# Beijing Tongrentang (600085.SHG)

Canonical: https://gigainvestors.com/s/600085.SHG

Analysis as of: 2026-10-16T07:37:30.331Z. Financial observations: FY1996–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 24.76 per share; close as of 2026-10-15.

Estimated value: low CNY 16.90 per share, central CNY 18.90 per share, high CNY 21.06 per share. Buy at or below the central value CNY 18.90 per share. Valuation as of 2026-10-16T07:37:30.331Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% 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

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.09×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.16×

- FY2018: 0.16×

- FY2019: 0.15×

- FY2020: 0.16×

- FY2021: 0.16×

- FY2022: 0.18×

- FY2023: 0.17×

- FY2024: 0.15×

- FY2025: 0.12×

### moat: pass

- ROIC, median of available years: 49.1%

- ROIC, second-lowest year: 44.7%

- Typical minus recent gross margin: 2.9 pp

- Typical gross margin (annual median): 45.7%

- Recent gross margin (lower of latest and 3-year median): 42.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.4%

- ROIC including acquisitions, ten-year median: 23.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 48.2%

- FY2017: 46.2%

- FY2018: 50.4%

- FY2019: 49.8%

- FY2020: 51.5%

- FY2021: 48.5%

- FY2022: 73.2%

- FY2023: 74.6%

- FY2024: 44.7%

- FY2025: 31.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 6.8B

- Net income, five-year total: CNY 7.0B

- Return on incremental invested capital: 4.1%

- Working capital / revenue, annual change: 0.0 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 42.0%

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

- FY2021: 0.81×

- FY2022: 0.92×

- FY2023: 0.93×

- FY2024: 0.89×

- FY2025: 1.29×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 48.2% vs 44.7%

- Per-share earnings: 0.68 to 1.11 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.0%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: CNY 1.2B

- Cumulative retained earnings: CNY 5.0B

- Diluted shares, 10-year annual growth: -0.0%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.4%

- Per-share value change: CNY 0.43

- Per-share value, starting three-year median: CNY 0.68

- Per-share value, ending three-year median: CNY 1.11

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 449M

- Cumulative net income, 10 years: CNY 12B

- ROIC, first three-year median: 48.2%

- ROIC, last three-year median: 44.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.68

- FY2017: CNY 0.74

- FY2018: CNY 0.83

- FY2019: CNY 0.72

- FY2020: CNY 0.76

- FY2021: CNY 0.89

- FY2022: CNY 1.04

- FY2023: CNY 1.22

- FY2024: CNY 1.11

- FY2025: CNY 0.87

### accounting: pass

- Sloan accruals: -4.9%

- Receivables to sales index (DSRI): 0.61×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.26×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.06×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.7%

- FY2017: -2.3%

- FY2018: -3.9%

- FY2019: -6.2%

- FY2020: -5.2%

- FY2021: -8.8%

- FY2022: -6.2%

- FY2023: -0.7%

- FY2024: 2.5%

- FY2025: -4.9%

## Holders

## Price story

Down 59% since May 2023 · sales -7.2%

Story as of 2026-10-16T10:00:09.145Z; price observation 2026-10-15.

