# Mango Excellent Media (300413.SHE)

Canonical: https://gigainvestors.com/s/300413.SHE

Analysis as of: 2026-10-16T07:36:44.256Z. Financial observations: FY2011–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 24.51 per share; close as of 2026-10-15.

Estimated value: low CNY 4.06 per share, central CNY 4.33 per share, high CNY 4.69 per share. Buy at or below the central value CNY 4.33 per share. Valuation as of 2026-10-16T07:36:44.256Z; scenarios are not confidence intervals.

Expected annual return: 3.7% at the stated quote. About 3.7% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.00×

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.09×

- FY2020: 0.14×

- FY2021: 0.14×

- FY2022: 0.13×

- FY2023: 0.12×

- FY2024: 0.12×

- FY2025: 0.03×

### moat: fail

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

- Recent gross margin fell 10.2pp below the typical margin (limit 4pp)

- ROIC, median of available years: 26.6%

- ROIC, second-lowest year: 1.7%

- Typical minus recent gross margin: 10.2 pp

- Typical gross margin (annual median): 33.3%

- Recent gross margin (lower of latest and 3-year median): 23.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.0%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -3.8%

- FY2017: >100%

- FY2018: 29.5%

- FY2019: 28.4%

- FY2020: 36.6%

- FY2021: 31.5%

- FY2022: 24.7%

- FY2023: 20.8%

- FY2024: 7.7%

- FY2025: 1.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.24×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 2.4B

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

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -5.7 pp

- Working capital / revenue, final three-year average: -5.4%

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

- FY2021: 0.16×

- FY2022: 0.18×

- FY2023: 0.25×

- FY2024: -0.16×

- FY2025: 0.84×

### management: fail

- 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: 29.5% vs 7.7%

- Per-share earnings: 0.14 to 0.73 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 10.5%

- Ordinary dilution, 5-year annual growth: 0.3%

- Market cap gain: CNY 36B

- Cumulative retained earnings: CNY 12B

- Diluted shares, 10-year annual growth: 10.5%

- Diluted shares, 5-year annual growth: 0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 23.0%

- Per-share value change: CNY 0.59

- Per-share value, starting three-year median: CNY 0.14

- Per-share value, ending three-year median: CNY 0.73

- Average buyback yield: 0.6%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 9.0B

- Cumulative net income, 10 years: CNY 15B

- ROIC, first three-year median: 29.5%

- ROIC, last three-year median: 7.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.10

- FY2017: CNY 0.46

- FY2018: CNY 0.53

- FY2019: CNY 0.65

- FY2020: CNY 1.08

- FY2021: CNY 1.13

- FY2022: CNY 1.00

- FY2023: CNY 1.90

- FY2024: CNY 0.73

- FY2025: CNY 0.66

### accounting: pass

- Sloan accruals: 0.1%

- Receivables to sales index (DSRI): 0.71×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.96×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.38×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 5.0%

- FY2017: 5.7%

- FY2018: 10.3%

- FY2019: 5.1%

- FY2020: 7.2%

- FY2021: 5.9%

- FY2022: 4.4%

- FY2023: 7.9%

- FY2024: 4.3%

- FY2025: 0.1%

## Holders

## Price story

Down 57% since Dec 2021 · sales -1.9%

Story as of 2026-10-16T10:00:07.987Z; price observation 2026-10-15.

