# China Jushi (600176.SHG)

Canonical: https://gigainvestors.com/s/600176.SHG

Analysis as of: 2026-10-16T07:34:44.056Z. 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 34.32 per share; close as of 2026-10-15.

Estimated value: low CNY 17.20 per share, central CNY 23.99 per share, high CNY 28.05 per share. Buy at or below the central value CNY 23.99 per share. Valuation as of 2026-10-16T07:34:44.056Z; scenarios are not confidence intervals.

Expected annual return: 7.9% at the stated quote. About 7.9% 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

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.23×

- FY2017: 0.29×

- FY2018: 0.28×

- FY2019: 0.24×

- FY2020: 0.25×

- FY2021: 0.37×

- FY2022: 0.40×

- FY2023: 0.25×

- FY2024: 0.19×

- FY2025: 0.24×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 7.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.9%

- ROIC, second-lowest year: 8.1%

- Typical minus recent gross margin: 7.4 pp

- Typical gross margin (annual median): 35.3%

- Recent gross margin (lower of latest and 3-year median): 27.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 20.9%

- ROIC including acquisitions, ten-year median: 9.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.5%

- FY2017: 10.9%

- FY2018: 10.2%

- FY2019: 8.1%

- FY2020: 9.3%

- FY2021: 20.1%

- FY2022: 18.9%

- FY2023: 8.6%

- FY2024: 6.9%

- FY2025: 8.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.99×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 21B

- Net income, five-year total: CNY 21B

- Return on incremental invested capital: 15.6%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: 6.1 pp

- Working capital / revenue, final three-year average: 40.1%

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

- FY2021: 1.00×

- FY2022: 0.56×

- FY2023: 1.20×

- FY2024: 1.38×

- FY2025: 1.34×

### 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: 10.2% vs 8.5%

- Per-share earnings: 0.38 to 0.76 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.4%

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

- Market cap gain: CNY 44B

- Cumulative retained earnings: CNY 19B

- Diluted shares, 10-year annual growth: 2.4%

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

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 9.1%

- Per-share value change: CNY 0.38

- Per-share value, starting three-year median: CNY 0.38

- Per-share value, ending three-year median: CNY 0.76

- Average buyback yield: 0.8%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 772M

- Cumulative net income, 10 years: CNY 32B

- ROIC, first three-year median: 10.2%

- ROIC, last three-year median: 8.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.38

- FY2017: CNY 0.54

- FY2018: CNY 0.59

- FY2019: CNY 0.53

- FY2020: CNY 0.60

- FY2021: CNY 1.51

- FY2022: CNY 1.65

- FY2023: CNY 0.76

- FY2024: CNY 0.61

- FY2025: CNY 0.82

### accounting: pass

- Sloan accruals: -2.0%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.32×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.9%

- FY2017: -6.7%

- FY2018: -4.9%

- FY2019: -1.9%

- FY2020: 1.0%

- FY2021: 0.1%

- FY2022: 5.1%

- FY2023: 4.2%

- FY2024: 0.8%

- FY2025: -2.0%

## Holders

## Price story

Down 53% since Jun 2026 · sales +18.5%

Story as of 2026-10-16T10:00:02.195Z; price observation 2026-10-15.

Price needs cash profits to grow 10.8% a year for ten years

### Sales · FY2024–2025

sales +18.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 7.4B 

- FY2017: CNY 8.7B 

- FY2018: CNY 10B 

- FY2019: CNY 10B 

- FY2020: CNY 12B 

- FY2021: CNY 20B 

- FY2022: CNY 20B 

- FY2023: CNY 15B 

- FY2024: CNY 16B 

- FY2025: CNY 19B 

### Gross margin · FY2025

gross margin 31.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 44.6% 

- FY2017: 45.7% 

- FY2018: 45.0% 

- FY2019: 35.3% 

- FY2020: 33.6% 

- FY2021: 45.2% 

- FY2022: 35.4% 

- FY2023: 27.9% 

- FY2024: 24.8% 

- FY2025: 31.4% 

## Owner memo

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

### How it makes money

Operates in building materials; annual sales are CNY 18.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2025: revenue 18792771932; grossProfit 5906033372; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600176.SHG: China Jushi Co., Ltd., together with its subsidiaries, manufactures and sells fiberglass and related products in China and internationally. The company offers fiberglass mats, woven rovings, hybrid fibers, glass yarns, and electronic fabrics. It also provides fiberglass products for continuous profiles, compression molding, open molding, pipes, fabrics and mats, and other processes. The company's products are used in building and construction, infrastructure, electrical and electronic, chemical corrosion resistance, transportation, energy-saving and environmental protection, and sports and leisure applications. In addition, it engages in the development and technical services; power generation, transmission, and distribution services; processing and sales of calcium oxide, calcium carbonate, and fluorite; deep processing of other non-metallic mineral products; import and export trade of glass fiber-specific machinery and chemical raw materials; production and sale of composite materials, engineered plastics and products, chemical raw materials for glass fiber, and glass fiber equipment and accessories; and power generation technology services. The company was formerly known as China Fiberglass Co., Ltd. and changed its name to China Jushi Co., Ltd. in March 2015. China Jushi Co., Ltd. was founded in 1998 and is headquartered in Tongxiang, China.