Price needs cash profits to grow 6.3% a year for ten years

### Sales · FY2024–2025

sales -7.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 12B 

- FY2017: CNY 13B 

- FY2018: CNY 14B 

- FY2019: CNY 13B 

- FY2020: CNY 13B 

- FY2021: CNY 15B 

- FY2022: CNY 15B 

- FY2023: CNY 18B 

- FY2024: CNY 19B 

- FY2025: CNY 17B 

### Gross margin · FY2025

gross margin 42.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 45.4% 

- FY2017: 45.7% 

- FY2018: 45.8% 

- FY2019: 45.6% 

- FY2020: 46.0% 

- FY2021: 46.0% 

- FY2022: 48.1% 

- FY2023: 46.5% 

- FY2024: 43.5% 

- FY2025: 42.9% 

## Owner memo

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

### How it makes money

Operates in drug manufacturers specialty & generic; annual sales are CNY 17.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2025: revenue 17256185123.82; grossProfit 7398453817.25; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 42.9% to 46.5% during 2023–25; it earns 49.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2023: grossProfit / revenue = 46.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2024: grossProfit / revenue = 43.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2025: grossProfit / revenue = 42.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); 10-year return on capital observations [[2016,0.48183576322615834],[2017,0.4617511886275158],[2018,0.5044759092269306],[2019,0.49805734394961915],[2020,0.5150581786423338],[2021,0.484755990557008],[2022,0.7320762125930473],[2023,0.7456182913164018],[2024,0.44740312735014515],[2025,0.31928770146039287]]; median 0.4914066672533136. 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 2026-10-16T07:37:30.331Z); FY2016: growth capex 225915747.50747895; upkeep 477705822.35252106; owner earnings 619020369.6474789. Growth capex / owner earnings = 0.36495688766451084.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2017: growth capex 266821856.464283; upkeep 512019123.00571704; owner earnings 688717292.994283. Growth capex / owner earnings = 0.38741855210901155.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2018: growth capex 188369254.4650483; upkeep 426964436.9149517; owner earnings 911308394.0850483. Growth capex / owner earnings = 0.20670198550532462.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2019: growth capex 0; upkeep 463808943.95; owner earnings 770330519.05. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2020: growth capex 0; upkeep 1150958582.66; owner earnings 223378686.3399999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2021: growth capex 150037706.17000002; upkeep 321169664; owner earnings 1000022371.284. Growth capex / owner earnings = 0.1500343497089529.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2022: growth capex 0; upkeep 330028680.33; owner earnings 1319198959.0301003. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2023: growth capex 0; upkeep 324514815.54; owner earnings 1547906054.7524421. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2024: growth capex 171974388; upkeep 347577050; owner earnings 1357843404.067927. Growth capex / owner earnings = 0.12665259299031575.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); FY2025: growth capex 0; upkeep 357297923.48; owner earnings 1537361056.722821. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); Dividend observations: [[2016,332291053.27],[2017,375082015.29],[2018,465601216.56],[2019,1042317399],[2020,356582268],[2021,370296970],[2022,397726375],[2023,483094694],[2024,1373070278],[2025,695072714.03]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 53% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600085.SHG SharesStats.PercentInsiders = 53.004 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.3% yearly over ten years; actual growth was 8.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:30.331Z); Ten-year compound average after fade. Initial solved rate 0.07803889116883533. Price 24.76; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5084686156570897 → FY2025 1.1209583297012127. Closing-price date 2026-10-15.