Price needs cash profits to grow 30.9% a year for ten years

### Sales · FY2024–2025

sales -1.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 6.4B 

- FY2017: CNY 8.3B 

- FY2018: CNY 9.7B 

- FY2019: CNY 13B 

- FY2020: CNY 14B 

- FY2021: CNY 15B 

- FY2022: CNY 14B 

- FY2023: CNY 15B 

- FY2024: CNY 14B 

- FY2025: CNY 14B 

### Gross margin · FY2025

gross margin 23.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.5% 

- FY2017: 29.2% 

- FY2018: 37.0% 

- FY2019: 33.7% 

- FY2020: 34.1% 

- FY2021: 35.1% 

- FY2022: 34.0% 

- FY2023: 32.9% 

- FY2024: 29.0% 

- FY2025: 23.1% 

## Owner memo

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

### How it makes money

Operates in internet retail; annual sales are CNY 13.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2025: revenue 13813480305.41; grossProfit 3189830758.16; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 23.1% to 32.9% during 2023–25; it earns 26.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2023: grossProfit / revenue = 32.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2024: grossProfit / revenue = 29%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2025: grossProfit / revenue = 23.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); 10-year return on capital observations [[2016,-0.0383736903411338],[2017,1.1110422633479025],[2018,0.29468547193715255],[2019,0.2844843543417026],[2020,0.3660861302409025],[2021,0.31450661444096056],[2022,0.24689328157393164],[2023,0.20803654081366468],[2024,0.07733758864260609],[2025,0.016713638110869178]]; median 0.2656888179578171. 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 250.6 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2017: growth capex 0; upkeep 28780869; owner earnings 136059563. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2019: growth capex 0; upkeep 155967045; owner earnings 136899666. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2020: growth capex 0; upkeep 69959021; owner earnings 511011332. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2021: growth capex 0; upkeep 193602527; owner earnings 334269630.5. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2022: growth capex 0; upkeep 187582200; owner earnings 337761683.428. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2023: growth capex 0; upkeep 150261073; owner earnings 903150382.332. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2025: growth capex 0; upkeep 135029125; owner earnings 1034688266.19. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); Dividend observations: [[2016,24862000],[2017,57809465],[2018,33974536],[2019,15741592],[2020,192215024],[2021,231449076],[2022,255759728.9],[2023,243193705],[2024,339046366],[2025,413649056.02]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); FY2025: cash repurchases 250636709.9425 CNY.

### Are managers owners

Insiders own 63.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300413.SHE SharesStats.PercentInsiders = 63.104000000000006 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 30.9% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:44.256Z); Ten-year compound average after fade. Initial solved rate 0.44078988720573864. Price 24.51; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.18029095465960954 → FY2025 0.556489680399813. Closing-price date 2026-10-15.

