# Sichuan Chuantou Energy (600674.SHG)

Canonical: https://gigainvestors.com/s/600674.SHG

Analysis as of: 2026-10-16T07:35:27.517Z. 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 17.48 per share; close as of 2026-10-15.

Estimated value: low CNY 10.34 per share, central CNY 11.65 per share, high CNY 13.40 per share. Buy at or below the central value CNY 11.65 per share. Valuation as of 2026-10-16T07:35:27.517Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.34×

Chart: Operating margin; fiscal year observations.

- FY2016: 3.56×

- FY2017: 4.17×

- FY2018: 3.74×

- FY2019: 3.61×

- FY2020: 3.16×

- FY2021: 2.52×

- FY2022: 2.53×

- FY2023: 3.06×

- FY2024: 2.92×

- FY2025: 0.32×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 9.4%

- ROIC, second-lowest year: 7.7%

- Typical minus recent gross margin: -5.2 pp

- Typical gross margin (annual median): 45.5%

- Recent gross margin (lower of latest and 3-year median): 50.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 45.1%

- ROIC including acquisitions, ten-year median: 4.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.1%

- FY2017: 12.1%

- FY2018: 10.6%

- FY2019: 9.9%

- FY2020: 9.3%

- FY2021: 7.7%

- FY2022: 7.8%

- FY2023: 9.4%

- FY2024: 8.4%

- FY2025: 0.9%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.97×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 20B

- Net income, five-year total: CNY 20B

- Return on incremental invested capital: -155.9%

- Working capital / revenue, annual change: -2.9 pp

- Working capital / revenue, change between three-year averages: -15.5 pp

- Working capital / revenue, final three-year average: 28.6%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.99×

- FY2024: 1.00×

- FY2025: 0.91×

### 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: 12.1% vs 8.4%

- Per-share earnings: 0.80 to 0.93 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.0%

- Ordinary dilution, 5-year annual growth: -1.4%

- Market cap gain: CNY 29B

- Cumulative retained earnings: CNY 11B

- Diluted shares, 10-year annual growth: 1.0%

- Diluted shares, 5-year annual growth: -1.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 1.9%

- Per-share value change: CNY 0.13

- Per-share value, starting three-year median: CNY 0.80

- Per-share value, ending three-year median: CNY 0.93

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 481M

- Cumulative net income, 10 years: CNY 37B

- ROIC, first three-year median: 12.1%

- ROIC, last three-year median: 8.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.80

- FY2017: CNY 0.74

- FY2018: CNY 0.81

- FY2019: CNY 0.67

- FY2020: CNY 0.61

- FY2021: CNY 0.67

- FY2022: CNY 0.75

- FY2023: CNY 0.93

- FY2024: CNY 0.93

- FY2025: CNY 0.98

### accounting: pass

- Sloan accruals: 5.7%

- Receivables to sales index (DSRI): 0.79×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.16×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 11.7%

- FY2017: 9.5%

- FY2018: 9.8%

- FY2019: 6.7%

- FY2020: 6.7%

- FY2021: 5.2%

- FY2022: 5.3%

- FY2023: 6.3%

- FY2024: 5.6%

- FY2025: 5.7%

## Holders

## Price story

Price needs cash profits to grow 6.3% a year for ten years · sales +3.6%

Story as of 2026-10-16T10:00:04.954Z; price observation 2026-10-15.

