# Hithink RoyalFlush Info Network (300033.SHE)

Canonical: https://gigainvestors.com/s/300033.SHE

Analysis as of: 2026-10-16T07:34:38.083Z. Financial observations: FY2006–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 201.45 per share; close as of 2026-10-15.

Estimated value: low CNY 54.24 per share, central CNY 77.48 per share, high CNY 91.02 per share. Buy at or below the central value CNY 77.48 per share. Valuation as of 2026-10-16T07:34:38.083Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% 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: 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: 0.16×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.75×

- FY2017: 0.57×

- FY2018: 0.49×

- FY2019: 0.55×

- FY2020: 0.64×

- FY2021: 0.60×

- FY2022: 0.52×

- FY2023: 0.42×

- FY2024: 0.47×

- FY2025: 0.60×

### moat: pass

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC, median of available years: 23.1%

- ROIC, second-lowest year: 19.3%

- Typical minus recent gross margin: 0.4 pp

- Typical gross margin (annual median): 89.8%

- Recent gross margin (lower of latest and 3-year median): 89.4%

- Years with nonpositive capital: 10

- Capital spending / revenue: 6.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 40.3%

- FY2017: 22.9%

- FY2018: 19.0%

- FY2019: 22.5%

- FY2020: 33.0%

- FY2021: 29.6%

- FY2022: 23.3%

- FY2023: 19.3%

- FY2024: 22.9%

- FY2025: 33.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 9.7B

- Net income, five-year total: CNY 10B

- Return on incremental invested capital: 215.2%

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

- Working capital / revenue, change between three-year averages: -0.3 pp

- Working capital / revenue, final three-year average: -2.3%

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

- FY2021: 0.99×

- FY2022: 0.87×

- FY2023: 0.91×

- FY2024: 1.00×

- FY2025: 1.00×

### 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: 22.9% vs 22.9%

- Per-share earnings: 1.77 to 3.39 (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 136B

- Cumulative retained earnings: CNY 6.4B

- 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: 8.5%

- Per-share value change: CNY 1.62

- Per-share value, starting three-year median: CNY 1.77

- Per-share value, ending three-year median: CNY 3.39

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 342M

- Cumulative net income, 10 years: CNY 15B

- ROIC, first three-year median: 22.9%

- ROIC, last three-year median: 22.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 2.27

- FY2017: CNY 1.34

- FY2018: CNY 1.14

- FY2019: CNY 1.67

- FY2020: CNY 3.21

- FY2021: CNY 3.61

- FY2022: CNY 3.17

- FY2023: CNY 2.61

- FY2024: CNY 3.39

- FY2025: CNY 5.96

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 0.58×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.18×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 8.9%

- FY2017: 3.5%

- FY2018: 2.6%

- FY2019: -6.1%

- FY2020: -4.8%

- FY2021: -2.5%

- FY2022: -0.6%

- FY2023: -1.9%

- FY2024: -4.5%

- FY2025: -3.6%

## Holders

## Price story

Down 51% since Aug 2025 · sales +44%

Story as of 2026-10-16T10:00:01.666Z; price observation 2026-10-15.

Price needs cash profits to grow 18.7% a year for ten years

### Sales · FY2024–2025

sales +44%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.7B 

- FY2017: CNY 1.4B 

- FY2018: CNY 1.4B 

- FY2019: CNY 1.7B 

- FY2020: CNY 2.8B 

- FY2021: CNY 3.5B 

- FY2022: CNY 3.6B 

- FY2023: CNY 3.6B 

- FY2024: CNY 4.2B 

- FY2025: CNY 6.0B 

### Gross margin · FY2025

gross margin 91.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 91.8% 

- FY2017: 90.0% 

- FY2018: 89.5% 

- FY2019: 89.6% 

- FY2020: 91.7% 

- FY2021: 91.4% 

- FY2022: 89.6% 

- FY2023: 89.1% 

- FY2024: 89.4% 

- FY2025: 91.5% 

## Owner memo

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

### How it makes money

Operates in financial data & stock exchanges; annual sales are CNY 6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2025: revenue 6028985966; grossProfit 5519201741; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300033.SHE: Hithink RoyalFlush Information Network Co., Ltd. provides internet financial information services in China and internationally. It operates through Value-Added Telecommunications Services, Software Sales and Maintenance, Advertising and Internet Business Promotion Services, and Fund Agent Sale and Other Trading Service segments. The company offers AI-powered financial information services; online trading software; system construction and maintenance; financial data; intelligent promotion services; financial news services; investment and wealth management analysis tools; wealth management product trading services; investment community exchange services; AI application products; investment research support and decision support systems; data terminals and interface services; and intelligent marketing solutions, as well as supplies online securities trading systems. It also provides computer application, fund consignment, private equity fund management, investment and consulting, insurance brokerage, technical, and medical device operations services. In addition, the company is involved in the corporate credit reporting business. It serves securities companies, fund companies, banks, insurance institutions, government departments, research institutions, listed companies, and individual investors. Hithink RoyalFlush Information Network Co., Ltd. was founded in 1995 and is headquartered in Hangzhou, China.

