# Ningbo Ginlong Technologies (300763.SHE)

Canonical: https://gigainvestors.com/s/300763.SHE

Analysis as of: 2026-10-16T07:39:28.260Z. Financial observations: FY2016–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 48.40 per share; close as of 2026-10-15.

## 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: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.11×

- FY2017: 0.16×

- FY2018: 0.16×

- FY2019: 0.13×

- FY2020: 0.18×

- FY2021: 0.16×

- FY2022: 0.20×

- FY2023: 0.14×

- FY2024: 0.11×

- FY2025: 0.15×

### moat: fail

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

- ROIC, median of available years: 24.6%

- ROIC, second-lowest year: 5.5%

- Typical minus recent gross margin: 1.2 pp

- Typical gross margin (annual median): 33.1%

- Recent gross margin (lower of latest and 3-year median): 31.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.8%

- ROIC including acquisitions, ten-year median: 14.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 31.4%

- FY2017: >100%

- FY2018: 64.5%

- FY2019: 37.4%

- FY2020: 34.0%

- FY2021: 17.8%

- FY2022: 15.6%

- FY2023: 5.5%

- FY2024: 4.4%

- FY2025: 7.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -1.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -7.4B

- Net income, five-year total: CNY 3.7B

- Return on incremental invested capital: 6.4%

- Working capital / revenue, annual change: -1.9 pp

- Working capital / revenue, change between three-year averages: -9.8 pp

- Working capital / revenue, final three-year average: 0.9%

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

- FY2021: -1.38×

- FY2022: -1.08×

- FY2023: -7.09×

- FY2024: -1.99×

- FY2025: 1.80×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 64.5% vs 5.5%

- Per-share earnings: 0.45 to 1.88 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 2.4%

- Diluted shares, 5-year annual growth: 2.4%

- Per-share value growth: 22.7%

- Per-share value change: CNY 1.43

- Per-share value, starting three-year median: CNY 0.45

- Per-share value, ending three-year median: CNY 1.88

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.1%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 150M

- Cumulative net income, 10 years: CNY 4.5B

- ROIC, first three-year median: 64.5%

- ROIC, last three-year median: 5.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.12

- FY2017: CNY 0.45

- FY2018: CNY 0.46

- FY2019: CNY 0.37

- FY2020: CNY 0.91

- FY2021: CNY 1.32

- FY2022: CNY 2.84

- FY2023: CNY 1.95

- FY2024: CNY 1.75

- FY2025: CNY 1.88

### accounting: pass

- Sloan accruals: -7.5%

- Receivables to sales index (DSRI): 0.74×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.96×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.2%

- FY2017: -6.3%

- FY2018: 1.7%

- FY2019: -1.3%

- FY2020: -1.6%

- FY2021: -2.5%

- FY2022: 0.7%

- FY2023: 1.8%

- FY2024: -6.5%

- FY2025: -7.5%

## Holders

## Price story

Down 83% since Oct 2021 · sales +6.3%

Story as of 2026-10-16T10:00:10.802Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +6.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 286M 

- FY2017: CNY 823M 

- FY2018: CNY 831M 

- FY2019: CNY 1.1B 

- FY2020: CNY 2.1B 

- FY2021: CNY 3.3B 

- FY2022: CNY 5.9B 

- FY2023: CNY 6.1B 

- FY2024: CNY 6.5B 

- FY2025: CNY 7.0B 

### Gross margin · FY2025

gross margin 34.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 35.3% 

- FY2017: 32.7% 

- FY2018: 34.1% 

- FY2019: 34.3% 

- FY2020: 31.7% 

- FY2021: 28.6% 

- FY2022: 33.5% 

- FY2023: 31.9% 

- FY2024: 31.2% 

- FY2025: 34.5% 

## Owner memo

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

### How it makes money

Operates in electrical equipment & parts; annual sales are CNY 7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); FY2025: revenue 6951643738.95; grossProfit 2397376959.03; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300763.SHE: Ginlong Technologies Co., Ltd. engages in the research, development, production, service, and sale of string inverters worldwide. The company provides single and three phase inverters; utility scale inverters; energy storage inverters; and other accessories. It also offers residential, commercial and industrial, and utility-scale power plant solution, as well as energy storage system. Further, it offers download, warranty, after sales service, monitoring, PV plant design, and installation video services. It sells its products under the Solis brand. Ginlong Technologies Co., Ltd. was founded in 2005 and is headquartered in Ningbo, China.

### Why customers stay

Margins ranged from 31.2% to 34.5% during 2023–25; it earns 24.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); FY2023: grossProfit / revenue = 31.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); FY2024: grossProfit / revenue = 31.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); FY2025: grossProfit / revenue = 34.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); 10-year return on capital observations [[2016,0.31404372455904683],[2017,1.016572809248787],[2018,0.6448958330256991],[2019,0.37373049771597217],[2020,0.3396565706439021],[2021,0.17809754316509907],[2022,0.15585037102362376],[2023,0.05470430941466015],[2024,0.04396871376180339],[2025,0.07021666532580952]]; median 0.24607063386207295. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); FY2016: growth capex 0; upkeep 5818082; owner earnings 27865991. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); FY2017: growth capex 6570253; upkeep 4680637; owner earnings 117814178. Growth capex / owner earnings = 0.05576793142842282.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); FY2018: growth capex 703606.6235330328; upkeep 41994234.37646697; owner earnings 83232071.62353304. Growth capex / owner earnings = 0.008453551735628013.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); FY2019: growth capex 37029552.51406924; upkeep 66201509.48593076; owner earnings 72712039.51406923. Growth capex / owner earnings = 0.5092630156097367.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); FY2020: growth capex 181148617.59717372; upkeep 121137872.40282628; owner earnings 221995023.59717372. Growth capex / owner earnings = 0.8160030556625504.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); FY2025: growth capex 0; upkeep 278608638.28; owner earnings 1335829113.5279999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); Dividend observations: [[2016,4282581],[2017,23000388],[2018,81035285],[2019,81035285],[2020,138216598],[2021,123790123],[2022,105554294],[2023,405916505.35],[2024,79199989],[2025,317529915.1]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 47.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300763.SHE SharesStats.PercentInsiders = 47.38 percentage points; cache date 2026-10-16.