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

- 2016-10: CNY 31.39 per share

- 2016-11: CNY 34.27 per share

- 2016-12: CNY 31.38 per share

- 2017-01: CNY 30.41 per share

- 2017-02: CNY 30.54 per share

- 2017-03: CNY 31.61 per share

- 2017-04: CNY 31.03 per share

- 2017-05: CNY 32.29 per share

- 2017-06: CNY 34.96 per share

- 2017-07: CNY 32.87 per share

- 2017-08: CNY 32.27 per share

- 2017-09: CNY 32.41 per share

- 2017-10: CNY 33.67 per share

- 2017-11: CNY 32.28 per share

- 2017-12: CNY 32.24 per share

- 2018-01: CNY 33.90 per share

- 2018-02: CNY 32.40 per share

- 2018-03: CNY 34.68 per share

- 2018-04: CNY 35.47 per share

- 2018-05: CNY 40.52 per share

- 2018-06: CNY 35.28 per share

- 2018-07: CNY 33.80 per share

- 2018-08: CNY 31.98 per share

- 2018-09: CNY 31.75 per share

- 2018-10: CNY 28.43 per share

- 2018-11: CNY 29.09 per share

- 2018-12: CNY 27.50 per share

- 2019-01: CNY 26.38 per share

- 2019-02: CNY 29.24 per share

- 2019-03: CNY 29.93 per share

- 2019-04: CNY 30.68 per share

- 2019-05: CNY 29.22 per share

- 2019-06: CNY 29.00 per share

- 2019-07: CNY 28.36 per share

- 2019-08: CNY 27.80 per share

- 2019-09: CNY 26.90 per share

- 2019-10: CNY 27.50 per share

- 2019-11: CNY 26.60 per share

- 2019-12: CNY 28.18 per share

- 2020-01: CNY 27.35 per share

- 2020-02: CNY 26.14 per share

- 2020-03: CNY 25.35 per share

- 2020-04: CNY 25.68 per share

- 2020-05: CNY 25.06 per share

- 2020-06: CNY 27.12 per share

- 2020-07: CNY 27.04 per share

- 2020-08: CNY 29.70 per share

- 2020-09: CNY 26.98 per share

- 2020-10: CNY 26.90 per share

- 2020-11: CNY 26.90 per share

- 2020-12: CNY 23.90 per share

- 2021-01: CNY 23.63 per share

- 2021-02: CNY 27.00 per share

- 2021-03: CNY 29.95 per share

- 2021-04: CNY 30.58 per share

- 2021-05: CNY 42.18 per share

- 2021-06: CNY 40.85 per share

- 2021-07: CNY 34.21 per share

- 2021-08: CNY 32.83 per share

- 2021-09: CNY 31.36 per share

- 2021-10: CNY 32.08 per share

- 2021-11: CNY 36.31 per share

- 2021-12: CNY 44.98 per share

- 2022-01: CNY 41.91 per share

- 2022-02: CNY 45.80 per share

- 2022-03: CNY 46.74 per share

- 2022-04: CNY 36.63 per share

- 2022-05: CNY 46.57 per share

- 2022-06: CNY 52.88 per share

- 2022-07: CNY 47.06 per share

- 2022-08: CNY 46.75 per share

- 2022-09: CNY 45.55 per share

- 2022-10: CNY 48.75 per share

- 2022-11: CNY 49.15 per share

- 2022-12: CNY 44.68 per share

- 2023-01: CNY 47.14 per share

- 2023-02: CNY 48.96 per share

- 2023-03: CNY 55.14 per share

- 2023-04: CNY 58.16 per share

- 2023-05: CNY 60.59 per share

- 2023-06: CNY 57.56 per share

- 2023-07: CNY 51.03 per share

- 2023-08: CNY 56.22 per share

- 2023-09: CNY 54.78 per share

- 2023-10: CNY 51.35 per share

- 2023-11: CNY 53.15 per share

- 2023-12: CNY 53.70 per share

- 2024-01: CNY 43.72 per share

- 2024-02: CNY 44.50 per share

- 2024-03: CNY 40.99 per share

- 2024-04: CNY 42.33 per share

- 2024-05: CNY 44.57 per share

- 2024-06: CNY 38.21 per share

- 2024-07: CNY 37.29 per share

- 2024-08: CNY 35.17 per share

- 2024-09: CNY 42.06 per share

- 2024-10: CNY 39.60 per share

- 2024-11: CNY 40.76 per share

- 2024-12: CNY 40.59 per share

- 2025-01: CNY 36.97 per share

- 2025-02: CNY 36.10 per share

- 2025-03: CNY 36.59 per share

- 2025-04: CNY 36.45 per share

- 2025-05: CNY 38.00 per share

- 2025-06: CNY 36.06 per share

- 2025-07: CNY 35.99 per share

- 2025-08: CNY 35.68 per share

- 2025-09: CNY 34.02 per share

- 2025-10: CNY 33.89 per share

- 2025-11: CNY 33.45 per share

- 2025-12: CNY 32.26 per share

- 2026-01: CNY 30.32 per share

- 2026-02: CNY 30.77 per share

- 2026-03: CNY 27.78 per share

- 2026-04: CNY 27.77 per share

- 2026-05: CNY 25.65 per share

- 2026-06: CNY 23.11 per share

- 2026-07: CNY 26.32 per share

- 2026-08: CNY 23.89 per share

- 2026-09: CNY 23.74 per share

- 2026-10: CNY 24.39 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 11.77 per share, central CNY 15.06 per share, high CNY 16.97 per share

- FY2017: low CNY 11.10 per share, central CNY 14.09 per share, high CNY 15.83 per share

- FY2018: low CNY 12.26 per share, central CNY 15.46 per share, high CNY 17.32 per share

- FY2019: low CNY 12.97 per share, central CNY 16.24 per share, high CNY 18.14 per share

- FY2020: low CNY 11.23 per share, central CNY 11.96 per share, high CNY 12.93 per share

- FY2021: low CNY 15.41 per share, central CNY 19.01 per share, high CNY 21.10 per share

- FY2022: low CNY 14.83 per share, central CNY 18.40 per share, high CNY 20.65 per share

- FY2023: low CNY 17.27 per share, central CNY 21.71 per share, high CNY 24.51 per share

- FY2024: low CNY 17.66 per share, central CNY 21.86 per share, high CNY 24.73 per share

- FY2025: low CNY 17.86 per share, central CNY 20.03 per share, high CNY 22.38 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.

