# Guangdong Haid Group (002311.SHE)

Canonical: https://gigainvestors.com/s/002311.SHE

Analysis as of: 2026-10-16T07:35:45.894Z. Financial observations: FY2006–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 43.45 per share; close as of 2026-10-15.

Estimated value: low CNY 25.44 per share, central CNY 35.31 per share, high CNY 41.06 per share. Buy at or below the central value CNY 35.31 per share. Valuation as of 2026-10-16T07:35:45.894Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% 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: 0.04×

- FY2017: 0.05×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.06×

- FY2021: 0.03×

- FY2022: 0.04×

- FY2023: 0.03×

- FY2024: 0.05×

- FY2025: 0.04×

### moat: pass

- ROIC, median of available years: 15.7%

- ROIC, second-lowest year: 13.4%

- Typical minus recent gross margin: 0.2 pp

- Typical gross margin (annual median): 10.6%

- Recent gross margin (lower of latest and 3-year median): 10.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.1%

- ROIC including acquisitions, ten-year median: 11.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 15.2%

- FY2017: 17.0%

- FY2018: 14.7%

- FY2019: 16.7%

- FY2020: 15.9%

- FY2021: 8.4%

- FY2022: 13.4%

- FY2023: 15.6%

- FY2024: 24.4%

- FY2025: 22.9%

### economics: fail

- owner earnings cash conversion below threshold

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

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 13B

- Net income, five-year total: CNY 16B

- Return on incremental invested capital: 21.0%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -6.6 pp

- Working capital / revenue, final three-year average: 3.0%

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

- FY2021: 0.81×

- FY2022: 0.74×

- FY2023: 0.88×

- FY2024: 0.64×

- FY2025: 0.90×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 15.2% vs 22.9%

- Per-share earnings: 0.55 to 2.57 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

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

- Market cap gain: CNY 69B

- Cumulative retained earnings: CNY 16B

- Diluted shares, 10-year annual growth: 0.9%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 21.2%

- Per-share value change: CNY 2.02

- Per-share value, starting three-year median: CNY 0.55

- Per-share value, ending three-year median: CNY 2.57

- Buybacks concentrated in cheaper years (correlation): -0.26

- Average buyback yield: 0.2%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 1.7B

- Cumulative net income, 10 years: CNY 24B

- ROIC, first three-year median: 15.2%

- ROIC, last three-year median: 22.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.55

- FY2017: CNY 0.78

- FY2018: CNY 0.92

- FY2019: CNY 1.05

- FY2020: CNY 1.59

- FY2021: CNY 0.94

- FY2022: CNY 1.79

- FY2023: CNY 1.66

- FY2024: CNY 2.70

- FY2025: CNY 2.57

### accounting: pass

- Sloan accruals: -4.2%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.46×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.8%

- FY2017: 5.4%

- FY2018: 2.3%

- FY2019: -8.5%

- FY2020: 7.1%

- FY2021: -4.2%

- FY2022: -8.7%

- FY2023: -22.3%

- FY2024: -7.3%

- FY2025: -4.2%

## Holders

## Price story

Down 41% since Dec 2021 · sales +12.1%

Story as of 2026-10-16T10:00:06.001Z; price observation 2026-10-15.

Price needs cash profits to grow 9.3% a year for ten years

### Sales · FY2024–2025

sales +12.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 27B 

- FY2017: CNY 33B 

- FY2018: CNY 42B 

- FY2019: CNY 48B 

- FY2020: CNY 60B 

- FY2021: CNY 86B 

- FY2022: CNY 105B 

- FY2023: CNY 116B 

- FY2024: CNY 115B 

- FY2025: CNY 128B 

### Gross margin · FY2025

gross margin 10.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 9.4% 

- FY2017: 11.0% 

- FY2018: 10.8% 

- FY2019: 11.3% 

- FY2020: 11.6% 

- FY2021: 8.4% 

- FY2022: 9.3% 

- FY2023: 8.4% 

- FY2024: 11.3% 

- FY2025: 10.3% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are CNY 128.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2025: revenue 128468230914.96; grossProfit 13274887300.42; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002311.SHE: Guangdong Haid Group Co., Limited, together with its subsidiaries, research, develops, designs, produces, sells, and services animal feed products in China and internationally. The company operates through Feed, Animal Health, Aquaculture, and Trading segments. It offers animal feeds, such as pig, chicken, shrimp, duck, fish feed, and premix; shrimp and freshwater cultured seedlings; animal healthcare and vaccines, including biological vaccines, veterinary drugs, environmental improvement agents, animal microecological agents, nutritional immunity products, and traditional Chinese medicine preparations; farming of pigs, fish, and white-leg shrimp; and safe food products. Guangdong Haid Group Co., Limited was incorporated in 1998 and is headquartered in Guangzhou, China. Guangdong Haid Group Co., Limited operates as a subsidiary of Guangzhou Haihao Investment Co., Ltd.