### Why customers stay

Margins ranged from 89.1% to 91.5% during 2023–25; it earns 23.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2023: grossProfit / revenue = 89.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2024: grossProfit / revenue = 89.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2025: grossProfit / revenue = 91.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); 10-year return on capital observations [[2016,0.4027942477975437],[2017,0.22908826882234176],[2018,0.18991408716300384],[2019,0.2245624166339408],[2020,0.3300180069480788],[2021,0.2960245416918063],[2022,0.23329748789528326],[2023,0.19297648063003509],[2024,0.22887668980546808],[2025,0.33846877247710694]]; median 0.23119287835881253. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 2% of cash earnings on expansion; earns over 100% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2016: growth capex 73893243.21; upkeep 35100820; owner earnings 1211576658. Growth capex / owner earnings = 0.06098932553882199.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2017: growth capex 0; upkeep 27890598.95; owner earnings 736252953.05. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2018: growth capex 0; upkeep 105297945.08; owner earnings 566475694.92. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2019: growth capex 91055107; upkeep 38286108; owner earnings 897675409. Growth capex / owner earnings = 0.10143433371025985.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2020: growth capex 292325271.20853925; upkeep 77753678.79146075; owner earnings 1687224000.2085392. Growth capex / owner earnings = 0.17325812765371293.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2021: growth capex 175889549.68855035; upkeep 60456897.31144965; owner earnings 1899936879.6885505. Growth capex / owner earnings = 0.09257652270920877.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2022: growth capex 13269325.562556684; upkeep 268410456.43744332; owner earnings 1475190938.2945566. Growth capex / owner earnings = 0.008994988525280075.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2023: growth capex 1401462.3885394037; upkeep 199728294.6114606; owner earnings 1275815485.3885393. Growth capex / owner earnings = 0.0010984836009515903.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2024: growth capex 27867357; upkeep 75810175; owner earnings 1823266693. Growth capex / owner earnings = 0.015284301033408939.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); FY2025: growth capex 65138559.400000006; upkeep 77282653; owner earnings 3205082000. Growth capex / owner earnings = 0.020323523516715018.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); Incremental return on capital 2.151568801364714, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); Dividend observations: [[2016,397824000],[2017,483840000],[2018,483840000],[2019,258048000],[2020,456960000],[2021,645120000],[2022,967680000],[2023,1216795427],[2024,1309924572.5],[2025,1666560000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 64.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300033.SHE SharesStats.PercentInsiders = 64.22 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 18.7% yearly over ten years; actual growth was 12.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:38.083Z); Ten-year compound average after fade. Initial solved rate 0.2590954945216416. Price 201.45; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.7708489031247376 → FY2025 5.961834077380952. Closing-price date 2026-10-15.

