings 1704413452. Growth capex / owner earnings = 0.37893308471728726.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2018: growth capex 2263069834.4182196; upkeep 2651506140.5817804; owner earnings 884981701.4182196. Growth capex / owner earnings = 2.557193929311258.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2020: growth capex 1489011472.3000002; upkeep 863917478; owner earnings 3563759945. Growth capex / owner earnings = 0.4178203625609245.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2021: growth capex 2249876615; upkeep 1222847854; owner earnings 4355423259.37. Growth capex / owner earnings = 0.5165689947951094.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2022: growth capex 1389786092.762628; upkeep 3542105804.237372; owner earnings 1467318351.948628. Growth capex / owner earnings = 0.9471605741977973.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2024: growth capex 0; upkeep 1599799316; owner earnings 6482704484.796. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2025: growth capex 0; upkeep 1900353477.87; owner earnings 7157708825.268. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); Dividend observations: [[2016,269285039],[2017,715090188],[2018,956592730],[2019,1714470287],[2020,1375494130],[2021,1504063610],[2022,2132962559],[2023,1833426559],[2024,1663409238],[2025,2987346507.49]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); FY2025: cash repurchases 272075578.6933333 CNY.

### Are managers owners

Insiders own 53.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002001.SHE SharesStats.PercentInsiders = 53.423 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.2% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:38.147Z); Ten-year compound average after fade. Initial solved rate -0.044079803818593166. Price 25.59; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.16279033579320837 → FY2025 2.3385675050084256. Closing-price date 2026-10-15.