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

- 2016-10: CNY 14.32 per share

- 2016-11: CNY 14.79 per share

- 2016-12: CNY 13.52 per share

- 2017-01: CNY 11.93 per share

- 2017-02: CNY 12.96 per share

- 2017-03: CNY 11.94 per share

- 2017-04: CNY 11.94 per share

- 2017-05: CNY 11.94 per share

- 2017-06: CNY 11.94 per share

- 2017-07: CNY 11.94 per share

- 2017-08: CNY 11.94 per share

- 2017-09: CNY 11.94 per share

- 2017-10: CNY 11.94 per share

- 2017-11: CNY 15.42 per share

- 2017-12: CNY 17.56 per share

- 2018-01: CNY 17.38 per share

- 2018-02: CNY 21.30 per share

- 2018-03: CNY 23.75 per share

- 2018-04: CNY 21.68 per share

- 2018-05: CNY 25.41 per share

- 2018-06: CNY 22.32 per share

- 2018-07: CNY 23.26 per share

- 2018-08: CNY 21.82 per share

- 2018-09: CNY 19.84 per share

- 2018-10: CNY 18.29 per share

- 2018-11: CNY 20.85 per share

- 2018-12: CNY 21.77 per share

- 2019-01: CNY 18.94 per share

- 2019-02: CNY 24.02 per share

- 2019-03: CNY 26.06 per share

- 2019-04: CNY 588,235.29 per share

- 2019-05: CNY 24.12 per share

- 2019-06: CNY 24.15 per share

- 2019-07: CNY 22.94 per share

- 2019-08: CNY 25.70 per share

- 2019-09: CNY 26.92 per share

- 2019-10: CNY 27.00 per share

- 2019-11: CNY 30.46 per share

- 2019-12: CNY 34.96 per share

- 2020-01: CNY 45.96 per share

- 2020-02: CNY 44.07 per share

- 2020-03: CNY 43.50 per share

- 2020-04: CNY 46.46 per share

- 2020-05: CNY 52.57 per share

- 2020-06: CNY 65.07 per share

- 2020-07: CNY 68.08 per share

- 2020-08: CNY 71.08 per share

- 2020-09: CNY 67.23 per share

- 2020-10: CNY 73.92 per share

- 2020-11: CNY 68.56 per share

- 2020-12: CNY 72.50 per share

- 2021-01: CNY 81.00 per share

- 2021-02: CNY 64.15 per share

- 2021-03: CNY 58.12 per share

- 2021-04: CNY 68.05 per share

- 2021-05: CNY 73.80 per share

- 2021-06: CNY 68.60 per share

- 2021-07: CNY 55.09 per share

- 2021-08: CNY 45.80 per share

- 2021-09: CNY 43.59 per share

- 2021-10: CNY 39.29 per share

- 2021-11: CNY 43.51 per share

- 2021-12: CNY 57.22 per share

- 2022-01: CNY 34.76 per share

- 2022-02: CNY 34.13 per share

- 2022-03: CNY 31.16 per share

- 2022-04: CNY 35.80 per share

- 2022-05: CNY 36.21 per share

- 2022-06: CNY 33.36 per share

- 2022-07: CNY 31.36 per share

- 2022-08: CNY 27.80 per share

- 2022-09: CNY 24.93 per share

- 2022-10: CNY 21.93 per share

- 2022-11: CNY 25.18 per share

- 2022-12: CNY 30.02 per share

- 2023-01: CNY 30.48 per share

- 2023-02: CNY 33.52 per share

- 2023-03: CNY 37.24 per share

- 2023-04: CNY 35.88 per share

- 2023-05: CNY 29.26 per share

- 2023-06: CNY 34.21 per share

- 2023-07: CNY 34.36 per share

- 2023-08: CNY 29.54 per share

- 2023-09: CNY 28.31 per share

- 2023-10: CNY 25.29 per share

- 2023-11: CNY 25.81 per share

- 2023-12: CNY 25.20 per share

- 2024-01: CNY 21.40 per share

- 2024-02: CNY 24.78 per share

- 2024-03: CNY 24.31 per share

- 2024-04: CNY 23.44 per share

- 2024-05: CNY 23.12 per share

- 2024-06: CNY 20.90 per share

- 2024-07: CNY 20.57 per share

- 2024-08: CNY 19.36 per share

- 2024-09: CNY 26.32 per share

- 2024-10: CNY 25.08 per share

- 2024-11: CNY 28.82 per share

- 2024-12: CNY 26.89 per share

- 2025-01: CNY 27.78 per share

- 2025-02: CNY 25.50 per share

- 2025-03: CNY 27.65 per share

- 2025-04: CNY 22.73 per share

- 2025-05: CNY 22.36 per share

- 2025-06: CNY 21.82 per share

- 2025-07: CNY 22.03 per share

- 2025-08: CNY 26.08 per share

- 2025-09: CNY 35.76 per share

- 2025-10: CNY 29.38 per share

- 2025-11: CNY 25.92 per share

- 2025-12: CNY 24.42 per share

- 2026-01: CNY 25.47 per share

- 2026-02: CNY 24.38 per share

- 2026-03: CNY 20.60 per share

- 2026-04: CNY 19.44 per share

- 2026-05: CNY 17.45 per share

- 2026-06: CNY 14.63 per share

- 2026-07: CNY 16.37 per share

- 2026-08: CNY 16.98 per share

- 2026-09: CNY 21.00 per share

- 2026-10: CNY 24.00 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 7.59 per share, central CNY 8.36 per share, high CNY 9.38 per share

- FY2017: low CNY 3.20 per share, central CNY 3.34 per share, high CNY 3.51 per share

- FY2020: low CNY 3.68 per share, central CNY 3.81 per share, high CNY 3.98 per share

- FY2021: low CNY 6.84 per share, central CNY 7.05 per share, high CNY 7.32 per share

- FY2022: low CNY 8.64 per share, central CNY 8.89 per share, high CNY 9.22 per share

- FY2023: low CNY 8.82 per share, central CNY 9.10 per share, high CNY 9.48 per share

- FY2024: low CNY 4.79 per share, central CNY 5.06 per share, high CNY 5.43 per share

- FY2025: low CNY 3.26 per share, central CNY 3.53 per share, high CNY 3.89 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 2026-10-15T06:42:21.124Z 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.

## Reported holder observations