Beijing Tongrentang

600085 · SHG

CSI 300

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: CNY 24.76
Buy up to: CNY 18.90
Expected / yr: 7.8% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 9.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 15.8%
Worst year: 12.1%
Latest · 2025: 12.1%

Capital return excluding acquisitions: median 49.1% (minimum 15%), and the second-worst year 44.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 49.1%
Worst year: 31.9%
Latest · 2025: 31.9%

New investment earned 4.1% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.96×
Annual median: 0.92×
Latest · 2025: 1.29×

Per-share value rose from 0.68 to 1.11, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CNY 0.85
Worst year: CNY 0.68
Latest · 2025: CNY 0.87

Profits were backed by cash: accruals were -4.9% of assets (limit 10%).

Sloan accruals

10y median: -4.4%
Worst year: 2.5%
Latest · 2025: -4.9%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 15.6%, three-year average owner earnings per share 1.08 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 31.39 · Value 15.06 · Buy at or below 15.06; 2016-11 · Price CNY 34.27 · Value 15.06 · Buy at or below 15.06; 2016-12 · Price CNY 31.38 · Value 15.06 · Buy at or below 15.06; 2017-01 · Price CNY 30.41 · Value 15.06 · Buy at or below 15.06; 2017-02 · Price CNY 30.54 · Value 14.09 · Buy at or below 14.09; 2017-03 · Price CNY 31.61 · Value 14.09 · Buy at or below 14.09; 2017-04 · Price CNY 31.03 · Value 14.09 · Buy at or below 14.09; 2017-05 · Price CNY 32.29 · Value 14.09 · Buy at or below 14.09; 2017-06 · Price CNY 34.96 · Value 14.09 · Buy at or below 14.09; 2017-07 · Price CNY 32.87 · Value 14.09 · Buy at or below 14.09; 2017-08 · Price CNY 32.27 · Value 14.09 · Buy at or below 14.09; 2017-09 · Price CNY 32.41 · Value 14.09 · Buy at or below 14.09; 2017-10 · Price CNY 33.67 · Value 14.09 · Buy at or below 14.09; 2017-11 · Price CNY 32.28 · Value 14.09 · Buy at or below 14.09; 2017-12 · Price CNY 32.24 · Value 14.09 · Buy at or below 14.09; 2018-01 · Price CNY 33.90 · Value 14.09 · Buy at or below 14.09; 2018-02 · Price CNY 32.40 · Value 15.46 · Buy at or below 15.46; 2018-03 · Price CNY 34.68 · Value 15.46 · Buy at or below 15.46; 2018-04 · Price CNY 35.47 · Value 15.46 · Buy at or below 15.46; 2018-05 · Price CNY 40.52 · Value 15.46 · Buy at or below 15.46; 2018-06 · Price CNY 35.28 · Value 15.46 · Buy at or below 15.46; 2018-07 · Price CNY 33.80 · Value 15.46 · Buy at or below 15.46; 2018-08 · Price CNY 31.98 · Value 15.46 · Buy at or below 15.46; 2018-09 · Price CNY 31.75 · Value 15.46 · Buy at or below 15.46; 2018-10 · Price CNY 28.43 · Value 15.46 · Buy at or below 15.46; 2018-11 · Price CNY 29.09 · Value 15.46 · Buy at or below 15.46; 2018-12 · Price CNY 27.50 · Value 15.46 · Buy at or below 15.46; 2019-01 · Price CNY 26.38 · Value 15.46 · Buy at or below 15.46; 2019-02 · Price CNY 29.24 · Value 16.24 · Buy at or below 16.24; 2019-03 · Price CNY 29.93 · Value 16.24 · Buy at or below 16.24; 2019-04 · Price CNY 30.68 · Value 16.24 · Buy at or below 16.24; 2019-05 · Price CNY 29.22 · Value 16.24 · Buy at or below 16.24; 2019-06 · Price CNY 29.00 · Value 16.24 · Buy at or