# Tingyi (0322.HK)

Canonical: https://gigainvestors.com/s/0322.HK

Analysis as of: 2026-10-16T07:36:07.695Z. Financial observations: FY1999–FY2025.

Listing currency: HKD. 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: HKD 12.30 per share; close as of 2026-10-15.

Estimated value: low HKD 11.19 per share, central HKD 12.32 per share, high HKD 13.82 per share. Buy at or below the central value HKD 12.32 per share. Valuation as of 2026-10-16T07:36:07.695Z; scenarios are not confidence intervals.

Expected annual return: 10.0% at the stated quote. About 10.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; HK 10-year bond 4.0% + 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: 0.25×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.04×

- FY2017: 0.05×

- FY2018: 0.06×

- FY2019: 0.06×

- FY2020: 0.09×

- FY2021: 0.06×

- FY2022: 0.05×

- FY2023: 0.05×

- FY2024: 0.07×

- FY2025: 0.08×

### moat: fail

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

- ROIC, median of available years: 18.4%

- ROIC, second-lowest year: 8.4%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 31.1%

- Recent gross margin (lower of latest and 3-year median): 33.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.6%

- ROIC including acquisitions, ten-year median: 20.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.1%

- FY2017: 8.4%

- FY2018: 14.5%

- FY2019: 18.3%

- FY2020: 30.0%

- FY2021: 22.0%

- FY2022: 15.4%

- FY2023: 18.5%

- FY2024: 23.4%

- FY2025: 30.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 18B

- Net income, five-year total: CNY 18B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.2 pp

- Working capital / revenue, change between three-year averages: 1.3 pp

- Working capital / revenue, final three-year average: -3.3%

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

- FY2021: 1.02×

- FY2022: 0.99×

- FY2023: 0.98×

- FY2024: 0.98×

- FY2025: 1.11×

### 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: 8.4% vs 23.4%

- Per-share earnings: 0.30 to 0.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: CNY 12B

- Cumulative retained earnings: CNY 3.7B

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 10.6%

- Per-share value change: CNY 0.37

- Per-share value, starting three-year median: CNY 0.30

- Per-share value, ending three-year median: CNY 0.66

- Average buyback yield: 0.0%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 3.6B

- Cumulative net income, 10 years: CNY 31B

- ROIC, first three-year median: 8.4%

- ROIC, last three-year median: 23.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.22

- FY2017: CNY 0.32

- FY2018: CNY 0.44

- FY2019: CNY 0.59

- FY2020: CNY 0.72

- FY2021: CNY 0.68

- FY2022: CNY 0.47

- FY2023: CNY 0.55

- FY2024: CNY 0.66

- FY2025: CNY 0.80

### accounting: pass

- Sloan accruals: -6.7%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.82×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.22×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -12.0%

- FY2017: -9.0%

- FY2018: -8.5%

- FY2019: -7.8%

- FY2020: -7.3%

- FY2021: -2.7%

- FY2022: -3.2%

- FY2023: -4.5%

- FY2024: -8.5%

- FY2025: -6.7%

## Holders

## Price story

Down 29% since Feb 2022 · sales -2%

Story as of 2026-10-16T10:00:06.895Z; price observation 2026-10-15.

Price needs cash profits to grow 0.9% a year for ten years

### Sales · FY2024–2025

sales -2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 58B 

- FY2017: CNY 59B 

- FY2018: CNY 61B 

- FY2019: CNY 62B 

- FY2020: CNY 68B 

- FY2021: CNY 74B 

- FY2022: CNY 79B 

- FY2023: CNY 80B 

- FY2024: CNY 81B 

- FY2025: CNY 79B 

### Gross margin · FY2025

gross margin 34.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 31.3% 

- FY2017: 29.4% 

- FY2018: 30.9% 

- FY2019: 31.9% 

- FY2020: 33.2% 

- FY2021: 30.4% 

- FY2022: 29.1% 

- FY2023: 30.4% 

- FY2024: 33.1% 

- FY2025: 34.8% 

## Owner memo

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

### How it makes money

Annual sales are CNY 79.1 billion.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2025-12-31 (filed 2026-10-16T07:36:07.695Z); FY2025: revenue 79068022000; grossProfit 27531704000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0322.HK: Tingyi (Cayman Islands) Holding Corp., an investment holding company, manufactures and sells instant noodles, beverages, and instant food products in the People's Republic of China. The company operates through Instant Noodles, Beverages, and Others segments. It offers ready-to-drink teas, juices, bottled water, and carbonated soft drinks; various noodles; and coffee/functional/probiotics drinks. The company also provides property management; and management and consulting services. Tingyi (Cayman Islands) Holding Corp. was founded in 1992 and is headquartered in Shanghai, the People's Republic of China.

