# Avic Shenyang Aircraft (600760.SHG)

Canonical: https://gigainvestors.com/s/600760.SHG

Analysis as of: 2026-10-16T07:34:50.445Z. 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 44.50 per share; close as of 2026-10-15.

Estimated value: low CNY 8.52 per share, central CNY 9.35 per share, high CNY 10.45 per share. Buy at or below the central value CNY 9.35 per share. Valuation as of 2026-10-16T07:34:50.445Z; scenarios are not confidence intervals.

Expected annual return: 4.1% at the stated quote. About 4.1% 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: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.03×

- FY2017: 0.04×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.06×

- FY2023: 0.07×

- FY2024: 0.09×

- FY2025: 0.09×

### moat: fail

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

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

- ROIC, median of available years: 18.9%

- ROIC, second-lowest year: 8.8%

- Typical minus recent gross margin: -3.0 pp

- Typical gross margin (annual median): 9.4%

- Recent gross margin (lower of latest and 3-year median): 12.4%

- Years with nonpositive capital: 6

- Capital spending / revenue: 2.9%

- ROIC including acquisitions, ten-year median: 42.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 67.9%

- FY2017: 8.8%

- FY2018: 8.7%

- FY2019: 55.0%

- FY2020: 14.6%

- FY2021: 15.1%

- FY2022: 17.8%

- FY2023: 19.9%

- FY2024: 47.4%

- FY2025: 24.7%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.60×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 8.4B

- Net income, five-year total: CNY 14B

- Return on incremental invested capital: 37.5%

- Working capital / revenue, annual change: -1.4 pp

- Working capital / revenue, change between three-year averages: -7.4 pp

- Working capital / revenue, final three-year average: 13.3%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.66×

- FY2024: 0.39×

- FY2025: 0.31×

### 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: 8.8% vs 24.7%

- Per-share earnings: 0.26 to 1.23 (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: 15.2%

- Ordinary dilution, 5-year annual growth: 1.1%

- Market cap gain: CNY 150B

- Cumulative retained earnings: CNY 12B

- Diluted shares, 10-year annual growth: 15.2%

- Diluted shares, 5-year annual growth: 1.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 21.4%

- Per-share value change: CNY 0.97

- Per-share value, starting three-year median: CNY 0.26

- Per-share value, ending three-year median: CNY 1.23

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 1.7B

- Cumulative net income, 10 years: CNY 18B

- ROIC, first three-year median: 8.8%

- ROIC, last three-year median: 24.7%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.83

- FY2017: CNY 0.26

- FY2018: CNY 0.28

- FY2019: CNY 0.33

- FY2020: CNY 0.56

- FY2021: CNY 0.60

- FY2022: CNY 0.84

- FY2023: CNY 1.09

- FY2024: CNY 1.23

- FY2025: CNY 1.26

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 7.5%

- Receivables to sales index (DSRI): 1.25×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -0.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.07×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 25.3%

- FY2017: -9.7%

- FY2018: 1.8%

- FY2019: 6.9%

- FY2020: -14.7%

- FY2021: -13.4%

- FY2022: -0.6%

- FY2023: 13.3%

- FY2024: 11.6%

- FY2025: 7.5%

## Holders

## Price story

Down 38% since Sep 2025 · sales +4.2%

Story as of 2026-10-16T10:00:02.737Z; price observation 2026-10-15.

Price needs cash profits to grow 24.3% a year for ten years

### Sales · FY2024–2025

sales +4.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 18B 

- FY2017: CNY 19B 

- FY2018: CNY 20B 

- FY2019: CNY 24B 

- FY2020: CNY 27B 

- FY2021: CNY 35B 

- FY2022: CNY 42B 

- FY2023: CNY 46B 

- FY2024: CNY 43B 

- FY2025: CNY 45B 

### Gross margin · FY2025

gross margin 13.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 8.1% 

- FY2017: 9.6% 

- FY2018: 9.2% 

- FY2019: 8.6% 

- FY2020: 9.1% 

- FY2021: 9.9% 

- FY2022: 9.3% 

- FY2023: 10.8% 

- FY2024: 12.4% 

- FY2025: 13.7% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are CNY 44.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2025: revenue 44655784258.86; grossProfit 6115973899.35; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600760.SHG: AVIC Shenyang Aircraft Company Limited manufactures and markets aviation products in China. It offers aviation defense equipment, military aircraft, and civil aviation products; and aircraft maintenance services. The company was formerly known as Zhonghangheibao Co.,Ltd. AVIC Shenyang Aircraft Company Limited was founded in 1993 and is based in Shenyang, China. AVIC Shenyang Aircraft Company Limited is a subsidiary of Aviation Industry Corporation of China,Ltd.

