# Shanghai Baosight Software Co Ltd A (600845.SHG)

Canonical: https://gigainvestors.com/s/600845.SHG

Analysis as of: 2026-10-16T07:36:37.180Z. Financial observations: FY1996–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 16.82 per share; close as of 2026-10-15.

Estimated value: low CNY 8.55 per share, central CNY 9.52 per share, high CNY 10.81 per share. Buy at or below the central value CNY 9.52 per share. Valuation as of 2026-10-16T07:36:37.180Z; scenarios are not confidence intervals.

Expected annual return: 6.6% at the stated quote. About 6.6% 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

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.11×

- FY2018: 0.09×

- FY2019: 0.15×

- FY2020: 0.15×

- FY2021: 0.17×

- FY2022: 0.18×

- FY2023: 0.22×

- FY2024: 0.18×

- FY2025: 0.14×

### moat: pass

- ROIC, median of available years: 26.9%

- ROIC, second-lowest year: 17.3%

- Typical minus recent gross margin: -0.9 pp

- Typical gross margin (annual median): 30.8%

- Recent gross margin (lower of latest and 3-year median): 31.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.8%

- ROIC including acquisitions, ten-year median: 18.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.3%

- FY2017: 18.3%

- FY2018: 17.3%

- FY2019: 23.5%

- FY2020: 41.1%

- FY2021: 37.1%

- FY2022: 40.9%

- FY2023: 42.3%

- FY2024: 30.3%

- FY2025: 17.8%

### economics: pass

- Owner earnings / net income, 5-yr: 0.86×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 8.7B

- Net income, five-year total: CNY 10B

- Return on incremental invested capital: 27.6%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 9.5 pp

- Working capital / revenue, final three-year average: 43.5%

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

- FY2021: 0.93×

- FY2022: 0.99×

- FY2023: 0.93×

- FY2024: 0.93×

- FY2025: 0.29×

### management: pass

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 17.3% vs 30.3%

- Per-share earnings: 0.14 to 0.79 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.8%

- Ordinary dilution, 5-year annual growth: 0.5%

- Market cap gain: CNY 43B

- Cumulative retained earnings: CNY 2.0B

- Diluted shares, 10-year annual growth: 1.8%

- Diluted shares, 5-year annual growth: 0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 24.4%

- Per-share value change: CNY 0.65

- Per-share value, starting three-year median: CNY 0.14

- Per-share value, ending three-year median: CNY 0.79

- Buybacks concentrated in cheaper years (correlation): 0.31

- Average buyback yield: 0.0%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 161M

- Cumulative net income, 10 years: CNY 14B

- ROIC, first three-year median: 17.3%

- ROIC, last three-year median: 30.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.14

- FY2017: CNY 0.17

- FY2018: CNY 0.16

- FY2019: CNY 0.32

- FY2020: CNY 0.48

- FY2021: CNY 0.62

- FY2022: CNY 0.77

- FY2023: CNY 0.89

- FY2024: CNY 0.79

- FY2025: CNY 0.45

### accounting: pass

- Sloan accruals: -3.8%

- Receivables to sales index (DSRI): 0.54×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.02×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.2%

- FY2017: -4.1%

- FY2018: -5.2%

- FY2019: -0.1%

- FY2020: -1.4%

- FY2021: -0.6%

- FY2022: -1.7%

- FY2023: -0.3%

- FY2024: 2.7%

- FY2025: -3.8%

## Holders

## Price story

Down 67% since Jun 2023 · sales -19.6%

Story as of 2026-10-16T10:00:07.764Z; price observation 2026-10-15.

Price needs cash profits to grow 9.1% a year for ten years

### Sales · FY2024–2025

sales -19.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 4.0B 

- FY2017: CNY 4.8B 

- FY2018: CNY 5.8B 

- FY2019: CNY 6.8B 

- FY2020: CNY 10B 

- FY2021: CNY 12B 

- FY2022: CNY 13B 

- FY2023: CNY 13B 

- FY2024: CNY 14B 

- FY2025: CNY 11B 

### Gross margin · FY2025

gross margin 31.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 28.8% 

- FY2017: 26.1% 

- FY2018: 24.5% 

- FY2019: 29.8% 

- FY2020: 28.6% 

- FY2021: 32.6% 

- FY2022: 32.9% 

- FY2023: 37.1% 

- FY2024: 34.9% 

- FY2025: 31.7% 

## Owner memo

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

### How it makes money

Operates in software application; annual sales are CNY 11 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2025: revenue 10971556121.99; grossProfit 3477181816.41; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600845.SHG: Shanghai Baosight Software Co.,Ltd. provides industrial solutions in China. The company offers information solutions, including manufacturing execution, integrated process quality management, and energy management systems. It provides smart storage systems, such as crane location tracking and unmanned automatic crane systems; and electromechanical equipment comprising industrial robots, bell-type furnaces, and surface inspection devices. In addition, the company provides automation solutions consisting of whole metallurgical and cold rolling processes. Shanghai Baosight Software Co.,Ltd. was founded in 1978 and is headquartered in Shanghai, China.

