# Guangzhou Tinci Materials Technology (002709.SHE)

Canonical: https://gigainvestors.com/s/002709.SHE

Analysis as of: 2026-10-16T07:36:07.894Z. Financial observations: FY2004–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 29.46 per share; close as of 2026-10-15.

Estimated value: low CNY 17.80 per share, central CNY 25.07 per share, high CNY 29.30 per share. Buy at or below the central value CNY 25.07 per share. Valuation as of 2026-10-16T07:36:07.894Z; scenarios are not confidence intervals.

Expected annual return: 9.0% at the stated quote. About 9.0% 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

- 2 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.55×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.25×

- FY2017: 0.17×

- FY2018: 0.26×

- FY2019: 0.00×

- FY2020: 0.15×

- FY2021: 0.24×

- FY2022: 0.31×

- FY2023: 0.15×

- FY2024: 0.05×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 7.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.1%

- ROIC, second-lowest year: 2.8%

- Typical minus recent gross margin: 7.0 pp

- Typical gross margin (annual median): 29.2%

- Recent gross margin (lower of latest and 3-year median): 22.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.2%

- ROIC including acquisitions, ten-year median: 8.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 28.6%

- FY2017: 13.2%

- FY2018: 14.9%

- FY2019: 0.3%

- FY2020: 13.0%

- FY2021: 39.6%

- FY2022: 46.8%

- FY2023: 11.4%

- FY2024: 2.8%

- FY2025: 8.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.84×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 9.8B

- Net income, five-year total: CNY 12B

- Return on incremental invested capital: 11.0%

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

- Working capital / revenue, change between three-year averages: -7.6 pp

- Working capital / revenue, final three-year average: 26.6%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -0.27×

- FY2024: 1.34×

- FY2025: 1.28×

### management: pass

- 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: 14.9% vs 8.1%

- Per-share earnings: 0.17 to 0.71 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: CNY 52B

- Cumulative retained earnings: CNY 9.0B

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 20.0%

- Per-share value change: CNY 0.55

- Per-share value, starting three-year median: CNY 0.17

- Per-share value, ending three-year median: CNY 0.71

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.2B

- Cumulative net income, 10 years: CNY 13B

- ROIC, first three-year median: 14.9%

- ROIC, last three-year median: 8.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.23

- FY2017: CNY 0.17

- FY2018: CNY 0.25

- FY2019: CNY 0.01

- FY2020: CNY 0.29

- FY2021: CNY 1.16

- FY2022: CNY 2.84

- FY2023: CNY 0.82

- FY2024: CNY 0.29

- FY2025: CNY 0.71

### accounting: pass

- Sloan accruals: 0.7%

- Receivables to sales index (DSRI): 1.05×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 7.0%

- FY2017: 10.4%

- FY2018: 15.7%

- FY2019: 0.7%

- FY2020: -1.7%

- FY2021: 1.2%

- FY2022: 6.1%

- FY2023: -1.6%

- FY2024: -1.7%

- FY2025: 0.7%

## Holders

## Price story

Down 64% since Oct 2021 · sales +33%

Story as of 2026-10-16T10:00:06.902Z; price observation 2026-10-15.