### Why customers stay

Margins ranged from 30.4% to 34.8% during 2023–25; it earns 18.4% on its capital.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2023-12-31 (filed 2026-10-16T07:36:07.695Z); FY2023: grossProfit / revenue = 30.4%.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2024-12-31 (filed 2026-10-16T07:36:07.695Z); FY2024: grossProfit / revenue = 33.1%.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2025-12-31 (filed 2026-10-16T07:36:07.695Z); FY2025: grossProfit / revenue = 34.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.695Z); 10-year return on capital observations [[2016,0.0609004284275358],[2017,0.08416545116890144],[2018,0.14464559196809726],[2019,0.18298545913848777],[2020,0.30025774170581726],[2021,0.21989627837207365],[2022,0.15423001357420146],[2023,0.18484866092524357],[2024,0.23358356064608726],[2025,0.3004133183016751]]; median 0.18391706003186567. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 29% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.695Z); Gross margin observations: [[2021,0.30385702699371125],[2022,0.290906599835208],[2023,0.3042486281846463]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2016-12-31 (filed 2026-10-16T07:36:07.695Z); FY2016: growth capex 0; upkeep 1806554558.4; owner earnings 3465900556.8. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2017-12-31 (filed 2026-10-16T07:36:07.695Z); FY2017: growth capex 0; upkeep 1066939000; owner earnings 4377514000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2018-12-31 (filed 2026-10-16T07:36:07.695Z); FY2018: growth capex 0; upkeep 1382344000; owner earnings 4404484000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2019-12-31 (filed 2026-10-16T07:36:07.695Z); FY2019: growth capex 0; upkeep 1830648000; owner earnings 4660592800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2020-12-31 (filed 2026-10-16T07:36:07.695Z); FY2020: growth capex 0; upkeep 2236249000; owner earnings 4910686000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2021-12-31 (filed 2026-10-16T07:36:07.695Z); FY2021: growth capex 0; upkeep 2997662000; owner earnings 3875488200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2022-12-31 (filed 2026-10-16T07:36:07.695Z); FY2022: growth capex 0; upkeep 3238944000; cash acquisitions 0; owner earnings 2603565875.4837875. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2023-12-31 (filed 2026-10-16T07:36:07.695Z); FY2023: growth capex 195742000; upkeep 3448637000; cash acquisitions 0; owner earnings 3059539702.9871182. Growth capex plus acquisitions / owner earnings = 0.06397759761342249.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2024-12-31 (filed 2026-10-16T07:36:07.695Z); FY2024: growth capex 67108578.47043991; upkeep 3541281421.52956; cash acquisitions 0; owner earnings 3642166978.47044. Growth capex plus acquisitions / owner earnings = 0.018425453546510037.

- Source: https://eodhd.com/api/fundamentals/TYG.STU.json#2025-12-31 (filed 2026-10-16T07:36:07.695Z); FY2025: growth capex 0; upkeep 3111623000; cash acquisitions 0; owner earnings 4976920000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.695Z); Dividend observations: [[2016,889986846],[2017,598505000],[2018,928370000],[2019,2485015000],[2020,3330981000],[2021,6562263000],[2022,6452482000],[2023,2632371000],[2024,3117097000],[2025,3735883000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 67% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 0322.HK SharesStats.PercentInsiders = 66.979 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.9% yearly over ten years; actual growth was 11.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:07.695Z); Ten-year compound average after fade. Initial solved rate -0.000367934884400436. Price 12.3; FX 1.1727222788982186; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.3044135470444164 → FY2025 0.882893481987761. Closing-price date 2026-10-15.