### Why customers stay

Margins ranged from 8.4% to 11.3% during 2023–25; it earns 15.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2023: grossProfit / revenue = 8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2024: grossProfit / revenue = 11.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2025: grossProfit / revenue = 10.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); 10-year return on capital observations [[2016,0.1523048186577196],[2017,0.1701526816795897],[2018,0.14654572365179772],[2019,0.16728243879490257],[2020,0.15865591019174355],[2021,0.08372016032982356],[2022,0.13410109827789204],[2023,0.15600550149296438],[2024,0.24412983301505217],[2025,0.22888196135095115]]; median 0.15733070584235398. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 9% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); Gross margin observations: [[2021,0.08398290815814029],[2022,0.09252617573136156],[2023,0.08406441774935643]]; range within 2 percentage points.

### Where the cash goes

Spends 23.6% of cash earnings on expansion; earns 21% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2016: growth capex 215377043.51811123; upkeep 453339027.4818888; owner earnings 802521638.5181112. Growth capex / owner earnings = 0.268375372302501.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2017: growth capex 690294300.3617041; upkeep 526883422.6382959; owner earnings 1073641038.3617041. Growth capex / owner earnings = 0.6429470145953452.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2018: growth capex 1184319860.3481092; upkeep 680848913.6518908; owner earnings 1249478062.3481092. Growth capex / owner earnings = 0.9478516638559064.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2019: growth capex 693331433.8637581; upkeep 1631481301.136242; owner earnings 628197964.8637581. Growth capex / owner earnings = 1.1036830308963608.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2020: growth capex 1784399158.093279; upkeep 1605958308.906721; owner earnings 1755564794.093279. Growth capex / owner earnings = 1.0164245512880044.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2021: growth capex 3510993564; upkeep 1148264221; owner earnings 1320488463.362. Growth capex / owner earnings = 2.6588597033713675.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2022: growth capex 3010244239.900417; upkeep 1991686879.0995831; owner earnings 2195631479.640417. Growth capex / owner earnings = 1.3710152490587402.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2023: growth capex 1553879628; upkeep 1799392372; owner earnings 2417346669.726. Growth capex / owner earnings = 0.6428038011511722.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2024: growth capex 0; upkeep 3136747000; owner earnings 2879519142.212. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2025: growth capex 910145676.6100001; upkeep 2426386881.08; owner earnings 3849166877.148. Growth capex / owner earnings = 0.2364526417426628.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); Incremental return on capital 0.21032301928832625, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); Dividend observations: [[2016,460538112],[2017,568790037],[2018,571938436],[2019,712089178.9],[2020,553125122],[2021,528284464],[2022,745911060],[2023,1183688000],[2024,1137032000],[2025,2320963589.69]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); FY2025: cash repurchases 149287136.71 CNY.

### 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); 002311.SHE SharesStats.PercentInsiders = 55.082 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.3% yearly over ten years; actual growth was 16.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.894Z); Ten-year compound average after fade. Initial solved rate 0.12035723244835073. Price 43.45; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5112079643439548 → FY2025 2.3111202123131505. Closing-price date 2026-10-15.

