# Yihai Kerry Arawana Holdings (300999.SHE)

Canonical: https://gigainvestors.com/s/300999.SHE

Analysis as of: 2026-10-16T07:34:44.143Z. 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 25.15 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.05×

- FY2021: 0.03×

- FY2022: 0.01×

- FY2023: 0.01×

- FY2024: 0.02×

- FY2025: 0.02×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.6%

- ROIC, second-lowest year: 2.2%

- Typical minus recent gross margin: 3.8 pp

- Typical gross margin (annual median): 8.9%

- Recent gross margin (lower of latest and 3-year median): 5.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.3%

- ROIC including acquisitions, ten-year median: 1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.9%

- FY2017: 8.9%

- FY2018: 7.9%

- FY2019: 8.1%

- FY2020: 7.5%

- FY2021: 4.1%

- FY2022: 2.4%

- FY2023: 2.5%

- FY2024: 2.2%

- FY2025: 3.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.01×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 83M

- Net income, five-year total: CNY 16B

- Return on incremental invested capital: 5.4%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.5 pp

- Working capital / revenue, final three-year average: 18.8%

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

- FY2021: 0.55×

- FY2022: -0.01×

- FY2023: -1.56×

- FY2024: -0.33×

- FY2025: 0.99×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 7.9% vs 2.5%

- Per-share earnings: 1.03 to 0.53 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 1.1%

- Diluted shares, 5-year annual growth: 1.1%

- Per-share value growth: -9.0%

- Per-share value change: CNY -0.50

- Per-share value, starting three-year median: CNY 1.03

- Per-share value, ending three-year median: CNY 0.53

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: CNY 38B

- ROIC, first three-year median: 7.9%

- ROIC, last three-year median: 2.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.12

- FY2017: CNY 1.03

- FY2018: CNY 1.05

- FY2019: CNY 1.09

- FY2020: CNY 1.16

- FY2021: CNY 0.75

- FY2022: CNY 0.56

- FY2023: CNY 0.53

- FY2024: CNY 0.46

- FY2025: CNY 0.58

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 0.76×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 1.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.90×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.0%

- FY2017: 3.3%

- FY2018: 1.7%

- FY2019: -4.8%

- FY2020: 2.7%

- FY2021: 1.6%

- FY2022: 1.0%

- FY2023: -5.1%

- FY2024: -1.1%

- FY2025: -5.4%

## Holders

## Price story

Down 60% since Dec 2021 · sales +2.6%

Story as of 2026-10-16T10:00:02.207Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +2.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 133B 

- FY2017: CNY 151B 

- FY2018: CNY 167B 

- FY2019: CNY 171B 

- FY2020: CNY 195B 

- FY2021: CNY 226B 

- FY2022: CNY 257B 

- FY2023: CNY 252B 

- FY2024: CNY 239B 

- FY2025: CNY 245B 

### Gross margin · FY2024

gross margin 5.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 11.0% 

- FY2017: 8.3% 

- FY2018: 9.6% 

- FY2019: 10.2% 

- FY2020: 10.6% 

- FY2021: 8.0% 

- FY2022: 5.6% 

- FY2023: 4.8% 

- FY2024: 5.2% 

## Owner memo

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

### How it makes money

Operates in packaged foods; annual sales are CNY 245.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2025: revenue 245125575000; grossProfit 245125575000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300999.SHE: Yihai Kerry Arawana Holdings Co., Ltd engages in the agriculture and food processing businesses in China. It provides packaged oil, rice, and flour; condiments; groundnut and sesame; grain and oil raw material, including soybean, wheat, corn, starch, and miscellaneous grains; feedstuff, such as soybean meal, rapeseed meal, cottonseed meal, FFS, PKE, SPC and by-products of rice, wheat and corn, and fatty acid calcium; and oleochemicals and derivatives comprising noodles, glycerin, dimer acid, polyamide resin, natural vitamin E, natural vegetable-based phytosterols, paper chemicals, high polymers, and green surfactants. The company also offers specialty oil, industry chocolate, flour, syrup, starch, vegetable protein, Vitamin E, lecithin, food grade glycerol, monoglyceride, ground rice powder, edible alcohol, cereal, and premix powder. In addition, it is involved in central kitchen food business; processing of various food crops, such as corn, soybeans, potatoes, and sugar beets; provision of logistic services, including warehousing, trunk and urban transportation, wharf, container, railway, shipping agency, and shipping services; and packaging, consumer pack, and food service business. It sells its products under the Arawana, Olivoila, Orchid, Wonder Farm, Arawana Fengyitang, Neptune, Fengyuan, Golden Delicious, Reyland, and Jiejin 100 brands. The company was founded in 1988 and is headquartered in Shanghai, China. Yihai Kerry Arawana Holdings Co., Ltd operates as a subsidiary of Bathos Company Limited.

