# Empyrean Technology Co. Ltd. A (301269.SHE)

Canonical: https://gigainvestors.com/s/301269.SHE

Analysis as of: 2026-10-16T07:36:21.207Z. Financial observations: FY2019–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 98.65 per share; close as of 2026-10-15.

Estimated value: low CNY 3.27 per share, central CNY 3.37 per share, high CNY 3.51 per share. Buy at or below the central value CNY 3.37 per share. Valuation as of 2026-10-16T07:36:21.207Z; scenarios are not confidence intervals.

Expected annual return: 3.1% at the stated quote. About 3.1% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.61×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.18×

- FY2020: 0.27×

- FY2021: 0.25×

- FY2022: 0.22×

- FY2023: 0.15×

- FY2024: 0.02×

- FY2025: 0.01×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 13.2%

- ROIC, second-lowest year: 0.8%

- Typical minus recent gross margin: 0.1 pp

- Typical gross margin (annual median): 89.4%

- Recent gross margin (lower of latest and 3-year median): 89.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.0%

- ROIC including acquisitions, ten-year median: 1.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 23.0%

- FY2020: 16.3%

- FY2021: 15.0%

- FY2022: 13.2%

- FY2023: 8.5%

- FY2024: 0.8%

- FY2025: 0.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.50×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 345M

- Net income, five-year total: CNY 696M

- Return on incremental invested capital: -1.3%

- Working capital / revenue, annual change: 0.8 pp

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

- FY2021: -0.42×

- FY2022: 0.10×

- FY2023: 0.98×

- FY2024: 1.38×

- FY2025: 0.61×

### management: fail

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 16.3% vs 0.8%

- Per-share earnings: 0.24 to 0.20 (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: 5.0%

- Diluted shares, 5-year annual growth: 5.0%

- Per-share value growth: -4.3%

- Per-share value change: CNY -0.04

- Per-share value, starting three-year median: CNY 0.24

- Per-share value, ending three-year median: CNY 0.20

- Buyback history: 0 years

- ROIC, first three-year median: 16.3%

- ROIC, last three-year median: 0.8%

Chart: Earnings per share; fiscal year observations.

- FY2019: CNY 0.13

- FY2020: CNY 0.24

- FY2021: CNY 0.32

- FY2022: CNY 0.39

- FY2023: CNY 0.37

- FY2024: CNY 0.20

- FY2025: CNY 0.11

### accounting: pass

- Sloan accruals: -7.9%

- Receivables to sales index (DSRI): 0.76×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 9.19×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2019: 0.7%

- FY2020: -3.9%

- FY2021: -9.6%

- FY2022: -4.8%

- FY2023: -0.9%

- FY2024: 2.9%

- FY2025: -7.9%

## Holders

## Price story

Down 22% since May 2025 · sales +8.4%

Story as of 2026-10-16T10:00:07.263Z; price observation 2026-10-15.

Price needs cash profits to grow 68.7% a year for ten years

### Sales · FY2024–2025

sales +8.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: CNY 257M 

- FY2020: CNY 415M 

- FY2021: CNY 579M 

- FY2022: CNY 798M 

- FY2023: CNY 1.0B 

- FY2024: CNY 1.2B 

- FY2025: CNY 1.3B 

### Gross margin · FY2025

gross margin 89.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 87.7% 

- FY2020: 87.3% 

- FY2021: 89.4% 

- FY2022: 90.3% 

- FY2023: 93.8% 

- FY2024: 93.3% 

- FY2025: 89.3% 

## Owner memo

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

### How it makes money

Operates in software application; annual sales are CNY 1.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); FY2025: revenue 1324976566.63; grossProfit 1182575991.2; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 301269.SHE: Empyrean Technology Co., Ltd., together with its subsidiaries, engages in the development, sale, and technical servicing of electronic design automation software in China and internationally. It offers AMS and PMIC design and verification platform, RF IC design, digital SoC design, foundry EDA, advanced packaging design, and flat panel display design solutions. The company is also involved in the provision of foundry design enablement reference data development services; software development; and investment activities. Its products are used in semiconductor, lC design, foundry, and packaging applications. The company was founded in 2009 and is headquartered in Beijing, China.

