# Tbea (600089.SHG)

Canonical: https://gigainvestors.com/s/600089.SHG

Analysis as of: 2026-10-01T09:05:59.390Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed. Published buy qualification: no.

Share price: CNY 17.07 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.08×

- FY2018: 0.07×

- FY2019: 0.08×

- FY2020: 0.08×

- FY2021: 0.17×

- FY2022: 0.28×

- FY2023: 0.17×

- FY2024: 0.05×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.3%

- ROIC, second-lowest year: 5.7%

- Typical minus recent gross margin: -6.2 pp

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.9%

- ROIC including acquisitions, ten-year median: 0.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.0%

- FY2017: 7.5%

- FY2018: 7.0%

- FY2019: 5.7%

- FY2020: 6.9%

- FY2021: 19.3%

- FY2022: 30.9%

- FY2023: 19.3%

- FY2024: 4.7%

- FY2025: 7.1%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.09×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 4.1B

- Net income, five-year total: CNY 44B

- Return on incremental invested capital: 7.3%

- Working capital / revenue, annual change: -3.5 pp

- Working capital / revenue, change between three-year averages: -24.5 pp

- Working capital / revenue, final three-year average: -4.2%

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

- FY2021: 0.99×

- FY2022: 0.99×

- FY2023: -0.18×

- FY2024: -1.75×

- FY2025: -1.63×

### management: pass

- $1 retained earnings test: 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 7.5% vs 7.1%

- Market cap gain: CNY 73B

- Cumulative retained earnings: CNY 37B

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 12.7%

- Per-share value change: CNY 0.73

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

- Per-share value, ending three-year median: CNY 1.19

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.8%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 17B

- Cumulative net income, 10 years: CNY 55B

- ROIC, first three-year median: 7.5%

- ROIC, last three-year median: 7.1%

### accounting: pass

- Sloan accruals: -1.5%

- Receivables to sales index (DSRI): 0.65×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.57×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.10×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.6%

- FY2017: 0.5%

- FY2018: -0.6%

- FY2019: -2.0%

- FY2020: -2.6%

- FY2021: -3.5%

- FY2022: -3.4%

- FY2023: -8.0%

- FY2024: -4.2%

- FY2025: -1.5%

## Holders

## Price story

Down 43% since Feb 2026 · sales -0.5%

Story as of 2026-10-03T17:10:00Z; price observation 2026-09-30.

### Sales · FY2024–2025

sales -0.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-01.

- FY2016: CNY 40B 

- FY2017: CNY 38B 

- FY2018: CNY 40B 

- FY2019: CNY 37B 

- FY2020: CNY 45B 

- FY2021: CNY 69B 

- FY2022: CNY 96B 

- FY2023: CNY 98B 

- FY2024: CNY 98B 

- FY2025: CNY 97B 

### Gross margin · FY2025

gross margin 18.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-01.

- FY2016: 18.0% 

- FY2017: 21.4% 

- FY2018: 19.4% 

- FY2019: 20.4% 

- FY2020: 19.9% 

- FY2021: 28.2% 

- FY2022: 38.3% 

- FY2023: 26.4% 

- FY2024: 16.8% 

- FY2025: 18.9% 

## Owner memo

Memo as of 2026-10-02T06:52:09.009Z.

### How it makes money

Operates in electrical equipment & parts; annual sales are CNY 97.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); FY2025: revenue 97318077030.24; grossProfit 18372433004.5; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); 600089.SHG: TBEA Co., Ltd., together with its subsidiaries, provides power transmission, renewable energy, new materials, and energy solutions in China and internationally. The company produces and sells transformers, switches, electric wires and cables, cable accessories, smart distribution grids, and charging facilities. It also provides power control systems, photovoltaic products, polycrystalline silicon, flexible equipment for power transmission and distribution, white carbon black, silicon chips, and inverters. In addition, the company offers alloy materials, including alloy rods, aluminum alloy rod products, aluminum alloy ingots, remelting aluminum ingots, alloy oil immersed transformers, and slab ingot products; electronic aluminum foils; etched and formed electrode foils; heat-insulated aluminum profiles for windows and doors, curtain wall aluminum profiles, and industry profiles; aluminum substrate plate strips; target rods, wires, and ingots; and high-purity aluminum materials. Further, it is involved in mining and selling coal products; UHV DC and AC engineering construction activities; and supplying DC converter transformers, HV contact changers, dry flat wave reactors, mutual inductors, and casing and other core power transmission and transformation equipment, as well as charging solutions. Additionally, the company generates electricity from nuclear, thermal, hydro, wind, and solar resources. TBEA Co., Ltd. was founded in 1949 and is headquartered in Changji, China.

