# Greenland Holdings (600606.SHG)

Canonical: https://gigainvestors.com/s/600606.SHG

Analysis as of: 2026-10-16T07:39:33.230Z. Financial observations: FY2014–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 1.32 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 3

- Operating margin variation: 1.41×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.07×

- FY2018: 0.07×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.04×

- FY2022: 0.02×

- FY2023: -0.01×

- FY2024: -0.06×

- FY2025: -0.03×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 8.0pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.6%

- ROIC, second-lowest year: -2.7%

- Typical minus recent gross margin: 8.0 pp

- Typical gross margin (annual median): 12.4%

- Recent gross margin (lower of latest and 3-year median): 4.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.8%

- ROIC including acquisitions, ten-year median: 2.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 3.7%

- FY2017: 5.8%

- FY2018: 6.6%

- FY2019: 8.0%

- FY2020: 7.8%

- FY2021: 5.5%

- FY2022: 2.9%

- FY2023: -1.6%

- FY2024: -6.3%

- FY2025: -2.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -41B

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

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -3.6 pp

- Working capital / revenue, change between three-year averages: -16.5 pp

- Working capital / revenue, final three-year average: 135.8%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: CNY 5.2B

- FY2022: CNY 916M

- FY2023: CNY -8.1B

- FY2024: CNY -14B

- FY2025: CNY -24B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 5.8% vs -2.7%

- Per-share earnings: 0.57 to -1.11 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.6%

- Ordinary dilution, 5-year annual growth: 1.8%

- Market cap gain: CNY -72B

- Cumulative retained earnings: CNY -22B

- Diluted shares, 10-year annual growth: 0.6%

- Diluted shares, 5-year annual growth: 1.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: CNY -1.68

- Per-share value, starting three-year median: CNY 0.57

- Per-share value, ending three-year median: CNY -1.11

- Buybacks concentrated in cheaper years (correlation): 0.39

- Average buyback yield: 0.4%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 14B

- Cumulative net income, 10 years: CNY 14B

- ROIC, first three-year median: 5.8%

- ROIC, last three-year median: -2.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.57

- FY2017: CNY 0.75

- FY2018: CNY 0.88

- FY2019: CNY 1.14

- FY2020: CNY 1.17

- FY2021: CNY 0.45

- FY2022: CNY 0.07

- FY2023: CNY -0.68

- FY2024: CNY -1.11

- FY2025: CNY -1.87

### accounting: pass

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 0.27×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.15×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.6%

- FY2017: -5.8%

- FY2018: -3.0%

- FY2019: -0.4%

- FY2020: -2.1%

- FY2021: -3.8%

- FY2022: -1.9%

- FY2023: -0.7%

- FY2024: -1.1%

- FY2025: -2.7%

## Holders

## Price story

Down 73% since Mar 2022 · sales -25.1%

Story as of 2026-10-16T10:00:10.870Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -25.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 247B 

- FY2017: CNY 290B 

- FY2018: CNY 349B 

- FY2019: CNY 428B 

- FY2020: CNY 456B 

- FY2021: CNY 545B 

- FY2022: CNY 436B 

- FY2023: CNY 360B 

- FY2024: CNY 241B 

- FY2025: CNY 181B 

### Gross margin · FY2025

gross margin 4.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 15.2% 

- FY2017: 14.2% 

- FY2018: 15.3% 

- FY2019: 14.9% 

- FY2020: 13.9% 

- FY2021: 10.9% 

- FY2022: 9.8% 

- FY2023: 7.5% 

- FY2024: 6.9% 

- FY2025: 4.4% 

## Owner memo

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

### How it makes money

Operates in real estate services; annual sales are CNY 180.5 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); FY2025: revenue 180506720291.83; grossProfit 7918183809.78; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600606.SHG: Greenland Holdings Corporation Limited, together with its subsidiaries, engages in the real estate development business in China, Hong Kong, Macau, Taiwan, and internationally. It operates through the Real Estate and Related Industries; Consumer and Producer Services Industries; Financial Investment Industry; Large Infrastructure Industry; and Other Business segments. The company develops residential, high-rise buildings, large-scale urban complexes, high-speed rail new towns, characteristic towns, international convention and exhibition centers, and modern industrial parks; and undertakes infrastructure projects, including rail transit, highways, and municipal bridges. It is also involved in real estate operations; imported goods, cross-border trade, hotels and tourism, energy supply, and automobile sales and services; and housing and infrastructure construction, financial information services, landscaping, engineering, and property management. In addition, the company engages in investment and asset management; leasing; accommodation; science and technology entrepreneurship park operation and management; wine, beverage, and fine tea manufacturing; building decoration and renovation; professional technical services; software and information technology; energy development; taxi services; real estate and industrial investment; urban construction; wholesale; commerce; warehousing; business consulting; business; and culture and art activities. Greenland Holdings Corporation Limited was founded in 1992 and is headquartered in Shanghai, China.