Price needs cash profits to grow 8.6% a year for ten years

### Sales · FY2024–2025

sales +33%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.8B 

- FY2017: CNY 2.1B 

- FY2018: CNY 2.1B 

- FY2019: CNY 2.8B 

- FY2020: CNY 4.1B 

- FY2021: CNY 11B 

- FY2022: CNY 22B 

- FY2023: CNY 15B 

- FY2024: CNY 13B 

- FY2025: CNY 17B 

### Gross margin · FY2025

gross margin 22.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 39.7% 

- FY2017: 33.8% 

- FY2018: 23.0% 

- FY2019: 20.9% 

- FY2020: 33.9% 

- FY2021: 34.8% 

- FY2022: 37.7% 

- FY2023: 24.6% 

- FY2024: 17.9% 

- FY2025: 22.2% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are CNY 16.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2025: revenue 16649892556; grossProfit 3703156108; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002709.SHE: Guangzhou Tinci Materials Technology Co., Ltd., together with its subsidiaries, engages in the research, development, production, and sale of fine chemical materials in China and internationally. The company offers personal care products, including shampoo, conditioner, shower gel, hand sanitizer, skin care, and disinfection and sanitization products; rheology and sensory modifier, mild and mild taurate surfactant, silicone, emulsifier, cationic conditioner, suspending stabilizer, natural methyl glucoside derivative, chelating agent, naturally derived preservative, and UV filters; makeup products, such as skin feel conditioner-silicone elastomer gel, carbohydrate thickener, and film former; and household cleaning and pet care products, which include amino acid and amphoteric mild surfactant, conditioner, and thickener. It also provides lithium-ion and sodium-ion battery electrolytes; electrolytes and additives; solid electrolyte; cathode materials; and specialty chemicals. In addition, the company offers lithium battery recycling, personal care, and battery materials solutions. The company serves the papermaking, construction, pesticides, oil fields, organosilicon products, rubber and plastics, printing, and dyeing industries. Guangzhou Tinci Materials Technology Co., Ltd. was founded in 2000 and is based in Guangzhou, China.

### Why customers stay

Margins ranged from 17.9% to 24.6% during 2023–25; it earns 13.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2023: grossProfit / revenue = 24.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2024: grossProfit / revenue = 17.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2025: grossProfit / revenue = 22.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); 10-year return on capital observations [[2016,0.2856119282624192],[2017,0.13153437113118902],[2018,0.14926255899641483],[2019,0.002527784297406285],[2020,0.1297866562953618],[2021,0.3959617203112189],[2022,0.46827729158238846],[2023,0.11376800775574376],[2024,0.028314053068475654],[2025,0.08059797630202686]]; median 0.13066051371327542. 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 2026-10-16T07:36:07.894Z); FY2016: growth capex 91278937; upkeep 72621599; owner earnings 396327895. Growth capex / owner earnings = 0.23031166403263137.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2017: growth capex 122348484.45847213; upkeep 208801983.54152787; owner earnings 191899961.45847213. Growth capex / owner earnings = 0.6375638823926956.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2019: growth capex 56881412; upkeep 215158028; owner earnings 16319683. Growth capex / owner earnings = 3.4854483386717745.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2020: growth capex 73057578; upkeep 284092628; owner earnings 532871497. Growth capex / owner earnings = 0.13710168100809492.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2021: growth capex 1199730702; upkeep 410443518; owner earnings 2208337183. Growth capex / owner earnings = 0.5432733330922681.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2022: growth capex 3183932363; upkeep 497300925; owner earnings 5714438033. Growth capex / owner earnings = 0.557173311638569.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2024: growth capex 0; upkeep 771505580; owner earnings 650636369.402. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); FY2025: growth capex 0; upkeep 659139342; owner earnings 1742041888.916. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); Dividend observations: [[2016,24815930],[2017,72606830],[2018,84324422],[2019,86198807],[2020,74501611],[2021,146837790],[2022,476547048],[2023,1152625311],[2024,672614589],[2025,280599124]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 38.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002709.SHE SharesStats.PercentInsiders = 38.934999999999995 percentage points; cache date 2026-10-16.

### What could break it

US import tariffs could raise product costs.

- Source: https://static.cninfo.com.cn/finalpage/2026-03-10/1225002090.PDF (filed 2026-03-09); 类型 主要业务
名称
九江
精细化工
子公司
天赐
行业