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

- 2016-10: HKD 8.37 per share

- 2016-11: HKD 9.22 per share

- 2016-12: HKD 9.43 per share

- 2017-01: HKD 8.85 per share

- 2017-02: HKD 8.70 per share

- 2017-03: HKD 9.76 per share

- 2017-04: HKD 9.99 per share

- 2017-05: HKD 9.52 per share

- 2017-06: HKD 9.26 per share

- 2017-07: HKD 9.95 per share

- 2017-08: HKD 10.42 per share

- 2017-09: HKD 11.76 per share

- 2017-10: HKD 12.30 per share

- 2017-11: HKD 12.28 per share

- 2017-12: HKD 15.20 per share

- 2018-01: HKD 16.30 per share

- 2018-02: HKD 16.44 per share

- 2018-03: HKD 16.28 per share

- 2018-04: HKD 14.88 per share

- 2018-05: HKD 17.56 per share

- 2018-06: HKD 18.20 per share

- 2018-07: HKD 18.14 per share

- 2018-08: HKD 14.02 per share

- 2018-09: HKD 14.38 per share

- 2018-10: HKD 11.60 per share

- 2018-11: HKD 10.14 per share

- 2018-12: HKD 10.46 per share

- 2019-01: HKD 10.92 per share

- 2019-02: HKD 10.90 per share

- 2019-03: HKD 12.94 per share

- 2019-04: HKD 12.90 per share

- 2019-05: HKD 12.74 per share

- 2019-06: HKD 13.04 per share

- 2019-07: HKD 11.74 per share

- 2019-08: HKD 10.80 per share

- 2019-09: HKD 11.04 per share

- 2019-10: HKD 10.44 per share

- 2019-11: HKD 12.74 per share

- 2019-12: HKD 13.30 per share

- 2020-01: HKD 13.16 per share

- 2020-02: HKD 14.18 per share

- 2020-03: HKD 12.68 per share

- 2020-04: HKD 13.72 per share

- 2020-05: HKD 13.32 per share

- 2020-06: HKD 12.02 per share

- 2020-07: HKD 14.44 per share

- 2020-08: HKD 14.56 per share

- 2020-09: HKD 13.66 per share

- 2020-10: HKD 14.16 per share

- 2020-11: HKD 13.08 per share

- 2020-12: HKD 13.24 per share

- 2021-01: HKD 15.44 per share

- 2021-02: HKD 15.58 per share

- 2021-03: HKD 14.28 per share

- 2021-04: HKD 13.98 per share

- 2021-05: HKD 14.74 per share

- 2021-06: HKD 15.50 per share

- 2021-07: HKD 14.00 per share

- 2021-08: HKD 13.84 per share

- 2021-09: HKD 14.48 per share

- 2021-10: HKD 14.56 per share

- 2021-11: HKD 15.10 per share

- 2021-12: HKD 16.02 per share

- 2022-01: HKD 16.14 per share

- 2022-02: HKD 17.28 per share

- 2022-03: HKD 13.20 per share

- 2022-04: HKD 14.38 per share

- 2022-05: HKD 13.90 per share

- 2022-06: HKD 13.44 per share

- 2022-07: HKD 12.92 per share

- 2022-08: HKD 13.96 per share

- 2022-09: HKD 13.54 per share

- 2022-10: HKD 12.28 per share

- 2022-11: HKD 12.76 per share

- 2022-12: HKD 13.78 per share

- 2023-01: HKD 13.02 per share

- 2023-02: HKD 12.68 per share

- 2023-03: HKD 13.08 per share

- 2023-04: HKD 13.68 per share

- 2023-05: HKD 11.74 per share

- 2023-06: HKD 12.18 per share

- 2023-07: HKD 12.04 per share

- 2023-08: HKD 11.52 per share

- 2023-09: HKD 10.94 per share

- 2023-10: HKD 10.38 per share

- 2023-11: HKD 9.83 per share

- 2023-12: HKD 9.52 per share

- 2024-01: HKD 7.76 per share

- 2024-02: HKD 8.73 per share

- 2024-03: HKD 8.58 per share

- 2024-04: HKD 8.67 per share

- 2024-05: HKD 9.55 per share

- 2024-06: HKD 9.41 per share

- 2024-07: HKD 9.53 per share

- 2024-08: HKD 10.48 per share

- 2024-09: HKD 11.22 per share

- 2024-10: HKD 11.36 per share

- 2024-11: HKD 9.75 per share

- 2024-12: HKD 10.12 per share

- 2025-01: HKD 11.86 per share

- 2025-02: HKD 11.32 per share

- 2025-03: HKD 13.06 per share

- 2025-04: HKD 14.04 per share

- 2025-05: HKD 12.88 per share

- 2025-06: HKD 11.50 per share

- 2025-07: HKD 11.58 per share

- 2025-08: HKD 11.03 per share

- 2025-09: HKD 10.42 per share

- 2025-10: HKD 10.66 per share

- 2025-11: HKD 11.93 per share

- 2025-12: HKD 11.79 per share

- 2026-01: HKD 11.86 per share

- 2026-02: HKD 13.09 per share

- 2026-03: HKD 12.98 per share

- 2026-04: HKD 12.05 per share

- 2026-05: HKD 11.95 per share

- 2026-06: HKD 9.78 per share

- 2026-07: HKD 11.90 per share

- 2026-08: HKD 12.76 per share

- 2026-09: HKD 11.61 per share

- 2026-10: HKD 12.30 per share

## Annual estimated value (HKD per share)

- FY2016: low HKD 6.85 per share, central HKD 7.54 per share, high HKD 8.45 per share

- FY2017: low HKD 6.92 per share, central HKD 7.61 per share, high HKD 8.53 per share

- FY2018: low HKD 10.88 per share, central HKD 12.02 per share, high HKD 13.54 per share

- FY2019: low HKD 13.62 per share, central HKD 15.04 per share, high HKD 16.92 per share

- FY2020: low HKD 15.43 per share, central HKD 17.04 per share, high HKD 19.12 per share

- FY2021: low HKD 15.80 per share, central HKD 18.05 per share, high HKD 20.49 per share

- FY2022: low HKD 15.21 per share, central HKD 17.01 per share, high HKD 19.39 per share

- FY2023: low HKD 11.37 per share, central HKD 12.69 per share, high HKD 14.45 per share

- FY2024: low HKD 9.64 per share, central HKD 10.79 per share, high HKD 12.31 per share

- FY2025: low HKD 10.15 per share, central HKD 11.27 per share, high HKD 12.76 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.