# China CSSC Holdings (600150.SHG)

Canonical: https://gigainvestors.com/s/600150.SHG

Analysis as of: 2026-10-16T07:34:05.691Z. Financial observations: FY1996–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 35.45 per share; close as of 2026-10-15.

Estimated value: low CNY 30.84 per share, central CNY 33.79 per share, high CNY 36.37 per share. Buy at or below the central value CNY 33.79 per share. Valuation as of 2026-10-16T07:34:05.691Z; scenarios are not confidence intervals.

Expected annual return: 9.3% at the stated quote. About 9.3% 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)

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 2

- Operating margin variation: 8.19×

Chart: Operating margin; fiscal year observations.

- FY2016: -0.12×

- FY2017: -0.18×

- FY2018: 0.04×

- FY2019: 0.03×

- FY2020: 0.00×

- FY2021: 0.00×

- FY2022: 0.01×

- FY2023: 0.04×

- FY2024: 0.05×

- FY2025: 0.05×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- ROIC median below threshold

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

- ROIC, median of available years: 3.2%

- ROIC, second-lowest year: -8.9%

- Typical minus recent gross margin: -2.4 pp

- Typical gross margin (annual median): 7.1%

- Recent gross margin (lower of latest and 3-year median): 9.5%

- Years with nonpositive capital: 2

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 12.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: -8.9%

- FY2017: -15.8%

- FY2018: 8.5%

- FY2019: 14.1%

- FY2020: 1.3%

- FY2021: 2.0%

- FY2022: 1.9%

- FY2023: 4.3%

- FY2024: 6.0%

- FY2025: 35.8%

### economics: pass

- Owner earnings / net income, 5-yr: 1.19×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 18B

- Net income, five-year total: CNY 15B

- Return on incremental invested capital: 143.7%

- Working capital / revenue, annual change: -2.1 pp

- Working capital / revenue, change between three-year averages: -18.6 pp

- Working capital / revenue, final three-year average: 18.5%

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

- FY2021: 5.13×

- FY2022: 5.69×

- FY2023: 0.99×

- FY2024: 1.07×

- FY2025: 1.11×

### management: fail

- 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: -8.9% vs 6.0%

- Per-share earnings: -1.67 to 0.66 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 15.1%

- Ordinary dilution, 5-year annual growth: 8.8%

- Market cap gain: CNY 172B

- Cumulative retained earnings: CNY 15B

- Diluted shares, 10-year annual growth: 15.1%

- Diluted shares, 5-year annual growth: 8.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: CNY 2.33

- Per-share value, starting three-year median: CNY -1.67

- Per-share value, ending three-year median: CNY 0.66

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 10B

- Cumulative net income, 10 years: CNY 13B

- ROIC, first three-year median: -8.9%

- ROIC, last three-year median: 6.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY -1.89

- FY2017: CNY -1.67

- FY2018: CNY 0.36

- FY2019: CNY 1.47

- FY2020: CNY 0.07

- FY2021: CNY 0.06

- FY2022: CNY 0.04

- FY2023: CNY 0.66

- FY2024: CNY 0.61

- FY2025: CNY 1.24

### accounting: pass

- Sloan accruals: 0.0%

- Receivables to sales index (DSRI): 0.51×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.99×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 2.6%

- FY2017: -19.8%

- FY2018: -3.9%

- FY2019: 3.8%

- FY2020: -0.4%

- FY2021: -1.1%

- FY2022: 0.1%

- FY2023: -8.6%

- FY2024: -0.9%

- FY2025: 0.0%

## Holders

## Price story

Price needs cash profits to grow 4.2% a year for ten years · sales +93.4%

Story as of 2026-10-16T09:59:59.096Z; price observation 2026-10-15.

Price needs cash profits to grow 4.2% a year for ten years

### Sales · FY2024–2025

sales +93.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 21B 

- FY2017: CNY 17B 

- FY2018: CNY 17B 

- FY2019: CNY 52B 

- FY2020: CNY 55B 

- FY2021: CNY 60B 

- FY2022: CNY 59B 

- FY2023: CNY 75B 

- FY2024: CNY 79B 

- FY2025: CNY 152B 

### Gross margin · FY2025

gross margin 12.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 9.3% 

- FY2019: 6.4% 

- FY2020: 6.9% 

- FY2021: 7.3% 

- FY2022: 4.5% 

- FY2023: 8.6% 

- FY2024: 9.5% 

- FY2025: 12.6% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are CNY 152 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2025: revenue 151977991216.09; grossProfit 19119407324.56; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600150.SHG: China CSSC Holdings Limited engages in the shipbuilding and repair businesses in China. It also offers ship and electromechanical equipment; and provides marine engineering services. China CSSC Holdings Limited was founded in 1998 and is based in Shanghai, China.