below 16.24; 2019-07 · Price CNY 28.36 · Value 16.24 · Buy at or below 16.24; 2019-08 · Price CNY 27.80 · Value 16.24 · Buy at or below 16.24; 2019-09 · Price CNY 26.90 · Value 16.24 · Buy at or below 16.24; 2019-10 · Price CNY 27.50 · Value 16.24 · Buy at or below 16.24; 2019-11 · Price CNY 26.60 · Value 16.24 · Buy at or below 16.24; 2019-12 · Price CNY 28.18 · Value 16.24 · Buy at or below 16.24; 2020-01 · Price CNY 27.35 · Value 16.24 · Buy at or below 16.24; 2020-02 · Price CNY 26.14 · Value 11.96 · Buy at or below 11.96; 2020-03 · Price CNY 25.35 · Value 11.96 · Buy at or below 11.96; 2020-04 · Price CNY 25.68 · Value 11.96 · Buy at or below 11.96; 2020-05 · Price CNY 25.06 · Value 11.96 · Buy at or below 11.96; 2020-06 · Price CNY 27.12 · Value 11.96 · Buy at or below 11.96; 2020-07 · Price CNY 27.04 · Value 11.96 · Buy at or below 11.96; 2020-08 · Price CNY 29.70 · Value 11.96 · Buy at or below 11.96; 2020-09 · Price CNY 26.98 · Value 11.96 · Buy at or below 11.96; 2020-10 · Price CNY 26.90 · Value 11.96 · Buy at or below 11.96; 2020-11 · Price CNY 26.90 · Value 11.96 · Buy at or below 11.96; 2020-12 · Price CNY 23.90 · Value 11.96 · Buy at or below 11.96; 2021-01 · Price CNY 23.63 · Value 11.96 · Buy at or below 11.96; 2021-02 · Price CNY 27.00 · Value 19.01 · Buy at or below 19.01; 2021-03 · Price CNY 29.95 · Value 19.01 · Buy at or below 19.01; 2021-04 · Price CNY 30.58 · Value 19.01 · Buy at or below 19.01; 2021-05 · Price CNY 42.18 · Value 19.01 · Buy at or below 19.01; 2021-06 · Price CNY 40.85 · Value 19.01 · Buy at or below 19.01; 2021-07 · Price CNY 34.21 · Value 19.01 · Buy at or below 19.01; 2021-08 · Price CNY 32.83 · Value 19.01 · Buy at or below 19.01; 2021-09 · Price CNY 31.36 · Value 19.01 · Buy at or below 19.01; 2021-10 · Price CNY 32.08 · Value 19.01 · Buy at or below 19.01; 2021-11 · Price CNY 36.31 · Value 19.01 · Buy at or below 19.01; 2021-12 · Price CNY 44.98 · Value 19.01 · Buy at or below 19.01; 2022-01 · Price CNY 41.91 · Value 19.01 · Buy at or below 19.01; 2022-02 · Price CNY 45.80 · Value 18.40 · Buy at or below 18.40; 2022-03 · Price CNY 46.74 · Value 18.40 · Buy at or below 18.40; 2022-04 · Price CNY 36.63 · Value 18.40 · Buy at or below 18.40; 2022-05 · Price CNY 46.57 · Value 18.40 · Buy at or below 18.40; 2022-06 · Price CNY 52.88 · Value 18.40 · Buy at or below 18.40; 2022-07 · Price CNY 47.06 · Value 18.40 · Buy at or below 18.40; 2022-08 · Price CNY 46.75 · Value 18.40 · Buy at or below 18.40; 2022-09 · Price CNY 45.55 · Value 18.40 · Buy at or below 18.40; 2022-10 · Price CNY 48.75 · Value 18.40 · Buy at or below 18.40; 2022-11 · Price CNY 49.15 · Value 18.40 · Buy at or below 18.40; 2022-12 · Price CNY 44.68 · Value 18.40 · Buy at or below 18.40; 2023-01 · Price CNY 47.14 · Value 18.40 · Buy at or below 18.40; 2023-02 · Price CNY 48.96 · Value 21.71 · Buy at or below 21.71; 2023-03 · Price CNY 55.14 · Value 21.71 · Buy at or below 21.71; 2023-04 · Price CNY 58.16 · Value 21.71 · Buy at or below 21.71; 2023-05 · Price CNY 60.59 · Value 21.71 · Buy at or below 21.71; 2023-06 · Price CNY 57.56 · Value 21.71 · Buy at or below 21.71; 2023-07 · Price CNY 51.03 · Value 21.71 · Buy at or below 