### Why customers stay

Margins ranged from 16.8% to 26.4% during 2023–25; it earns 7.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); FY2023: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); FY2024: grossProfit / revenue = 16.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); FY2025: grossProfit / revenue = 18.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); 10-year return on capital observations [[2016,0.07985413930750106],[2017,0.07515997783517127],[2018,0.0696432849743728],[2019,0.0565611339357236],[2020,0.0691249913998608],[2021,0.19261316758979852],[2022,0.3092461973141629],[2023,0.19318509985755783],[2024,0.046512334307865826],[2025,0.0705206605824763]]; median 0.07284031920882378. 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 2026-10-01T09:05:59.390Z); FY2016: growth capex 1650650495.4672918; upkeep 3148525257.2927084; owner earnings 318083229.7072916. Growth capex / owner earnings = 5.189366622648616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); FY2018: growth capex 900927080.9298635; upkeep 3304547454.0501366; owner earnings 533408757.94986343. Growth capex / owner earnings = 1.6889994164935405.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); FY2020: growth capex 4808216364.88; upkeep 2555758000; owner earnings 2397842998. Growth capex / owner earnings = 2.0052256836208424.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); FY2021: growth capex 7337529342.889999; upkeep 3651144000; owner earnings 7183170609.774. Growth capex / owner earnings = 1.0214889415136494.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); FY2022: growth capex 15188651996.189999; upkeep 4274683000; owner earnings 15771325106.012. Growth capex / owner earnings = 0.9630549046509803.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); Dividend observations: [[2016,1511654158.92],[2017,1594022536.44],[2018,2006397393.36],[2019,668576302],[2020,612857971],[2021,780001054],[2022,2385482389],[2023,4416887180],[2024,2407957000],[2025,2596377071.53]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 19.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-02); 600089.SHG SharesStats.PercentInsiders = 19.584 percentage points; cache date 2026-10-02.

### What the price says

The price is 0.9 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-01T09:05:59.390Z); Closing price 17.32 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 19.385109589233522; price multiple 0.8934692847761623. FY2025 cash earnings/share -1.933010593235913. Closing-price date 2026-09-30.

