# Yunnan Botanee Bio-Technology Group (300957.SHE)

Canonical: https://gigainvestors.com/s/300957.SHE

Analysis as of: 2026-10-16T07:40:54.440Z. Financial observations: FY2017–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 31.70 per share; close as of 2026-10-15.

Estimated value: low CNY 25.01 per share, central CNY 27.13 per share, high CNY 29.96 per share. Buy at or below the central value CNY 27.13 per share. Valuation as of 2026-10-16T07:40:54.440Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% 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

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

- Financial history: 9 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.23×

- FY2018: 0.25×

- FY2019: 0.26×

- FY2020: 0.25×

- FY2021: 0.25×

- FY2022: 0.24×

- FY2023: 0.15×

- FY2024: 0.11×

- FY2025: 0.11×

### 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: 60.9%

- ROIC, second-lowest year: 22.6%

- Typical minus recent gross margin: 1.2 pp

- Typical gross margin (annual median): 75.7%

- Recent gross margin (lower of latest and 3-year median): 74.5%

- Years with nonpositive capital: 1

- Capital spending / revenue: 4.8%

- ROIC including acquisitions, ten-year median: 46.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 60.9%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: 42.8%

- FY2022: 63.4%

- FY2023: 33.5%

- FY2024: 22.6%

- FY2025: 20.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.69×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 2.5B

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

- Return on incremental invested capital: 16.8%

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

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

- FY2021: 0.78×

- FY2022: 0.78×

- FY2023: 0.81×

- FY2024: 0.39×

- FY2025: 0.44×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 135.3% vs 22.6%

- Per-share earnings: 0.72 to 1.20 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 3.4%

- Diluted shares, 5-year annual growth: 3.4%

- Per-share value growth: 8.9%

- Per-share value change: CNY 0.48

- Per-share value, starting three-year median: CNY 0.72

- Per-share value, ending three-year median: CNY 1.20

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 1.7%

- Buyback history: 3 years

- Debt-funded buybacks: Yes

- ROIC, first three-year median: >100%

- ROIC, last three-year median: 22.6%

Chart: Earnings per share; fiscal year observations.

- FY2017: CNY 0.43

- FY2018: CNY 0.72

- FY2019: CNY 1.15

- FY2020: CNY 1.52

- FY2021: CNY 2.42

- FY2022: CNY 2.48

- FY2023: CNY 1.79

- FY2024: CNY 1.20

- FY2025: CNY 1.20

### accounting: pass

- Sloan accruals: -5.6%

- Receivables to sales index (DSRI): 0.55×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.93×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.14×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -9.7%

- FY2018: 20.7%

- FY2019: -9.5%

- FY2020: 6.7%

- FY2021: -5.0%

- FY2022: 4.2%

- FY2023: 1.9%

- FY2024: -2.3%

- FY2025: -5.6%

## Holders

## Price story

Down 86% since Oct 2021 · sales -6.6%

Story as of 2026-10-16T10:00:11.715Z; price observation 2026-10-15.

Price needs cash profits to grow 3.8% a year for ten years

### Sales · FY2024–2025

sales -6.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CNY 798M 

- FY2018: CNY 1.2B 

- FY2019: CNY 1.9B 

- FY2020: CNY 2.6B 

- FY2021: CNY 4.0B 

- FY2022: CNY 5.0B 

- FY2023: CNY 5.7B 

- FY2024: CNY 5.7B 

- FY2025: CNY 5.4B 

### Gross margin · FY2025

gross margin 74.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 80.7% 

- FY2018: 80.6% 

- FY2019: 79.6% 

- FY2020: 75.9% 

- FY2021: 75.7% 

- FY2022: 74.8% 

- FY2023: 74.5% 

- FY2024: 72.7% 

- FY2025: 74.5% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are CNY 5.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2025: revenue 5358638784.56; grossProfit 3990126631.25; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300957.SHE: Yunnan Botanee Bio-Technology Group Co.LTD, together with its subsidiaries, engages in the research, development, production, and sale of cosmetics in China and internationally. It operates through Skin Care Products, Medical Instruments, and Makeup segments. The company offers face creams, toners, masks, serums, and lotions; and makeup products, including primers, powders, BB creams, and makeup removers. It is also involved in the research, development, production, and sale of skincare related medical devices and electronic beauty instruments comprising hyaluronic acid repair bio membranes and hyaluronic acid repair dressings used for the protection and care of skin barrier damage after minimally invasive surgery; provision of provision of supply chain management, warehouse services, capital market, and consulting services. In addition, the company offers home-use electronic radiofrequency beauty devices. Further, it offers Qiumei App, an AI system for common skin problems; and medical cosmetic centers that provide vocational training, organization operation, member management, activity planning, and advertising support under the Vvym brand name. The company sells its products under Winona, Winona Baby, AOXMED, Beforteen, Za, and PURE&MILD brand names through offline and online channels, such as e-commerce platforms, retail, large key account (KA) clients, OTC chain clients, commercial companies, and regional distributors. Yunnan Botanee Bio-Technology Group Co.LTD was incorporated in 2010 and is headquartered in Kunming, China.