### Why customers stay

Margins ranged from 24.8% to 31.4% during 2023–25; it earns 8.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2023: grossProfit / revenue = 27.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2024: grossProfit / revenue = 24.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2025: grossProfit / revenue = 31.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); 10-year return on capital observations [[2016,0.08487630988115548],[2017,0.10939236442504587],[2018,0.10246516220762758],[2019,0.08059013618018661],[2020,0.09271944321401761],[2021,0.20052254951433093],[2022,0.1888921532754021],[2023,0.08610276705823569],[2024,0.06917780023821811],[2025,0.08527013907493632]]; median 0.08941110513612666. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 539.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2016: growth capex 738041327; upkeep 988011161; owner earnings 1521035129. Growth capex / owner earnings = 0.485223064825086.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2017: growth capex 1063410965; upkeep 985023035; owner earnings 2149849391. Growth capex / owner earnings = 0.49464440134820586.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2020: growth capex 258285364; upkeep 1273391386; owner earnings 2416110998. Growth capex / owner earnings = 0.1069012823557372.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2021: growth capex 1848887000; upkeep 1806761000; owner earnings 6027543276.336. Growth capex / owner earnings = 0.3067397304733902.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2022: growth capex 883691045.603054; upkeep 4663348954.396946; owner earnings 3679167795.395054. Growth capex / owner earnings = 0.24018775297748196.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2023: growth capex 0; upkeep 1459995313; owner earnings 3641349487.982. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2024: growth capex 0; upkeep 1302932708; owner earnings 3368789567.2200003. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2025: growth capex 0; upkeep 1368256680; owner earnings 4409448350.768. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); Dividend observations: [[2016,789537341],[2017,1172307000],[2018,1173707000],[2019,1310189000],[2020,1126619422],[2021,1163053000],[2022,2289412000],[2023,2501990359],[2024,1422613340],[2025,1641286058]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); FY2025: cash repurchases 539698082 CNY.

### Are managers owners

Insiders own 47.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600176.SHG SharesStats.PercentInsiders = 47.173 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 10.8% yearly over ten years; actual growth was 13.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:44.056Z); Ten-year compound average after fade. Initial solved rate 0.14273276823446956. Price 34.32; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.32310900635551154 → FY2025 1.1050534453581697. Closing-price date 2026-10-15.

