# Aier Eye Hospital Group (300015.SHE)

Canonical: https://gigainvestors.com/s/300015.SHE

Analysis as of: 2026-10-16T07:35:45.455Z. 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 7.78 per share; close as of 2026-10-15.

Estimated value: low CNY 4.11 per share, central CNY 5.58 per share, high CNY 6.44 per share. Buy at or below the central value CNY 5.58 per share. Valuation as of 2026-10-16T07:35:45.455Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% 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

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

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.19×

- FY2018: 0.19×

- FY2019: 0.20×

- FY2020: 0.22×

- FY2021: 0.23×

- FY2022: 0.22×

- FY2023: 0.24×

- FY2024: 0.23×

- FY2025: 0.22×

### moat: pass

- ROIC, median of available years: 34.2%

- ROIC, second-lowest year: 30.1%

- Typical minus recent gross margin: 1.6 pp

- Typical gross margin (annual median): 48.7%

- Recent gross margin (lower of latest and 3-year median): 47.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.7%

- ROIC including acquisitions, ten-year median: 15.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 29.6%

- FY2017: 49.3%

- FY2018: 34.1%

- FY2019: 39.0%

- FY2020: 30.1%

- FY2021: 44.8%

- FY2022: 34.2%

- FY2023: 38.8%

- FY2024: 32.2%

- FY2025: 30.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.66×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 9.9B

- Net income, five-year total: CNY 15B

- Return on incremental invested capital: 52.4%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -0.5 pp

- Working capital / revenue, final three-year average: 5.0%

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

- FY2021: 0.71×

- FY2022: 0.59×

- FY2023: 0.76×

- FY2024: 0.54×

- FY2025: 0.71×

### 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: 34.1% vs 32.2%

- Per-share earnings: 0.07 to 0.36 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.7%

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

- Market cap gain: CNY -151B

- Cumulative retained earnings: CNY 9.5B

- Diluted shares, 10-year annual growth: 0.7%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 23.8%

- Per-share value change: CNY 0.30

- Per-share value, starting three-year median: CNY 0.07

- Per-share value, ending three-year median: CNY 0.36

- Buybacks concentrated in cheaper years (correlation): 0.89

- Average buyback yield: 0.1%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 10B

- Cumulative net income, 10 years: CNY 20B

- ROIC, first three-year median: 34.1%

- ROIC, last three-year median: 32.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.07

- FY2017: CNY 0.09

- FY2018: CNY 0.11

- FY2019: CNY 0.15

- FY2020: CNY 0.19

- FY2021: CNY 0.26

- FY2022: CNY 0.28

- FY2023: CNY 0.36

- FY2024: CNY 0.38

- FY2025: CNY 0.35

### accounting: pass

- Sloan accruals: -7.5%

- Receivables to sales index (DSRI): 0.76×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.84×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.48×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.7%

- FY2017: -6.3%

- FY2018: -4.1%

- FY2019: -5.9%

- FY2020: -8.8%

- FY2021: -8.1%

- FY2022: -7.4%

- FY2023: -8.3%

- FY2024: -4.0%

- FY2025: -7.5%

## Holders

## Price story

Down 84% since Oct 2021 · sales +6.5%

Story as of 2026-10-16T10:00:05.995Z; price observation 2026-10-15.