### Why customers stay

Margins ranged from 72.7% to 74.5% during 2023–25; it earns 60.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2023: grossProfit / revenue = 74.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2024: grossProfit / revenue = 72.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2025: grossProfit / revenue = 74.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); 9-year return on capital observations [[2017,0.6085186069356404],[2018,1.3530800088658048],[2019,1.6921740268380108],[2020,1.0901829999249604],[2021,0.4277507201122945],[2022,0.6335061001415571],[2023,0.3351386817695582],[2024,0.22648135571245806],[2025,0.2073530975091381]]; median 0.6085186069356404. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 75% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); Gross margin observations: [[2021,0.75709041503152],[2022,0.7482919107132329],[2023,0.7448032716125994]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2017: growth capex 0; upkeep 13617080; owner earnings 145110356. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2018: growth capex 14039302.781322837; upkeep 17519582.218677163; owner earnings 250067385.78132284. Growth capex / owner earnings = 0.056142078414015285.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2019: growth capex 22283334.06526205; upkeep 38728101.93473795; owner earnings 384979321.0652621. Growth capex / owner earnings = 0.057881898704591865.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2020: growth capex 28993211.569198966; upkeep 60459666.430801034; owner earnings 496792037.56919897. Growth capex / owner earnings = 0.058360862044131406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2021: growth capex 76169783.49903417; upkeep 194513937.50096583; owner earnings 672807406.0430342. Growth capex / owner earnings = 0.11321186838148774.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2022: growth capex 76974830.52285784; upkeep 276446032.47714216; owner earnings 822931316.7768579. Growth capex / owner earnings = 0.09353736934491944.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2023: growth capex 69223464.88640559; upkeep 205052020.1135944; owner earnings 609803536.3644056. Growth capex / owner earnings = 0.11351765078161029.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2024: growth capex 1056092.5686773658; upkeep 377328738.43132263; owner earnings 197397324.43867737. Growth capex / owner earnings = 0.005350085527655909.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); FY2025: growth capex 0; upkeep 482989259.81; owner earnings 222089363.66800004. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); Dividend observations: [[2017,1375000],[2018,37369360],[2019,190805688],[2020,100800000],[2021,190620000],[2022,55460049],[2023,339139870],[2024,262516132],[2025,265638493.66]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 49.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300957.SHE SharesStats.PercentInsiders = 49.755 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.8% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:40:54.440Z); Ten-year compound average after fade. Initial solved rate 0.04137206747373823. Price 31.7; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2021-03: CNY 167.77 per share

- 2021-04: CNY 242.89 per share

- 2021-05: CNY 273.10 per share

- 2021-06: CNY 271.69 per share

- 2021-07: CNY 206.45 per share

- 2021-08: CNY 201.73 per share

- 2021-09: CNY 204.00 per share

- 2021-10: CNY 226.99 per share

- 2021-11: CNY 200.25 per share

- 2021-12: CNY 192.28 per share

- 2022-01: CNY 168.30 per share

- 2022-02: CNY 165.60 per share

- 2022-03: CNY 187.02 per share

- 2022-04: CNY 196.90 per share

- 2022-05: CNY 190.00 per share

- 2022-06: CNY 217.53 per share

- 2022-07: CNY 194.08 per share

- 2022-08: CNY 186.20 per share

- 2022-09: CNY 172.03 per share

- 2022-10: CNY 143.00 per share

- 2022-11: CNY 126.73 per share

- 2022-12: CNY 149.24 per share

- 2023-01: CNY 139.91 per share

- 2023-02: CNY 138.50 per share

- 2023-03: CNY 128.23 per share

- 2023-04: CNY 114.03 per share

- 2023-05: CNY 92.21 per share

- 2023-06: CNY 88.88 per share

- 2023-07: CNY 103.93 per share

- 2023-08: CNY 101.79 per share

- 2023-09: CNY 93.31 per share

- 2023-10: CNY 78.94 per share

- 2023-11: CNY 71.46 per share

- 2023-12: CNY 68.17 per share

- 2024-01: CNY 56.30 per share

- 2024-02: CNY 65.56 per share

- 2024-03: CNY 59.97 per share

- 2024-04: CNY 57.16 per share

- 2024-05: CNY 53.40 per share

- 2024-06: CNY 48.32 per share

- 2024-07: CNY 48.40 per share

- 2024-08: CNY 42.05 per share

- 2024-09: CNY 62.42 per share

- 2024-10: CNY 52.38 per share

- 2024-11: CNY 49.25 per share

- 2024-12: CNY 42.69 per share

- 2025-01: CNY 39.36 per share

- 2025-02: CNY 41.69 per share

- 2025-03: CNY 43.21 per share

- 2025-04: CNY 41.41 per share

- 2025-05: CNY 44.21 per share

- 2025-06: CNY 44.22 per share

- 2025-07: CNY 44.85 per share

- 2025-08: CNY 47.30 per share

- 2025-09: CNY 45.08 per share

- 2025-10: CNY 44.94 per share

- 2025-11: CNY 41.29 per share

- 2025-12: CNY 39.61 per share

- 2026-01: CNY 41.89 per share

- 2026-02: CNY 47.13 per share

- 2026-03: CNY 37.95 per share

- 2026-04: CNY 40.88 per share

- 2026-05: CNY 37.75 per share

- 2026-06: CNY 31.51 per share

- 2026-07: CNY 34.60 per share

- 2026-08: CNY 32.22 per share

- 2026-09: CNY 32.70 per share

- 2026-10: CNY 32.39 per share

## Annual estimated value (CNY per share)

- FY2021: low CNY 30.85 per share, central CNY 34.04 per share, high CNY 38.30 per share

- FY2022: low CNY 33.44 per share, central CNY 36.79 per share, high CNY 41.27 per share

- FY2023: low CNY 32.37 per share, central CNY 35.79 per share, high CNY 40.33 per share

- FY2024: low CNY 34.38 per share, central CNY 37.77 per share, high CNY 42.27 per share

- FY2025: low CNY 24.77 per share, central CNY 26.81 per share, high CNY 29.52 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