# Muyuan Foodstuff (002714.SHE)

Canonical: https://gigainvestors.com/s/002714.SHE

Analysis as of: 2026-10-16T07:34:11.937Z. Financial observations: FY2009–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 39.75 per share; close as of 2026-10-15.

Estimated value: low CNY 32.54 per share, central CNY 45.37 per share, high CNY 52.84 per share. Buy at or below the central value CNY 45.37 per share. Valuation as of 2026-10-16T07:34:11.937Z; scenarios are not confidence intervals.

Expected annual return: 11.0% at the stated quote. About 11.0% 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

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 1

- Operating margin variation: 0.84×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.40×

- FY2017: 0.24×

- FY2018: 0.04×

- FY2019: 0.31×

- FY2020: 0.54×

- FY2021: 0.10×

- FY2022: 0.12×

- FY2023: -0.03×

- FY2024: 0.15×

- FY2025: 0.13×

### moat: fail

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

- ROIC, median of available years: 15.1%

- ROIC, second-lowest year: 3.3%

- Typical minus recent gross margin: 0.9 pp

- Typical gross margin (annual median): 18.3%

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

- Years with nonpositive capital: 0

- Capital spending / revenue: 41.6%

- ROIC including acquisitions, ten-year median: 11.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.2%

- FY2017: 16.0%

- FY2018: 3.3%

- FY2019: 33.9%

- FY2020: 43.5%

- FY2021: 8.2%

- FY2022: 14.3%

- FY2023: -2.6%

- FY2024: 16.3%

- FY2025: 13.2%

### economics: pass

- Owner earnings / net income, 5-yr: 0.98×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 48B

- Net income, five-year total: CNY 49B

- Return on incremental invested capital: 14.9%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -6.1 pp

- Working capital / revenue, final three-year average: 16.3%

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

- FY2021: 0.80×

- FY2022: 0.94×

- FY2023: 2.21×

- FY2024: 1.06×

- FY2025: 1.35×

### 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: 16.0% vs 13.2%

- Per-share earnings: 0.48 to 2.89 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.6%

- Ordinary dilution, 5-year annual growth: 0.7%

- Market cap gain: CNY 168B

- Cumulative retained earnings: CNY 56B

- Diluted shares, 10-year annual growth: 2.6%

- Diluted shares, 5-year annual growth: 0.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 25.2%

- Per-share value change: CNY 2.42

- Per-share value, starting three-year median: CNY 0.48

- Per-share value, ending three-year median: CNY 2.89

- Buybacks concentrated in cheaper years (correlation): -0.54

- Average buyback yield: 0.5%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.1B

- Cumulative net income, 10 years: CNY 88B

- ROIC, first three-year median: 16.0%

- ROIC, last three-year median: 13.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.53

- FY2017: CNY 0.48

- FY2018: CNY 0.11

- FY2019: CNY 1.23

- FY2020: CNY 5.32

- FY2021: CNY 1.18

- FY2022: CNY 2.21

- FY2023: CNY -0.79

- FY2024: CNY 3.24

- FY2025: CNY 2.89

### accounting: pass

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

- Sloan accruals: -8.4%

- Receivables to sales index (DSRI): 3.82×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.94×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 8.0%

- FY2017: 2.4%

- FY2018: -2.8%

- FY2019: -7.3%

- FY2020: 3.3%

- FY2021: -5.3%

- FY2022: -5.1%

- FY2023: -7.2%

- FY2024: -10.5%

- FY2025: -8.4%

## Holders

## Price story

Down 33% since Jul 2022 · sales +4.5%

Story as of 2026-10-16T09:59:59.522Z; price observation 2026-10-15.