### Why customers stay

Margins ranged from 8.6% to 12.6% during 2023–25; it earns 3.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2023: grossProfit / revenue = 8.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2024: grossProfit / revenue = 9.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2025: grossProfit / revenue = 12.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); 10-year return on capital observations [[2016,-0.08900662683819986],[2017,-0.1579282672561707],[2018,0.08502726633050597],[2019,0.14074865306229092],[2020,0.013216058466153409],[2021,0.02000242686995482],[2022,0.01886985235388259],[2023,0.043426118456788614],[2024,0.05974885629435661],[2025,0.3581653718470273]]; median 0.03171427266337172. 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 2026-10-16T07:34:05.691Z); FY2018: growth capex 0; upkeep 304173630.12; owner earnings 1012922775.88. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2019: growth capex 0; upkeep 762346807.86; owner earnings 2743054192.14. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2020: growth capex 0; upkeep 2102908560.92; owner earnings 364583052.0799999. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2021: growth capex 0; upkeep 1179964715.08; owner earnings 1097592927.39. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2022: growth capex 0; upkeep 1429734655.37; owner earnings 981700879.5260001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2023: growth capex 64994067.130000114; upkeep 2356813000; owner earnings 2934280338.364. Growth capex / owner earnings = 0.022149917402315207.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2024: growth capex 0; upkeep 1642327000; owner earnings 3881175231.8653164. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); FY2025: growth capex 0; upkeep 3445076324.08; owner earnings 8729126387.326. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); Dividend observations: [[2016,762577254.32],[2017,859782413.66],[2018,275123239.04],[2019,147458594],[2020,706310023.2],[2021,156535006],[2022,134172862],[2023,694375287.13],[2024,1260256000],[2025,1837588185.55]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 48.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600150.SHG SharesStats.PercentInsiders = 48.563 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 4.2% yearly over ten years; actual growth was 17.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:05.691Z); Ten-year compound average after fade. Initial solved rate 0.04695202317917413. Price 35.45; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.2752094390744914 → FY2025 1.3791533035582717. Closing-price date 2026-10-15.

