# Hainan HNA Infrastructure Investment Group (600515.SHG)

Canonical: https://gigainvestors.com/s/600515.SHG

Analysis as of: 2026-10-16T07:37:51.078Z. Financial observations: FY2018–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 2.63 per share; close as of 2026-10-15.

Estimated value: low CNY 0.77 per share, central CNY 0.83 per share, high CNY 0.91 per share. Buy at or below the central value CNY 0.83 per share. Valuation as of 2026-10-16T07:37:51.078Z; scenarios are not confidence intervals.

Expected annual return: 4.5% at the stated quote. About 4.5% 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

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

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 4

- Years with a net loss: 2

- Operating margin variation: 6.51×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.27×

- FY2019: -0.11×

- FY2020: -1.45×

- FY2021: 0.22×

- FY2022: -0.00×

- FY2023: 0.22×

- FY2024: 0.10×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 1.2%

- ROIC, second-lowest year: -2.6%

- Typical minus recent gross margin: 3.7 pp

- Typical gross margin (annual median): 32.7%

- Recent gross margin (lower of latest and 3-year median): 29.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.8%

- ROIC including acquisitions, ten-year median: 1.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 5.6%

- FY2019: -2.6%

- FY2020: -27.5%

- FY2021: 2.2%

- FY2022: -0.0%

- FY2023: 2.9%

- FY2024: 1.2%

- FY2025: 1.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 3.5B

- Net income, five-year total: CNY 3.9B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 5.0 pp

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

- FY2021: 0.92×

- FY2022: 0.94×

- FY2023: 0.78×

- FY2024: 0.41×

- FY2025: 1.68×

### management: pass

- Historical market-dollar context (not the management verdict): 2018 to 2025 (7 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: -2.6% vs 1.2%

- Per-share earnings: -0.39 to 0.04 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 24.0%

- Market cap gain: CNY 43B

- Cumulative retained earnings: CNY -20B

- Diluted shares, 5-year annual growth: 24.0%

- $1 test, starting fiscal year: FY2018

- $1 test, ending fiscal year: FY2025

- Per-share value change: CNY 0.43

- Per-share value, starting three-year median: CNY -0.39

- Per-share value, ending three-year median: CNY 0.04

- Buyback history: 0 years

- Debt-funded buybacks: No

- ROIC, first three-year median: -2.6%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2018: CNY 0.44

- FY2019: CNY -0.39

- FY2020: CNY -1.99

- FY2021: CNY 0.12

- FY2022: CNY 0.16

- FY2023: CNY 0.08

- FY2024: CNY 0.04

- FY2025: CNY 0.02

### accounting: pass

- Sloan accruals: 0.2%

- Receivables to sales index (DSRI): 0.56×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.51×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -4.5%

- FY2019: -4.7%

- FY2020: -15.0%

- FY2021: 0.1%

- FY2022: 8.9%

- FY2023: 0.3%

- FY2024: 2.3%

- FY2025: 0.2%

## Holders

## Price story

Down 71% since Oct 2021 · sales +1.2%

Story as of 2026-10-16T10:00:09.512Z; price observation 2026-10-15.