Price needs cash profits to grow 6.3% a year for ten years

### Sales · FY2024–2025

sales +3.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.0B 

- FY2017: CNY 798M 

- FY2018: CNY 864M 

- FY2019: CNY 838M 

- FY2020: CNY 1.0B 

- FY2021: CNY 1.3B 

- FY2022: CNY 1.4B 

- FY2023: CNY 1.5B 

- FY2024: CNY 1.6B 

- FY2025: CNY 1.7B 

### Gross margin · FY2025

gross margin 50.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 36.6% 

- FY2017: 45.4% 

- FY2018: 45.7% 

- FY2019: 47.1% 

- FY2020: 44.1% 

- FY2021: 39.4% 

- FY2022: 38.5% 

- FY2023: 46.3% 

- FY2024: 51.1% 

- FY2025: 50.7% 

## Owner memo

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

### How it makes money

Operates in utilities independent power producers; annual sales are CNY 1.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2025: revenue 1667654821.96; grossProfit 845418300.03; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 46.3% to 51.1% during 2023–25; it earns 9.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2023: grossProfit / revenue = 46.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2024: grossProfit / revenue = 51.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2025: grossProfit / revenue = 50.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); 10-year return on capital observations [[2016,0.1411962121556858],[2017,0.12067942192506402],[2018,0.10575048654288245],[2019,0.0988310302896554],[2020,0.09289655356469721],[2021,0.07712870526927099],[2022,0.07790694265596465],[2023,0.09439000571291008],[2024,0.08371832305954328],[2025,0.009084644331403682]]; median 0.09364327963880364. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 8.8% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2016: growth capex 0; upkeep 25967840.34; owner earnings 344131097.66. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2017: growth capex 0; upkeep 10558072.62; owner earnings 482762674.38. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2018: growth capex 0; upkeep 3609078.73; owner earnings 413633829.27. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2019: growth capex 0; upkeep 211415787.77; owner earnings 218698447.23. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2020: growth capex 235398111.63; upkeep 224491834; owner earnings 171678391. Growth capex / owner earnings = 1.3711574896458576.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2021: growth capex 624299391.9; upkeep 281189838; owner earnings 3085462349.942. Growth capex / owner earnings = 0.20233576725113353.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2022: growth capex 327219538.74; upkeep 321280140; owner earnings 3498715076.106. Growth capex / owner earnings = 0.09352563201693716.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2023: growth capex 354923337.19261646; upkeep 360286520.3173835; owner earnings 4351970988.648617. Growth capex / owner earnings = 0.08155461930200689.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2024: growth capex 609048911; upkeep 311324224; owner earnings 4486373652.712. Growth capex / owner earnings = 0.13575527990893752.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); FY2025: growth capex 381875231.87723327; upkeep 805398807.6627667; owner earnings 4329144879.237233. Growth capex / owner earnings = 0.08821031463019947.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); Dividend observations: [[2016,1487744995.59],[2017,1590204681.11],[2018,1527994502.45],[2019,1320642144],[2020,1496727763],[2021,1674304044],[2022,1762998944],[2023,2358865304],[2024,2463451014],[2025,2394515691.8]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 67.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600674.SHG SharesStats.PercentInsiders = 67.149 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 6.3% yearly over ten years; actual growth was 21.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:27.517Z); Ten-year compound average after fade. Initial solved rate 0.07722629639966694. Price 17.48; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.12777246853388188 → FY2025 0.8881117535639381. Closing-price date 2026-10-15.