Price needs cash profits to grow 11.2% a year for ten years

### Sales · FY2024–2025

sales +6.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 4.0B 

- FY2017: CNY 6.0B 

- FY2018: CNY 8.0B 

- FY2019: CNY 10.0B 

- FY2020: CNY 12B 

- FY2021: CNY 15B 

- FY2022: CNY 16B 

- FY2023: CNY 20B 

- FY2024: CNY 21B 

- FY2025: CNY 22B 

### Gross margin · FY2025

gross margin 47.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 46.1% 

- FY2017: 46.3% 

- FY2018: 47.0% 

- FY2019: 49.3% 

- FY2020: 51.0% 

- FY2021: 51.9% 

- FY2022: 50.5% 

- FY2023: 50.8% 

- FY2024: 48.1% 

- FY2025: 47.1% 

## Owner memo

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

### How it makes money

Operates in medical care facilities; annual sales are CNY 22.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2025: revenue 22352604724.87; grossProfit 10531093078.61; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300015.SHE: Aier Eye Hospital Group Co., Ltd. operates as an ophthalmic medical company in China, Hong Kong, Europe, the United States, and Southeast Asia. It offers diagnosis and treatment services for various ophthalmic diseases, and surgical and medical optometry services, as well as lens fitting services for fundus diseases, glaucoma, and cataract. The company also provides training courses for cataract cases, ICL surgery, and presbyopia surgery. Aier Eye Hospital Group Co., Ltd. was founded in 2002 and is headquartered in Changsha, China.

### Why customers stay

Margins ranged from 47.1% to 50.8% during 2023–25; it earns 34.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2023: grossProfit / revenue = 50.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2024: grossProfit / revenue = 48.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2025: grossProfit / revenue = 47.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); 10-year return on capital observations [[2016,0.2955028191750952],[2017,0.492832231213325],[2018,0.3413131908596539],[2019,0.3900184731364238],[2020,0.30095083798965583],[2021,0.4482600779939325],[2022,0.3423097062796833],[2023,0.3879900854933651],[2024,0.32181537167070157],[2025,0.30704796653854893]]; median 0.3418114485696686. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 50% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); Gross margin observations: [[2021,0.519196921853411],[2022,0.5046219031292454],[2023,0.5079345084382096]]; range within 2 percentage points.

### Where the cash goes

Spends 13.7% of cash earnings on expansion; earns 52.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2016: growth capex 171400682; upkeep 143181590; owner earnings 556990793. Growth capex / owner earnings = 0.30772623920194675.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2017: growth capex 408985234; upkeep 196565996; owner earnings 742514542. Growth capex / owner earnings = 0.5508110762361338.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2018: growth capex 448474999.1608228; upkeep 362211873.8391772; owner earnings 909528737.1608229. Growth capex / owner earnings = 0.49308502396612397.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2019: growth capex 393306585; upkeep 352319224; owner earnings 1378920978. Growth capex / owner earnings = 0.28522779134918635.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2020: growth capex 477786879.20000005; upkeep 415922220; owner earnings 1723805342. Growth capex / owner earnings = 0.27716985645586895.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2021: growth capex 951738862.7246524; upkeep 542349411.2753476; owner earnings 1650859330.8986523. Growth capex / owner earnings = 0.5765111811232089.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2022: growth capex 399723269.8698497; upkeep 988512997.1301503; owner earnings 1489920651.0298495. Growth capex / owner earnings = 0.2682849382573203.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2023: growth capex 771985800; upkeep 687722805; owner earnings 2566982028.418. Growth capex / owner earnings = 0.30073673732564676.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2024: growth capex 284973237.9867761; upkeep 1545124693.013224; owner earnings 1927447307.0327759. Growth capex / owner earnings = 0.14785007971267472.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); FY2025: growth capex 314115638.0300002; upkeep 1778531208.85; owner earnings 2297163771.576. Growth capex / owner earnings = 0.1367406372661436.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); Incremental return on capital 0.523571514737825, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); Dividend observations: [[2016,299455330],[2017,194079391],[2018,526429578],[2019,476676029],[2020,530731431],[2021,662500403],[2022,648731132],[2023,717651024],[2024,1419318722],[2025,1525456939.1]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 54.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300015.SHE SharesStats.PercentInsiders = 54.437000000000005 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 11.2% yearly over ten years; actual growth was 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:45.455Z); Ten-year compound average after fade. Initial solved rate 0.1478651909751877. Price 7.78; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.049579450433520786 → FY2025 0.24784695891750416. Closing-price date 2026-10-15.

