# Yunnan Chuangxin New Material (002812.SHE)

Canonical: https://gigainvestors.com/s/002812.SHE

Analysis as of: 2026-10-16T07:36:38.762Z. Financial observations: FY2011–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 48.39 per share; close as of 2026-10-15.

Estimated value: low CNY 11.88 per share, central CNY 14.50 per share, high CNY 16.47 per share. Buy at or below the central value CNY 14.50 per share. Valuation as of 2026-10-16T07:36:38.762Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% 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: 1

- Operating margin variation: 0.59×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.30×

- FY2018: 0.32×

- FY2019: 0.34×

- FY2020: 0.31×

- FY2021: 0.40×

- FY2022: 0.38×

- FY2023: 0.25×

- FY2024: -0.08×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 23.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 12.3%

- ROIC, second-lowest year: 2.1%

- Typical minus recent gross margin: 23.3 pp

- Typical gross margin (annual median): 42.1%

- Recent gross margin (lower of latest and 3-year median): 18.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 51.7%

- ROIC including acquisitions, ten-year median: -0.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.4%

- FY2017: 21.6%

- FY2018: 13.1%

- FY2019: 11.5%

- FY2020: 9.8%

- FY2021: 15.3%

- FY2022: 15.4%

- FY2023: 7.8%

- FY2024: -1.9%

- FY2025: 2.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.21×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 1.9B

- Net income, five-year total: CNY 8.8B

- Return on incremental invested capital: 2.2%

- Working capital / revenue, annual change: 2.9 pp

- Working capital / revenue, change between three-year averages: 21.4 pp

- Working capital / revenue, final three-year average: 63.8%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: -1.51×

- FY2024: 2.93×

- FY2025: 4.14×

### management: fail

- 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: 16.4% vs 2.1%

- Per-share earnings: 0.45 to 0.15 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: 10.7%

- Ordinary dilution, 5-year annual growth: 2.8%

- Market cap gain: CNY 31B

- Cumulative retained earnings: CNY 8.6B

- Diluted shares, 10-year annual growth: 10.7%

- Diluted shares, 5-year annual growth: 2.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -12.7%

- Per-share value change: CNY -0.30

- Per-share value, starting three-year median: CNY 0.45

- Per-share value, ending three-year median: CNY 0.15

- Buybacks concentrated in cheaper years (correlation): -0.03

- Average buyback yield: 0.4%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 1.6B

- Cumulative net income, 10 years: CNY 12B

- ROIC, first three-year median: 16.4%

- ROIC, last three-year median: 2.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.45

- FY2017: CNY 0.81

- FY2018: CNY 0.68

- FY2019: CNY 1.05

- FY2020: CNY 1.35

- FY2021: CNY 3.06

- FY2022: CNY 4.46

- FY2023: CNY 2.58

- FY2024: CNY -0.87

- FY2025: CNY 0.15

### accounting: pass

- Sloan accruals: -2.1%

- Receivables to sales index (DSRI): 0.80×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.02×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.9%

- FY2017: 2.1%

- FY2018: 4.5%

- FY2019: 0.7%

- FY2020: 0.3%

- FY2021: 5.0%

- FY2022: 9.1%

- FY2023: -0.3%

- FY2024: -3.6%

- FY2025: -2.1%

## Holders

## Price story

Down 83% since Oct 2021 · sales +34.1%

Story as of 2026-10-16T10:00:07.845Z; price observation 2026-10-15.

