# Chongqing Brewery (600132.SHG)

Canonical: https://gigainvestors.com/s/600132.SHG

Analysis as of: 2026-10-16T07:39:33.103Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CNY 38.39 per share; close as of 2026-10-15.

Estimated value: low CNY 36.31 per share, central CNY 50.78 per share, high CNY 59.20 per share. Buy at or below the central value CNY 50.78 per share. Valuation as of 2026-10-16T07:39:33.103Z; scenarios are not confidence intervals.

Expected annual return: 12.3% at the stated quote. About 12.3% 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

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.35×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.11×

- FY2018: 0.14×

- FY2019: 0.16×

- FY2020: 0.18×

- FY2021: 0.28×

- FY2022: 0.23×

- FY2023: 0.23×

- FY2024: 0.22×

- FY2025: 0.22×

### 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: >100%

- ROIC, second-lowest year: 41.3%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 48.3%

- Recent gross margin (lower of latest and 3-year median): 48.6%

- Years with nonpositive capital: 7

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: >100%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.3%

- FY2017: 41.3%

- FY2018: 99.6%

- FY2019: 97.1%

- FY2020: >100%

- FY2021: >100%

- FY2022: >100%

- FY2023: >100%

- FY2024: >100%

- FY2025: >100%

### economics: pass

- Owner earnings / net income, 5-yr: 0.92×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 5.6B

- Net income, five-year total: CNY 6.1B

- Return on incremental invested capital: 444.3%

- Working capital / revenue, annual change: -1.9 pp

- Working capital / revenue, change between three-year averages: -11.5 pp

- Working capital / revenue, final three-year average: -1.9%

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

- FY2021: 1.00×

- FY2022: 0.92×

- FY2023: 0.91×

- FY2024: 0.72×

- FY2025: 1.03×

### 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: 41.3% vs 164.2%

- Per-share earnings: 0.37 to 2.54 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.9%

- Ordinary dilution, 5-year annual growth: 0.2%

- Market cap gain: CNY 16B

- Cumulative retained earnings: CNY 105M

- Diluted shares, 10-year annual growth: 0.9%

- Diluted shares, 5-year annual growth: 0.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 27.3%

- Per-share value change: CNY 2.17

- Per-share value, starting three-year median: CNY 0.37

- Per-share value, ending three-year median: CNY 2.54

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.2B

- Cumulative net income, 10 years: CNY 9.1B

- ROIC, first three-year median: 41.3%

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

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.37

- FY2017: CNY 0.69

- FY2018: CNY 0.83

- FY2019: CNY 2.12

- FY2020: CNY 2.24

- FY2021: CNY 2.41

- FY2022: CNY 2.62

- FY2023: CNY 2.75

- FY2024: CNY 2.30

- FY2025: CNY 2.54

### accounting: pass

- Sloan accruals: -13.0%

- Receivables to sales index (DSRI): 1.15×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.13×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -11.5%

- FY2017: -14.0%

- FY2018: -10.3%

- FY2019: 9.6%

- FY2020: -27.2%

- FY2021: -20.8%

- FY2022: -19.9%

- FY2023: -14.2%

- FY2024: -13.0%

- FY2025: -13.0%

## Holders

## Price story

Down 75% since Dec 2021 · sales +0.5%

Story as of 2026-10-16T10:00:10.863Z; price observation 2026-10-15.