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

- 2016-10: CNY 8.70 per share

- 2016-11: CNY 9.19 per share

- 2016-12: CNY 8.70 per share

- 2017-01: CNY 8.84 per share

- 2017-02: CNY 8.84 per share

- 2017-03: CNY 9.05 per share

- 2017-04: CNY 9.39 per share

- 2017-05: CNY 9.55 per share

- 2017-06: CNY 9.82 per share

- 2017-07: CNY 10.00 per share

- 2017-08: CNY 9.69 per share

- 2017-09: CNY 9.42 per share

- 2017-10: CNY 10.01 per share

- 2017-11: CNY 9.94 per share

- 2017-12: CNY 10.18 per share

- 2018-01: CNY 9.73 per share

- 2018-02: CNY 9.18 per share

- 2018-03: CNY 9.10 per share

- 2018-04: CNY 8.84 per share

- 2018-05: CNY 9.39 per share

- 2018-06: CNY 8.72 per share

- 2018-07: CNY 8.85 per share

- 2018-08: CNY 8.11 per share

- 2018-09: CNY 8.38 per share

- 2018-10: CNY 8.06 per share

- 2018-11: CNY 8.01 per share

- 2018-12: CNY 8.67 per share

- 2019-01: CNY 9.10 per share

- 2019-02: CNY 9.20 per share

- 2019-03: CNY 9.33 per share

- 2019-04: CNY 8.82 per share

- 2019-05: CNY 9.01 per share

- 2019-06: CNY 8.90 per share

- 2019-07: CNY 9.37 per share

- 2019-08: CNY 9.89 per share

- 2019-09: CNY 9.98 per share

- 2019-10: CNY 9.66 per share

- 2019-11: CNY 9.55 per share

- 2019-12: CNY 9.85 per share

- 2020-01: CNY 9.11 per share

- 2020-02: CNY 9.15 per share

- 2020-03: CNY 9.20 per share

- 2020-04: CNY 8.97 per share

- 2020-05: CNY 8.88 per share

- 2020-06: CNY 9.27 per share

- 2020-07: CNY 9.55 per share

- 2020-08: CNY 10.02 per share

- 2020-09: CNY 9.81 per share

- 2020-10: CNY 10.07 per share

- 2020-11: CNY 10.43 per share

- 2020-12: CNY 10.05 per share

- 2021-01: CNY 10.95 per share

- 2021-02: CNY 10.73 per share

- 2021-03: CNY 12.54 per share

- 2021-04: CNY 11.26 per share

- 2021-05: CNY 11.74 per share

- 2021-06: CNY 12.33 per share

- 2021-07: CNY 10.95 per share

- 2021-08: CNY 11.38 per share

- 2021-09: CNY 14.37 per share

- 2021-10: CNY 13.09 per share

- 2021-11: CNY 11.42 per share

- 2021-12: CNY 12.50 per share

- 2022-01: CNY 11.10 per share

- 2022-02: CNY 12.03 per share

- 2022-03: CNY 10.74 per share

- 2022-04: CNY 11.03 per share

- 2022-05: CNY 12.04 per share

- 2022-06: CNY 11.92 per share

- 2022-07: CNY 12.47 per share

- 2022-08: CNY 13.19 per share

- 2022-09: CNY 12.03 per share

- 2022-10: CNY 11.05 per share

- 2022-11: CNY 11.93 per share

- 2022-12: CNY 12.23 per share

- 2023-01: CNY 12.52 per share

- 2023-02: CNY 12.98 per share

- 2023-03: CNY 13.22 per share

- 2023-04: CNY 14.38 per share

- 2023-05: CNY 14.90 per share

- 2023-06: CNY 15.05 per share

- 2023-07: CNY 14.46 per share

- 2023-08: CNY 14.96 per share

- 2023-09: CNY 14.80 per share

- 2023-10: CNY 14.71 per share

- 2023-11: CNY 14.28 per share

- 2023-12: CNY 15.12 per share

- 2024-01: CNY 15.53 per share

- 2024-02: CNY 15.66 per share

- 2024-03: CNY 16.65 per share

- 2024-04: CNY 16.75 per share

- 2024-05: CNY 18.01 per share

- 2024-06: CNY 18.75 per share

- 2024-07: CNY 18.73 per share

- 2024-08: CNY 17.20 per share

- 2024-09: CNY 18.85 per share

- 2024-10: CNY 16.74 per share

- 2024-11: CNY 16.48 per share

- 2024-12: CNY 17.25 per share

- 2025-01: CNY 15.89 per share

- 2025-02: CNY 14.97 per share

- 2025-03: CNY 16.04 per share

- 2025-04: CNY 16.99 per share

- 2025-05: CNY 16.85 per share

- 2025-06: CNY 16.04 per share

- 2025-07: CNY 15.59 per share

- 2025-08: CNY 14.89 per share

- 2025-09: CNY 14.28 per share

- 2025-10: CNY 14.72 per share

- 2025-11: CNY 14.58 per share

- 2025-12: CNY 13.90 per share

- 2026-01: CNY 13.92 per share

- 2026-02: CNY 14.44 per share

- 2026-03: CNY 14.89 per share

- 2026-04: CNY 15.31 per share

- 2026-05: CNY 15.50 per share

- 2026-06: CNY 14.17 per share

- 2026-07: CNY 15.81 per share

- 2026-08: CNY 15.55 per share

- 2026-09: CNY 16.62 per share

- 2026-10: CNY 17.17 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 1.31 per share, central CNY 1.48 per share, high CNY 1.71 per share

- FY2017: low CNY 1.15 per share, central CNY 1.28 per share, high CNY 1.47 per share

- FY2018: low CNY 1.19 per share, central CNY 1.33 per share, high CNY 1.52 per share

- FY2019: low CNY 2.07 per share, central CNY 2.21 per share, high CNY 2.39 per share

- FY2020: low CNY 1.46 per share, central CNY 1.56 per share, high CNY 1.70 per share

- FY2021: low CNY 2.18 per share, central CNY 2.37 per share, high CNY 2.64 per share

- FY2022: low CNY 2.26 per share, central CNY 2.51 per share, high CNY 2.81 per share

- FY2023: low CNY 9.16 per share, central CNY 10.70 per share, high CNY 12.37 per share

- FY2024: low CNY 9.83 per share, central CNY 11.56 per share, high CNY 13.37 per share

- FY2025: low CNY 10.35 per share, central CNY 11.69 per share, high CNY 13.47 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.