Price needs cash profits to grow 21.5% a year for ten years

### Sales · FY2024–2025

sales +34.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.1B 

- FY2017: CNY 2.1B 

- FY2018: CNY 2.5B 

- FY2019: CNY 3.2B 

- FY2020: CNY 4.3B 

- FY2021: CNY 8.0B 

- FY2022: CNY 13B 

- FY2023: CNY 12B 

- FY2024: CNY 10B 

- FY2025: CNY 14B 

### Gross margin · FY2025

gross margin 18.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 28.3% 

- FY2017: 42.7% 

- FY2018: 41.9% 

- FY2019: 45.0% 

- FY2020: 42.3% 

- FY2021: 49.7% 

- FY2022: 47.5% 

- FY2023: 35.8% 

- FY2024: 6.5% 

- FY2025: 18.8% 

## Owner memo

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

### How it makes money

Operates in specialty chemicals; annual sales are CNY 13.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); FY2025: revenue 13632727136.01; grossProfit 2559171430.53; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002812.SHE: Yunnan Energy New Material (Group) Co., Ltd., together with its subsidiaries, provides film products in China and internationally. The company offers lithium-ion battery separator; BOPP films comprising cigarette film, flat film and special film; as well as special paper products, such as laser transfer anti-counterfeiting paper, direct-plated paper, and glassine paper. It also provides packaging printing products, including cigarette label and aseptic packaging products; and paper packaging, comprising special paper, holographic anti-counterfeiting anodized aluminum, and other products. In addition, the company offers investment and technical services; engages in trading activities; buys and sells real estate; and produces and sales new materials. The company was formerly known as Yunnan Energy New Material Co., Ltd. and changed its name to Yunnan Energy New Material (Group) Co., Ltd. in January 2026. Yunnan Energy New Material (Group) Co., Ltd. was founded in 1996 and is headquartered in Yuxi, China.

### Why customers stay

Margins ranged from 6.5% to 35.8% during 2023–25; it earns 12.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); FY2023: grossProfit / revenue = 35.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); FY2024: grossProfit / revenue = 6.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); FY2025: grossProfit / revenue = 18.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); 10-year return on capital observations [[2016,0.16355050905585886],[2017,0.21554924860366279],[2018,0.13082973189840622],[2019,0.11510925651642374],[2020,0.09753766272082723],[2021,0.15338183273223396],[2022,0.15400004046099242],[2023,0.07765844129441261],[2024,-0.01918910200477736],[2025,0.020712717897631426]]; median 0.12296949420741499. 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 2026-10-16T07:36:38.762Z); FY2016: growth capex 5518612.566349685; upkeep 71205387.43365031; owner earnings 140167339.5663497. Growth capex / owner earnings = 0.03937160099794426.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); FY2020: growth capex 1703193136.395287; upkeep 965083863.604713; owner earnings 708906763.395287. Growth capex / owner earnings = 2.402562966444129.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); FY2021: growth capex 3199421174; upkeep 796541826; owner earnings 2717628802. Growth capex / owner earnings = 1.1772840984189716.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); FY2022: growth capex 4193011784; upkeep 1064750216; owner earnings 4000195669.968. Growth capex / owner earnings = 1.0482016706031638.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); FY2025: growth capex 0; upkeep 1734935342.2; owner earnings 590118337.2899998. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); Dividend observations: [[2016,83021000],[2017,109884000],[2018,222979000],[2019,337658000],[2020,337184000],[2021,150716000],[2022,270000000],[2023,719029000],[2024,1911094000],[2025,334648985.85]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 46% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002812.SHE SharesStats.PercentInsiders = 46.011 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 21.5% yearly over ten years; actual growth was 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:38.762Z); Ten-year compound average after fade. Initial solved rate 0.3005609566113536. Price 48.39; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.282948383761823 → FY2025 0.6209665482993112. Closing-price date 2026-10-15.