Price needs cash profits to grow 4.7% a year for ten years

### Sales · FY2024–2025

sales +4.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 5.6B 

- FY2017: CNY 10B 

- FY2018: CNY 13B 

- FY2019: CNY 20B 

- FY2020: CNY 56B 

- FY2021: CNY 79B 

- FY2022: CNY 125B 

- FY2023: CNY 111B 

- FY2024: CNY 138B 

- FY2025: CNY 144B 

### Gross margin · FY2025

gross margin 17.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.7% 

- FY2017: 29.8% 

- FY2018: 9.8% 

- FY2019: 36.0% 

- FY2020: 60.7% 

- FY2021: 16.7% 

- FY2022: 17.5% 

- FY2023: 2.9% 

- FY2024: 19.0% 

- FY2025: 17.4% 

## Owner memo

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

### How it makes money

Operates in farm products; annual sales are CNY 144.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2025: revenue 144138802000; grossProfit 25023293000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 2.9% to 19% during 2023–25; it earns 15.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2023: grossProfit / revenue = 2.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2024: grossProfit / revenue = 19%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2025: grossProfit / revenue = 17.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); 10-year return on capital observations [[2016,0.19204406235608043],[2017,0.1602986247987584],[2018,0.03322660328663056],[2019,0.3385567948149521],[2020,0.43544171109846663],[2021,0.08174361507422491],[2022,0.14268062592261863],[2023,-0.025978024406727345],[2024,0.16275006295921143],[2025,0.1316057269921039]]; median 0.1514896253606885. 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 2 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2016: growth capex 2540318795.7283006; upkeep 1821570181.2216992; owner earnings 967434087.7783008. Growth capex / owner earnings = 2.625831390293584.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2017: growth capex 4755294902.361847; upkeep 1521066257.9081535; owner earnings 1733504386.0918465. Growth capex / owner earnings = 2.7431686591128686.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2018: growth capex 3765518727.29; upkeep 1281780374; owner earnings 520208835. Growth capex / owner earnings = 7.23847515448291.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2019: growth capex 8751939235.236076; upkeep 4368661037.403923; owner earnings 3423780706.596077. Growth capex / owner earnings = 2.5562207352752027.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2020: growth capex 42474293358.35; upkeep 3596494186; owner earnings 27451421946. Growth capex / owner earnings = 1.547252941647309.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2021: growth capex 27740889945.78; upkeep 8111444411; owner earnings 5540682335.1119995. Growth capex / owner earnings = 5.006764197611997.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2022: growth capex 4524415831.02; upkeep 11214503115; owner earnings 12487134204.481346. Growth capex / owner earnings = 0.3623261956611543.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2024: growth capex 0; upkeep 12380726000; owner earnings 18923016285.686. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2025: growth capex 0; upkeep 9528930000; owner earnings 20860615663.22. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); Dividend observations: [[2016,341968840.35],[2017,1095605237.79],[2018,1474173027.78],[2019,272624951],[2020,1212375287],[2021,5489130702],[2022,1318580993],[2023,4003052968],[2024,7070846000],[2025,8085173000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); FY2025: cash repurchases 2001489000 CNY.

### Are managers owners

Insiders own 59.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002714.SHE SharesStats.PercentInsiders = 59.751 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:11.937Z); Ten-year compound average after fade. Initial solved rate 0.05453395935347116. Price 39.75; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.15558359116496012 → FY2025 3.8982226279912604. Closing-price date 2026-10-15.