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

- 2016-10: CNY 33.82 per share

- 2016-11: CNY 33.43 per share

- 2016-12: CNY 29.90 per share

- 2017-01: CNY 30.64 per share

- 2017-02: CNY 31.75 per share

- 2017-03: CNY 30.23 per share

- 2017-04: CNY 32.87 per share

- 2017-05: CNY 22.37 per share

- 2017-06: CNY 23.26 per share

- 2017-07: CNY 22.60 per share

- 2017-08: CNY 23.33 per share

- 2017-09: CNY 25.33 per share

- 2017-10: CNY 27.68 per share

- 2017-11: CNY 27.20 per share

- 2017-12: CNY 30.80 per share

- 2018-01: CNY 34.98 per share

- 2018-02: CNY 36.30 per share

- 2018-03: CNY 41.18 per share

- 2018-04: CNY 47.00 per share

- 2018-05: CNY 33.00 per share

- 2018-06: CNY 32.29 per share

- 2018-07: CNY 33.42 per share

- 2018-08: CNY 31.37 per share

- 2018-09: CNY 32.25 per share

- 2018-10: CNY 27.04 per share

- 2018-11: CNY 28.50 per share

- 2018-12: CNY 26.30 per share

- 2019-01: CNY 27.16 per share

- 2019-02: CNY 32.17 per share

- 2019-03: CNY 34.00 per share

- 2019-04: CNY 36.07 per share

- 2019-05: CNY 38.29 per share

- 2019-06: CNY 30.97 per share

- 2019-07: CNY 30.49 per share

- 2019-08: CNY 33.78 per share

- 2019-09: CNY 35.47 per share

- 2019-10: CNY 39.56 per share

- 2019-11: CNY 39.92 per share

- 2019-12: CNY 39.56 per share

- 2020-01: CNY 40.10 per share

- 2020-02: CNY 40.00 per share

- 2020-03: CNY 39.22 per share

- 2020-04: CNY 44.39 per share

- 2020-05: CNY 39.39 per share

- 2020-06: CNY 43.45 per share

- 2020-07: CNY 45.33 per share

- 2020-08: CNY 52.01 per share

- 2020-09: CNY 51.42 per share

- 2020-10: CNY 62.14 per share

- 2020-11: CNY 61.20 per share

- 2020-12: CNY 74.89 per share

- 2021-01: CNY 78.73 per share

- 2021-02: CNY 72.28 per share

- 2021-03: CNY 59.25 per share

- 2021-04: CNY 74.48 per share

- 2021-05: CNY 83.86 per share

- 2021-06: CNY 70.98 per share

- 2021-07: CNY 58.70 per share

- 2021-08: CNY 42.20 per share

- 2021-09: CNY 53.40 per share

- 2021-10: CNY 48.53 per share

- 2021-11: CNY 42.68 per share

- 2021-12: CNY 42.28 per share

- 2022-01: CNY 32.27 per share

- 2022-02: CNY 36.26 per share

- 2022-03: CNY 31.55 per share

- 2022-04: CNY 35.92 per share

- 2022-05: CNY 37.16 per share

- 2022-06: CNY 44.77 per share

- 2022-07: CNY 30.39 per share

- 2022-08: CNY 29.42 per share

- 2022-09: CNY 28.67 per share

- 2022-10: CNY 24.70 per share

- 2022-11: CNY 27.10 per share

- 2022-12: CNY 31.07 per share

- 2023-01: CNY 32.86 per share

- 2023-02: CNY 31.25 per share

- 2023-03: CNY 31.07 per share

- 2023-04: CNY 29.46 per share

- 2023-05: CNY 26.80 per share

- 2023-06: CNY 18.55 per share

- 2023-07: CNY 20.13 per share

- 2023-08: CNY 18.02 per share

- 2023-09: CNY 17.97 per share

- 2023-10: CNY 18.31 per share

- 2023-11: CNY 17.06 per share

- 2023-12: CNY 15.82 per share

- 2024-01: CNY 12.79 per share

- 2024-02: CNY 14.65 per share