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

- 2016-10: CNY 78.98 per share

- 2016-11: CNY 81.60 per share

- 2016-12: CNY 62.40 per share

- 2017-01: CNY 55.30 per share

- 2017-02: CNY 55.50 per share

- 2017-03: CNY 55.50 per share

- 2017-04: CNY 55.50 per share

- 2017-05: CNY 59.00 per share

- 2017-06: CNY 81.00 per share

- 2017-07: CNY 90.57 per share

- 2017-08: CNY 110.00 per share

- 2017-09: CNY 125.00 per share

- 2017-10: CNY 133.48 per share

- 2017-11: CNY 102.97 per share

- 2017-12: CNY 102.90 per share

- 2018-01: CNY 90.48 per share

- 2018-02: CNY 103.30 per share

- 2018-03: CNY 123.83 per share

- 2018-04: CNY 53.93 per share

- 2018-05: CNY 50.75 per share

- 2018-06: CNY 49.13 per share

- 2018-07: CNY 44.42 per share

- 2018-08: CNY 40.00 per share

- 2018-09: CNY 43.05 per share

- 2018-10: CNY 38.75 per share

- 2018-11: CNY 50.39 per share

- 2018-12: CNY 49.41 per share

- 2019-01: CNY 46.38 per share

- 2019-02: CNY 56.00 per share

- 2019-03: CNY 60.80 per share

- 2019-04: CNY 2,209.26 per share

- 2019-05: CNY 54.02 per share

- 2019-06: CNY 46.75 per share

- 2019-07: CNY 33.63 per share

- 2019-08: CNY 29.95 per share

- 2019-09: CNY 33.35 per share

- 2019-10: CNY 33.88 per share

- 2019-11: CNY 41.30 per share

- 2019-12: CNY 50.50 per share

- 2020-01: CNY 59.31 per share

- 2020-02: CNY 58.34 per share

- 2020-03: CNY 42.51 per share

- 2020-04: CNY 54.81 per share

- 2020-05: CNY 58.92 per share

- 2020-06: CNY 66.00 per share

- 2020-07: CNY 79.35 per share

- 2020-08: CNY 78.43 per share

- 2020-09: CNY 91.33 per share

- 2020-10: CNY 99.87 per share

- 2020-11: CNY 96.52 per share

- 2020-12: CNY 141.78 per share

- 2021-01: CNY 131.97 per share

- 2021-02: CNY 106.01 per share

- 2021-03: CNY 111.92 per share

- 2021-04: CNY 134.55 per share

- 2021-05: CNY 177.65 per share

- 2021-06: CNY 234.10 per share

- 2021-07: CNY 248.05 per share

- 2021-08: CNY 282.40 per share

- 2021-09: CNY 280.12 per share

- 2021-10: CNY 291.74 per share

- 2021-11: CNY 254.20 per share

- 2021-12: CNY 250.40 per share

- 2022-01: CNY 254.09 per share

- 2022-02: CNY 260.00 per share

- 2022-03: CNY 220.00 per share

- 2022-04: CNY 202.95 per share

- 2022-05: CNY 217.76 per share

- 2022-06: CNY 250.45 per share

- 2022-07: CNY 213.98 per share

- 2022-08: CNY 193.00 per share

- 2022-09: CNY 174.12 per share

- 2022-10: CNY 148.04 per share

- 2022-11: CNY 124.42 per share

- 2022-12: CNY 131.29 per share

- 2023-01: CNY 155.89 per share

- 2023-02: CNY 125.66 per share

- 2023-03: CNY 113.82 per share

- 2023-04: CNY 104.10 per share

- 2023-05: CNY 90.92 per share

- 2023-06: CNY 96.35 per share

- 2023-07: CNY 96.50 per share

- 2023-08: CNY 66.39 per share

- 2023-09: CNY 59.90 per share

- 2023-10: CNY 67.00 per share

- 2023-11: CNY 58.87 per share

- 2023-12: CNY 56.82 per share

- 2024-01: CNY 42.49 per share

- 2024-02: CNY 45.89 per share

- 2024-03: CNY 41.55 per share

- 2024-04: CNY 41.61 per share

- 2024-05: CNY 39.57 per share

- 2024-06: CNY 31.65 per share

- 2024-07: CNY 30.82 per share

- 2024-08: CNY 26.91 per share

- 2024-09: CNY 34.21 per share

- 2024-10: CNY 35.60 per share

- 2024-11: CNY 37.25 per share

- 2024-12: CNY 31.99 per share

- 2025-01: CNY 28.90 per share

- 2025-02: CNY 32.68 per share

- 2025-03: CNY 30.79 per share

- 2025-04: CNY 27.70 per share

- 2025-05: CNY 27.79 per share

- 2025-06: CNY 29.29 per share

- 2025-07: CNY 29.58 per share

- 2025-08: CNY 32.30 per share

- 2025-09: CNY 46.70 per share

- 2025-10: CNY 48.52 per share

- 2025-11: CNY 55.35 per share

- 2025-12: CNY 56.64 per share

- 2026-01: CNY 50.99 per share

- 2026-02: CNY 61.93 per share

- 2026-03: CNY 67.78 per share

- 2026-04: CNY 82.95 per share

- 2026-05: CNY 70.47 per share

- 2026-06: CNY 66.91 per share

- 2026-07: CNY 52.59 per share

- 2026-08: CNY 53.30 per share

- 2026-09: CNY 45.51 per share

- 2026-10: CNY 44.42 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 5.79 per share, central CNY 6.35 per share, high CNY 7.11 per share

- FY2017: low CNY 7.06 per share, central CNY 7.79 per share, high CNY 8.77 per share

- FY2018: low CNY 3.38 per share, central CNY 3.80 per share, high CNY 4.36 per share

- FY2022: low CNY 35.73 per share, central CNY 49.26 per share, high CNY 57.14 per share

- FY2023: low CNY 32.17 per share, central CNY 44.02 per share, high CNY 50.92 per share

- FY2024: low CNY 33.25 per share, central CNY 37.21 per share, high CNY 42.49 per share

- FY2025: low CNY 10.43 per share, central CNY 12.66 per share, high CNY 14.33 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.