Price needs cash profits to grow 20.1% a year for ten years

### Sales · FY2024–2025

sales +1.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: CNY 12B 

- FY2019: CNY 12B 

- FY2020: CNY 6.3B 

- FY2021: CNY 4.5B 

- FY2022: CNY 4.7B 

- FY2023: CNY 6.8B 

- FY2024: CNY 4.4B 

- FY2025: CNY 4.4B 

### Gross margin · FY2025

gross margin 29%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 47.8% 

- FY2019: 33.6% 

- FY2020: 24.0% 

- FY2021: 31.7% 

- FY2022: 31.8% 

- FY2023: 48.5% 

- FY2024: 40.2% 

- FY2025: 29.0% 

## Owner memo

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

### How it makes money

Operates in real estate diversified; annual sales are CNY 4.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); FY2025: revenue 4420103596.17; grossProfit 1280728667.15; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 29% to 48.5% during 2023–25; it earns 1.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); FY2023: grossProfit / revenue = 48.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); FY2024: grossProfit / revenue = 40.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); FY2025: grossProfit / revenue = 29%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); 8-year return on capital observations [[2018,0.05596264916712866],[2019,-0.026428644552388508],[2020,-0.27521919883967827],[2021,0.02199659993426779],[2022,-0.000495943522473348],[2023,0.028910784836080877],[2024,0.012227269720855041],[2025,0.012034112650864454]]; median 0.012130691185859747. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 8 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); FY2018: growth capex 0; upkeep 734059267.72; owner earnings 1336369732.28. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); FY2021: growth capex 0; upkeep 335239227.19; owner earnings 423918693.36399996. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); FY2022: growth capex 50625737.05000001; upkeep 432926946; owner earnings 1748875051.658. Growth capex / owner earnings = 0.028947600917518315.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); FY2023: growth capex 1163400720.38; upkeep 496205517; owner earnings 743263323.48. Growth capex / owner earnings = 1.5652604987057528.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); FY2024: growth capex 0; upkeep 581496554; owner earnings 188471509.12199998. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); FY2025: growth capex 0; upkeep 521482584.11; owner earnings 366579913.82696617. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); Dividend observations: [[2018,1760526791.83],[2019,1638760195.53],[2020,553542898.69],[2021,40536452.54],[2022,761417915.96],[2023,676370498],[2024,583530185],[2025,483462035.88]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 47.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600515.SHG SharesStats.PercentInsiders = 47.114 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 20.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:51.078Z); Ten-year compound average after fade. Initial solved rate 0.2787272653892384. Price 2.63; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-10: CNY 12.75 per share