- 2024-03: CNY 12.80 per share

- 2024-04: CNY 12.90 per share

- 2024-05: CNY 12.12 per share

- 2024-06: CNY 10.32 per share

- 2024-07: CNY 11.07 per share

- 2024-08: CNY 9.70 per share

- 2024-09: CNY 15.91 per share

- 2024-10: CNY 14.49 per share

- 2024-11: CNY 14.68 per share

- 2024-12: CNY 13.25 per share

- 2025-01: CNY 12.33 per share

- 2025-02: CNY 13.90 per share

- 2025-03: CNY 13.28 per share

- 2025-04: CNY 12.98 per share

- 2025-05: CNY 12.41 per share

- 2025-06: CNY 12.48 per share

- 2025-07: CNY 12.85 per share

- 2025-08: CNY 13.40 per share

- 2025-09: CNY 12.34 per share

- 2025-10: CNY 12.25 per share

- 2025-11: CNY 11.50 per share

- 2025-12: CNY 10.98 per share

- 2026-01: CNY 11.07 per share

- 2026-02: CNY 10.60 per share

- 2026-03: CNY 9.51 per share

- 2026-04: CNY 10.78 per share

- 2026-05: CNY 9.12 per share

- 2026-06: CNY 8.26 per share

- 2026-07: CNY 9.08 per share

- 2026-08: CNY 8.21 per share

- 2026-09: CNY 7.98 per share

- 2026-10: CNY 7.84 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 0.92 per share, central CNY 1.27 per share, high CNY 1.48 per share

- FY2017: low CNY 1.62 per share, central CNY 2.22 per share, high CNY 2.55 per share

- FY2018: low CNY 1.73 per share, central CNY 2.40 per share, high CNY 2.79 per share

- FY2019: low CNY 2.28 per share, central CNY 3.17 per share, high CNY 3.68 per share

- FY2020: low CNY 3.05 per share, central CNY 4.28 per share, high CNY 4.97 per share

- FY2021: low CNY 3.31 per share, central CNY 4.52 per share, high CNY 5.23 per share

- FY2022: low CNY 3.47 per share, central CNY 4.65 per share, high CNY 5.33 per share

- FY2023: low CNY 4.48 per share, central CNY 6.09 per share, high CNY 7.03 per share

- FY2024: low CNY 4.01 per share, central CNY 5.47 per share, high CNY 6.31 per share

- FY2025: low CNY 4.01 per share, central CNY 5.45 per share, high CNY 6.29 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.

Aier Eye Hospital Group

300015 · SHE

CSI 300

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: CNY 7.78
Buy up to: CNY 5.58
Expected / yr: 7.9% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Can it raise prices
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 9.9% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 21.9%
Worst year: 17.4%
Latest · 2025: 21.9%

Capital return excluding acquisitions: median 34.2% (minimum 15%), and the second-worst year 30.1% (minimum 10%).

ROIC excluding acquisitions

10y median: 34.2%
Worst year: 29.6%
Latest · 2025: 30.7%

Each $1 of profit left $0.66 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.66×
Annual median: 0.71×
Latest · 2025: 0.71×

Per-share value rose from 0.07 to 0.36, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CNY 0.23
Worst year: CNY 0.07
Latest · 2025: CNY 0.35

Profits were backed by cash: accruals were -7.5% of assets (limit 10%).