### Why customers stay

Margins ranged from 89.3% to 93.8% during 2023–25; it earns 13.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); FY2023: grossProfit / revenue = 93.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); FY2024: grossProfit / revenue = 93.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); FY2025: grossProfit / revenue = 89.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); 7-year return on capital observations [[2019,0.22979441436032827],[2020,0.1625588016276684],[2021,0.1499714352346929],[2022,0.13186325553064865],[2023,0.08543489466542772],[2024,0.008019096659308987],[2025,0.004485235035795197]]; median 0.13186325553064865. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 6 of 6 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); FY2019: growth capex 0; upkeep 32440166.66; owner earnings 26486825.55. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); FY2022: growth capex 159767580.59165147; upkeep 260449194.40834853; owner earnings 17950604.4296515. Growth capex / owner earnings = 8.900401165753575.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); FY2023: growth capex 1447436.4900000095; upkeep 113233721.91; owner earnings 196085637.67799997. Growth capex / owner earnings = 0.007381654807257748.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); FY2024: growth capex 0; upkeep 79106600.41; owner earnings 151538032.27. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); FY2025: growth capex 52259343.010000005; upkeep 133072493.39; owner earnings 37442749.402. Growth capex / owner earnings = 1.3957132914819705.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); Dividend observations: [[2020,21284791.61],[2021,9539229.9],[2022,9280850.12],[2023,83051163.2],[2024,82874635.47],[2025,84021523.11]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 49.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 301269.SHE SharesStats.PercentInsiders = 49.596000000000004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 68.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:21.207Z); Ten-year compound average after fade. Initial solved rate 1.02993782759981. Price 98.65; 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)

- 2022-07: CNY 75.00 per share

- 2022-08: CNY 98.02 per share

- 2022-09: CNY 90.30 per share

- 2022-10: CNY 113.78 per share

- 2022-11: CNY 93.87 per share

- 2022-12: CNY 90.07 per share

- 2023-01: CNY 92.31 per share

- 2023-02: CNY 96.20 per share

- 2023-03: CNY 123.32 per share

- 2023-04: CNY 116.12 per share

- 2023-05: CNY 120.13 per share

- 2023-06: CNY 122.84 per share

- 2023-07: CNY 102.65 per share

- 2023-08: CNY 108.80 per share

- 2023-09: CNY 104.92 per share

- 2023-10: CNY 103.20 per share

- 2023-11: CNY 98.31 per share

- 2023-12: CNY 105.85 per share

- 2024-01: CNY 77.80 per share

- 2024-02: CNY 91.00 per share

- 2024-03: CNY 83.70 per share

- 2024-04: CNY 78.20 per share

- 2024-05: CNY 79.36 per share

- 2024-06: CNY 77.05 per share

- 2024-07: CNY 78.74 per share

- 2024-08: CNY 73.91 per share

- 2024-09: CNY 93.01 per share

- 2024-10: CNY 99.75 per share

- 2024-11: CNY 125.94 per share

- 2024-12: CNY 121.10 per share

- 2025-01: CNY 105.99 per share

- 2025-02: CNY 107.14 per share

- 2025-03: CNY 115.45 per share

- 2025-04: CNY 119.19 per share

- 2025-05: CNY 127.07 per share

- 2025-06: CNY 123.88 per share

- 2025-07: CNY 110.05 per share

- 2025-08: CNY 123.00 per share

- 2025-09: CNY 126.30 per share

- 2025-10: CNY 121.11 per share

- 2025-11: CNY 104.60 per share

- 2025-12: CNY 106.33 per share

- 2026-01: CNY 103.10 per share

- 2026-02: CNY 100.98 per share

- 2026-03: CNY 81.12 per share

- 2026-04: CNY 88.82 per share

- 2026-05: CNY 114.50 per share

- 2026-06: CNY 119.42 per share

- 2026-07: CNY 87.40 per share

- 2026-08: CNY 99.71 per share

- 2026-09: CNY 84.66 per share

- 2026-10: CNY 97.82 per share

## Annual estimated value (CNY per share)

- FY2023: low CNY 6.14 per share, central CNY 6.20 per share, high CNY 6.29 per share

- FY2024: low CNY 3.95 per share, central CNY 4.03 per share, high CNY 4.13 per share

- FY2025: low CNY 3.40 per share, central CNY 3.50 per share, high CNY 3.64 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

Prior published observations retained from 2026-10-15T06:42:08.657Z where newer inputs omit a numeric field or fiscal period.

## 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