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

- 2016-10: CNY 15.18 per share

- 2016-11: CNY 14.88 per share

- 2016-12: CNY 15.05 per share

- 2017-01: CNY 14.82 per share

- 2017-02: CNY 15.11 per share

- 2017-03: CNY 16.53 per share

- 2017-04: CNY 17.25 per share

- 2017-05: CNY 16.50 per share

- 2017-06: CNY 18.27 per share

- 2017-07: CNY 18.22 per share

- 2017-08: CNY 18.88 per share

- 2017-09: CNY 18.47 per share

- 2017-10: CNY 19.60 per share

- 2017-11: CNY 20.45 per share

- 2017-12: CNY 23.40 per share

- 2018-01: CNY 22.44 per share

- 2018-02: CNY 22.35 per share

- 2018-03: CNY 24.18 per share

- 2018-04: CNY 24.70 per share

- 2018-05: CNY 24.60 per share

- 2018-06: CNY 21.10 per share

- 2018-07: CNY 20.90 per share

- 2018-08: CNY 19.16 per share

- 2018-09: CNY 21.74 per share

- 2018-10: CNY 20.08 per share

- 2018-11: CNY 22.60 per share

- 2018-12: CNY 23.17 per share

- 2019-01: CNY 24.01 per share

- 2019-02: CNY 26.44 per share

- 2019-03: CNY 28.20 per share

- 2019-04: CNY 30.66 per share

- 2019-05: CNY 32.02 per share

- 2019-06: CNY 30.90 per share

- 2019-07: CNY 30.30 per share

- 2019-08: CNY 33.00 per share

- 2019-09: CNY 31.30 per share

- 2019-10: CNY 33.96 per share

- 2019-11: CNY 30.70 per share

- 2019-12: CNY 36.00 per share

- 2020-01: CNY 34.12 per share

- 2020-02: CNY 34.20 per share

- 2020-03: CNY 40.20 per share

- 2020-04: CNY 43.20 per share

- 2020-05: CNY 47.50 per share

- 2020-06: CNY 47.63 per share

- 2020-07: CNY 63.89 per share

- 2020-08: CNY 71.50 per share

- 2020-09: CNY 61.26 per share

- 2020-10: CNY 61.85 per share

- 2020-11: CNY 56.29 per share

- 2020-12: CNY 65.50 per share

- 2021-01: CNY 65.81 per share

- 2021-02: CNY 79.50 per share

- 2021-03: CNY 78.00 per share

- 2021-04: CNY 83.40 per share

- 2021-05: CNY 79.11 per share

- 2021-06: CNY 81.60 per share

- 2021-07: CNY 62.80 per share

- 2021-08: CNY 64.25 per share

- 2021-09: CNY 67.40 per share

- 2021-10: CNY 65.65 per share

- 2021-11: CNY 64.16 per share

- 2021-12: CNY 73.30 per share

- 2022-01: CNY 71.85 per share

- 2022-02: CNY 65.88 per share

- 2022-03: CNY 54.90 per share

- 2022-04: CNY 61.68 per share

- 2022-05: CNY 59.88 per share

- 2022-06: CNY 60.01 per share

- 2022-07: CNY 65.67 per share

- 2022-08: CNY 61.00 per share

- 2022-09: CNY 60.28 per share

- 2022-10: CNY 57.75 per share

- 2022-11: CNY 56.57 per share

- 2022-12: CNY 61.73 per share

- 2023-01: CNY 62.34 per share

- 2023-02: CNY 63.52 per share

- 2023-03: CNY 58.33 per share

- 2023-04: CNY 54.89 per share

- 2023-05: CNY 46.24 per share

- 2023-06: CNY 46.84 per share

- 2023-07: CNY 50.36 per share

- 2023-08: CNY 48.24 per share

- 2023-09: CNY 45.25 per share

- 2023-10: CNY 45.04 per share

- 2023-11: CNY 44.20 per share

- 2023-12: CNY 44.91 per share

- 2024-01: CNY 37.80 per share

- 2024-02: CNY 43.12 per share

- 2024-03: CNY 44.10 per share

- 2024-04: CNY 49.87 per share

- 2024-05: CNY 50.66 per share

- 2024-06: CNY 47.05 per share

- 2024-07: CNY 43.93 per share

- 2024-08: CNY 38.69 per share

- 2024-09: CNY 48.02 per share

- 2024-10: CNY 43.86 per share

- 2024-11: CNY 46.40 per share

- 2024-12: CNY 49.05 per share

- 2025-01: CNY 49.66 per share

- 2025-02: CNY 50.94 per share

- 2025-03: CNY 49.95 per share

- 2025-04: CNY 55.48 per share

- 2025-05: CNY 60.61 per share

- 2025-06: CNY 58.59 per share

- 2025-07: CNY 56.42 per share

- 2025-08: CNY 61.50 per share

- 2025-09: CNY 63.77 per share

- 2025-10: CNY 58.39 per share

- 2025-11: CNY 55.80 per share

- 2025-12: CNY 55.38 per share

- 2026-01: CNY 51.51 per share

- 2026-02: CNY 54.81 per share

- 2026-03: CNY 49.81 per share

- 2026-04: CNY 49.98 per share

- 2026-05: CNY 46.83 per share

- 2026-06: CNY 44.61 per share

- 2026-07: CNY 49.46 per share

- 2026-08: CNY 46.23 per share

- 2026-09: CNY 42.00 per share

- 2026-10: CNY 43.30 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 6.76 per share, central CNY 9.37 per share, high CNY 10.89 per share

- FY2017: low CNY 8.98 per share, central CNY 12.62 per share, high CNY 14.74 per share

- FY2018: low CNY 11.50 per share, central CNY 16.16 per share, high CNY 18.88 per share

- FY2019: low CNY 12.80 per share, central CNY 18.03 per share, high CNY 21.08 per share

- FY2020: low CNY 15.98 per share, central CNY 22.51 per share, high CNY 26.31 per share

- FY2021: low CNY 19.64 per share, central CNY 28.05 per share, high CNY 32.94 per share

- FY2022: low CNY 18.59 per share, central CNY 26.33 per share, high CNY 30.84 per share

- FY2023: low CNY 22.59 per share, central CNY 31.12 per share, high CNY 36.08 per share

- FY2024: low CNY 23.09 per share, central CNY 31.48 per share, high CNY 36.37 per share

- FY2025: low CNY 23.64 per share, central CNY 33.06 per share, high CNY 38.55 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 2026-10-15T06:41:29.748Z 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.