注册资本

总资产

净资产

455,000,000.00 13,493,661,047.80 9,365,851,509.72

营业收入

营业利润

净利润

11,977,131,022.98 980,445,388.53 865,980,108.91

 广州天赐高新材料股份有限公司

2025 年年度报告全文

报告期内取得和处置子公司的情况
适用 □不适用
公司名称

报告期内取得和处置子公司方式

对整体生产经营和业绩的影响

青海宏正
印尼天赐
中天鸿锂
捷克天赐

非同一控制下企业合并
设立
股权转让
注销

无影响
无影响
无影响
无影响

主要控股参股公司情况说明
无

十、公司控制的结构化主体情况
□适用 不适用

十一、公司未来发展的展望
（一）行业格局和趋势
1、锂离子电池材料行业情况和发展趋势
动力领域方面，报告期内，国内市场在以旧换新和购置税减免等政策推动下，新能源乘用车销售稳定增长，同时，新
能源商用车的经济性凸显，销量增长迅猛，整体新能源车销量同比增长达28.6%，本土EV渗透率突破50%；欧洲市场面对上
年电动车需求增速不及预期、车企达标压力巨大的现实，欧盟逐步放弃了激进的“一刀切”策略，碳考核的放宽以及德国、
英国等重启补贴政策的刺激等带动欧洲地区销量同比增长明显；美国市场受关税及“大而美”法案的影响及9月底IRA补贴
政策提前终止，全年销量不及预期，市场短期承压。与此同时，越南、土耳其、印尼等新兴市场正以超过100% 的增速强势
崛起，展现出不容忽视的潜力与活力。尽管全球电动化进程步调不一、市场冷暖各异，但交通绿色转型的确定性方向并未
改变，多元市场的加速演进，正共同推动全球汽车产业向电动化、智能化未来坚定前行。
储能领域方面，2025年全球储能产业增量已成为驱动锂电行业增长并与动力电池并驾齐驱的核心引擎，正式进入动力
与储能双轮驱动的新时代。中国政策驱动逻辑发生根本转变，强制配储成为历史，储能作为独立主体通过电力市场化交易
实现价值，步入高质量、规模化发展新阶段。美国市场在矛盾中前行，实际需求提供长期动力，但“大而美”法案及关税
壁垒重塑供应链，导致成本上升与阶段性抢装。欧洲支持政策趋于系统化与精细化，财政资源明确向增强电网韧性的长时
储能与大储项目倾斜。中东、东南亚等新兴市场呈爆发式增长，成为全球重要的增量市场，驱动中国储能企业加速出海。
未来储能的市场化进程将全面深化，运营能力成为盈利关键。长时储能技术竞赛将白热化，而产业格局将在全球化拓展与
供应链区域化壁垒中加速重塑。
锂离子电池多元技术路径涌现，钠电池、固态电池等下一代电池技术竞相突破，产业化进程全面提速。固态电池产业
中部分企业已完成小批量的试验和装车测试；钠离子电池在储能、低速电动车等场景实

[Noncontiguous filing excerpt]

子电池材料行业政策风险
随着新能源汽车和储能市场的发展，各国均出台了向相应的产业政策，各国新能源产业政策的调整和变化，将会直接
影响新能源汽车和储能市场的发展，进而影响电池及其上游锂电池材料的市场，从而使得公司电解液及磷酸铁锂等锂电池

 广州天赐高新材料股份有限公司

2025 年年度报告全文

材料产品销售及营业收入产生较大波动，最终导致公司业绩的波动。 针对上述风险因素，公司将通过不断完善以主营业务
价值链构建为核心，完善动力电池和消费电池等互补细分市场的覆盖，建设循环经济形成环保和成本结构双优的方式，并
对标国际从生产、工艺、品质、营销等方面全面提高业务标准，以提升锂电业务市场竞争力，增强抵抗风险的能力。
2、锂电池技术迭代的风险
随着下游客户对电池性能需求的持续提升，固态电池、钠离子电池、液流电池、氢能源燃料电池等新技术正在持续发
展，带来锂电池应用细分市场渗透率的变化，从而有影响公司电解液业务的可能性；针对以上风险，公司着力对固态/ 半固
态锂电池的电解质和正极材料加大投入，并已形成部分专利和初代产品，初步取得领先优势，继续确保在锂电池关键化学
品领域的领先地位。
3、锂离子电池材料行业账期风险
新能源汽车行业的发展受国家政策扶持与推动影响较大。公司锂电池材料作为新能源汽车产业链中的一环，随着新能
源汽车补贴政策的退坡，如新能源汽车行业企业资金紧张，其资金链条压力将通过锂电池企业逐步传导至公司，可能造成
公司资金流紧张。为确保销售资金回流，在追求产销规模和经营业绩增长的同时，公司将对信用账期实施动态管理，加大
收款力度，并适当采取控制发货、诉讼保全等多种手段严格控制应收账款回收风险，保证公司经营性活动现金流。
4、原材料价格波动风险
原材料成本占公司生产成本比例较大，整体原材料价格波动对公司生产成本具有重要影响，主要原材料价格持续大幅
波动，将会造成公司生产成本波动，进而影响公司盈利水平。针对原材料价格波动风险，公司通过及时了解行情信息，对
重要原料适时签订长期采购协议，对于大宗用量、市场价格存在波动的原材料，公司将根据市场经验和分析预测在价格相
对低位时进行集中采购暂作库存，保障原材料采购价格基本稳定，同时通过期货套保以及招投标的方式锁定部分原材料及
成本，并且对库存及时做好管理，减少行情波动给公司带来的风险。另一方面公司将通过技术创新、工艺优化等方式降低
生产成本。
5、产品价格波动风险
近年来由于行业的需求快速发展，锂电池材料产业链产能投放明显高于需求增速，目前各环节产能均有一定冗余，造
成锂电池电解液价格波动明显，而产品价格的波动将会对公司业绩产生一定影响。公司将通过技术和工艺提升，以及产业
链一体化布局来持续推出新产品的同时降低现有产品成本，构筑技术和成本护城河，持续平抑后续价格波动可能带来的风
险。
6、汇率波动风险
随着公司海外业务的扩展，进出口产品货值持续增加，外币汇率波动带来的汇兑损益将对公司经营业绩产生影响，针
对汇率风险，公司将密切关注汇率波动情况，使用套期保值等工具进行风险规避。
7、环保及安全生产风险
随着法律法规对安全标准和环保治理的要求不断提高，公司需要为此追加环保投入，生产经营成本会相应提高并一定
程度影响公司的收益水平。公司生产产品为精细化工材料，部分原料、产品具有易燃、易爆的特点，产品生产过程中涉及
高