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

- 2016-10: CNY 71.35 per share

- 2016-11: CNY 78.67 per share

- 2016-12: CNY 68.78 per share

- 2017-01: CNY 72.38 per share

- 2017-02: CNY 68.80 per share

- 2017-03: CNY 63.36 per share

- 2017-04: CNY 56.64 per share

- 2017-05: CNY 63.45 per share

- 2017-06: CNY 62.21 per share

- 2017-07: CNY 49.49 per share

- 2017-08: CNY 60.20 per share

- 2017-09: CNY 62.50 per share

- 2017-10: CNY 56.38 per share

- 2017-11: CNY 49.98 per share

- 2017-12: CNY 49.98 per share

- 2018-01: CNY 54.73 per share

- 2018-02: CNY 48.51 per share

- 2018-03: CNY 51.90 per share

- 2018-04: CNY 48.73 per share

- 2018-05: CNY 45.87 per share

- 2018-06: CNY 38.87 per share

- 2018-07: CNY 38.61 per share

- 2018-08: CNY 37.23 per share

- 2018-09: CNY 34.53 per share

- 2018-10: CNY 39.05 per share

- 2018-11: CNY 42.69 per share

- 2018-12: CNY 38.20 per share

- 2019-01: CNY 42.78 per share

- 2019-02: CNY 75.70 per share

- 2019-03: CNY 99.85 per share

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

- 2019-05: CNY 84.49 per share

- 2019-06: CNY 98.36 per share

- 2019-07: CNY 91.49 per share

- 2019-08: CNY 89.06 per share

- 2019-09: CNY 99.20 per share

- 2019-10: CNY 97.21 per share

- 2019-11: CNY 91.24 per share

- 2019-12: CNY 109.11 per share

- 2020-01: CNY 109.00 per share

- 2020-02: CNY 123.49 per share

- 2020-03: CNY 108.65 per share

- 2020-04: CNY 119.39 per share

- 2020-05: CNY 107.29 per share

- 2020-06: CNY 133.09 per share

- 2020-07: CNY 143.07 per share

- 2020-08: CNY 167.92 per share

- 2020-09: CNY 159.88 per share

- 2020-10: CNY 135.15 per share

- 2020-11: CNY 143.06 per share

- 2020-12: CNY 123.98 per share

- 2021-01: CNY 118.79 per share

- 2021-02: CNY 134.59 per share

- 2021-03: CNY 119.40 per share

- 2021-04: CNY 108.60 per share

- 2021-05: CNY 119.40 per share

- 2021-06: CNY 112.78 per share

- 2021-07: CNY 92.67 per share

- 2021-08: CNY 115.71 per share

- 2021-09: CNY 119.89 per share

- 2021-10: CNY 112.81 per share

- 2021-11: CNY 117.34 per share

- 2021-12: CNY 144.58 per share

- 2022-01: CNY 125.07 per share

- 2022-02: CNY 107.95 per share

- 2022-03: CNY 95.80 per share

- 2022-04: CNY 82.13 per share

- 2022-05: CNY 85.32 per share

- 2022-06: CNY 96.15 per share

- 2022-07: CNY 86.04 per share

- 2022-08: CNY 85.13 per share

- 2022-09: CNY 77.48 per share

- 2022-10: CNY 85.06 per share

- 2022-11: CNY 100.56 per share

- 2022-12: CNY 98.61 per share

- 2023-01: CNY 117.95 per share

- 2023-02: CNY 118.50 per share

- 2023-03: CNY 204.30 per share

- 2023-04: CNY 177.99 per share

- 2023-05: CNY 160.84 per share

- 2023-06: CNY 175.28 per share

- 2023-07: CNY 189.00 per share

- 2023-08: CNY 167.35 per share

- 2023-09: CNY 149.46 per share

- 2023-10: CNY 140.59 per share

- 2023-11: CNY 140.48 per share

- 2023-12: CNY 156.87 per share

- 2024-01: CNY 115.04 per share

- 2024-02: CNY 137.07 per share

- 2024-03: CNY 130.96 per share

- 2024-04: CNY 120.91 per share

- 2024-05: CNY 116.65 per share

- 2024-06: CNY 103.70 per share

- 2024-07: CNY 106.91 per share

- 2024-08: CNY 102.91 per share

- 2024-09: CNY 193.31 per share

- 2024-10: CNY 205.03 per share

- 2024-11: CNY 335.67 per share

- 2024-12: CNY 287.50 per share

- 2025-01: CNY 279.13 per share

- 2025-02: CNY 301.16 per share

- 2025-03: CNY 285.60 per share

- 2025-04: CNY 258.60 per share

- 2025-05: CNY 247.41 per share

- 2025-06: CNY 273.01 per share

- 2025-07: CNY 283.60 per share

- 2025-08: CNY 413.14 per share

- 2025-09: CNY 371.77 per share

- 2025-10: CNY 363.26 per share

- 2025-11: CNY 321.20 per share

- 2025-12: CNY 322.18 per share

- 2026-01: CNY 348.79 per share

- 2026-02: CNY 332.36 per share

- 2026-03: CNY 298.50 per share

- 2026-04: CNY 235.00 per share

- 2026-05: CNY 227.76 per share

- 2026-06: CNY 241.00 per share

- 2026-07: CNY 234.96 per share

- 2026-08: CNY 229.20 per share

- 2026-09: CNY 197.06 per share

- 2026-10: CNY 201.32 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 16.49 per share, central CNY 20.79 per share, high CNY 23.30 per share

- FY2017: low CNY 25.15 per share, central CNY 33.05 per share, high CNY 37.65 per share

- FY2018: low CNY 20.68 per share, central CNY 22.65 per share, high CNY 25.27 per share

- FY2019: low CNY 30.51 per share, central CNY 40.35 per share, high CNY 46.09 per share

- FY2020: low CNY 48.90 per share, central CNY 65.01 per share, high CNY 74.40 per share

- FY2021: low CNY 60.64 per share, central CNY 80.79 per share, high CNY 92.53 per share

- FY2022: low CNY 60.77 per share, central CNY 80.81 per share, high CNY 92.48 per share

- FY2023: low CNY 61.51 per share, central CNY 81.41 per share, high CNY 93.00 per share

- FY2024: low CNY 63.16 per share, central CNY 82.92 per share, high CNY 94.42 per share

- FY2025: low CNY 66.39 per share, central CNY 94.85 per share, high CNY 111.41 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.