Price needs cash profits to grow 2.8% a year for ten years

### Sales · FY2024–2025

sales +0.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 3.2B 

- FY2017: CNY 3.2B 

- FY2018: CNY 3.5B 

- FY2019: CNY 10B 

- FY2020: CNY 11B 

- FY2021: CNY 13B 

- FY2022: CNY 14B 

- FY2023: CNY 15B 

- FY2024: CNY 15B 

- FY2025: CNY 15B 

### Gross margin · FY2025

gross margin 50.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 37.6% 

- FY2017: 38.1% 

- FY2018: 39.2% 

- FY2019: 50.6% 

- FY2020: 47.1% 

- FY2021: 50.4% 

- FY2022: 49.9% 

- FY2023: 48.6% 

- FY2024: 48.0% 

- FY2025: 50.3% 

## Owner memo

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

### How it makes money

Operates in beverages brewers; annual sales are CNY 14.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2025: revenue 14721871107; grossProfit 7410853895; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 48% to 50.3% during 2023–25; it earns over 100% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2023: grossProfit / revenue = 48.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2024: grossProfit / revenue = 48%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2025: grossProfit / revenue = 50.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); 10-year return on capital observations [[2016,0.19329125981450687],[2017,0.412564915418022],[2018,0.996308350702572],[2019,0.9709444151694266],[2020,1.0926099951968866],[2021,1.691522941061051],[2022,1.198779909490399],[2023,1.1104397368713064],[2024,1.8071669074902423],[2025,1.641680625569539]]; median 1.1015248660340964. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 50% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); Gross margin observations: [[2021,0.5036969075325016],[2022,0.49916252517626286],[2023,0.48583123331875055]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2016: growth capex 0; upkeep 165043028.2; owner earnings 192031817.8. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2017: growth capex 0; upkeep 322717456.97; owner earnings 168300532.02999997. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2018: growth capex 0; upkeep 143661824.83; owner earnings 433895416.16999996. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2019: growth capex 0; upkeep 129464016.45; owner earnings 1317016573.55. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2020: growth capex 146421430; upkeep 413794058; owner earnings 1076838520. Growth capex / owner earnings = 0.13597343267400946.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2021: growth capex 297432152; upkeep 427904433; owner earnings 1162853217. Growth capex / owner earnings = 0.25577789840693194.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2022: growth capex 257291952.53080654; upkeep 655526054.4691935; owner earnings 1166750982.2715254. Growth capex / owner earnings = 0.22052002221578568.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2023: growth capex 209347933.44562685; upkeep 710056489.5543731; owner earnings 1210037462.9754848. Growth capex / owner earnings = 0.17300946445975302.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2024: growth capex 0; upkeep 1073248168; owner earnings 806545900.8918085. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); FY2025: growth capex 0; upkeep 419524022; owner earnings 1270117694.7024553. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); Dividend observations: [[2016,117261607.09],[2017,397417803.11],[2018,400054809.22],[2019,387176958],[2020,677559677],[2021,12176116],[2022,967942396],[2023,1258325114],[2024,2081076151.4],[2025,1064736635]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 60% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600132.SHG SharesStats.PercentInsiders = 60 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 2.8% yearly over ten years; actual growth was 54.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.103Z); Ten-year compound average after fade. Initial solved rate 0.02653453569795683. Price 38.39; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.03479622004710444 → FY2025 2.62310017311364. Closing-price date 2026-10-15.