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

- 2016-11: CNY 6.89 per share

- 2016-12: CNY 5.98 per share

- 2017-01: CNY 6.17 per share

- 2017-02: CNY 6.62 per share

- 2017-03: CNY 6.42 per share

- 2017-04: CNY 6.92 per share

- 2017-05: CNY 7.22 per share

- 2017-06: CNY 8.01 per share

- 2017-07: CNY 8.01 per share

- 2017-08: CNY 7.50 per share

- 2017-09: CNY 8.36 per share

- 2017-10: CNY 9.53 per share

- 2017-11: CNY 10.09 per share

- 2017-12: CNY 11.88 per share

- 2018-01: CNY 12.06 per share

- 2018-02: CNY 11.64 per share

- 2018-03: CNY 11.33 per share

- 2018-04: CNY 10.21 per share

- 2018-05: CNY 10.66 per share

- 2018-06: CNY 8.95 per share

- 2018-07: CNY 9.69 per share

- 2018-08: CNY 9.19 per share

- 2018-09: CNY 9.28 per share

- 2018-10: CNY 8.22 per share

- 2018-11: CNY 8.86 per share

- 2018-12: CNY 8.46 per share

- 2019-01: CNY 8.69 per share

- 2019-02: CNY 9.59 per share

- 2019-03: CNY 9.36 per share

- 2019-04: CNY 9.54 per share

- 2019-05: CNY 8.08 per share

- 2019-06: CNY 8.34 per share

- 2019-07: CNY 7.80 per share

- 2019-08: CNY 7.16 per share

- 2019-09: CNY 7.10 per share

- 2019-10: CNY 6.94 per share

- 2019-11: CNY 7.90 per share

- 2019-12: CNY 9.54 per share

- 2020-01: CNY 8.75 per share

- 2020-02: CNY 8.21 per share

- 2020-03: CNY 6.91 per share

- 2020-04: CNY 7.70 per share

- 2020-05: CNY 7.73 per share

- 2020-06: CNY 8.01 per share

- 2020-07: CNY 12.11 per share

- 2020-08: CNY 12.99 per share

- 2020-09: CNY 12.63 per share

- 2020-10: CNY 12.20 per share

- 2020-11: CNY 14.72 per share

- 2020-12: CNY 17.46 per share

- 2021-01: CNY 19.71 per share

- 2021-02: CNY 19.64 per share

- 2021-03: CNY 16.80 per share

- 2021-04: CNY 15.77 per share

- 2021-05: CNY 16.31 per share

- 2021-06: CNY 15.51 per share

- 2021-07: CNY 14.91 per share

- 2021-08: CNY 17.55 per share

- 2021-09: CNY 17.58 per share

- 2021-10: CNY 19.14 per share

- 2021-11: CNY 17.50 per share

- 2021-12: CNY 18.20 per share

- 2022-01: CNY 16.23 per share

- 2022-02: CNY 17.05 per share

- 2022-03: CNY 15.24 per share

- 2022-04: CNY 15.73 per share

- 2022-05: CNY 16.34 per share

- 2022-06: CNY 17.41 per share

- 2022-07: CNY 14.95 per share

- 2022-08: CNY 14.41 per share

- 2022-09: CNY 13.18 per share

- 2022-10: CNY 11.70 per share

- 2022-11: CNY 14.36 per share

- 2022-12: CNY 13.71 per share

- 2023-01: CNY 14.75 per share

- 2023-02: CNY 15.15 per share

- 2023-03: CNY 14.61 per share

- 2023-04: CNY 14.58 per share

- 2023-05: CNY 13.63 per share

- 2023-06: CNY 14.16 per share

- 2023-07: CNY 14.84 per share

- 2023-08: CNY 13.96 per share

- 2023-09: CNY 13.50 per share

- 2023-10: CNY 11.57 per share

- 2023-11: CNY 11.07 per share

- 2023-12: CNY 9.83 per share

- 2024-01: CNY 9.18 per share

- 2024-02: CNY 10.02 per share

- 2024-03: CNY 10.78 per share

- 2024-04: CNY 11.93 per share

- 2024-05: CNY 11.46 per share

- 2024-06: CNY 11.05 per share

- 2024-07: CNY 10.64 per share

- 2024-08: CNY 10.01 per share

- 2024-09: CNY 11.76 per share

- 2024-10: CNY 11.30 per share

- 2024-11: CNY 11.35 per share

- 2024-12: CNY 11.39 per share

- 2025-01: CNY 11.30 per share

- 2025-02: CNY 11.38 per share

- 2025-03: CNY 12.90 per share

- 2025-04: CNY 11.73 per share

- 2025-05: CNY 11.31 per share

- 2025-06: CNY 11.40 per share

- 2025-07: CNY 12.39 per share

- 2025-08: CNY 15.61 per share

- 2025-09: CNY 17.34 per share

- 2025-10: CNY 16.40 per share

- 2025-11: CNY 14.91 per share

- 2025-12: CNY 17.10 per share

- 2026-01: CNY 21.37 per share

- 2026-02: CNY 27.04 per share

- 2026-03: CNY 24.31 per share

- 2026-04: CNY 34.50 per share

- 2026-05: CNY 42.10 per share

- 2026-06: CNY 72.88 per share

- 2026-07: CNY 37.84 per share

- 2026-08: CNY 43.93 per share

- 2026-09: CNY 39.41 per share

- 2026-10: CNY 37.17 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 2.34 per share, central CNY 3.16 per share, high CNY 3.64 per share

- FY2017: low CNY 4.38 per share, central CNY 5.68 per share, high CNY 6.58 per share

- FY2018: low CNY 4.83 per share, central CNY 6.17 per share, high CNY 7.17 per share

- FY2019: low CNY 5.39 per share, central CNY 7.46 per share, high CNY 8.70 per share

- FY2020: low CNY 7.76 per share, central CNY 9.90 per share, high CNY 11.51 per share

- FY2021: low CNY 14.59 per share, central CNY 20.53 per share, high CNY 23.99 per share

- FY2022: low CNY 13.05 per share, central CNY 18.41 per share, high CNY 21.53 per share

- FY2023: low CNY 11.17 per share, central CNY 15.65 per share, high CNY 18.26 per share

- FY2024: low CNY 9.90 per share, central CNY 11.17 per share, high CNY 12.86 per share

- FY2025: low CNY 12.85 per share, central CNY 14.52 per share, high CNY 16.74 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.

## Reported holder observations