21.71; 2023-08 · Price CNY 56.22 · Value 21.71 · Buy at or below 21.71; 2023-09 · Price CNY 54.78 · Value 21.71 · Buy at or below 21.71; 2023-10 · Price CNY 51.35 · Value 21.71 · Buy at or below 21.71; 2023-11 · Price CNY 53.15 · Value 21.71 · Buy at or below 21.71; 2023-12 · Price CNY 53.70 · Value 21.71 · Buy at or below 21.71; 2024-01 · Price CNY 43.72 · Value 21.71 · Buy at or below 21.71; 2024-02 · Price CNY 44.50 · Value 21.86 · Buy at or below 21.86; 2024-03 · Price CNY 40.99 · Value 21.86 · Buy at or below 21.86; 2024-04 · Price CNY 42.33 · Value 21.86 · Buy at or below 21.86; 2024-05 · Price CNY 44.57 · Value 21.86 · Buy at or below 21.86; 2024-06 · Price CNY 38.21 · Value 21.86 · Buy at or below 21.86; 2024-07 · Price CNY 37.29 · Value 21.86 · Buy at or below 21.86; 2024-08 · Price CNY 35.17 · Value 21.86 · Buy at or below 21.86; 2024-09 · Price CNY 42.06 · Value 21.86 · Buy at or below 21.86; 2024-10 · Price CNY 39.60 · Value 21.86 · Buy at or below 21.86; 2024-11 · Price CNY 40.76 · Value 21.86 · Buy at or below 21.86; 2024-12 · Price CNY 40.59 · Value 21.86 · Buy at or below 21.86; 2025-01 · Price CNY 36.97 · Value 21.86 · Buy at or below 21.86; 2025-02 · Price CNY 36.10 · Value 20.03 · Buy at or below 20.03; 2025-03 · Price CNY 36.59 · Value 20.03 · Buy at or below 20.03; 2025-04 · Price CNY 36.45 · Value 20.03 · Buy at or below 20.03; 2025-05 · Price CNY 38.00 · Value 20.03 · Buy at or below 20.03; 2025-06 · Price CNY 36.06 · Value 20.03 · Buy at or below 20.03; 2025-07 · Price CNY 35.99 · Value 20.03 · Buy at or below 20.03; 2025-08 · Price CNY 35.68 · Value 20.03 · Buy at or below 20.03; 2025-09 · Price CNY 34.02 · Value 20.03 · Buy at or below 20.03; 2025-10 · Price CNY 33.89 · Value 20.03 · Buy at or below 20.03; 2025-11 · Price CNY 33.45 · Value 20.03 · Buy at or below 20.03; 2025-12 · Price CNY 32.26 · Value 20.03 · Buy at or below 20.03; 2026-01 · Price CNY 30.32 · Value 20.03 · Buy at or below 20.03; 2026-02 · Price CNY 30.77 · Value 18.90 · Buy at or below 18.90; 2026-03 · Price CNY 27.78 · Value 18.90 · Buy at or below 18.90; 2026-04 · Price CNY 27.77 · Value 18.90 · Buy at or below 18.90; 2026-05 · Price CNY 25.65 · Value 18.90 · Buy at or below 18.90; 2026-06 · Price CNY 23.11 · Value 18.90 · Buy at or below 18.90; 2026-07 · Price CNY 26.32 · Value 18.90 · Buy at or below 18.90; 2026-08 · Price CNY 23.89 · Value 18.90 · Buy at or below 18.90; 2026-09 · Price CNY 23.74 · Value 18.90 · Buy at or below 18.90; 2026-10 · Price CNY 24.39 · Value 18.90 · Buy at or below 18.90; 2026-10 · Price CNY 24.76 · Value 18.90 · Buy at or below 18.90

CNY per share · annual estimates

Price & return math
Value range	CNY 16.90 – CNY 21.06
Buy at or below	Central value CNY 18.90
Discount to value	1 − 24.76 / 18.90 = -31.0%
Return / year	About 7.8% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CNY 0.99/share; 1.2% growth for 5 years, then fades to 3.0%; excess cash CNY 5.69/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCNY 17B

Revenue

Owner earningsCNY 1.5B

Owner earnings

Operating margin12.1%

Operating margin

Net cash / debtCNY 9.4B

Net cash / debt

Diluted shares1.4B

Diluted shares

Prices 15 Oct 2026 · FY2025