[Noncontiguous filing excerpt]


公司治理的实际状况与法律、行政法规和中国证监会发布的关于上市公司治理的规定不存在重大差异。

二、公司相对于控股股东、实际控制人在保证公司资产、人员、财务、机构、业务等方面
的独立情况
公司自设立以来，严格按照《公司法》《证券法》和《公司章程》及其它法律法规和规章制度的要求规范运作，在业
务、人员、资产、机构、财务等方面均独立于控股股东，具有独立完整的业务及自主经营能力。
（一）在业务方面，公司主营业务为精细化工新材料的研发、生产和销售，属于精细化工行

### What the price says

The price assumes cash profits grow 8.6% yearly over ten years; actual growth was 31.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.894Z); Ten-year compound average after fade. Initial solved rate 0.11034697840466945. Price 29.46; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.05966606982196064 → FY2025 0.9125612815300151. Closing-price date 2026-10-15.

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

- 2016-10: CNY 30.09 per share

- 2016-11: CNY 25.13 per share

- 2016-12: CNY 21.08 per share

- 2017-01: CNY 21.70 per share

- 2017-02: CNY 24.88 per share

- 2017-03: CNY 25.08 per share

- 2017-04: CNY 19.73 per share

- 2017-05: CNY 18.60 per share

- 2017-06: CNY 20.59 per share

- 2017-07: CNY 24.75 per share

- 2017-08: CNY 21.27 per share

- 2017-09: CNY 26.73 per share

- 2017-10: CNY 23.98 per share

- 2017-11: CNY 21.08 per share

- 2017-12: CNY 22.99 per share

- 2018-01: CNY 21.47 per share

- 2018-02: CNY 22.63 per share

- 2018-03: CNY 23.38 per share

- 2018-04: CNY 20.29 per share

- 2018-05: CNY 20.91 per share

- 2018-06: CNY 19.27 per share

- 2018-07: CNY 16.15 per share

- 2018-08: CNY 12.13 per share

- 2018-09: CNY 12.33 per share

- 2018-10: CNY 9.96 per share

- 2018-11: CNY 12.15 per share

- 2018-12: CNY 10.83 per share

- 2019-01: CNY 12.70 per share

- 2019-02: CNY 16.51 per share

- 2019-03: CNY 15.58 per share

- 2019-04: CNY 500,000.00 per share

- 2019-05: CNY 11.86 per share

- 2019-06: CNY 12.10 per share

- 2019-07: CNY 8.23 per share

- 2019-08: CNY 8.24 per share

- 2019-09: CNY 7.99 per share

- 2019-10: CNY 8.44 per share

- 2019-11: CNY 8.64 per share

- 2019-12: CNY 10.35 per share

- 2020-01: CNY 12.68 per share

- 2020-02: CNY 12.35 per share

- 2020-03: CNY 9.76 per share

- 2020-04: CNY 13.73 per share

- 2020-05: CNY 14.01 per share

- 2020-06: CNY 16.92 per share

- 2020-07: CNY 19.00 per share

- 2020-08: CNY 20.25 per share

- 2020-09: CNY 25.62 per share

- 2020-10: CNY 31.02 per share

- 2020-11: CNY 39.29 per share

- 2020-12: CNY 51.90 per share

- 2021-01: CNY 47.69 per share

- 2021-02: CNY 41.60 per share

- 2021-03: CNY 40.80 per share

- 2021-04: CNY 33.70 per share

- 2021-05: CNY 46.73 per share

- 2021-06: CNY 53.29 per share

- 2021-07: CNY 50.47 per share

- 2021-08: CNY 68.11 per share

- 2021-09: CNY 76.06 per share

- 2021-10: CNY 82.47 per share

- 2021-11: CNY 67.50 per share

- 2021-12: CNY 57.33 per share

- 2022-01: CNY 47.11 per share

- 2022-02: CNY 53.10 per share