Sloan accruals

10y median: -6.9%
Worst year: -2.7%
Latest · 2025: -7.5%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 21.3%, three-year average owner earnings per share 0.24 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 33.82 · Value 1.27 · Buy at or below 1.27; 2016-11 · Price CNY 33.43 · Value 1.27 · Buy at or below 1.27; 2016-12 · Price CNY 29.90 · Value 1.27 · Buy at or below 1.27; 2017-01 · Price CNY 30.64 · Value 1.27 · Buy at or below 1.27; 2017-02 · Price CNY 31.75 · Value 2.22 · Buy at or below 2.22; 2017-03 · Price CNY 30.23 · Value 2.22 · Buy at or below 2.22; 2017-04 · Price CNY 32.87 · Value 2.22 · Buy at or below 2.22; 2017-05 · Price CNY 22.37 · Value 2.22 · Buy at or below 2.22; 2017-06 · Price CNY 23.26 · Value 2.22 · Buy at or below 2.22; 2017-07 · Price CNY 22.60 · Value 2.22 · Buy at or below 2.22; 2017-08 · Price CNY 23.33 · Value 2.22 · Buy at or below 2.22; 2017-09 · Price CNY 25.33 · Value 2.22 · Buy at or below 2.22; 2017-10 · Price CNY 27.68 · Value 2.22 · Buy at or below 2.22; 2017-11 · Price CNY 27.20 · Value 2.22 · Buy at or below 2.22; 2017-12 · Price CNY 30.80 · Value 2.22 · Buy at or below 2.22; 2018-01 · Price CNY 34.98 · Value 2.22 · Buy at or below 2.22; 2018-02 · Price CNY 36.30 · Value 2.40 · Buy at or below 2.40; 2018-03 · Price CNY 41.18 · Value 2.40 · Buy at or below 2.40; 2018-04 · Price CNY 47.00 · Value 2.40 · Buy at or below 2.40; 2018-05 · Price CNY 33.00 · Value 2.40 · Buy at or below 2.40; 2018-06 · Price CNY 32.29 · Value 2.40 · Buy at or below 2.40; 2018-07 · Price CNY 33.42 · Value 2.40 · Buy at or below 2.40; 2018-08 · Price CNY 31.37 · Value 2.40 · Buy at or below 2.40; 2018-09 · Price CNY 32.25 · Value 2.40 · Buy at or below 2.40; 2018-10 · Price CNY 27.04 · Value 2.40 · Buy at or below 2.40; 2018-11 · Price CNY 28.50 · Value 2.40 · Buy at or below 2.40; 2018-12 · Price CNY 26.30 · Value 2.40 · Buy at or below 2.40; 2019-01 · Price CNY 27.16 · Value 2.40 · Buy at or below 2.40; 2019-02 · Price CNY 32.17 · Value 3.17 · Buy at or below 3.17; 2019-03 · Price CNY 34.00 · Value 3.17 · Buy at or below 3.17; 2019-04 · Price CNY 36.07 · Value 3.17 · Buy at or below 3.17; 2019-05 · Price CNY 38.29 · Value 3.17 · Buy at or below 3.17; 2019-06 · Price CNY 30.97 · Value 3.17 · Buy at or below 3.17; 2019-07 · Price CNY 30.49 · Value 3.17 · Buy at or below 3.17; 2019-08 · Price CNY 33.78 · Value 3.17 · Buy at or below 3.17; 2019-09 · Price CNY 35.47 · Value 3.17 · Buy at or below 3.17; 2019-10 · Price CNY 39.56 · Value 3.17 · Buy at or below 3.17; 2019-11 · Price CNY 39.92 · Value 3.17 · Buy at or below 3.17; 2019-12 · Price CNY 39.56 · Value 3.17 · Buy at or below 3.17; 2020-01 · Price CNY 40.10 · Value 3.17 · Buy at or below 3.17; 2020-02 · Price CNY 40.00 · Value 4.28 · Buy at or below 4.28; 2020-03 · Price CNY 39.22 · Value 4.28 · Buy at or below 4.28; 2020-04 · Price CNY 44.39 · Value 4.28 · Buy at or below 4.28; 2020-05 · Price CNY 39.39 · Value 4.28 · Buy at or below 4.28; 2020-06 · Price CNY 43.45 · Value 4.28 · Buy at or below 4.28; 2020-07 · Price CNY 45.33 · Value 4.28 · Buy at or below 4.28; 2020-08 · Price CNY 52.01 · Value 4.28 · Buy at or below 4.28; 2020-09 · Price CNY 51.42 · Value 4.28 · Buy at or below 4.28; 2020-10 · Price CNY 62.14 · Value 4.28 · Buy at or below 4.28; 2020-11 · Price CNY 61.20 · Value 4.28 · Buy at or below 4.28; 2020-12 · Price CNY 74.89 · Value 4.28 · Buy at or below 4.28; 2021-01 · Price CNY 78.73 · Value 4.28 · Buy at or below 4.28; 2021-02 · Price CNY 72.28 · Value 4.52 · Buy at or below 4.52; 2021-03 · Price CNY 59.25 · Value 4.52 · Buy at or below 4.52; 2021-04 · Price CNY 74.48 · Value 4.52 · Buy at or below 4.52; 2021-05 · Price CNY 83.86 · Value 4.52 · Buy at or below 4.52; 2021-06 · Price CNY 70.98 · Value 4.52 · Buy at or below 4.52; 2021-07 · Price CNY 58.70 · Value 4.52 · Buy at or below 4.52; 2021-08 · Price CNY 42.20 · Value 4.52 · Buy at or below 4.52; 2021-09 · Price CNY 53.40 · Value 4.52 · Buy at or below 4.52; 2021-10 · Price CNY 48.53 · Value 4.52 · Buy at or below 4.52; 2021-11 · Price CNY 42.68 · Value 4.52 · Buy at or below 4.52; 2021-12 · Price CNY 42.28 · Value 4.52 · Buy at or below 4.52; 2022-01 · Price CNY 32.27 · Value 4.52 · Buy at or below 4.52; 2022-02 · Price CNY 36.26 · Value 4.65 · Buy at or below 4.65; 2022-03 · Price CNY 31.55 · Value 4.65 · Buy at or below 4.65; 2022-04 · Price CNY 35.92 · Value 4.65 · Buy at or below 4.65; 2022-05 · Price CNY 37.16 · Value 4.65 · Buy at or below 4.65; 2022-06 · Price CNY 44.77 · Value 4.65 · Buy at or below 4.65; 2022-07 · Price CNY 30.39 · Value 4.65 · Buy at or below 4.65; 2022-08 · Price CNY 29.42 · Value 4.65 · Buy at or below 4.65; 2022-09 · Price CNY 28.67 · Value 4.65 · Buy at or below 4.65; 2022-10 · Price CNY 24.70 · Value 4.65 · Buy at or below 4.65; 2022-11 · Price CNY 27.10 · Value 4.65 · Buy at or below 4.65; 2022-12 · Price CNY 31.07 · Value 4.65 · Buy at or below 4.65; 2023-01 · Price CNY 32.86 · Value 4.65 · Buy at or below 4.65; 2023-02 · Price CNY 31.25 · Value 6.09 · Buy at or below 6.09; 2023-03 · Price CNY 31.07 · Value 6.09 · Buy at or below 6.09; 2023-04 · Price CNY 29.46 · Value 6.09 · Buy at or below 6.09; 2023-05 · Price CNY 26.80 · Value 6.09 · Buy at or below 6.09; 2023-06 · Price CNY 18.55 · Value 6.09 · Buy at or below 6.09; 2023-07 · Price CNY 20.13 · Value 6.09 · Buy at or below 6.09; 2023-08 · Price CNY 18.02 · Value 6.09 · Buy at or below 6.09; 2023-09 · Price CNY 17.97 · Value 6.09 · Buy at or below 6.09; 2023-10 · Price CNY 18.31 · Value 6.09 · Buy at or below 6.09; 2023-11 · Price CNY 17.06 · Value 6.09 · Buy at or below 6.09; 2023-12 · Price