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

- 2016-10: CNY 22.53 per share

- 2016-11: CNY 23.84 per share

- 2016-12: CNY 27.61 per share

- 2017-01: CNY 28.06 per share

- 2017-02: CNY 29.30 per share

- 2017-03: CNY 28.30 per share

- 2017-04: CNY 26.66 per share

- 2017-05: CNY 22.31 per share

- 2017-06: CNY 22.87 per share

- 2017-07: CNY 23.14 per share

- 2017-08: CNY 25.29 per share

- 2017-09: CNY 24.67 per share

- 2017-10: CNY 24.67 per share

- 2017-11: CNY 24.67 per share

- 2017-12: CNY 24.67 per share

- 2018-01: CNY 24.67 per share

- 2018-02: CNY 24.67 per share

- 2018-03: CNY 19.06 per share

- 2018-04: CNY 17.10 per share

- 2018-05: CNY 12.49 per share

- 2018-06: CNY 9.69 per share

- 2018-07: CNY 11.06 per share

- 2018-08: CNY 11.65 per share

- 2018-09: CNY 11.56 per share

- 2018-10: CNY 11.06 per share

- 2018-11: CNY 13.41 per share

- 2018-12: CNY 13.13 per share

- 2019-01: CNY 12.39 per share

- 2019-02: CNY 14.85 per share

- 2019-03: CNY 20.30 per share

- 2019-04: CNY 23.81 per share

- 2019-05: CNY 19.51 per share

- 2019-06: CNY 23.60 per share

- 2019-07: CNY 25.07 per share

- 2019-08: CNY 24.32 per share

- 2019-09: CNY 22.01 per share

- 2019-10: CNY 20.44 per share

- 2019-11: CNY 20.13 per share

- 2019-12: CNY 21.76 per share

- 2020-01: CNY 21.41 per share

- 2020-02: CNY 19.25 per share

- 2020-03: CNY 18.43 per share

- 2020-04: CNY 18.69 per share

- 2020-05: CNY 18.04 per share

- 2020-06: CNY 17.44 per share

- 2020-07: CNY 20.71 per share

- 2020-08: CNY 20.89 per share

- 2020-09: CNY 18.46 per share

- 2020-10: CNY 17.82 per share

- 2020-11: CNY 19.24 per share

- 2020-12: CNY 17.69 per share

- 2021-01: CNY 15.98 per share

- 2021-02: CNY 15.52 per share

- 2021-03: CNY 15.33 per share

- 2021-04: CNY 15.60 per share

- 2021-05: CNY 17.18 per share

- 2021-06: CNY 16.51 per share

- 2021-07: CNY 14.79 per share

- 2021-08: CNY 23.89 per share

- 2021-09: CNY 25.10 per share

- 2021-10: CNY 22.55 per share

- 2021-11: CNY 23.96 per share

- 2021-12: CNY 24.79 per share

- 2022-01: CNY 20.35 per share

- 2022-02: CNY 21.91 per share

- 2022-03: CNY 17.28 per share

- 2022-04: CNY 15.66 per share

- 2022-05: CNY 18.62 per share

- 2022-06: CNY 18.98 per share

- 2022-07: CNY 23.39 per share

- 2022-08: CNY 25.04 per share

- 2022-09: CNY 22.65 per share

- 2022-10: CNY 26.52 per share

- 2022-11: CNY 25.09 per share

- 2022-12: CNY 22.28 per share

- 2023-01: CNY 23.71 per share

- 2023-02: CNY 23.89 per share

- 2023-03: CNY 23.40 per share

- 2023-04: CNY 25.91 per share

- 2023-05: CNY 28.82 per share

- 2023-06: CNY 32.91 per share

- 2023-07: CNY 33.38 per share

- 2023-08: CNY 28.39 per share

- 2023-09: CNY 27.90 per share

- 2023-10: CNY 25.88 per share

- 2023-11: CNY 27.64 per share

- 2023-12: CNY 29.44 per share

- 2024-01: CNY 30.59 per share

- 2024-02: CNY 35.50 per share

- 2024-03: CNY 37.00 per share

- 2024-04: CNY 36.50 per share

- 2024-05: CNY 37.14 per share

- 2024-06: CNY 40.71 per share

- 2024-07: CNY 40.98 per share

- 2024-08: CNY 38.37 per share

- 2024-09: CNY 41.77 per share

- 2024-10: CNY 36.75 per share

- 2024-11: CNY 35.32 per share

- 2024-12: CNY 35.96 per share

- 2025-01: CNY 33.58 per share

- 2025-02: CNY 30.86 per share

- 2025-03: CNY 30.50 per share

- 2025-04: CNY 29.28 per share

- 2025-05: CNY 30.67 per share

- 2025-06: CNY 32.54 per share

- 2025-07: CNY 34.33 per share

- 2025-08: CNY 37.38 per share

- 2025-09: CNY 34.60 per share

- 2025-10: CNY 35.90 per share

- 2025-11: CNY 34.37 per share

- 2025-12: CNY 33.26 per share

- 2026-01: CNY 33.54 per share

- 2026-02: CNY 37.75 per share

- 2026-03: CNY 30.84 per share

- 2026-04: CNY 41.76 per share

- 2026-05: CNY 37.38 per share

- 2026-06: CNY 33.79 per share

- 2026-07: CNY 35.18 per share

- 2026-08: CNY 34.08 per share

- 2026-09: CNY 39.10 per share

- 2026-10: CNY 39.15 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 12.76 per share, central CNY 13.12 per share, high CNY 13.60 per share

- FY2017: low CNY 13.39 per share, central CNY 13.67 per share, high CNY 14.04 per share

- FY2018: low CNY 12.37 per share, central CNY 12.65 per share, high CNY 13.03 per share

- FY2019: low CNY 15.33 per share, central CNY 16.20 per share, high CNY 17.36 per share

- FY2020: low CNY 13.26 per share, central CNY 13.40 per share, high CNY 13.57 per share

- FY2021: low CNY 17.90 per share, central CNY 18.34 per share, high CNY 18.93 per share

- FY2022: low CNY 15.85 per share, central CNY 16.23 per share, high CNY 16.74 per share

- FY2023: low CNY 18.21 per share, central CNY 18.71 per share, high CNY 19.33 per share

- FY2024: low CNY 12.45 per share, central CNY 12.81 per share, high CNY 13.30 per share

- FY2025: low CNY 33.85 per share, central CNY 36.47 per share, high CNY 38.76 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.