- 2016-11: CNY 12.49 per share

- 2016-12: CNY 11.60 per share

- 2017-01: CNY 11.32 per share

- 2017-02: CNY 11.87 per share

- 2017-03: CNY 11.86 per share

- 2017-04: CNY 11.45 per share

- 2017-05: CNY 10.16 per share

- 2017-06: CNY 10.27 per share

- 2017-07: CNY 11.26 per share

- 2017-08: CNY 12.95 per share

- 2017-09: CNY 14.40 per share

- 2017-10: CNY 14.24 per share

- 2017-11: CNY 13.91 per share

- 2017-12: CNY 11.83 per share

- 2018-01: CNY 12.40 per share

- 2018-02: CNY 12.40 per share

- 2018-03: CNY 12.40 per share

- 2018-04: CNY 12.40 per share

- 2018-05: CNY 12.40 per share

- 2018-06: CNY 12.40 per share

- 2018-07: CNY 12.40 per share

- 2018-08: CNY 5.92 per share

- 2018-09: CNY 6.11 per share

- 2018-10: CNY 5.17 per share

- 2018-11: CNY 5.33 per share

- 2018-12: CNY 4.71 per share

- 2019-01: CNY 4.36 per share

- 2019-02: CNY 5.65 per share

- 2019-03: CNY 5.90 per share

- 2019-04: CNY 6.00 per share

- 2019-05: CNY 4.55 per share

- 2019-06: CNY 4.95 per share

- 2019-07: CNY 4.82 per share

- 2019-08: CNY 4.31 per share

- 2019-09: CNY 4.14 per share

- 2019-10: CNY 4.10 per share

- 2019-11: CNY 3.84 per share

- 2019-12: CNY 4.46 per share

- 2020-01: CNY 4.95 per share

- 2020-02: CNY 5.01 per share

- 2020-03: CNY 5.41 per share

- 2020-04: CNY 4.46 per share

- 2020-05: CNY 5.90 per share

- 2020-06: CNY 5.20 per share

- 2020-07: CNY 6.90 per share

- 2020-08: CNY 7.48 per share

- 2020-09: CNY 8.89 per share

- 2020-10: CNY 6.80 per share

- 2020-11: CNY 6.99 per share

- 2020-12: CNY 6.75 per share

- 2021-01: CNY 7.33 per share

- 2021-02: CNY 7.85 per share

- 2021-03: CNY 8.93 per share

- 2021-04: CNY 9.51 per share

- 2021-05: CNY 11.90 per share

- 2021-06: CNY 9.98 per share

- 2021-07: CNY 11.57 per share

- 2021-08: CNY 11.96 per share

- 2021-09: CNY 11.40 per share

- 2021-10: CNY 9.01 per share

- 2021-11: CNY 8.71 per share

- 2021-12: CNY 4.53 per share

- 2022-01: CNY 3.68 per share

- 2022-02: CNY 3.87 per share

- 2022-03: CNY 3.56 per share

- 2022-04: CNY 3.56 per share

- 2022-05: CNY 3.38 per share

- 2022-06: CNY 3.39 per share

- 2022-07: CNY 3.16 per share

- 2022-08: CNY 3.65 per share

- 2022-09: CNY 3.85 per share

- 2022-10: CNY 3.85 per share

- 2022-11: CNY 4.19 per share

- 2022-12: CNY 5.02 per share

- 2023-01: CNY 4.63 per share

- 2023-02: CNY 4.31 per share

- 2023-03: CNY 4.62 per share

- 2023-04: CNY 4.71 per share

- 2023-05: CNY 4.42 per share

- 2023-06: CNY 4.06 per share

- 2023-07: CNY 4.26 per share

- 2023-08: CNY 4.00 per share

- 2023-09: CNY 3.97 per share

- 2023-10: CNY 3.81 per share

- 2023-11: CNY 4.07 per share

- 2023-12: CNY 3.70 per share

- 2024-01: CNY 3.49 per share

- 2024-02: CNY 3.75 per share

- 2024-03: CNY 3.52 per share

- 2024-04: CNY 3.50 per share

- 2024-05: CNY 3.42 per share

- 2024-06: CNY 3.14 per share

- 2024-07: CNY 3.42 per share

- 2024-08: CNY 3.16 per share

- 2024-09: CNY 3.83 per share

- 2024-10: CNY 3.52 per share

- 2024-11: CNY 3.84 per share

- 2024-12: CNY 3.78 per share

- 2025-01: CNY 3.65 per share

- 2025-02: CNY 3.78 per share

- 2025-03: CNY 3.62 per share

- 2025-04: CNY 3.51 per share

- 2025-05: CNY 3.45 per share

- 2025-06: CNY 3.54 per share

- 2025-07: CNY 3.93 per share

- 2025-08: CNY 3.91 per share

- 2025-09: CNY 4.16 per share

- 2025-10: CNY 4.93 per share

- 2025-11: CNY 4.95 per share

- 2025-12: CNY 5.33 per share

- 2026-01: CNY 4.48 per share

- 2026-02: CNY 4.25 per share

- 2026-03: CNY 3.62 per share

- 2026-04: CNY 3.61 per share

- 2026-05: CNY 3.21 per share

- 2026-06: CNY 2.74 per share

- 2026-07: CNY 2.93 per share

- 2026-08: CNY 2.76 per share

- 2026-09: CNY 2.75 per share

- 2026-10: CNY 2.70 per share

## Annual estimated value (CNY per share)

- FY2022: low CNY 1.19 per share, central CNY 1.25 per share, high CNY 1.33 per share

- FY2023: low CNY 1.24 per share, central CNY 1.32 per share, high CNY 1.43 per share

- FY2024: low CNY 0.82 per share, central CNY 0.87 per share, high CNY 0.95 per share

- FY2025: low CNY 0.71 per share, central CNY 0.77 per share, high CNY 0.84 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.

Hainan HNA Infrastructure Investment Group

600515 · SHG

CSI 300

Not a wonderful business

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

Share price: CNY 2.63
Buy up to: CNY 0.83
Expected / yr: 4.5% 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 651.3% around their average (limit 35%).

Operating margin

8y median: 10.0%
Worst year: -145.0%
Latest · 2025: 10.6%

Capital return excluding acquisitions: median 1.2% (minimum 15%), and the second-worst year -2.6% (minimum 10%).

ROIC excluding acquisitions

8y median: 1.2%
Worst year: -27.5%
Latest · 2025: 1.2%

New investment earned 0% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.88×
Annual median: 0.92×
Latest · 2025: 1.68×

Per-share value rose from -0.39 to 0.04, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

8y median: CNY 0.06
Worst year: CNY -1.99
Latest · 2025: CNY 0.02

Profits were backed by cash: accruals were 0.2% of assets (limit 10%).