### Why customers stay

Margins ranged from 4.4% to 7.5% during 2023–25; it earns 4.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); FY2023: grossProfit / revenue = 7.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); FY2024: grossProfit / revenue = 6.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); FY2025: grossProfit / revenue = 4.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); 10-year return on capital observations [[2016,0.036793555546870325],[2017,0.05769970842035498],[2018,0.0657069565691432],[2019,0.08007175814873982],[2020,0.07832724060527393],[2021,0.05482528389915208],[2022,0.028796189463147968],[2023,-0.016115405708510142],[2024,-0.06281298867761609],[2025,-0.026744659006804714]]; median 0.045809419723011204. 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 2026-10-16T07:39:33.230Z); FY2016: growth capex 0; upkeep 1302311680.58; owner earnings 7336695319.42. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); FY2017: growth capex 1069062060.0500002; upkeep 1532049000; owner earnings 9383935000. Growth capex / owner earnings = 0.11392470856309216.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); FY2018: growth capex 2600381630.34007; upkeep 5092582622.94993; owner earnings 7983709377.05007. Growth capex / owner earnings = 0.3257109580936292.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); FY2019: growth capex 5159241756.036681; upkeep 2959390466.0333185; owner earnings 14208109533.966682. Growth capex / owner earnings = 0.36311950887644245.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); FY2020: growth capex 2184232303.7718534; upkeep 6816941211.168147; owner earnings 10911141788.831852. Growth capex / owner earnings = 0.20018366052281844.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); FY2021: growth capex 3541767491.8599997; upkeep 3263822000; owner earnings 5192300229.974. Growth capex / owner earnings = 0.682119163952454.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); FY2022: growth capex 0; upkeep 2770561813.99; owner earnings 915850402.6364869. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); Dividend observations: [[2016,19304546779.74],[2017,19800550261.48],[2018,14868882894.34],[2019,3650446315],[2020,4867261754],[2021,3042038596],[2022,12165551015.47],[2023,8901810616],[2024,5818972000],[2025,3754173061.24]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 73.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600606.SHG SharesStats.PercentInsiders = 73.634 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:33.230Z); Closing price 1.32 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 12.87723461596165; price multiple 0.1025064805733855. FY2025 cash earnings/share -1.7199145744012596. Closing-price date 2026-10-15.