CNY 15.82 · Value 6.09 · Buy at or below 6.09; 2024-01 · Price CNY 12.79 · Value 6.09 · Buy at or below 6.09; 2024-02 · Price CNY 14.65 · Value 5.47 · Buy at or below 5.47; 2024-03 · Price CNY 12.80 · Value 5.47 · Buy at or below 5.47; 2024-04 · Price CNY 12.90 · Value 5.47 · Buy at or below 5.47; 2024-05 · Price CNY 12.12 · Value 5.47 · Buy at or below 5.47; 2024-06 · Price CNY 10.32 · Value 5.47 · Buy at or below 5.47; 2024-07 · Price CNY 11.07 · Value 5.47 · Buy at or below 5.47; 2024-08 · Price CNY 9.70 · Value 5.47 · Buy at or below 5.47; 2024-09 · Price CNY 15.91 · Value 5.47 · Buy at or below 5.47; 2024-10 · Price CNY 14.49 · Value 5.47 · Buy at or below 5.47; 2024-11 · Price CNY 14.68 · Value 5.47 · Buy at or below 5.47; 2024-12 · Price CNY 13.25 · Value 5.47 · Buy at or below 5.47; 2025-01 · Price CNY 12.33 · Value 5.47 · Buy at or below 5.47; 2025-02 · Price CNY 13.90 · Value 5.45 · Buy at or below 5.45; 2025-03 · Price CNY 13.28 · Value 5.45 · Buy at or below 5.45; 2025-04 · Price CNY 12.98 · Value 5.45 · Buy at or below 5.45; 2025-05 · Price CNY 12.41 · Value 5.45 · Buy at or below 5.45; 2025-06 · Price CNY 12.48 · Value 5.45 · Buy at or below 5.45; 2025-07 · Price CNY 12.85 · Value 5.45 · Buy at or below 5.45; 2025-08 · Price CNY 13.40 · Value 5.45 · Buy at or below 5.45; 2025-09 · Price CNY 12.34 · Value 5.45 · Buy at or below 5.45; 2025-10 · Price CNY 12.25 · Value 5.45 · Buy at or below 5.45; 2025-11 · Price CNY 11.50 · Value 5.45 · Buy at or below 5.45; 2025-12 · Price CNY 10.98 · Value 5.45 · Buy at or below 5.45; 2026-01 · Price CNY 11.07 · Value 5.45 · Buy at or below 5.45; 2026-02 · Price CNY 10.60 · Value 5.58 · Buy at or below 5.58; 2026-03 · Price CNY 9.51 · Value 5.58 · Buy at or below 5.58; 2026-04 · Price CNY 10.78 · Value 5.58 · Buy at or below 5.58; 2026-05 · Price CNY 9.12 · Value 5.58 · Buy at or below 5.58; 2026-06 · Price CNY 8.26 · Value 5.58 · Buy at or below 5.58; 2026-07 · Price CNY 9.08 · Value 5.58 · Buy at or below 5.58; 2026-08 · Price CNY 8.21 · Value 5.58 · Buy at or below 5.58; 2026-09 · Price CNY 7.98 · Value 5.58 · Buy at or below 5.58; 2026-10 · Price CNY 7.84 · Value 5.58 · Buy at or below 5.58; 2026-10 · Price CNY 7.78 · Value 5.58 · Buy at or below 5.58

CNY per share · annual estimates

Price & return math
Value range	CNY 4.11 – CNY 6.44
Buy at or below	Central value CNY 5.58
Discount to value	1 − 7.78 / 5.58 = -39.3%
Return / year	About 7.9% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CNY 0.25/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash CNY 0.68/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCNY 22B

Revenue

Owner earningsCNY 2.3B

Owner earnings

Operating margin21.9%

Operating margin

Net cash / debtCNY 4.7B

Net cash / debt

Diluted shares9.3B

Diluted shares

Prices 15 Oct 2026 · FY2025