Sichuan Chuantou Energy

600674 · SHG

CSI 300

Not a wonderful business

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

Share price: CNY 17.48
Buy up to: CNY 11.65
Expected / yr: 7.5% 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

Margins varied 34.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 311.1%
Worst year: 32.3%
Latest · 2025: 32.3%

Capital return excluding acquisitions: median 9.4% (minimum 15%), and the second-worst year 7.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 9.4%
Worst year: 0.9%
Latest · 2025: 0.9%

New investment earned -155.9% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.97×
Annual median: 1.00×
Latest · 2025: 0.91×

Per-share value rose from 0.8 to 0.93, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CNY 0.78
Worst year: CNY 0.61
Latest · 2025: CNY 0.98

Profits were backed by cash: accruals were 5.7% of assets (limit 10%).

Sloan accruals

10y median: 6.5%
Worst year: 11.7%
Latest · 2025: 5.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 296.0%, three-year average owner earnings per share 0.91 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 8.70 · Value 1.48 · Buy at or below 1.48; 2016-11 · Price CNY 9.19 · Value 1.48 · Buy at or below 1.48; 2016-12 · Price CNY 8.70 · Value 1.48 · Buy at or below 1.48; 2017-01 · Price CNY 8.84 · Value 1.48 · Buy at or below 1.48; 2017-02 · Price CNY 8.84 · Value 1.28 · Buy at or below 1.28; 2017-03 · Price CNY 9.05 · Value 1.28 · Buy at or below 1.28; 2017-04 · Price CNY 9.39 · Value 1.28 · Buy at or below 1.28; 2017-05 · Price CNY 9.55 · Value 1.28 · Buy at or below 1.28; 2017-06 · Price CNY 9.82 · Value 1.28 · Buy at or below 1.28; 2017-07 · Price CNY 10.00 · Value 1.28 · Buy at or below 1.28; 2017-08 · Price CNY 9.69 · Value 1.28 · Buy at or below 1.28; 2017-09 · Price CNY 9.42 · Value 1.28 · Buy at or below 1.28; 2017-10 · Price CNY 10.01 · Value 1.28 · Buy at or below 1.28; 2017-11 · Price CNY 9.94 · Value 1.28 · Buy at or below 1.28; 2017-12 · Price CNY 10.18 · Value 1.28 · Buy at or below 1.28; 2018-01 · Price CNY 9.73 · Value 1.28 · Buy at or below 1.28; 2018-02 · Price CNY 9.18 · Value 1.33 · Buy at or below 1.33; 2018-03 · Price CNY 9.10 · Value 1.33 · Buy at or below 1.33; 2018-04 · Price CNY 8.84 · Value 1.33 · Buy at or below 1.33; 2018-05 · Price CNY 9.39 · Value 1.33 · Buy at or below 1.33; 2018-06 · Price CNY 8.72 · Value 1.33 · Buy at or below 1.33; 2018-07 · Price CNY 8.85 · Value 1.33 · Buy at or below 1.33; 2018-08 · Price CNY 8.11 · Value 1.33 · Buy at or below 1.33; 2018-09 · Price CNY 8.38 · Value 1.33 · Buy at or below 1.33; 2018-10 · Price CNY 8.06 · Value 1.33 · Buy at or below 1.33; 2018-11 · Price CNY 8.01 · Value 1.33 · Buy at or below 1.33; 2018-12 · Price CNY 8.67 · Value 1.33 · Buy at or below 1.33; 2019-01 · Price CNY 9.10 · Value 1.33 · Buy at or below 1.33; 2019-02 · Price CNY 9.20 · Value 2.21 · Buy at or below 2.21; 2019-03 · Price CNY 9.33 · Value 2.21 · Buy at or below 2.21; 2019-04 · Price CNY 8.82 · Value 2.21 · Buy at or below 2.21; 2019-05 · Price CNY 9.01 · Value 2.21 · Buy at or below 2.21; 2019-06 · Price CNY 8.90 · Value 2.21 · Buy at or below 2.21; 2019-07 · Price CNY 9.37 · Value 2.21 · Buy at or below 2.21; 2019-08 · Price CNY 9.89 · Value 2.21 · Buy at or below 2.21; 2019-09 · Price CNY 9.98 · Value 2.21 · Buy at or below 2.21; 2019-10 · Price CNY 9.66 · Value 2.21 · Buy at or below 2.21; 2019-11 · Price CNY 9.55 · Value 2.21 · Buy at or below 2.21; 2019-12 · Price CNY 9.85 · Value 2.21 · Buy at or below 2.21; 2020-01 · Price CNY 9.11 · Value 2.21 · Buy at or below 2.21; 2020-02 · Price CNY 9.15 · Value 1.56 · Buy at or below 1.56; 2020-03 · Price CNY 9.20 · Value 1.56 · Buy at or below 1.56; 2020-04 · Price CNY 8.97 · Value 1.56 · Buy at or below 1.56; 2020-05 · Price CNY 8.88 · Value 1.56 · Buy at or below 1.56; 2020-06 · Price CNY 9.27 · Value 1.56 · Buy at or below 1.56; 2020-07 · Price CNY 9.55 · Value 1.56 · Buy at or below 1.56; 2020-08 · Price CNY 10.02 · Value 1.56 · Buy at or below 1.56; 2020-09 · Price CNY 9.81 · Value 1.56 · Buy at or below 1.56; 2020-10 · Price CNY 10.07 · Value 1.56 · Buy at or below 1.56; 2020-11 · Price CNY 10.43 · Value 1.56 · Buy at or below 1.56; 2020-12 · Price CNY 10.05 · Value 1.56 · Buy at or below 1.56; 2021-01 · Price CNY 10.95 · Value 1.56 · Buy at or below 1.56; 2021-02 · Price CNY 10.73 · Value 2.37 · Buy at or below 2.37; 2021-03 · Price CNY 12.54 · Value 2.37 · Buy at or below 2.37; 2021-04 · Price CNY 11.26 · Value 2.37 · Buy at or below 2.37; 2021-05 · Price CNY 11.74 · Value 2.37 · Buy at or below 2.37; 2021-06 · Price CNY 12.33 · Value 2.37 · Buy at or below 2.37; 2021-07 · Price CNY 10.95 · Value 2.37 · Buy at or below 2.37; 2021-08 · Price CNY 11.38 · Value 2.37 · Buy at or below 2.37; 2021-09 · Price CNY 14.37 · Value 2.37 · Buy at or below 2.37; 2021-10 · Price CNY 13.09 · Value 2.37 · Buy at or below 2.37; 2021-11 · Price CNY 11.42 · Value 2.37 · Buy at or below 2.37; 2021-12 · Price CNY 12.50 · Value 2.37 · Buy at or below 2.37; 2022-01 · Price CNY 11.10 · Value 2.37 · Buy at or below 2.37; 2022-02 · Price CNY 12.03 · Value 2.51 · Buy at or below 2.51; 2022-03 · Price CNY 10.74 · Value 2.51 · Buy at or below 2.51; 2022-04 · Price CNY 11.03 · Value 2.51 · Buy at or below 2.51; 2022-05 · Price CNY 12.04 · Value 2.51 · Buy at or below 2.51; 2022-06 · Price CNY 11.92 · Value 2.51 · Buy at or below 2.51; 2022-07 · Price CNY 12.47 · Value 2.51 · Buy at or below 2.51; 2022-08 · Price CNY 13.19 · Value 2.51 · Buy at or below 2.51; 2022-09 · Price CNY 12.03 · Value 2.51 · Buy at or below 2.51; 2022-10 · Price CNY 11.05 · Value 2.51 · Buy at or below 2.51; 2022-11 · Price CNY 11.93 · Value 2.51 · Buy at or below 2.51; 2022-12 · Price CNY 12.23 · Value 2.51 · Buy at or below 2.51; 2023-01 · Price CNY 12.52 · Value 2.51 · Buy at or below 2.51; 2023-02 · Price CNY 12.98 · Value 10.70 · Buy at or below 10.70; 2023-03 · Price CNY 13.22 · Value 10.70 · Buy at or below 10.70; 2023-04 · Price CNY 14.38 · Value 10.70 · Buy at or below 10.70; 2023-05 · Price CNY 14.90 · Value 10.70 · Buy at or below 10.70; 2023-06 · Price CNY 15.05 · Value 10.70 · Buy at or below 10.70; 2023-07 · Price CNY 14.46 · Value 10.70 · Buy at or below 10.70; 2023-08 · Price CNY 14.96 · Value 