- 2022-03: CNY 47.00 per share

- 2022-04: CNY 37.46 per share

- 2022-05: CNY 38.05 per share

- 2022-06: CNY 62.06 per share

- 2022-07: CNY 52.38 per share

- 2022-08: CNY 47.55 per share

- 2022-09: CNY 44.06 per share

- 2022-10: CNY 42.50 per share

- 2022-11: CNY 44.96 per share

- 2022-12: CNY 43.86 per share

- 2023-01: CNY 49.08 per share

- 2023-02: CNY 44.99 per share

- 2023-03: CNY 41.96 per share

- 2023-04: CNY 42.68 per share

- 2023-05: CNY 40.89 per share

- 2023-06: CNY 41.19 per share

- 2023-07: CNY 36.82 per share

- 2023-08: CNY 32.83 per share

- 2023-09: CNY 27.03 per share

- 2023-10: CNY 27.81 per share

- 2023-11: CNY 24.20 per share

- 2023-12: CNY 25.08 per share

- 2024-01: CNY 18.68 per share

- 2024-02: CNY 20.64 per share

- 2024-03: CNY 22.23 per share

- 2024-04: CNY 21.00 per share

- 2024-05: CNY 19.55 per share

- 2024-06: CNY 17.56 per share

- 2024-07: CNY 15.69 per share

- 2024-08: CNY 14.35 per share

- 2024-09: CNY 18.52 per share

- 2024-10: CNY 18.92 per share

- 2024-11: CNY 24.69 per share

- 2024-12: CNY 19.72 per share

- 2025-01: CNY 18.28 per share

- 2025-02: CNY 20.88 per share

- 2025-03: CNY 18.64 per share

- 2025-04: CNY 17.48 per share

- 2025-05: CNY 16.85 per share

- 2025-06: CNY 18.12 per share

- 2025-07: CNY 18.89 per share

- 2025-08: CNY 21.51 per share

- 2025-09: CNY 38.17 per share

- 2025-10: CNY 39.87 per share

- 2025-11: CNY 41.25 per share

- 2025-12: CNY 46.33 per share

- 2026-01: CNY 40.71 per share

- 2026-02: CNY 42.28 per share

- 2026-03: CNY 46.00 per share

- 2026-04: CNY 60.51 per share

- 2026-05: CNY 52.03 per share

- 2026-06: CNY 51.43 per share

- 2026-07: CNY 35.74 per share

- 2026-08: CNY 36.44 per share

- 2026-09: CNY 31.20 per share

- 2026-10: CNY 34.74 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 1.63 per share, central CNY 2.28 per share, high CNY 2.66 per share

- FY2017: low CNY 1.58 per share, central CNY 2.19 per share, high CNY 2.54 per share

- FY2018: low CNY 1.69 per share, central CNY 2.32 per share, high CNY 2.69 per share

- FY2019: low CNY 1.54 per share, central CNY 1.75 per share, high CNY 2.02 per share

- FY2020: low CNY 2.95 per share, central CNY 4.16 per share, high CNY 4.86 per share

- FY2021: low CNY 8.38 per share, central CNY 11.54 per share, high CNY 13.38 per share

- FY2022: low CNY 21.69 per share, central CNY 30.05 per share, high CNY 34.92 per share

- FY2023: low CNY 12.56 per share, central CNY 17.57 per share, high CNY 20.49 per share

- FY2024: low CNY 12.51 per share, central CNY 15.54 per share, high CNY 18.00 per share

- FY2025: low CNY 11.06 per share, central CNY 12.43 per share, high CNY 14.27 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 2026-10-15T06:41:45.352Z 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.