China CSSC Holdings

600150 · SHG

CSI 300

Not a wonderful business

3 quality tests fail. A lower price would not fix the business.

Share price: CNY 35.45
Buy up to: CNY 33.79
Expected / yr: 9.3% 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

Average operating margin was negative (must be zero or higher), and margins varied 819.4% around their average (limit 35%).

Operating margin

10y median: 1.7%
Worst year: -18.3%
Latest · 2025: 4.6%

Capital return excluding acquisitions: median 3.2% (minimum 15%), and the second-worst year -8.9% (minimum 10%).

ROIC excluding acquisitions

10y median: 3.2%
Worst year: -15.8%
Latest · 2025: 35.8%

Each $1 of profit left $1.19 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.19×
Annual median: 1.11×
Latest · 2025: 1.11×

Share growth was 15.1% over ten years and 8.8% over five (either must be at most 1% a year).

Earnings per share

10y median: CNY 0.21
Worst year: CNY -1.89
Latest · 2025: CNY 1.24

Profits were backed by cash: accruals were 0% of assets (limit 10%).

Sloan accruals

10y median: -0.7%
Worst year: 3.8%
Latest · 2025: 0.0%

Profit record · fail 2 loss years in 10 (at most 2), mean operating margin -0.9%, three-year average owner earnings per share 0.9 CNY. Mean operating margin over the last ten years is negative.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 22.53 · Value 13.12 · Buy at or below 13.12; 2016-11 · Price CNY 23.84 · Value 13.12 · Buy at or below 13.12; 2016-12 · Price CNY 27.61 · Value 13.12 · Buy at or below 13.12; 2017-01 · Price CNY 28.06 · Value 13.12 · Buy at or below 13.12; 2017-02 · Price CNY 29.30 · Value 13.67 · Buy at or below 13.67; 2017-03 · Price CNY 28.30 · Value 13.67 · Buy at or below 13.67; 2017-04 · Price CNY 26.66 · Value 13.67 · Buy at or below 13.67; 2017-05 · Price CNY 22.31 · Value 13.67 · Buy at or below 13.67; 2017-06 · Price CNY 22.87 · Value 13.67 · Buy at or below 13.67; 2017-07 · Price CNY 23.14 · Value 13.67 · Buy at or below 13.67; 2017-08 · Price CNY 25.29 · Value 13.67 · Buy at or below 13.67; 2017-09 · Price CNY 24.67 · Value 13.67 · Buy at or below 13.67; 2017-10 · Price CNY 24.67 · Value 13.67 · Buy at or below 13.67; 2017-11 · Price CNY 24.67 · Value 13.67 · Buy at or below 13.67; 2017-12 · Price CNY 24.67 · Value 13.67 · Buy at or below 13.67; 2018-01 · Price CNY 24.67 · Value 13.67 · Buy at or below 13.67; 2018-02 · Price CNY 24.67 · Value 12.65 · Buy at or below 12.65; 2018-03 · Price CNY 19.06 · Value 12.65 · Buy at or below 12.65; 2018-04 · Price CNY 17.10 · Value 12.65 · Buy at or below 12.65; 2018-05 · Price CNY 12.49 · Value 12.65 · Buy at or below 12.65; 2018-06 · Price CNY 9.69 · Value 12.65 · Buy at or below 12.65; 2018-07 · Price CNY 11.06 · Value 12.65 · Buy at or below 12.65; 2018-08 · Price CNY 11.65 · Value 12.65 · Buy at or below 12.65; 2018-09 · Price CNY 11.56 · Value 12.65 · Buy at or below 12.65; 2018-10 · Price CNY 11.06 · Value 12.65 · Buy at or below 12.65; 2018-11 · Price CNY 13.41 · Value 12.65 · Buy at or below 12.65; 2018-12 · Price CNY 13.13 · Value 12.65 · Buy at or below 12.65; 2019-01 · Price CNY 12.39 · Value 12.65 · Buy at or below 12.65; 2019-02 · Price CNY 14.85 · Value 16.20 · Buy at or below 16.20; 2019-03 · Price CNY 20.30 · Value 16.20 · Buy at or below 16.20; 