# Lens Technology (300433.SHE)

Canonical: https://gigainvestors.com/s/300433.SHE

Analysis as of: 2026-10-16T07:34:44.468Z. 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 25.65 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 1 revenue decline in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.43×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.10×

- FY2018: 0.04×

- FY2019: 0.09×

- FY2020: 0.15×

- FY2021: 0.05×

- FY2022: 0.06×

- FY2023: 0.06×

- FY2024: 0.06×

- FY2025: 0.07×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.7%

- ROIC, second-lowest year: 4.9%

- Typical minus recent gross margin: 3.7 pp

- Typical gross margin (annual median): 19.5%

- Recent gross margin (lower of latest and 3-year median): 15.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 15.0%

- ROIC including acquisitions, ten-year median: 6.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 4.9%

- FY2017: 9.4%

- FY2018: 2.6%

- FY2019: 8.5%

- FY2020: 12.3%

- FY2021: 4.9%

- FY2022: 6.2%

- FY2023: 7.0%

- FY2024: 8.4%

- FY2025: 10.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 13B

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

- Return on incremental invested capital: 12.3%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.8 pp

- Working capital / revenue, final three-year average: 6.2%

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

- FY2021: 1.00×

- FY2022: 0.54×

- FY2023: 1.00×

- FY2024: 0.99×

- FY2025: 0.72×

### management: fail

- 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: 4.9% vs 8.4%

- Per-share earnings: 0.42 to 0.73 (three-year endpoint medians)

- 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: 3.4%

- Ordinary dilution, 5-year annual growth: 3.2%

- Market cap gain: CNY 46B

- Cumulative retained earnings: CNY 14B

- Diluted shares, 10-year annual growth: 3.4%

- Diluted shares, 5-year annual growth: 3.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.0%

- Per-share value change: CNY 0.31

- Per-share value, starting three-year median: CNY 0.42

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

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.5%

- Buyback history: 2 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 7.9B

- Cumulative net income, 10 years: CNY 26B

- ROIC, first three-year median: 4.9%

- ROIC, last three-year median: 8.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.31

- FY2017: CNY 0.52

- FY2018: CNY 0.16

- FY2019: CNY 0.62

- FY2020: CNY 1.13

- FY2021: CNY 0.44

- FY2022: CNY 0.50

- FY2023: CNY 0.61

- FY2024: CNY 0.73

- FY2025: CNY 0.79

### accounting: pass

- Sloan accruals: -8.8%

- Receivables to sales index (DSRI): 0.89×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.85×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.1%

- FY2017: -5.9%

- FY2018: -9.8%

- FY2019: -10.2%

- FY2020: -3.4%

- FY2021: -5.2%

- FY2022: -8.6%

- FY2023: -8.1%

- FY2024: -9.0%

- FY2025: -8.8%

## Holders

## Price story

Down 52% since Jun 2026 · sales +6.5%

Story as of 2026-10-16T10:00:02.221Z; price observation 2026-10-15.

### Sales · FY2024–2025

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

- FY2016: CNY 15B 

- FY2017: CNY 24B 

- FY2018: CNY 28B 

- FY2019: CNY 30B 

- FY2020: CNY 37B 

- FY2021: CNY 45B 

- FY2022: CNY 47B 

- FY2023: CNY 54B 

- FY2024: CNY 70B 

- FY2025: CNY 74B 

### Gross margin · FY2025

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

- FY2016: 24.4% 

- FY2017: 26.4% 

- FY2018: 19.9% 

- FY2019: 23.7% 

- FY2020: 28.4% 

- FY2021: 19.0% 

- FY2022: 18.4% 

- FY2023: 15.8% 

- FY2024: 14.7% 

- FY2025: 16.0% 

## Owner memo

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

### How it makes money

Operates in electronic components; annual sales are CNY 74.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2025: revenue 74409731699.21; grossProfit 11898278004.44; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300433.SHE: Lens Technology Co., Ltd. engages in the research and development, production, and sale of structural components, functional modules, complete machine assembly, and other supporting services in China and internationally. The company offers front and rear glass cover; stainless steel, space aluminum, magnesium-aluminum alloy, titanium alloy, and other new composite materials; metal; sapphire; ceramics; plastics molds; other materials; and protective panels, fingerprint modules, touch modules, biometrics, and other appearance structures. It also provides functional components, supporting accessories, fixture molds, and self-developed industrial internet systems, as well as production, testing, and automation equipment. It serves smartphones, smart wearables, laptops, tablets, smart vehicles, smart home appliances, photovoltaic products, and other applications. The company was founded in 1993 and is based in Changsha, China. Lens Technology Co., Ltd. is a subsidiary of Lens Technology (Hong Kong) Co., Ltd.