### Why customers stay

Margins ranged from 4.8% to 100% during 2023–25; it earns 3.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2023: grossProfit / revenue = 4.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2024: grossProfit / revenue = 5.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2025: grossProfit / revenue = 100%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); 10-year return on capital observations [[2016,0.019292312172272882],[2017,0.08868980489309168],[2018,0.07940305584320971],[2019,0.08103602557908722],[2020,0.07527315951905221],[2021,0.040535012996884695],[2022,0.02420277390150833],[2023,0.024780057686355553],[2024,0.022380993862422236],[2025,0.03151897925205061]]; median 0.03602699612446765. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 32.5% of cash earnings on expansion; earns 5.4% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2017: growth capex 651338000; upkeep 1894200000; owner earnings 5001132000. Growth capex / owner earnings = 0.1302381140909698.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2018: growth capex 2263582000; upkeep 1974480000; owner earnings 5127592000. Growth capex / owner earnings = 0.4414512699138309.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2019: growth capex 556282282.3424778; upkeep 6617283717.657522; owner earnings 1041443282.3424778. Growth capex / owner earnings = 0.5341455379992022.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2020: growth capex 3770280832.654496; upkeep 3374289167.345504; owner earnings 5108921832.654496. Growth capex / owner earnings = 0.73797974526761.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2021: growth capex 4988715330.488039; upkeep 4662529669.511961; owner earnings 2264595730.488039. Growth capex / owner earnings = 2.202916513232554.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2025: growth capex 1014776000; upkeep 3774408000; owner earnings 3120619800. Growth capex / owner earnings = 0.3251841188727957.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); Incremental return on capital 0.0542494791380326, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); Dividend observations: [[2016,2321350000],[2017,2579058000],[2018,2737872000],[2019,3155465000],[2020,1818642000],[2021,601797000],[2022,417463000],[2023,2930428000],[2024,2815651000],[2025,2425387000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); FY2025: cash repurchases 97561655.8125 CNY.

### Are managers owners

Insiders own 90.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300999.SHE SharesStats.PercentInsiders = 90.40700000000001 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.143Z); Closing price 25.15 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 45.09280473691671; price multiple 0.5577386491421795. FY2025 cash earnings/share 0.5740629034712355. Closing-price date 2026-10-15.

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

- 2020-10: CNY 45.99 per share

- 2020-11: CNY 69.77 per share

- 2020-12: CNY 108.32 per share

- 2021-01: CNY 121.92 per share

- 2021-02: CNY 89.50 per share

- 2021-03: CNY 77.48 per share

- 2021-04: CNY 78.58 per share

- 2021-05: CNY 92.02 per share

- 2021-06: CNY 84.96 per share

- 2021-07: CNY 67.70 per share

- 2021-08: CNY 67.59 per share

- 2021-09: CNY 69.42 per share

- 2021-10: CNY 60.88 per share

- 2021-11: CNY 61.52 per share

- 2021-12: CNY 62.93 per share

- 2022-01: CNY 57.03 per share

- 2022-02: CNY 53.44 per share

- 2022-03: CNY 49.58 per share

- 2022-04: CNY 48.00 per share

- 2022-05: CNY 45.38 per share

- 2022-06: CNY 54.02 per share

- 2022-07: CNY 45.81 per share

- 2022-08: CNY 45.68 per share

- 2022-09: CNY 43.19 per share

- 2022-10: CNY 38.25 per share

- 2022-11: CNY 41.25 per share

- 2022-12: CNY 43.56 per share

- 2023-01: CNY 44.71 per share

- 2023-02: CNY 46.01 per share

- 2023-03: CNY 43.10 per share

- 2023-04: CNY 43.44 per share

- 2023-05: CNY 40.20 per share

- 2023-06: CNY 39.99 per share

- 2023-07: CNY 42.10 per share

- 2023-08: CNY 35.66 per share

- 2023-09: CNY 34.38 per share

- 2023-10: CNY 35.00 per share

- 2023-11: CNY 34.91 per share

- 2023-12: CNY 33.38 per share

- 2024-01: CNY 29.57 per share

- 2024-02: CNY 32.34 per share

- 2024-03: CNY 30.17 per share

- 2024-04: CNY 31.40 per share

- 2024-05: CNY 30.08 per share

- 2024-06: CNY 27.35 per share

- 2024-07: CNY 27.37 per share

- 2024-08: CNY 25.87 per share

- 2024-09: CNY 35.49 per share

- 2024-10: CNY 32.51 per share

- 2024-11: CNY 34.20 per share

- 2024-12: CNY 32.61 per share

- 2025-01: CNY 30.58 per share

- 2025-02: CNY 31.98 per share

- 2025-03: CNY 31.46 per share

- 2025-04: CNY 31.79 per share

- 2025-05: CNY 30.31 per share

- 2025-06: CNY 29.53 per share

- 2025-07: CNY 30.22 per share

- 2025-08: CNY 33.66 per share

- 2025-09: CNY 31.55 per share

- 2025-10: CNY 32.14 per share

- 2025-11: CNY 29.73 per share

- 2025-12: CNY 28.74 per share

- 2026-01: CNY 30.10 per share

- 2026-02: CNY 29.41 per share

- 2026-03: CNY 28.67 per share

- 2026-04: CNY 28.54 per share

- 2026-05: CNY 26.76 per share

- 2026-06: CNY 23.26 per share

- 2026-07: CNY 26.97 per share

- 2026-08: CNY 26.54 per share

- 2026-09: CNY 24.10 per share

- 2026-10: CNY 25.19 per share

## Annual estimated value (CNY per share)

- FY2020: low CNY 21.29 per share, central CNY 22.79 per share, high CNY 24.77 per share

- FY2021: low CNY 21.09 per share, central CNY 22.71 per share, high CNY 24.87 per share

- FY2022: low CNY 15.36 per share, central CNY 16.08 per share, high CNY 17.04 per share

- FY2023: low CNY 17.04 per share, central CNY 17.47 per share, high CNY 18.04 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.