2019-04 · Price CNY 23.81 · Value 16.20 · Buy at or below 16.20; 2019-05 · Price CNY 19.51 · Value 16.20 · Buy at or below 16.20; 2019-06 · Price CNY 23.60 · Value 16.20 · Buy at or below 16.20; 2019-07 · Price CNY 25.07 · Value 16.20 · Buy at or below 16.20; 2019-08 · Price CNY 24.32 · Value 16.20 · Buy at or below 16.20; 2019-09 · Price CNY 22.01 · Value 16.20 · Buy at or below 16.20; 2019-10 · Price CNY 20.44 · Value 16.20 · Buy at or below 16.20; 2019-11 · Price CNY 20.13 · Value 16.20 · Buy at or below 16.20; 2019-12 · Price CNY 21.76 · Value 16.20 · Buy at or below 16.20; 2020-01 · Price CNY 21.41 · Value 16.20 · Buy at or below 16.20; 2020-02 · Price CNY 19.25 · Value 13.40 · Buy at or below 13.40; 2020-03 · Price CNY 18.43 · Value 13.40 · Buy at or below 13.40; 2020-04 · Price CNY 18.69 · Value 13.40 · Buy at or below 13.40; 2020-05 · Price CNY 18.04 · Value 13.40 · Buy at or below 13.40; 2020-06 · Price CNY 17.44 · Value 13.40 · Buy at or below 13.40; 2020-07 · Price CNY 20.71 · Value 13.40 · Buy at or below 13.40; 2020-08 · Price CNY 20.89 · Value 13.40 · Buy at or below 13.40; 2020-09 · Price CNY 18.46 · Value 13.40 · Buy at or below 13.40; 2020-10 · Price CNY 17.82 · Value 13.40 · Buy at or below 13.40; 2020-11 · Price CNY 19.24 · Value 13.40 · Buy at or below 13.40; 2020-12 · Price CNY 17.69 · Value 13.40 · Buy at or below 13.40; 2021-01 · Price CNY 15.98 · Value 13.40 · Buy at or below 13.40; 2021-02 · Price CNY 15.52 · Value 18.34 · Buy at or below 18.34; 2021-03 · Price CNY 15.33 · Value 18.34 · Buy at or below 18.34; 2021-04 · Price CNY 15.60 · Value 18.34 · Buy at or below 18.34; 2021-05 · Price CNY 17.18 · Value 18.34 · Buy at or below 18.34; 2021-06 · Price CNY 16.51 · Value 18.34 · Buy at or below 18.34; 2021-07 · Price CNY 14.79 · Value 18.34 · Buy at or below 18.34; 2021-08 · Price CNY 23.89 · Value 18.34 · Buy at or below 18.34; 2021-09 · Price CNY 25.10 · Value 18.34 · Buy at or below 18.34; 2021-10 · Price CNY 22.55 · Value 18.34 · Buy at or below 18.34; 2021-11 · Price CNY 23.96 · Value 18.34 · Buy at or below 18.34; 2021-12 · Price CNY 24.79 · Value 18.34 · Buy at or below 18.34; 2022-01 · Price CNY 20.35 · Value 18.34 · Buy at or below 18.34; 2022-02 · Price CNY 21.91 · Value 16.23 · Buy at or below 16.23; 2022-03 · Price CNY 17.28 · Value 16.23 · Buy at or below 16.23; 2022-04 · Price CNY 15.66 · Value 16.23 · Buy at or below 16.23; 2022-05 · Price CNY 18.62 · Value 16.23 · Buy at or below 16.23; 2022-06 · Price CNY 18.98 · Value 16.23 · Buy at or below 16.23; 2022-07 · Price CNY 23.39 · Value 16.23 · Buy at or below 16.23; 2022-08 · Price CNY 25.04 · Value 16.23 · Buy at or below 16.23; 2022-09 · Price CNY 22.65 · Value 16.23 · Buy at or below 16.23; 2022-10 · Price CNY 26.52 · Value 16.23 · Buy at or below 16.23; 2022-11 · Price CNY 25.09 · Value 16.23 · Buy at or below 16.23; 2022-12 · Price CNY 22.28 · Value 16.23 · Buy at or below 16.23; 2023-01 · Price CNY 23.71 · Value 16.23 · Buy at or below 16.23; 2023-02 · Price CNY 23.89 · Value 18.71 · Buy at or below 18.71; 2023-03 · Price CNY 23.40 · Value 18.71 · Buy at or below 18.71; 2023-04 · Price CNY 25.91 · Value 18.71 · Buy at or below 18.71; 2023-05 · Price CNY 28.82 · Value 18.71 · Buy at or below 18.71; 2023-06 · Price CNY 32.91 · Value 