### Why customers stay

Margins ranged from 14.7% to 16% during 2023–25; it earns 7.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2023: grossProfit / revenue = 15.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2024: grossProfit / revenue = 14.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2025: grossProfit / revenue = 16%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); 10-year return on capital observations [[2016,0.04925719304451239],[2017,0.0937502229449969],[2018,0.02644054352338884],[2019,0.08527020796872317],[2020,0.12294975183341571],[2021,0.04890638510089547],[2022,0.062338273215362984],[2023,0.07037603259094337],[2024,0.08430711510827552],[2025,0.10085506657238873]]; median 0.07734157384960944. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 12.3% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2017: growth capex 4414156632; upkeep 1627097174; owner earnings 2046977425. Growth capex / owner earnings = 2.156426630840836.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2019: growth capex 1820174787; upkeep 2700655254; owner earnings 2468791441. Growth capex / owner earnings = 0.7372736136280214.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2020: growth capex 2917958027.3999996; upkeep 3002128215; owner earnings 4896170233. Growth capex / owner earnings = 0.5959674375153613.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2021: growth capex 2648010754.8; upkeep 4195413879; owner earnings 2064869723.836. Growth capex / owner earnings = 1.282410567714012.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2022: growth capex 1197634946.351904; upkeep 5654726946.648096; owner earnings 1325694409.521904. Growth capex / owner earnings = 0.9034019739012227.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2023: growth capex 637316665; upkeep 4806115906; owner earnings 3017185713.204. Growth capex / owner earnings = 0.21122884886102114.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2024: growth capex 1447886965; upkeep 4883934035; owner earnings 3593595156.106. Growth capex / owner earnings = 0.402907645993413.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); FY2025: growth capex 3015299864.3139534; upkeep 6427729138.786047; owner earnings 2908016900.821953. Growth capex / owner earnings = 1.0368921389217776.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); Incremental return on capital 0.12329219336263333, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); Dividend observations: [[2016,811896924],[2017,456798021],[2018,954805152],[2019,562037631],[2020,1576261027],[2021,2233625533],[2022,1052094762],[2023,986190421],[2024,1880518000],[2025,2766102203.41]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 62.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300433.SHE SharesStats.PercentInsiders = 62.83 percentage points; cache date 2026-10-16.

### What the price says

The price is 1.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.468Z); Closing price 25.65 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 14.630715077340453; price multiple 1.7531610631749528. FY2025 cash earnings/share 0.5717849768361456. Closing-price date 2026-10-15.