### Why customers stay

Margins ranged from 31.7% to 37.1% during 2023–25; it earns 26.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2023: grossProfit / revenue = 37.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2024: grossProfit / revenue = 34.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2025: grossProfit / revenue = 31.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); 10-year return on capital observations [[2016,0.12340469598087046],[2017,0.18316038839772178],[2018,0.1726189978225791],[2019,0.2352207455599321],[2020,0.4110170740696514],[2021,0.3705413566595948],[2022,0.4086735104955894],[2023,0.42336852416574305],[2024,0.303436665408095],[2025,0.17763985307424796]]; median 0.26932870548401355. 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 131.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2017: growth capex 151103463.9056425; upkeep 288243091.0943575; owner earnings 274274651.9056425. Growth capex / owner earnings = 0.5509202649817817.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2018: growth capex 234063766.84958434; upkeep 392493830.15041566; owner earnings 213597046.84958434. Growth capex / owner earnings = 1.0958193022884475.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2019: growth capex 267046016.29660594; upkeep 640973249.703394; owner earnings 424773411.29660594. Growth capex / owner earnings = 0.6286787477621477.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2020: growth capex 305301979; upkeep 322901396; owner earnings 1338123988. Growth capex / owner earnings = 0.22815671921128433.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2021: growth capex 359015040.3474291; upkeep 402788609.6525709; owner earnings 1684917258.673429. Growth capex / owner earnings = 0.21307576885412713.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2022: growth capex 0; upkeep 300887488; owner earnings 2157710751.516. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2023: growth capex 0; upkeep 376239905.83; owner earnings 2371840953.108. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2024: growth capex 77537417; upkeep 359179255; owner earnings 2108306979.826. Growth capex / owner earnings = 0.03677710017655931.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2025: growth capex 0; upkeep 1252497465.16; owner earnings 376509798.48399997. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); Dividend observations: [[2016,100075357],[2017,103468334],[2018,141803801],[2019,549455629],[2020,490660268],[2021,1059354192],[2022,1528260084],[2023,1606153762.69],[2024,2405706306],[2025,1735697516.35]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); FY2025: cash repurchases 131193090.12536573 CNY.

### Are managers owners

Insiders own 67.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600845.SHG SharesStats.PercentInsiders = 67.39 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.1% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.180Z); Ten-year compound average after fade. Initial solved rate 0.11710250922470833. Price 16.82; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.03683735090725742 → FY2025 0.13069540395548757. Closing-price date 2026-10-15.