### Why customers stay

Margins ranged from 10.8% to 13.7% during 2023–25; it earns 18.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2023: grossProfit / revenue = 10.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2024: grossProfit / revenue = 12.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2025: grossProfit / revenue = 13.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); 10-year return on capital observations [[2016,0.6789504578641071],[2017,0.08785222814941322],[2018,0.08740681010780152],[2019,0.5498511424760083],[2020,0.1464644817425437],[2021,0.15101659351766228],[2022,0.17769225382540318],[2023,0.1994617182510591],[2024,0.4740093169933923],[2025,0.24713814779541768]]; median 0.18857698603823114. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 9% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); Gross margin observations: [[2021,0.09876107813092061],[2022,0.09309883769914623],[2023,0.10757458853097522]]; range within 2 percentage points.

### Where the cash goes

Spends 26.6% of cash earnings on expansion; earns 37.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2016: growth capex 0; upkeep 36036234.98; owner earnings 1039047896.02. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2017: growth capex 180154408.42999995; upkeep 500588714; owner earnings 706776070. Growth capex / owner earnings = 0.2548960216352542.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2018: growth capex 105343000.00999999; upkeep 506906476; owner earnings 743239360. Growth capex / owner earnings = 0.14173495872177705.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2019: growth capex 0; upkeep 561222400.07; owner earnings 882810797.93. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2020: growth capex 65163968.59000003; upkeep 676889288; owner earnings 1480199043. Growth capex / owner earnings = 0.04402378781297458.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2021: growth capex 179044491.5; upkeep 763878154; owner earnings 1711718009.896. Growth capex / owner earnings = 0.10459929174366656.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2022: growth capex 279747070.25; upkeep 780339545; owner earnings 2303956683.39. Growth capex / owner earnings = 0.12142028201605998.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2023: growth capex 708132876.283736; upkeep 1855002543.716264; owner earnings 1986309973.149736. Growth capex / owner earnings = 0.3565067315051708.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2024: growth capex 0; upkeep 3053215549; owner earnings 1338072722.4224367. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); FY2025: growth capex 285596902.26629066; upkeep 3594309716.3137093; owner earnings 1075378782.0682912. Growth capex / owner earnings = 0.2655779591605835.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); Incremental return on capital 0.3754563392911511, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); Dividend observations: [[2016,39005737.19],[2017,70729557.73],[2018,19674322.3],[2019,23516204.6],[2020,210054084],[2021,453730436],[2022,690815881],[2023,789446724],[2024,1101773697],[2025,1102244433.24]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 67.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600760.SHG SharesStats.PercentInsiders = 67.744 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 24.3% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:50.445Z); Ten-year compound average after fade. Initial solved rate 0.3415736051591921. Price 44.5; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.2115190568808643 → FY2025 0.38518182682183716. Closing-price date 2026-10-15.