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

- 2016-10: CNY 25.42 per share

- 2016-11: CNY 26.92 per share

- 2016-12: CNY 27.61 per share

- 2017-01: CNY 25.68 per share

- 2017-02: CNY 27.98 per share

- 2017-03: CNY 30.72 per share

- 2017-04: CNY 36.75 per share

- 2017-05: CNY 35.10 per share

- 2017-06: CNY 29.09 per share

- 2017-07: CNY 30.29 per share

- 2017-08: CNY 32.31 per share

- 2017-09: CNY 28.79 per share

- 2017-10: CNY 33.26 per share

- 2017-11: CNY 34.30 per share

- 2017-12: CNY 29.85 per share

- 2018-01: CNY 26.80 per share

- 2018-02: CNY 28.14 per share

- 2018-03: CNY 25.68 per share

- 2018-04: CNY 21.11 per share

- 2018-05: CNY 23.41 per share

- 2018-06: CNY 20.98 per share

- 2018-07: CNY 12.60 per share

- 2018-08: CNY 11.77 per share

- 2018-09: CNY 9.88 per share

- 2018-10: CNY 7.74 per share

- 2018-11: CNY 7.90 per share

- 2018-12: CNY 6.51 per share

- 2019-01: CNY 5.83 per share

- 2019-02: CNY 8.50 per share

- 2019-03: CNY 8.59 per share

- 2019-04: CNY 8.31 per share

- 2019-05: CNY 6.93 per share

- 2019-06: CNY 6.97 per share

- 2019-07: CNY 7.71 per share

- 2019-08: CNY 8.65 per share

- 2019-09: CNY 10.30 per share

- 2019-10: CNY 13.20 per share

- 2019-11: CNY 12.83 per share

- 2019-12: CNY 13.82 per share

- 2020-01: CNY 20.62 per share

- 2020-02: CNY 19.47 per share

- 2020-03: CNY 14.56 per share

- 2020-04: CNY 18.27 per share

- 2020-05: CNY 16.34 per share

- 2020-06: CNY 28.04 per share

- 2020-07: CNY 32.85 per share

- 2020-08: CNY 34.57 per share

- 2020-09: CNY 32.14 per share

- 2020-10: CNY 33.23 per share

- 2020-11: CNY 32.82 per share

- 2020-12: CNY 30.61 per share

- 2021-01: CNY 33.40 per share

- 2021-02: CNY 31.25 per share

- 2021-03: CNY 26.13 per share

- 2021-04: CNY 26.13 per share

- 2021-05: CNY 29.18 per share

- 2021-06: CNY 29.41 per share

- 2021-07: CNY 25.39 per share

- 2021-08: CNY 23.60 per share

- 2021-09: CNY 20.92 per share

- 2021-10: CNY 21.27 per share

- 2021-11: CNY 20.99 per share

- 2021-12: CNY 22.98 per share

- 2022-01: CNY 16.91 per share

- 2022-02: CNY 14.54 per share

- 2022-03: CNY 11.67 per share

- 2022-04: CNY 10.16 per share

- 2022-05: CNY 10.55 per share

- 2022-06: CNY 11.07 per share

- 2022-07: CNY 10.89 per share

- 2022-08: CNY 10.88 per share

- 2022-09: CNY 9.23 per share

- 2022-10: CNY 9.96 per share

- 2022-11: CNY 10.63 per share

- 2022-12: CNY 10.53 per share

- 2023-01: CNY 13.29 per share

- 2023-02: CNY 12.75 per share

- 2023-03: CNY 13.51 per share

- 2023-04: CNY 11.66 per share

- 2023-05: CNY 11.63 per share

- 2023-06: CNY 11.76 per share

- 2023-07: CNY 12.36 per share

- 2023-08: CNY 12.30 per share

- 2023-09: CNY 12.28 per share

- 2023-10: CNY 13.06 per share

- 2023-11: CNY 13.06 per share

- 2023-12: CNY 13.20 per share

- 2024-01: CNY 10.45 per share

- 2024-02: CNY 12.10 per share

- 2024-03: CNY 13.64 per share

- 2024-04: CNY 14.31 per share

- 2024-05: CNY 15.30 per share

- 2024-06: CNY 18.25 per share

- 2024-07: CNY 17.85 per share

- 2024-08: CNY 17.57 per share

- 2024-09: CNY 20.45 per share

- 2024-10: CNY 22.55 per share

- 2024-11: CNY 20.65 per share

- 2024-12: CNY 21.90 per share

- 2025-01: CNY 26.01 per share

- 2025-02: CNY 26.81 per share

- 2025-03: CNY 25.33 per share

- 2025-04: CNY 20.81 per share

- 2025-05: CNY 20.27 per share

- 2025-06: CNY 22.30 per share

- 2025-07: CNY 22.81 per share

- 2025-08: CNY 31.11 per share

- 2025-09: CNY 33.48 per share

- 2025-10: CNY 29.43 per share

- 2025-11: CNY 27.50 per share

- 2025-12: CNY 30.27 per share

- 2026-01: CNY 36.35 per share

- 2026-02: CNY 35.17 per share

- 2026-03: CNY 27.98 per share

- 2026-04: CNY 25.69 per share

- 2026-05: CNY 40.50 per share

- 2026-06: CNY 53.66 per share

- 2026-07: CNY 31.58 per share

- 2026-08: CNY 38.93 per share

- 2026-09: CNY 32.31 per share

- 2026-10: CNY 26.33 per share

## Annual estimated value (CNY 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.

## Reported holder observations