18.71 · Buy at or below 18.71; 2023-07 · Price CNY 33.38 · Value 18.71 · Buy at or below 18.71; 2023-08 · Price CNY 28.39 · Value 18.71 · Buy at or below 18.71; 2023-09 · Price CNY 27.90 · Value 18.71 · Buy at or below 18.71; 2023-10 · Price CNY 25.88 · Value 18.71 · Buy at or below 18.71; 2023-11 · Price CNY 27.64 · Value 18.71 · Buy at or below 18.71; 2023-12 · Price CNY 29.44 · Value 18.71 · Buy at or below 18.71; 2024-01 · Price CNY 30.59 · Value 18.71 · Buy at or below 18.71; 2024-02 · Price CNY 35.50 · Value 12.81 · Buy at or below 12.81; 2024-03 · Price CNY 37.00 · Value 12.81 · Buy at or below 12.81; 2024-04 · Price CNY 36.50 · Value 12.81 · Buy at or below 12.81; 2024-05 · Price CNY 37.14 · Value 12.81 · Buy at or below 12.81; 2024-06 · Price CNY 40.71 · Value 12.81 · Buy at or below 12.81; 2024-07 · Price CNY 40.98 · Value 12.81 · Buy at or below 12.81; 2024-08 · Price CNY 38.37 · Value 12.81 · Buy at or below 12.81; 2024-09 · Price CNY 41.77 · Value 12.81 · Buy at or below 12.81; 2024-10 · Price CNY 36.75 · Value 12.81 · Buy at or below 12.81; 2024-11 · Price CNY 35.32 · Value 12.81 · Buy at or below 12.81; 2024-12 · Price CNY 35.96 · Value 12.81 · Buy at or below 12.81; 2025-01 · Price CNY 33.58 · Value 12.81 · Buy at or below 12.81; 2025-02 · Price CNY 30.86 · Value 36.47 · Buy at or below 36.47; 2025-03 · Price CNY 30.50 · Value 36.47 · Buy at or below 36.47; 2025-04 · Price CNY 29.28 · Value 36.47 · Buy at or below 36.47; 2025-05 · Price CNY 30.67 · Value 36.47 · Buy at or below 36.47; 2025-06 · Price CNY 32.54 · Value 36.47 · Buy at or below 36.47; 2025-07 · Price CNY 34.33 · Value 36.47 · Buy at or below 36.47; 2025-08 · Price CNY 37.38 · Value 36.47 · Buy at or below 36.47; 2025-09 · Price CNY 34.60 · Value 36.47 · Buy at or below 36.47; 2025-10 · Price CNY 35.90 · Value 36.47 · Buy at or below 36.47; 2025-11 · Price CNY 34.37 · Value 36.47 · Buy at or below 36.47; 2025-12 · Price CNY 33.26 · Value 36.47 · Buy at or below 36.47; 2026-01 · Price CNY 33.54 · Value 36.47 · Buy at or below 36.47; 2026-02 · Price CNY 37.75 · Value 33.79 · Buy at or below 33.79; 2026-03 · Price CNY 30.84 · Value 33.79 · Buy at or below 33.79; 2026-04 · Price CNY 41.76 · Value 33.79 · Buy at or below 33.79; 2026-05 · Price CNY 37.38 · Value 33.79 · Buy at or below 33.79; 2026-06 · Price CNY 33.79 · Value 33.79 · Buy at or below 33.79; 2026-07 · Price CNY 35.18 · Value 33.79 · Buy at or below 33.79; 2026-08 · Price CNY 34.08 · Value 33.79 · Buy at or below 33.79; 2026-09 · Price CNY 39.10 · Value 33.79 · Buy at or below 33.79; 2026-10 · Price CNY 39.15 · Value 33.79 · Buy at or below 33.79; 2026-10 · Price CNY 35.45 · Value 33.79 · Buy at or below 33.79

CNY per share · annual estimates

Price & return math
Value range	CNY 30.84 – CNY 36.37
Buy at or below	Central value CNY 33.79
Discount to value	1 − 35.45 / 33.79 = -4.9%
Return / year	About 9.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CNY 1.06/share; 2.9% growth for 5 years, then fades to 3.0%; excess cash CNY 18.33/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCNY 152B

Revenue

Owner earningsCNY 8.7B

Owner earnings

Operating margin4.6%

Operating margin

Net cash / debtCNY 124B

Net cash / debt

Diluted shares6.3B

Diluted shares

Prices 15 Oct 2026 · FY2025