# Guangdong Wens Foodstuff Group (300498.SHE)

Canonical: https://gigainvestors.com/s/300498.SHE

Analysis as of: 2026-10-16T07:35:11.711Z. Financial observations: FY2009–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 14.74 per share; close as of 2026-10-15.

## 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: 2

- Operating margin variation: 1.69×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.21×

- FY2017: 0.13×

- FY2018: 0.08×

- FY2019: 0.20×

- FY2020: 0.11×

- FY2021: -0.20×

- FY2022: 0.07×

- FY2023: -0.07×

- FY2024: 0.09×

- FY2025: 0.06×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 11.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 11.7%

- ROIC, second-lowest year: -9.2%

- Typical minus recent gross margin: 11.3 pp

- Typical gross margin (annual median): 16.9%

- Recent gross margin (lower of latest and 3-year median): 5.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.4%

- ROIC including acquisitions, ten-year median: -3.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 42.0%

- FY2017: 19.2%

- FY2018: 11.5%

- FY2019: 30.1%

- FY2020: 11.9%

- FY2021: -16.3%

- FY2022: 9.6%

- FY2023: -9.2%

- FY2024: 18.3%

- FY2025: 9.8%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -22B

- Net income, five-year total: CNY -40M

- Return on incremental invested capital: -1.3%

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

- Working capital / revenue, change between three-year averages: -3.6 pp

- Working capital / revenue, final three-year average: 14.1%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: CNY -23B

- FY2022: CNY 4.1B

- FY2023: CNY -9.2B

- FY2024: CNY 8.1B

- FY2025: CNY -1.9B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 19.2% vs 9.8%

- Per-share earnings: 1.08 to 0.78 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 1.4%

- Market cap gain: CNY -107B

- Cumulative retained earnings: CNY 3.6B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -4.0%

- Per-share value change: CNY -0.30

- Per-share value, starting three-year median: CNY 1.08

- Per-share value, ending three-year median: CNY 0.78

- Buybacks concentrated in cheaper years (correlation): 0.00

- Average buyback yield: 0.5%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 1.3B

- Cumulative net income, 10 years: CNY 44B

- ROIC, first three-year median: 19.2%

- ROIC, last three-year median: 9.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.89

- FY2017: CNY 1.08

- FY2018: CNY 0.63

- FY2019: CNY 2.22

- FY2020: CNY 1.19

- FY2021: CNY -2.11

- FY2022: CNY 0.81

- FY2023: CNY -0.97

- FY2024: CNY 1.34

- FY2025: CNY 0.78

### accounting: pass

- Sloan accruals: -7.3%

- Receivables to sales index (DSRI): 0.19×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.9%

- FY2017: -2.5%

- FY2018: -4.7%

- FY2019: -6.6%

- FY2020: -1.2%

- FY2021: -14.6%

- FY2022: -5.9%

- FY2023: -15.1%

- FY2024: -11.0%

- FY2025: -7.3%

## Holders

## Price story

Down 39% since Jul 2022 · sales -0.9%

Story as of 2026-10-16T10:00:04.032Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -0.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 59B 