Sloan accruals

8y median: 0.1%
Worst year: 8.9%
Latest · 2025: 0.2%

Profit record · fail 2 loss years in 8 (at most 2), mean operating margin -8.1%, three-year average owner earnings per share 0.04 CNY. Mean operating margin over the last ten years is negative.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 12.75; 2016-11 · Price CNY 12.49; 2016-12 · Price CNY 11.60; 2017-01 · Price CNY 11.32; 2017-02 · Price CNY 11.87; 2017-03 · Price CNY 11.86; 2017-04 · Price CNY 11.45; 2017-05 · Price CNY 10.16; 2017-06 · Price CNY 10.27; 2017-07 · Price CNY 11.26; 2017-08 · Price CNY 12.95; 2017-09 · Price CNY 14.40; 2017-10 · Price CNY 14.24; 2017-11 · Price CNY 13.91; 2017-12 · Price CNY 11.83; 2018-01 · Price CNY 12.40; 2018-02 · Price CNY 12.40; 2018-03 · Price CNY 12.40; 2018-04 · Price CNY 12.40; 2018-05 · Price CNY 12.40; 2018-06 · Price CNY 12.40; 2018-07 · Price CNY 12.40; 2018-08 · Price CNY 5.92; 2018-09 · Price CNY 6.11; 2018-10 · Price CNY 5.17; 2018-11 · Price CNY 5.33; 2018-12 · Price CNY 4.71; 2019-01 · Price CNY 4.36; 2019-02 · Price CNY 5.65; 2019-03 · Price CNY 5.90; 2019-04 · Price CNY 6.00; 2019-05 · Price CNY 4.55; 2019-06 · Price CNY 4.95; 2019-07 · Price CNY 4.82; 2019-08 · Price CNY 4.31; 2019-09 · Price CNY 4.14; 2019-10 · Price CNY 4.10; 2019-11 · Price CNY 3.84; 2019-12 · Price CNY 4.46; 2020-01 · Price CNY 4.95; 2020-02 · Price CNY 5.01; 2020-03 · Price CNY 5.41; 2020-04 · Price CNY 4.46; 2020-05 · Price CNY 5.90; 2020-06 · Price CNY 5.20; 2020-07 · Price CNY 6.90; 2020-08 · Price CNY 7.48; 2020-09 · Price CNY 8.89; 2020-10 · Price CNY 6.80; 2020-11 · Price CNY 6.99; 2020-12 · Price CNY 6.75; 2021-01 · Price CNY 7.33; 2021-02 · Price CNY 7.85; 2021-03 · Price CNY 8.93; 2021-04 · Price CNY 9.51; 2021-05 · Price CNY 11.90; 2021-06 · Price CNY 9.98; 2021-07 · Price CNY 11.57; 2021-08 · Price CNY 11.96; 2021-09 · Price CNY 11.40; 2021-10 · Price CNY 9.01; 2021-11 · Price CNY 8.71; 2021-12 · Price CNY 4.53; 2022-01 · Price CNY 3.68 · Value 1.25 · Buy at or below 1.25; 2022-02 · Price CNY 3.87 · Value 1.25 · Buy at or below 1.25; 2022-03 · Price CNY 3.56 · Value 1.25 · Buy at or below 1.25; 2022-04 · Price CNY 3.56 · Value 1.25 · Buy at or below 1.25; 2022-05 · Price CNY 3.38 · Value 1.25 · Buy at or below 1.25; 2022-06 · Price CNY 3.39 · Value 1.25 · Buy at or below 1.25; 2022-07 · Price CNY 3.16 · Value 1.25 · Buy at or below 1.25; 2022-08 · Price CNY 3.65 · Value 1.25 · Buy at or below 1.25; 2022-09 · Price CNY 3.85 · Value 1.25 · Buy at or below 1.25; 2022-10 · Price CNY 3.85 · Value 1.25 · Buy at or below 1.25; 2022-11 · Price CNY 4.19 · Value 1.25 · Buy at or below 1.25; 2022-12 · Price CNY 5.02 · Value 1.25 · Buy at or below 1.25; 2023-01 · Price CNY 4.63 · Value 1.25 · Buy at or below 1.25; 2023-02 · Price CNY 4.31 · Value 1.32 · Buy at or below 1.32; 2023-03 · Price CNY 4.62 · Value 1.32 · Buy at or below 1.32; 2023-04 · Price CNY 4.71 · Value 1.32 · Buy at or below 1.32; 2023-05 · Price CNY 4.42 · Value 1.32 · Buy at or below 1.32; 2023-06 · Price CNY 4.06 · Value 1.32 · Buy at or below 1.32; 2023-07 · Price CNY 