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

- 2016-11: CNY 4.97 per share

- 2016-12: CNY 9.84 per share

- 2017-01: CNY 12.61 per share

- 2017-02: CNY 14.96 per share

- 2017-03: CNY 17.04 per share

- 2017-04: CNY 16.54 per share

- 2017-05: CNY 14.56 per share

- 2017-06: CNY 16.90 per share

- 2017-07: CNY 14.57 per share

- 2017-08: CNY 15.77 per share

- 2017-09: CNY 17.17 per share

- 2017-10: CNY 15.45 per share

- 2017-11: CNY 16.35 per share

- 2017-12: CNY 17.80 per share

- 2018-01: CNY 15.16 per share

- 2018-02: CNY 14.92 per share

- 2018-03: CNY 17.59 per share

- 2018-04: CNY 19.69 per share

- 2018-05: CNY 17.31 per share

- 2018-06: CNY 18.39 per share

- 2018-07: CNY 19.40 per share

- 2018-08: CNY 18.36 per share

- 2018-09: CNY 19.44 per share

- 2018-10: CNY 17.04 per share

- 2018-11: CNY 16.54 per share

- 2018-12: CNY 14.14 per share

- 2019-01: CNY 15.04 per share

- 2019-02: CNY 17.19 per share

- 2019-03: CNY 16.71 per share

- 2019-04: CNY 15.66 per share

- 2019-05: CNY 14.83 per share

- 2019-06: CNY 14.81 per share

- 2019-07: CNY 15.36 per share

- 2019-08: CNY 16.78 per share

- 2019-09: CNY 15.82 per share

- 2019-10: CNY 15.01 per share

- 2019-11: CNY 14.34 per share

- 2019-12: CNY 16.12 per share

- 2020-01: CNY 14.80 per share

- 2020-02: CNY 14.18 per share

- 2020-03: CNY 14.61 per share

- 2020-04: CNY 17.09 per share

- 2020-05: CNY 17.14 per share

- 2020-06: CNY 16.74 per share

- 2020-07: CNY 32.62 per share

- 2020-08: CNY 30.13 per share

- 2020-09: CNY 29.23 per share

- 2020-10: CNY 26.44 per share

- 2020-11: CNY 30.98 per share

- 2020-12: CNY 39.89 per share

- 2021-01: CNY 39.21 per share

- 2021-02: CNY 41.38 per share

- 2021-03: CNY 33.12 per share

- 2021-04: CNY 29.46 per share

- 2021-05: CNY 39.68 per share

- 2021-06: CNY 43.07 per share

- 2021-07: CNY 48.45 per share

- 2021-08: CNY 58.61 per share

- 2021-09: CNY 48.81 per share

- 2021-10: CNY 53.93 per share

- 2021-11: CNY 52.13 per share

- 2021-12: CNY 48.60 per share

- 2022-01: CNY 36.86 per share

- 2022-02: CNY 40.03 per share

- 2022-03: CNY 40.21 per share

- 2022-04: CNY 35.64 per share

- 2022-05: CNY 39.91 per share

- 2022-06: CNY 43.18 per share

- 2022-07: CNY 43.69 per share

- 2022-08: CNY 41.97 per share

- 2022-09: CNY 43.54 per share

- 2022-10: CNY 51.76 per share

- 2022-11: CNY 44.45 per share

- 2022-12: CNY 41.88 per share

- 2023-01: CNY 43.61 per share

- 2023-02: CNY 41.30 per share

- 2023-03: CNY 38.46 per share

- 2023-04: CNY 41.08 per share

- 2023-05: CNY 42.09 per share

- 2023-06: CNY 45.00 per share

- 2023-07: CNY 42.86 per share

- 2023-08: CNY 44.55 per share

- 2023-09: CNY 42.85 per share

- 2023-10: CNY 42.18 per share

- 2023-11: CNY 42.05 per share

- 2023-12: CNY 42.18 per share

- 2024-01: CNY 35.44 per share

- 2024-02: CNY 38.27 per share

- 2024-03: CNY 36.39 per share

- 2024-04: CNY 38.70 per share

- 2024-05: CNY 39.60 per share

- 2024-06: CNY 40.10 per share

- 2024-07: CNY 43.29 per share

- 2024-08: CNY 41.22 per share

- 2024-09: CNY 46.71 per share

- 2024-10: CNY 46.39 per share

- 2024-11: CNY 49.49 per share

- 2024-12: CNY 50.72 per share

- 2025-01: CNY 46.56 per share

- 2025-02: CNY 43.54 per share

- 2025-03: CNY 42.28 per share

- 2025-04: CNY 42.66 per share

- 2025-05: CNY 48.03 per share

- 2025-06: CNY 58.62 per share

- 2025-07: CNY 64.72 per share

- 2025-08: CNY 63.47 per share

- 2025-09: CNY 71.83 per share

- 2025-10: CNY 61.08 per share

- 2025-11: CNY 58.71 per share

- 2025-12: CNY 56.15 per share

- 2026-01: CNY 54.98 per share

- 2026-02: CNY 55.34 per share

- 2026-03: CNY 49.10 per share

- 2026-04: CNY 46.97 per share

- 2026-05: CNY 42.98 per share

- 2026-06: CNY 41.10 per share

- 2026-07: CNY 43.44 per share

- 2026-08: CNY 46.92 per share

- 2026-09: CNY 43.63 per share

- 2026-10: CNY 45.34 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 0.98 per share, central CNY 1.40 per share, high CNY 1.65 per share

- FY2017: low CNY 4.55 per share, central CNY 5.10 per share, high CNY 5.43 per share

- FY2018: low CNY 7.16 per share, central CNY 8.78 per share, high CNY 9.72 per share

- FY2019: low CNY 7.21 per share, central CNY 9.15 per share, high CNY 10.28 per share

- FY2020: low CNY 8.78 per share, central CNY 9.36 per share, high CNY 10.13 per share

- FY2021: low CNY 12.26 per share, central CNY 12.94 per share, high CNY 13.84 per share

- FY2022: low CNY 16.07 per share, central CNY 17.20 per share, high CNY 18.70 per share

- FY2023: low CNY 16.56 per share, central CNY 21.37 per share, high CNY 24.18 per share

- FY2024: low CNY 13.67 per share, central CNY 18.13 per share, high CNY 20.73 per share

- FY2025: low CNY 12.48 per share, central CNY 16.48 per share, high CNY 18.81 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

Prior published observations retained from 2026-10-15T06:40:34.577Z where newer inputs omit a numeric field or fiscal period.

## 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.