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

- 2016-10: CNY 24.70 per share

- 2016-11: CNY 25.05 per share

- 2016-12: CNY 23.28 per share

- 2017-01: CNY 23.96 per share

- 2017-02: CNY 26.08 per share

- 2017-03: CNY 27.20 per share

- 2017-04: CNY 27.90 per share

- 2017-05: CNY 24.15 per share

- 2017-06: CNY 27.22 per share

- 2017-07: CNY 28.45 per share

- 2017-08: CNY 41.77 per share

- 2017-09: CNY 37.07 per share

- 2017-10: CNY 47.09 per share

- 2017-11: CNY 46.95 per share

- 2017-12: CNY 52.86 per share

- 2018-01: CNY 59.65 per share

- 2018-02: CNY 48.72 per share

- 2018-03: CNY 45.28 per share

- 2018-04: CNY 47.76 per share

- 2018-05: CNY 52.70 per share

- 2018-06: CNY 44.46 per share

- 2018-07: CNY 26.72 per share

- 2018-08: CNY 22.96 per share

- 2018-09: CNY 24.90 per share

- 2018-10: CNY 22.90 per share

- 2018-11: CNY 27.01 per share

- 2018-12: CNY 28.75 per share

- 2019-01: CNY 34.55 per share

- 2019-02: CNY 44.79 per share

- 2019-03: CNY 63.31 per share

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

- 2019-05: CNY 63.35 per share

- 2019-06: CNY 58.79 per share

- 2019-07: CNY 76.60 per share

- 2019-08: CNY 80.40 per share

- 2019-09: CNY 70.50 per share

- 2019-10: CNY 98.50 per share

- 2019-11: CNY 86.80 per share

- 2019-12: CNY 88.79 per share

- 2020-01: CNY 81.71 per share

- 2020-02: CNY 116.50 per share

- 2020-03: CNY 122.10 per share

- 2020-04: CNY 127.69 per share

- 2020-05: CNY 119.95 per share

- 2020-06: CNY 82.08 per share

- 2020-07: CNY 91.48 per share

- 2020-08: CNY 87.56 per share

- 2020-09: CNY 73.93 per share

- 2020-10: CNY 70.91 per share

- 2020-11: CNY 77.00 per share

- 2020-12: CNY 77.10 per share

- 2021-01: CNY 88.90 per share

- 2021-02: CNY 113.90 per share

- 2021-03: CNY 100.03 per share

- 2021-04: CNY 113.11 per share

- 2021-05: CNY 89.08 per share

- 2021-06: CNY 60.82 per share

- 2021-07: CNY 42.27 per share

- 2021-08: CNY 42.31 per share

- 2021-09: CNY 51.90 per share

- 2021-10: CNY 57.11 per share

- 2021-11: CNY 52.40 per share

- 2021-12: CNY 53.36 per share

- 2022-01: CNY 54.59 per share

- 2022-02: CNY 57.08 per share

- 2022-03: CNY 56.86 per share

- 2022-04: CNY 52.23 per share

- 2022-05: CNY 51.18 per share

- 2022-06: CNY 55.27 per share

- 2022-07: CNY 59.60 per share

- 2022-08: CNY 58.62 per share

- 2022-09: CNY 54.52 per share

- 2022-10: CNY 46.78 per share

- 2022-11: CNY 48.07 per share

- 2022-12: CNY 48.75 per share

- 2023-01: CNY 49.94 per share

- 2023-02: CNY 49.54 per share

- 2023-03: CNY 49.00 per share

- 2023-04: CNY 47.87 per share

- 2023-05: CNY 40.05 per share

- 2023-06: CNY 42.15 per share

- 2023-07: CNY 44.45 per share

- 2023-08: CNY 40.58 per share

- 2023-09: CNY 37.89 per share

- 2023-10: CNY 37.76 per share

- 2023-11: CNY 39.08 per share

- 2023-12: CNY 41.18 per share

- 2024-01: CNY 35.25 per share

- 2024-02: CNY 38.49 per share

- 2024-03: CNY 43.15 per share

- 2024-04: CNY 43.62 per share

- 2024-05: CNY 47.15 per share

- 2024-06: CNY 43.60 per share

- 2024-07: CNY 43.72 per share

- 2024-08: CNY 38.56 per share

- 2024-09: CNY 46.31 per share

- 2024-10: CNY 43.64 per share

- 2024-11: CNY 40.73 per share

- 2024-12: CNY 38.44 per share

- 2025-01: CNY 37.21 per share

- 2025-02: CNY 36.29 per share

- 2025-03: CNY 38.73 per share

- 2025-04: CNY 39.67 per share

- 2025-05: CNY 40.44 per share

- 2025-06: CNY 42.01 per share

- 2025-07: CNY 46.36 per share

- 2025-08: CNY 54.96 per share

- 2025-09: CNY 53.00 per share

- 2025-10: CNY 50.30 per share

- 2025-11: CNY 50.75 per share

- 2025-12: CNY 50.58 per share

- 2026-01: CNY 46.00 per share

- 2026-02: CNY 46.90 per share

- 2026-03: CNY 41.71 per share

- 2026-04: CNY 44.70 per share

- 2026-05: CNY 38.07 per share

- 2026-06: CNY 34.99 per share

- 2026-07: CNY 39.26 per share

- 2026-08: CNY 42.31 per share

- 2026-09: CNY 42.45 per share

- 2026-10: CNY 40.90 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 0.97 per share, central CNY 1.08 per share, high CNY 1.22 per share

- FY2017: low CNY 2.88 per share, central CNY 3.16 per share, high CNY 3.54 per share

- FY2018: low CNY 1.87 per share, central CNY 2.04 per share, high CNY 2.25 per share

- FY2019: low CNY 11.64 per share, central CNY 15.66 per share, high CNY 18.00 per share

- FY2020: low CNY 28.21 per share, central CNY 39.18 per share, high CNY 45.57 per share

- FY2021: low CNY 32.89 per share, central CNY 46.21 per share, high CNY 53.96 per share

- FY2022: low CNY 30.93 per share, central CNY 43.02 per share, high CNY 50.07 per share

- FY2023: low CNY 25.25 per share, central CNY 28.36 per share, high CNY 32.49 per share

- FY2024: low CNY 36.57 per share, central CNY 51.13 per share, high CNY 59.62 per share

- FY2025: low CNY 38.68 per share, central CNY 54.38 per share, high CNY 63.52 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 2026-10-15T06:39:57.082Z 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.