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

- 2016-11: CNY 7.82 per share

- 2016-12: CNY 6.69 per share

- 2017-01: CNY 6.65 per share

- 2017-02: CNY 7.27 per share

- 2017-03: CNY 6.74 per share

- 2017-04: CNY 6.33 per share

- 2017-05: CNY 5.69 per share

- 2017-06: CNY 6.39 per share

- 2017-07: CNY 6.04 per share

- 2017-08: CNY 6.40 per share

- 2017-09: CNY 6.46 per share

- 2017-10: CNY 6.75 per share

- 2017-11: CNY 6.58 per share

- 2017-12: CNY 7.03 per share

- 2018-01: CNY 7.34 per share

- 2018-02: CNY 9.33 per share

- 2018-03: CNY 10.53 per share

- 2018-04: CNY 11.04 per share

- 2018-05: CNY 9.41 per share

- 2018-06: CNY 9.99 per share

- 2018-07: CNY 9.94 per share

- 2018-08: CNY 9.23 per share

- 2018-09: CNY 9.30 per share

- 2018-10: CNY 8.43 per share

- 2018-11: CNY 7.92 per share

- 2018-12: CNY 7.91 per share

- 2019-01: CNY 9.56 per share

- 2019-02: CNY 10.83 per share

- 2019-03: CNY 12.46 per share

- 2019-04: CNY 13.06 per share

- 2019-05: CNY 11.51 per share

- 2019-06: CNY 14.04 per share

- 2019-07: CNY 15.03 per share

- 2019-08: CNY 16.35 per share

- 2019-09: CNY 17.63 per share

- 2019-10: CNY 15.59 per share

- 2019-11: CNY 17.03 per share

- 2019-12: CNY 16.22 per share

- 2020-01: CNY 18.55 per share

- 2020-02: CNY 22.38 per share

- 2020-03: CNY 19.60 per share

- 2020-04: CNY 25.00 per share

- 2020-05: CNY 27.90 per share

- 2020-06: CNY 29.13 per share

- 2020-07: CNY 35.13 per share

- 2020-08: CNY 34.28 per share

- 2020-09: CNY 35.67 per share

- 2020-10: CNY 31.33 per share

- 2020-11: CNY 29.83 per share

- 2020-12: CNY 34.01 per share

- 2021-01: CNY 32.83 per share

- 2021-02: CNY 28.23 per share

- 2021-03: CNY 28.81 per share

- 2021-04: CNY 31.26 per share

- 2021-05: CNY 32.74 per share

- 2021-06: CNY 32.63 per share

- 2021-07: CNY 42.82 per share

- 2021-08: CNY 45.06 per share

- 2021-09: CNY 42.31 per share

- 2021-10: CNY 44.87 per share

- 2021-11: CNY 42.49 per share

- 2021-12: CNY 38.99 per share

- 2022-01: CNY 34.60 per share

- 2022-02: CNY 34.44 per share

- 2022-03: CNY 31.25 per share

- 2022-04: CNY 30.51 per share

- 2022-05: CNY 33.45 per share

- 2022-06: CNY 35.00 per share

- 2022-07: CNY 33.49 per share

- 2022-08: CNY 31.67 per share

- 2022-09: CNY 30.66 per share

- 2022-10: CNY 35.27 per share

- 2022-11: CNY 32.82 per share

- 2022-12: CNY 37.33 per share

- 2023-01: CNY 41.68 per share

- 2023-02: CNY 41.24 per share

- 2023-03: CNY 48.50 per share

- 2023-04: CNY 45.00 per share

- 2023-05: CNY 44.19 per share

- 2023-06: CNY 50.81 per share

- 2023-07: CNY 48.02 per share

- 2023-08: CNY 47.93 per share

- 2023-09: CNY 45.18 per share

- 2023-10: CNY 42.67 per share

- 2023-11: CNY 42.00 per share

- 2023-12: CNY 48.80 per share

- 2024-01: CNY 41.00 per share

- 2024-02: CNY 46.80 per share

- 2024-03: CNY 37.95 per share

- 2024-04: CNY 41.03 per share

- 2024-05: CNY 32.96 per share

- 2024-06: CNY 31.93 per share

- 2024-07: CNY 32.14 per share

- 2024-08: CNY 29.28 per share

- 2024-09: CNY 32.99 per share

- 2024-10: CNY 26.88 per share

- 2024-11: CNY 28.02 per share

- 2024-12: CNY 29.26 per share

- 2025-01: CNY 28.88 per share

- 2025-02: CNY 32.69 per share

- 2025-03: CNY 30.49 per share

- 2025-04: CNY 26.81 per share

- 2025-05: CNY 25.08 per share

- 2025-06: CNY 23.62 per share

- 2025-07: CNY 24.74 per share

- 2025-08: CNY 25.32 per share

- 2025-09: CNY 23.22 per share

- 2025-10: CNY 22.99 per share

- 2025-11: CNY 21.35 per share

- 2025-12: CNY 20.71 per share

- 2026-01: CNY 22.86 per share

- 2026-02: CNY 24.18 per share

- 2026-03: CNY 23.00 per share

- 2026-04: CNY 22.68 per share

- 2026-05: CNY 20.15 per share

- 2026-06: CNY 16.63 per share

- 2026-07: CNY 18.59 per share

- 2026-08: CNY 17.65 per share

- 2026-09: CNY 17.69 per share

- 2026-10: CNY 17.34 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 0.95 per share, central CNY 1.01 per share, high CNY 1.06 per share

- FY2017: low CNY 1.64 per share, central CNY 1.68 per share, high CNY 1.74 per share

- FY2018: low CNY 1.67 per share, central CNY 1.71 per share, high CNY 1.78 per share

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

- FY2020: low CNY 3.89 per share, central CNY 4.69 per share, high CNY 5.27 per share

- FY2021: low CNY 4.37 per share, central CNY 5.17 per share, high CNY 5.81 per share

- FY2022: low CNY 9.88 per share, central CNY 13.40 per share, high CNY 15.46 per share

- FY2023: low CNY 10.72 per share, central CNY 14.47 per share, high CNY 16.65 per share

- FY2024: low CNY 11.42 per share, central CNY 15.67 per share, high CNY 18.15 per share

- FY2025: low CNY 7.77 per share, central CNY 8.66 per share, high CNY 9.84 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

Prior published observations retained from 2026-10-15T06:42:18.328Z 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.