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

- 2016-09: CNY 8.62 per share

- 2016-10: CNY 8.86 per share

- 2016-11: CNY 9.66 per share

- 2016-12: CNY 9.13 per share

- 2017-01: CNY 9.43 per share

- 2017-02: CNY 10.33 per share

- 2017-03: CNY 11.19 per share

- 2017-04: CNY 11.33 per share

- 2017-05: CNY 9.66 per share

- 2017-06: CNY 10.33 per share

- 2017-07: CNY 10.51 per share

- 2017-08: CNY 10.04 per share

- 2017-09: CNY 9.86 per share

- 2017-10: CNY 10.04 per share

- 2017-11: CNY 10.00 per share

- 2017-12: CNY 9.91 per share

- 2018-01: CNY 9.81 per share

- 2018-02: CNY 9.01 per share

- 2018-03: CNY 8.82 per share

- 2018-04: CNY 7.94 per share

- 2018-05: CNY 7.82 per share

- 2018-06: CNY 6.93 per share

- 2018-07: CNY 6.91 per share

- 2018-08: CNY 6.74 per share

- 2018-09: CNY 7.17 per share

- 2018-10: CNY 6.95 per share

- 2018-11: CNY 6.85 per share

- 2018-12: CNY 6.79 per share

- 2019-01: CNY 7.02 per share

- 2019-02: CNY 7.95 per share

- 2019-03: CNY 8.28 per share

- 2019-04: CNY 7.80 per share

- 2019-05: CNY 7.18 per share

- 2019-06: CNY 7.25 per share

- 2019-07: CNY 7.11 per share

- 2019-08: CNY 6.58 per share

- 2019-09: CNY 6.50 per share

- 2019-10: CNY 6.42 per share

- 2019-11: CNY 6.49 per share

- 2019-12: CNY 6.65 per share

- 2020-01: CNY 6.36 per share

- 2020-02: CNY 6.23 per share

- 2020-03: CNY 7.30 per share

- 2020-04: CNY 7.53 per share

- 2020-05: CNY 6.87 per share

- 2020-06: CNY 6.77 per share

- 2020-07: CNY 8.73 per share

- 2020-08: CNY 8.17 per share

- 2020-09: CNY 8.78 per share

- 2020-10: CNY 8.21 per share

- 2020-11: CNY 8.53 per share

- 2020-12: CNY 10.15 per share

- 2021-01: CNY 12.75 per share

- 2021-02: CNY 12.13 per share

- 2021-03: CNY 11.19 per share

- 2021-04: CNY 12.33 per share

- 2021-05: CNY 11.93 per share

- 2021-06: CNY 12.85 per share

- 2021-07: CNY 15.13 per share

- 2021-08: CNY 24.53 per share

- 2021-09: CNY 24.25 per share

- 2021-10: CNY 27.01 per share

- 2021-11: CNY 22.89 per share

- 2021-12: CNY 21.17 per share

- 2022-01: CNY 18.65 per share

- 2022-02: CNY 20.18 per share

- 2022-03: CNY 20.38 per share

- 2022-04: CNY 19.38 per share

- 2022-05: CNY 22.50 per share

- 2022-06: CNY 27.39 per share

- 2022-07: CNY 24.98 per share

- 2022-08: CNY 24.78 per share

- 2022-09: CNY 21.67 per share

- 2022-10: CNY 20.41 per share

- 2022-11: CNY 21.50 per share

- 2022-12: CNY 20.08 per share

- 2023-01: CNY 21.28 per share

- 2023-02: CNY 21.56 per share

- 2023-03: CNY 21.71 per share

- 2023-04: CNY 22.59 per share

- 2023-05: CNY 22.37 per share

- 2023-06: CNY 22.29 per share

- 2023-07: CNY 16.38 per share

- 2023-08: CNY 14.70 per share

- 2023-09: CNY 14.82 per share

- 2023-10: CNY 13.99 per share

- 2023-11: CNY 13.93 per share

- 2023-12: CNY 13.80 per share

- 2024-01: CNY 14.05 per share

- 2024-02: CNY 14.89 per share

- 2024-03: CNY 15.32 per share

- 2024-04: CNY 14.15 per share

- 2024-05: CNY 14.92 per share

- 2024-06: CNY 13.87 per share

- 2024-07: CNY 13.54 per share

- 2024-08: CNY 12.62 per share

- 2024-09: CNY 14.64 per share

- 2024-10: CNY 14.12 per share

- 2024-11: CNY 13.60 per share

- 2024-12: CNY 12.74 per share

- 2025-01: CNY 11.96 per share

- 2025-02: CNY 12.07 per share

- 2025-03: CNY 12.02 per share

- 2025-04: CNY 11.53 per share

- 2025-05: CNY 11.61 per share

- 2025-06: CNY 11.93 per share

- 2025-07: CNY 13.51 per share

- 2025-08: CNY 14.16 per share

- 2025-09: CNY 17.80 per share

- 2025-10: CNY 19.58 per share

- 2025-11: CNY 21.80 per share

- 2025-12: CNY 22.22 per share

- 2026-01: CNY 27.20 per share

- 2026-02: CNY 30.34 per share

- 2026-03: CNY 26.50 per share

- 2026-04: CNY 26.82 per share

- 2026-05: CNY 25.35 per share

- 2026-06: CNY 22.50 per share

- 2026-07: CNY 20.94 per share

- 2026-08: CNY 19.13 per share

- 2026-09: CNY 17.15 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 4.38 per share, central CNY 4.49 per share, high CNY 4.64 per share

- FY2018: low CNY 5.69 per share, central CNY 6.13 per share, high CNY 6.44 per share

- FY2020: low CNY 5.02 per share, central CNY 5.21 per share, high CNY 5.38 per share

- FY2021: low CNY 5.43 per share, central CNY 6.06 per share, high CNY 6.43 per share

- FY2022: low CNY 9.59 per share, central CNY 12.38 per share, high CNY 14.00 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.