- FY2017: CNY 56B 

- FY2018: CNY 57B 

- FY2019: CNY 73B 

- FY2020: CNY 75B 

- FY2021: CNY 65B 

- FY2022: CNY 84B 

- FY2023: CNY 90B 

- FY2024: CNY 105B 

- FY2025: CNY 104B 

### Gross margin · FY2025

gross margin 5.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 27.2% 

- FY2017: 19.9% 

- FY2018: 16.5% 

- FY2019: 27.4% 

- FY2020: 19.4% 

- FY2022: 15.4% 

- FY2023: 0.7% 

- FY2024: 17.2% 

- FY2025: 5.6% 

## Owner memo

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

### How it makes money

Operates in farm products; annual sales are CNY 103.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); FY2025: revenue 103883511000; grossProfit 5790702000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300498.SHE: Wens Foodstuff Group Co., Ltd., together with its subsidiaries, engages in the agricultural and animal husbandry businesses in China and internationally. It operates through five segments: Aquaculture Industry; Engineering and Equipment Manufacturing; Meat Processing; Animal Health Industry; and Other Industries. The company breeds, farms, and sells livestock and poultry, including chickens, pigs, ducks, geese, pigeons, waterfowls, laying hens, and other breeds. It also offers room and low temperature dairy products; poultry and livestock products; chicken, pork, fresh eggs and related products, cooked food, and raw milk under the Wens brand name. In addition, the company is involved in livestock and poultry slaughtering and deep processing, as well as dairy processing; farm planning and design, civil engineering, agricultural and livestock equipment manufacturing and procurement, IoT environmental control, environmental protection, and breeding services; financial investment, industrial investment, and merger and acquisition businesses; and veterinary biological products, veterinary drug preparations, and feed additives. It exports its products. The company was formerly known as Guangdong Wens Foodstuff Group Co., Ltd. and changed its name to Wens Foodstuff Group Co., Ltd. in August 2018. Wens Foodstuff Group Co., Ltd. was founded in 1983 and is headquartered in Yunfu, China.

### Why customers stay

Margins ranged from 0.7% to 17.2% during 2023–25; it earns 11.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); FY2023: grossProfit / revenue = 0.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); FY2024: grossProfit / revenue = 17.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); FY2025: grossProfit / revenue = 5.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); 10-year return on capital observations [[2016,0.42048013106374516],[2017,0.1920693297690913],[2018,0.11485322805333847],[2019,0.30069185385007247],[2020,0.11922862287851899],[2021,-0.16278355545058018],[2022,0.09631891383185992],[2023,-0.09226972286612356],[2024,0.18292356657517775],[2025,0.09833410598205276]]; median 0.11704092546592873. 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 3 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); FY2016: growth capex 2465063187.769067; upkeep 4823502812.230933; owner earnings 8605131799.769066. Growth capex / owner earnings = 0.28646431514683146.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); FY2019: growth capex 4758785983.917366; upkeep 7633192717.082634; owner earnings 9166430337.917366. Growth capex / owner earnings = 0.519153673620627.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); FY2022: growth capex 4577962000; upkeep 4774489000; owner earnings 4107502223.3120003. Growth capex / owner earnings = 1.1145367065215255.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); FY2024: growth capex 4362188000; upkeep 4773071000; owner earnings 8113678074.798. Growth capex / owner earnings = 0.53763385233997.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); Dividend observations: [[2016,4090522000],[2017,4446661769],[2018,2377747000],[2019,4608972554],[2020,7183432159],[2021,2360396212],[2022,1768846000],[2023,1306306551],[2024,2274585000],[2025,3710457359.08]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); FY2025: cash repurchases 3042783356.4850006 CNY.

### Are managers owners

Insiders own 30.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300498.SHE SharesStats.PercentInsiders = 30.267 percentage points; cache date 2026-10-16.

### What the price says

The price is 1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:11.711Z); Closing price 14.74 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 15.472805195970817; price multiple 0.9526391506459577. FY2025 cash earnings/share -0.2777843714966677. Closing-price date 2026-10-15.