4.26 · Value 1.32 · Buy at or below 1.32; 2023-08 · Price CNY 4.00 · Value 1.32 · Buy at or below 1.32; 2023-09 · Price CNY 3.97 · Value 1.32 · Buy at or below 1.32; 2023-10 · Price CNY 3.81 · Value 1.32 · Buy at or below 1.32; 2023-11 · Price CNY 4.07 · Value 1.32 · Buy at or below 1.32; 2023-12 · Price CNY 3.70 · Value 1.32 · Buy at or below 1.32; 2024-01 · Price CNY 3.49 · Value 1.32 · Buy at or below 1.32; 2024-02 · Price CNY 3.75 · Value 0.87 · Buy at or below 0.87; 2024-03 · Price CNY 3.52 · Value 0.87 · Buy at or below 0.87; 2024-04 · Price CNY 3.50 · Value 0.87 · Buy at or below 0.87; 2024-05 · Price CNY 3.42 · Value 0.87 · Buy at or below 0.87; 2024-06 · Price CNY 3.14 · Value 0.87 · Buy at or below 0.87; 2024-07 · Price CNY 3.42 · Value 0.87 · Buy at or below 0.87; 2024-08 · Price CNY 3.16 · Value 0.87 · Buy at or below 0.87; 2024-09 · Price CNY 3.83 · Value 0.87 · Buy at or below 0.87; 2024-10 · Price CNY 3.52 · Value 0.87 · Buy at or below 0.87; 2024-11 · Price CNY 3.84 · Value 0.87 · Buy at or below 0.87; 2024-12 · Price CNY 3.78 · Value 0.87 · Buy at or below 0.87; 2025-01 · Price CNY 3.65 · Value 0.87 · Buy at or below 0.87; 2025-02 · Price CNY 3.78 · Value 0.77 · Buy at or below 0.77; 2025-03 · Price CNY 3.62 · Value 0.77 · Buy at or below 0.77; 2025-04 · Price CNY 3.51 · Value 0.77 · Buy at or below 0.77; 2025-05 · Price CNY 3.45 · Value 0.77 · Buy at or below 0.77; 2025-06 · Price CNY 3.54 · Value 0.77 · Buy at or below 0.77; 2025-07 · Price CNY 3.93 · Value 0.77 · Buy at or below 0.77; 2025-08 · Price CNY 3.91 · Value 0.77 · Buy at or below 0.77; 2025-09 · Price CNY 4.16 · Value 0.77 · Buy at or below 0.77; 2025-10 · Price CNY 4.93 · Value 0.77 · Buy at or below 0.77; 2025-11 · Price CNY 4.95 · Value 0.77 · Buy at or below 0.77; 2025-12 · Price CNY 5.33 · Value 0.77 · Buy at or below 0.77; 2026-01 · Price CNY 4.48 · Value 0.77 · Buy at or below 0.77; 2026-02 · Price CNY 4.25 · Value 0.83 · Buy at or below 0.83; 2026-03 · Price CNY 3.62 · Value 0.83 · Buy at or below 0.83; 2026-04 · Price CNY 3.61 · Value 0.83 · Buy at or below 0.83; 2026-05 · Price CNY 3.21 · Value 0.83 · Buy at or below 0.83; 2026-06 · Price CNY 2.74 · Value 0.83 · Buy at or below 0.83; 2026-07 · Price CNY 2.93 · Value 0.83 · Buy at or below 0.83; 2026-08 · Price CNY 2.76 · Value 0.83 · Buy at or below 0.83; 2026-09 · Price CNY 2.75 · Value 0.83 · Buy at or below 0.83; 2026-10 · Price CNY 2.70 · Value 0.83 · Buy at or below 0.83; 2026-10 · Price CNY 2.63 · Value 0.83 · Buy at or below 0.83

CNY per share · annual estimates

Price & return math
Value range	CNY 0.77 – CNY 0.91
Buy at or below	Central value CNY 0.83
Discount to value	1 − 2.63 / 0.83 = -216.7%
Return / year	About 4.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CNY 0.04/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CNY 0.31/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCNY 4.4B

Revenue

Owner earningsCNY 367M

Owner earnings

Operating margin10.6%

Operating margin

Net cash / debtCNY -15B

Net cash / debt

Diluted shares11B

Diluted shares

Prices 15 Oct 2026 · FY2025