### What the price says

The price is 2.8 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:28.260Z); Closing price 48.4 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 17.58457543987343; price multiple 2.7524122015622785. FY2025 cash earnings/share 3.379055185178458. Closing-price date 2026-10-15.

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

- 2019-03: CNY 66.92 per share

- 2019-04: CNY 206.56 per share

- 2019-05: CNY 49.39 per share

- 2019-06: CNY 43.06 per share

- 2019-07: CNY 37.07 per share

- 2019-08: CNY 37.08 per share

- 2019-09: CNY 38.59 per share

- 2019-10: CNY 35.85 per share

- 2019-11: CNY 35.40 per share

- 2019-12: CNY 41.53 per share

- 2020-01: CNY 50.02 per share

- 2020-02: CNY 64.70 per share

- 2020-03: CNY 68.86 per share

- 2020-04: CNY 67.70 per share

- 2020-05: CNY 41.44 per share

- 2020-06: CNY 64.18 per share

- 2020-07: CNY 88.06 per share

- 2020-08: CNY 95.41 per share

- 2020-09: CNY 118.02 per share

- 2020-10: CNY 124.04 per share

- 2020-11: CNY 104.69 per share

- 2020-12: CNY 149.00 per share

- 2021-01: CNY 209.52 per share

- 2021-02: CNY 164.92 per share

- 2021-03: CNY 151.21 per share

- 2021-04: CNY 205.91 per share

- 2021-05: CNY 217.00 per share

- 2021-06: CNY 180.60 per share

- 2021-07: CNY 307.15 per share

- 2021-08: CNY 275.00 per share

- 2021-09: CNY 242.00 per share

- 2021-10: CNY 278.79 per share

- 2021-11: CNY 254.98 per share

- 2021-12: CNY 231.55 per share

- 2022-01: CNY 234.96 per share

- 2022-02: CNY 253.00 per share

- 2022-03: CNY 209.64 per share

- 2022-04: CNY 193.00 per share

- 2022-05: CNY 169.00 per share

- 2022-06: CNY 213.00 per share

- 2022-07: CNY 228.80 per share

- 2022-08: CNY 229.75 per share

- 2022-09: CNY 220.95 per share

- 2022-10: CNY 186.80 per share

- 2022-11: CNY 197.72 per share

- 2022-12: CNY 180.05 per share

- 2023-01: CNY 183.11 per share

- 2023-02: CNY 158.78 per share

- 2023-03: CNY 133.58 per share

- 2023-04: CNY 113.80 per share

- 2023-05: CNY 99.81 per share

- 2023-06: CNY 104.10 per share

- 2023-07: CNY 94.53 per share

- 2023-08: CNY 75.04 per share

- 2023-09: CNY 78.51 per share

- 2023-10: CNY 66.99 per share

- 2023-11: CNY 66.65 per share

- 2023-12: CNY 69.90 per share

- 2024-01: CNY 59.70 per share

- 2024-02: CNY 65.13 per share

- 2024-03: CNY 59.56 per share

- 2024-04: CNY 53.55 per share

- 2024-05: CNY 57.40 per share

- 2024-06: CNY 41.64 per share

- 2024-07: CNY 63.75 per share

- 2024-08: CNY 59.60 per share

- 2024-09: CNY 83.20 per share

- 2024-10: CNY 71.97 per share

- 2024-11: CNY 67.86 per share

- 2024-12: CNY 61.07 per share

- 2025-01: CNY 50.73 per share

- 2025-02: CNY 51.52 per share

- 2025-03: CNY 55.10 per share

- 2025-04: CNY 52.40 per share

- 2025-05: CNY 51.09 per share

- 2025-06: CNY 57.39 per share

- 2025-07: CNY 56.87 per share

- 2025-08: CNY 67.63 per share

- 2025-09: CNY 92.57 per share

- 2025-10: CNY 80.43 per share

- 2025-11: CNY 72.48 per share

- 2025-12: CNY 71.41 per share

- 2026-01: CNY 82.80 per share

- 2026-02: CNY 84.19 per share

- 2026-03: CNY 99.90 per share

- 2026-04: CNY 95.06 per share

- 2026-05: CNY 114.52 per share

- 2026-06: CNY 90.35 per share

- 2026-07: CNY 59.66 per share

- 2026-08: CNY 61.81 per share

- 2026-09: CNY 52.96 per share

- 2026-10: CNY 51.18 per share

## Annual estimated value (CNY per share)

- FY2020: low CNY 9.30 per share, central CNY 10.19 per share, high CNY 11.39 per share

- FY2021: low CNY 12.17 per share, central CNY 13.57 per share, high CNY 15.43 per share

- FY2022: low CNY 15.79 per share, central CNY 17.31 per share, high CNY 19.33 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