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

- 2016-10: CNY 21.84 per share

- 2016-11: CNY 21.00 per share

- 2016-12: CNY 19.60 per share

- 2017-01: CNY 18.82 per share

- 2017-02: CNY 19.87 per share

- 2017-03: CNY 19.83 per share

- 2017-04: CNY 18.54 per share

- 2017-05: CNY 17.74 per share

- 2017-06: CNY 19.41 per share

- 2017-07: CNY 20.46 per share

- 2017-08: CNY 22.05 per share

- 2017-09: CNY 25.57 per share

- 2017-10: CNY 25.46 per share

- 2017-11: CNY 38.45 per share

- 2017-12: CNY 38.06 per share

- 2018-01: CNY 39.35 per share

- 2018-02: CNY 37.73 per share

- 2018-03: CNY 33.40 per share

- 2018-04: CNY 32.76 per share

- 2018-05: CNY 19.51 per share

- 2018-06: CNY 18.96 per share

- 2018-07: CNY 16.75 per share

- 2018-08: CNY 15.25 per share

- 2018-09: CNY 15.57 per share

- 2018-10: CNY 14.10 per share

- 2018-11: CNY 16.22 per share

- 2018-12: CNY 15.01 per share

- 2019-01: CNY 15.06 per share

- 2019-02: CNY 17.69 per share

- 2019-03: CNY 18.48 per share

- 2019-04: CNY 1,000,000.00 per share

- 2019-05: CNY 19.40 per share

- 2019-06: CNY 19.29 per share

- 2019-07: CNY 21.04 per share

- 2019-08: CNY 23.59 per share

- 2019-09: CNY 21.39 per share

- 2019-10: CNY 20.26 per share

- 2019-11: CNY 21.30 per share

- 2019-12: CNY 23.26 per share

- 2020-01: CNY 23.58 per share

- 2020-02: CNY 24.10 per share

- 2020-03: CNY 27.27 per share

- 2020-04: CNY 27.29 per share

- 2020-05: CNY 25.47 per share

- 2020-06: CNY 29.10 per share

- 2020-07: CNY 29.43 per share

- 2020-08: CNY 32.77 per share

- 2020-09: CNY 29.79 per share

- 2020-10: CNY 29.05 per share

- 2020-11: CNY 31.80 per share

- 2020-12: CNY 33.68 per share

- 2021-01: CNY 37.15 per share

- 2021-02: CNY 43.36 per share

- 2021-03: CNY 38.23 per share

- 2021-04: CNY 39.11 per share

- 2021-05: CNY 31.93 per share

- 2021-06: CNY 28.68 per share

- 2021-07: CNY 25.87 per share

- 2021-08: CNY 28.77 per share

- 2021-09: CNY 26.86 per share

- 2021-10: CNY 27.14 per share

- 2021-11: CNY 29.03 per share

- 2021-12: CNY 31.12 per share

- 2022-01: CNY 30.01 per share

- 2022-02: CNY 33.95 per share

- 2022-03: CNY 31.68 per share

- 2022-04: CNY 26.77 per share

- 2022-05: CNY 20.74 per share

- 2022-06: CNY 22.81 per share

- 2022-07: CNY 20.62 per share

- 2022-08: CNY 22.47 per share

- 2022-09: CNY 22.19 per share

- 2022-10: CNY 17.92 per share

- 2022-11: CNY 19.70 per share

- 2022-12: CNY 18.75 per share

- 2023-01: CNY 19.48 per share

- 2023-02: CNY 18.97 per share

- 2023-03: CNY 17.95 per share

- 2023-04: CNY 17.07 per share

- 2023-05: CNY 15.10 per share

- 2023-06: CNY 15.40 per share

- 2023-07: CNY 16.50 per share

- 2023-08: CNY 16.28 per share

- 2023-09: CNY 16.24 per share

- 2023-10: CNY 16.18 per share

- 2023-11: CNY 17.02 per share

- 2023-12: CNY 16.96 per share

- 2024-01: CNY 16.04 per share

- 2024-02: CNY 18.00 per share

- 2024-03: CNY 16.67 per share

- 2024-04: CNY 19.20 per share

- 2024-05: CNY 18.97 per share

- 2024-06: CNY 19.20 per share

- 2024-07: CNY 20.90 per share

- 2024-08: CNY 19.34 per share

- 2024-09: CNY 22.57 per share

- 2024-10: CNY 22.64 per share

- 2024-11: CNY 21.75 per share

- 2024-12: CNY 21.97 per share

- 2025-01: CNY 22.51 per share

- 2025-02: CNY 21.17 per share

- 2025-03: CNY 22.38 per share

- 2025-04: CNY 22.11 per share

- 2025-05: CNY 21.93 per share

- 2025-06: CNY 21.27 per share

- 2025-07: CNY 22.40 per share

- 2025-08: CNY 24.90 per share

- 2025-09: CNY 23.83 per share

- 2025-10: CNY 24.30 per share

- 2025-11: CNY 24.38 per share

- 2025-12: CNY 25.19 per share

- 2026-01: CNY 27.86 per share

- 2026-02: CNY 31.50 per share

- 2026-03: CNY 34.55 per share

- 2026-04: CNY 34.80 per share

- 2026-05: CNY 29.37 per share

- 2026-06: CNY 28.42 per share

- 2026-07: CNY 30.01 per share

- 2026-08: CNY 27.02 per share

- 2026-09: CNY 25.95 per share

- 2026-10: CNY 25.95 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 4.06 per share, central CNY 5.43 per share, high CNY 6.23 per share

- FY2017: low CNY 10.57 per share, central CNY 13.63 per share, high CNY 15.41 per share

- FY2018: low CNY 4.79 per share, central CNY 5.30 per share, high CNY 5.98 per share

- FY2019: low CNY 5.86 per share, central CNY 7.49 per share, high CNY 8.47 per share

- FY2020: low CNY 13.36 per share, central CNY 16.96 per share, high CNY 19.48 per share

- FY2021: low CNY 24.35 per share, central CNY 33.63 per share, high CNY 39.03 per share

- FY2022: low CNY 8.99 per share, central CNY 12.05 per share, high CNY 13.83 per share

- FY2023: low CNY 7.48 per share, central CNY 10.04 per share, high CNY 11.54 per share

- FY2024: low CNY 30.36 per share, central CNY 42.32 per share, high CNY 49.29 per share

- FY2025: low CNY 32.02 per share, central CNY 44.39 per share, high CNY 51.59 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.