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

- 2016-10: CNY 18.64 per share

- 2016-11: CNY 17.34 per share

- 2016-12: CNY 18.45 per share

- 2017-01: CNY 19.69 per share

- 2017-02: CNY 20.27 per share

- 2017-03: CNY 21.68 per share

- 2017-04: CNY 22.43 per share

- 2017-05: CNY 21.95 per share

- 2017-06: CNY 23.31 per share

- 2017-07: CNY 25.09 per share

- 2017-08: CNY 22.71 per share

- 2017-09: CNY 22.07 per share

- 2017-10: CNY 20.94 per share

- 2017-11: CNY 18.79 per share

- 2017-12: CNY 20.86 per share

- 2018-01: CNY 23.08 per share

- 2018-02: CNY 21.78 per share

- 2018-03: CNY 21.59 per share

- 2018-04: CNY 24.29 per share

- 2018-05: CNY 32.78 per share

- 2018-06: CNY 27.69 per share

- 2018-07: CNY 30.08 per share

- 2018-08: CNY 25.40 per share

- 2018-09: CNY 29.21 per share

- 2018-10: CNY 27.71 per share

- 2018-11: CNY 25.99 per share

- 2018-12: CNY 30.73 per share

- 2019-01: CNY 30.50 per share

- 2019-02: CNY 33.30 per share

- 2019-03: CNY 35.30 per share

- 2019-04: CNY 35.00 per share

- 2019-05: CNY 44.69 per share

- 2019-06: CNY 47.16 per share

- 2019-07: CNY 41.10 per share

- 2019-08: CNY 43.35 per share

- 2019-09: CNY 41.03 per share

- 2019-10: CNY 43.30 per share

- 2019-11: CNY 48.68 per share

- 2019-12: CNY 51.96 per share

- 2020-01: CNY 47.91 per share

- 2020-02: CNY 45.56 per share

- 2020-03: CNY 45.51 per share

- 2020-04: CNY 54.44 per share

- 2020-05: CNY 61.70 per share

- 2020-06: CNY 73.00 per share

- 2020-07: CNY 72.82 per share

- 2020-08: CNY 91.05 per share

- 2020-09: CNY 103.19 per share

- 2020-10: CNY 106.92 per share

- 2020-11: CNY 105.00 per share

- 2020-12: CNY 118.99 per share

- 2021-01: CNY 134.36 per share

- 2021-02: CNY 120.74 per share

- 2021-03: CNY 111.29 per share

- 2021-04: CNY 157.38 per share

- 2021-05: CNY 172.85 per share

- 2021-06: CNY 197.95 per share

- 2021-07: CNY 154.51 per share

- 2021-08: CNY 140.15 per share

- 2021-09: CNY 131.23 per share

- 2021-10: CNY 150.45 per share

- 2021-11: CNY 144.59 per share

- 2021-12: CNY 151.32 per share

- 2022-01: CNY 133.40 per share

- 2022-02: CNY 133.80 per share

- 2022-03: CNY 107.23 per share

- 2022-04: CNY 125.45 per share

- 2022-05: CNY 129.82 per share

- 2022-06: CNY 146.60 per share

- 2022-07: CNY 122.90 per share

- 2022-08: CNY 111.70 per share

- 2022-09: CNY 112.20 per share

- 2022-10: CNY 87.42 per share

- 2022-11: CNY 110.00 per share

- 2022-12: CNY 127.38 per share

- 2023-01: CNY 120.20 per share

- 2023-02: CNY 137.45 per share

- 2023-03: CNY 125.00 per share

- 2023-04: CNY 104.16 per share

- 2023-05: CNY 89.21 per share

- 2023-06: CNY 92.16 per share

- 2023-07: CNY 90.89 per share

- 2023-08: CNY 91.38 per share

- 2023-09: CNY 85.26 per share

- 2023-10: CNY 78.50 per share

- 2023-11: CNY 71.25 per share

- 2023-12: CNY 66.45 per share

- 2024-01: CNY 55.58 per share

- 2024-02: CNY 65.50 per share

- 2024-03: CNY 64.47 per share

- 2024-04: CNY 70.37 per share

- 2024-05: CNY 68.94 per share

- 2024-06: CNY 60.70 per share

- 2024-07: CNY 61.96 per share

- 2024-08: CNY 55.62 per share

- 2024-09: CNY 70.13 per share

- 2024-10: CNY 58.04 per share

- 2024-11: CNY 61.87 per share

- 2024-12: CNY 63.02 per share

- 2025-01: CNY 55.24 per share

- 2025-02: CNY 56.18 per share

- 2025-03: CNY 58.53 per share

- 2025-04: CNY 57.77 per share

- 2025-05: CNY 57.80 per share

- 2025-06: CNY 55.10 per share

- 2025-07: CNY 55.22 per share

- 2025-08: CNY 55.43 per share

- 2025-09: CNY 53.59 per share

- 2025-10: CNY 53.70 per share

- 2025-11: CNY 53.16 per share

- 2025-12: CNY 52.24 per share

- 2026-01: CNY 52.11 per share

- 2026-02: CNY 55.45 per share

- 2026-03: CNY 56.68 per share

- 2026-04: CNY 55.01 per share

- 2026-05: CNY 52.92 per share

- 2026-06: CNY 41.30 per share

- 2026-07: CNY 46.52 per share

- 2026-08: CNY 39.97 per share

- 2026-09: CNY 38.03 per share

- 2026-10: CNY 38.11 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 5.16 per share, central CNY 5.78 per share, high CNY 6.62 per share

- FY2017: low CNY 5.87 per share, central CNY 6.77 per share, high CNY 7.67 per share

- FY2018: low CNY 6.53 per share, central CNY 7.17 per share, high CNY 8.03 per share

- FY2019: low CNY 17.42 per share, central CNY 21.74 per share, high CNY 25.05 per share

- FY2020: low CNY 28.14 per share, central CNY 31.52 per share, high CNY 36.02 per share

- FY2021: low CNY 34.49 per share, central CNY 38.50 per share, high CNY 43.85 per share

- FY2022: low CNY 34.43 per share, central CNY 38.75 per share, high CNY 44.49 per share

- FY2023: low CNY 32.31 per share, central CNY 36.37 per share, high CNY 41.79 per share

- FY2024: low CNY 34.90 per share, central CNY 49.50 per share, high CNY 58.01 per share

- FY2025: low CNY 35.21 per share, central CNY 49.93 per share, high CNY 58.51 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 2026-10-15T06:45:18.394Z 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.