10.70 · Buy at or below 10.70; 2023-09 · Price CNY 14.80 · Value 10.70 · Buy at or below 10.70; 2023-10 · Price CNY 14.71 · Value 10.70 · Buy at or below 10.70; 2023-11 · Price CNY 14.28 · Value 10.70 · Buy at or below 10.70; 2023-12 · Price CNY 15.12 · Value 10.70 · Buy at or below 10.70; 2024-01 · Price CNY 15.53 · Value 10.70 · Buy at or below 10.70; 2024-02 · Price CNY 15.66 · Value 11.56 · Buy at or below 11.56; 2024-03 · Price CNY 16.65 · Value 11.56 · Buy at or below 11.56; 2024-04 · Price CNY 16.75 · Value 11.56 · Buy at or below 11.56; 2024-05 · Price CNY 18.01 · Value 11.56 · Buy at or below 11.56; 2024-06 · Price CNY 18.75 · Value 11.56 · Buy at or below 11.56; 2024-07 · Price CNY 18.73 · Value 11.56 · Buy at or below 11.56; 2024-08 · Price CNY 17.20 · Value 11.56 · Buy at or below 11.56; 2024-09 · Price CNY 18.85 · Value 11.56 · Buy at or below 11.56; 2024-10 · Price CNY 16.74 · Value 11.56 · Buy at or below 11.56; 2024-11 · Price CNY 16.48 · Value 11.56 · Buy at or below 11.56; 2024-12 · Price CNY 17.25 · Value 11.56 · Buy at or below 11.56; 2025-01 · Price CNY 15.89 · Value 11.56 · Buy at or below 11.56; 2025-02 · Price CNY 14.97 · Value 11.69 · Buy at or below 11.69; 2025-03 · Price CNY 16.04 · Value 11.69 · Buy at or below 11.69; 2025-04 · Price CNY 16.99 · Value 11.69 · Buy at or below 11.69; 2025-05 · Price CNY 16.85 · Value 11.69 · Buy at or below 11.69; 2025-06 · Price CNY 16.04 · Value 11.69 · Buy at or below 11.69; 2025-07 · Price CNY 15.59 · Value 11.69 · Buy at or below 11.69; 2025-08 · Price CNY 14.89 · Value 11.69 · Buy at or below 11.69; 2025-09 · Price CNY 14.28 · Value 11.69 · Buy at or below 11.69; 2025-10 · Price CNY 14.72 · Value 11.69 · Buy at or below 11.69; 2025-11 · Price CNY 14.58 · Value 11.69 · Buy at or below 11.69; 2025-12 · Price CNY 13.90 · Value 11.69 · Buy at or below 11.69; 2026-01 · Price CNY 13.92 · Value 11.69 · Buy at or below 11.69; 2026-02 · Price CNY 14.44 · Value 11.65 · Buy at or below 11.65; 2026-03 · Price CNY 14.89 · Value 11.65 · Buy at or below 11.65; 2026-04 · Price CNY 15.31 · Value 11.65 · Buy at or below 11.65; 2026-05 · Price CNY 15.50 · Value 11.65 · Buy at or below 11.65; 2026-06 · Price CNY 14.17 · Value 11.65 · Buy at or below 11.65; 2026-07 · Price CNY 15.81 · Value 11.65 · Buy at or below 11.65; 2026-08 · Price CNY 15.55 · Value 11.65 · Buy at or below 11.65; 2026-09 · Price CNY 16.62 · Value 11.65 · Buy at or below 11.65; 2026-10 · Price CNY 17.17 · Value 11.65 · Buy at or below 11.65; 2026-10 · Price CNY 17.48 · Value 11.65 · Buy at or below 11.65

CNY per share · annual estimates

Price & return math
Value range	CNY 10.34 – CNY 13.40
Buy at or below	Central value CNY 11.65
Discount to value	1 − 17.48 / 11.65 = -50.0%
Return / year	About 7.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CNY 0.87/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CNY 0.82/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCNY 1.7B

Revenue

Owner earningsCNY 4.3B

Owner earnings

Operating margin32.3%

Operating margin

Net cash / debtCNY -13B

Net cash / debt

Diluted shares4.9B

Diluted shares

Prices 15 Oct 2026 · FY2025