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

- 2016-11: CNY 8.29 per share

- 2016-12: CNY 7.54 per share

- 2017-01: CNY 7.46 per share

- 2017-02: CNY 7.52 per share

- 2017-03: CNY 6.90 per share

- 2017-04: CNY 6.44 per share

- 2017-05: CNY 6.74 per share

- 2017-06: CNY 6.77 per share

- 2017-07: CNY 6.88 per share

- 2017-08: CNY 6.60 per share

- 2017-09: CNY 6.51 per share

- 2017-10: CNY 6.52 per share

- 2017-11: CNY 6.26 per share

- 2017-12: CNY 6.32 per share

- 2018-01: CNY 8.00 per share

- 2018-02: CNY 6.63 per share

- 2018-03: CNY 6.42 per share

- 2018-04: CNY 6.23 per share

- 2018-05: CNY 5.79 per share

- 2018-06: CNY 5.66 per share

- 2018-07: CNY 5.59 per share

- 2018-08: CNY 5.58 per share

- 2018-09: CNY 5.54 per share

- 2018-10: CNY 5.34 per share

- 2018-11: CNY 5.32 per share

- 2018-12: CNY 5.29 per share

- 2019-01: CNY 5.55 per share

- 2019-02: CNY 6.03 per share

- 2019-03: CNY 6.53 per share

- 2019-04: CNY 6.47 per share

- 2019-05: CNY 5.81 per share

- 2019-06: CNY 5.91 per share

- 2019-07: CNY 6.02 per share

- 2019-08: CNY 5.74 per share

- 2019-09: CNY 6.11 per share

- 2019-10: CNY 5.90 per share

- 2019-11: CNY 5.67 per share

- 2019-12: CNY 6.02 per share

- 2020-01: CNY 5.62 per share

- 2020-02: CNY 5.06 per share

- 2020-03: CNY 4.68 per share

- 2020-04: CNY 4.90 per share

- 2020-05: CNY 4.63 per share

- 2020-06: CNY 5.35 per share

- 2020-07: CNY 7.07 per share

- 2020-08: CNY 6.62 per share

- 2020-09: CNY 5.52 per share

- 2020-10: CNY 5.36 per share

- 2020-11: CNY 5.58 per share

- 2020-12: CNY 5.05 per share

- 2021-01: CNY 4.67 per share

- 2021-02: CNY 4.87 per share

- 2021-03: CNY 4.84 per share

- 2021-04: CNY 4.91 per share

- 2021-05: CNY 5.04 per share

- 2021-06: CNY 4.72 per share

- 2021-07: CNY 3.93 per share

- 2021-08: CNY 4.05 per share

- 2021-09: CNY 4.27 per share

- 2021-10: CNY 3.74 per share

- 2021-11: CNY 3.73 per share

- 2021-12: CNY 3.95 per share

- 2022-01: CNY 3.97 per share

- 2022-02: CNY 3.93 per share

- 2022-03: CNY 4.90 per share

- 2022-04: CNY 4.35 per share

- 2022-05: CNY 3.49 per share

- 2022-06: CNY 3.60 per share

- 2022-07: CNY 3.23 per share

- 2022-08: CNY 3.11 per share

- 2022-09: CNY 2.79 per share

- 2022-10: CNY 2.62 per share

- 2022-11: CNY 3.44 per share

- 2022-12: CNY 2.98 per share

- 2023-01: CNY 3.13 per share

- 2023-02: CNY 3.12 per share

- 2023-03: CNY 2.88 per share

- 2023-04: CNY 2.83 per share

- 2023-05: CNY 2.93 per share

- 2023-06: CNY 2.75 per share

- 2023-07: CNY 3.24 per share

- 2023-08: CNY 2.93 per share

- 2023-09: CNY 2.74 per share

- 2023-10: CNY 2.55 per share

- 2023-11: CNY 2.47 per share

- 2023-12: CNY 2.30 per share

- 2024-01: CNY 2.11 per share

- 2024-02: CNY 2.20 per share

- 2024-03: CNY 1.92 per share

- 2024-04: CNY 1.84 per share

- 2024-05: CNY 1.88 per share

- 2024-06: CNY 1.35 per share

- 2024-07: CNY 1.44 per share

- 2024-08: CNY 1.41 per share

- 2024-09: CNY 2.08 per share

- 2024-10: CNY 2.09 per share

- 2024-11: CNY 2.32 per share

- 2024-12: CNY 2.10 per share

- 2025-01: CNY 1.84 per share

- 2025-02: CNY 1.89 per share

- 2025-03: CNY 1.80 per share

- 2025-04: CNY 1.73 per share

- 2025-05: CNY 1.67 per share

- 2025-06: CNY 1.63 per share

- 2025-07: CNY 1.93 per share

- 2025-08: CNY 1.88 per share

- 2025-09: CNY 1.84 per share

- 2025-10: CNY 1.77 per share

- 2025-11: CNY 1.73 per share

- 2025-12: CNY 1.66 per share

- 2026-01: CNY 1.64 per share

- 2026-02: CNY 1.70 per share

- 2026-03: CNY 1.52 per share

- 2026-04: CNY 1.57 per share

- 2026-05: CNY 1.47 per share

- 2026-06: CNY 1.21 per share

- 2026-07: CNY 1.30 per share

- 2026-08: CNY 1.32 per share

- 2026-09: CNY 1.54 per share

- 2026-10: CNY 1.40 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 15.02 per share, central CNY 16.22 per share, high CNY 17.82 per share

- FY2019: low CNY 18.54 per share, central CNY 20.12 per share, high CNY 22.22 per share

- FY2020: low CNY 19.94 per share, central CNY 21.53 per share, high CNY 23.65 per share

- FY2021: low CNY 16.36 per share, central CNY 17.79 per share, high CNY 19.69 per share

- FY2022: low CNY 8.37 per share, central CNY 9.39 per share, high CNY 10.76 per share

- FY2023: low CNY 4.60 per share, central CNY 4.96 per share, high CNY 5.45 per share

- FY2024: low CNY 1.49 per share, central CNY 1.54 per share, high CNY 1.61 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