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

- 2016-10: CNY 35.55 per share

- 2016-11: CNY 34.98 per share

- 2016-12: CNY 35.22 per share

- 2017-01: CNY 35.52 per share

- 2017-02: CNY 34.14 per share

- 2017-03: CNY 32.86 per share

- 2017-04: CNY 31.91 per share

- 2017-05: CNY 24.10 per share

- 2017-06: CNY 23.44 per share

- 2017-07: CNY 20.22 per share

- 2017-08: CNY 23.20 per share

- 2017-09: CNY 21.51 per share

- 2017-10: CNY 25.30 per share

- 2017-11: CNY 24.06 per share

- 2017-12: CNY 23.90 per share

- 2018-01: CNY 24.85 per share

- 2018-02: CNY 22.25 per share

- 2018-03: CNY 20.86 per share

- 2018-04: CNY 20.73 per share

- 2018-05: CNY 24.00 per share

- 2018-06: CNY 22.02 per share

- 2018-07: CNY 23.52 per share

- 2018-08: CNY 20.61 per share

- 2018-09: CNY 23.22 per share

- 2018-10: CNY 24.69 per share

- 2018-11: CNY 25.57 per share

- 2018-12: CNY 26.18 per share

- 2019-01: CNY 27.86 per share

- 2019-02: CNY 31.77 per share

- 2019-03: CNY 40.60 per share

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

- 2019-05: CNY 39.40 per share

- 2019-06: CNY 35.86 per share

- 2019-07: CNY 40.47 per share

- 2019-08: CNY 41.49 per share

- 2019-09: CNY 37.18 per share

- 2019-10: CNY 40.28 per share

- 2019-11: CNY 35.80 per share

- 2019-12: CNY 33.60 per share

- 2020-01: CNY 32.70 per share

- 2020-02: CNY 32.53 per share

- 2020-03: CNY 32.30 per share

- 2020-04: CNY 30.22 per share

- 2020-05: CNY 26.27 per share

- 2020-06: CNY 21.79 per share

- 2020-07: CNY 23.76 per share

- 2020-08: CNY 24.68 per share

- 2020-09: CNY 19.52 per share

- 2020-10: CNY 18.90 per share

- 2020-11: CNY 19.30 per share

- 2020-12: CNY 18.23 per share

- 2021-01: CNY 16.96 per share

- 2021-02: CNY 18.17 per share

- 2021-03: CNY 16.92 per share

- 2021-04: CNY 14.39 per share

- 2021-05: CNY 13.97 per share

- 2021-06: CNY 14.37 per share

- 2021-07: CNY 12.58 per share

- 2021-08: CNY 12.98 per share

- 2021-09: CNY 14.47 per share

- 2021-10: CNY 16.48 per share

- 2021-11: CNY 15.95 per share

- 2021-12: CNY 19.26 per share

- 2022-01: CNY 20.15 per share

- 2022-02: CNY 19.49 per share

- 2022-03: CNY 22.05 per share

- 2022-04: CNY 18.66 per share

- 2022-05: CNY 18.07 per share

- 2022-06: CNY 21.29 per share

- 2022-07: CNY 24.04 per share

- 2022-08: CNY 23.72 per share

- 2022-09: CNY 20.51 per share

- 2022-10: CNY 17.90 per share

- 2022-11: CNY 17.96 per share

- 2022-12: CNY 19.63 per share

- 2023-01: CNY 20.14 per share

- 2023-02: CNY 19.79 per share

- 2023-03: CNY 20.47 per share

- 2023-04: CNY 19.78 per share

- 2023-05: CNY 16.82 per share

- 2023-06: CNY 18.35 per share

- 2023-07: CNY 19.01 per share

- 2023-08: CNY 16.66 per share

- 2023-09: CNY 17.38 per share

- 2023-10: CNY 18.80 per share

- 2023-11: CNY 19.26 per share

- 2023-12: CNY 20.06 per share

- 2024-01: CNY 18.79 per share

- 2024-02: CNY 19.18 per share

- 2024-03: CNY 19.00 per share

- 2024-04: CNY 19.18 per share

- 2024-05: CNY 21.41 per share

- 2024-06: CNY 19.82 per share

- 2024-07: CNY 19.94 per share

- 2024-08: CNY 17.04 per share

- 2024-09: CNY 20.14 per share

- 2024-10: CNY 18.64 per share

- 2024-11: CNY 17.34 per share

- 2024-12: CNY 16.51 per share

- 2025-01: CNY 16.13 per share

- 2025-02: CNY 16.28 per share

- 2025-03: CNY 16.67 per share

- 2025-04: CNY 16.94 per share

- 2025-05: CNY 16.65 per share

- 2025-06: CNY 17.08 per share

- 2025-07: CNY 17.31 per share

- 2025-08: CNY 18.19 per share

- 2025-09: CNY 18.61 per share

- 2025-10: CNY 18.15 per share

- 2025-11: CNY 18.08 per share

- 2025-12: CNY 16.88 per share

- 2026-01: CNY 15.60 per share

- 2026-02: CNY 15.98 per share

- 2026-03: CNY 16.62 per share

- 2026-04: CNY 16.44 per share

- 2026-05: CNY 13.68 per share

- 2026-06: CNY 12.32 per share

- 2026-07: CNY 14.09 per share

- 2026-08: CNY 14.27 per share

- 2026-09: CNY 15.12 per share

- 2026-10: CNY 15.00 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 1.42 per share, central CNY 1.62 per share, high CNY 1.88 per share

- FY2017: low CNY 1.35 per share, central CNY 1.53 per share, high CNY 1.78 per share

- FY2018: low CNY 1.74 per share, central CNY 1.93 per share, high CNY 2.18 per share

- FY2019: low CNY 17.02 per share, central CNY 24.22 per share, high CNY 28.41 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.