# SDIC Power Holdings (600886.SHG)

Canonical: https://gigainvestors.com/s/600886.SHG

Analysis as of: 2026-10-16T07:34:47.109Z. 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 16.16 per share; close as of 2026-10-15.

Estimated value: low CNY 5.73 per share, central CNY 6.81 per share, high CNY 7.69 per share. Buy at or below the central value CNY 6.81 per share. Valuation as of 2026-10-16T07:34:47.109Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% 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: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.29×

- FY2017: 0.24×

- FY2018: 0.24×

- FY2019: 0.24×

- FY2020: 0.30×

- FY2021: 0.15×

- FY2022: 0.19×

- FY2023: 0.25×

- FY2024: 0.27×

- FY2025: 0.34×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 5.2%

- ROIC, second-lowest year: 4.2%

- Typical minus recent gross margin: 2.3 pp

- Typical gross margin (annual median): 39.7%

- Recent gross margin (lower of latest and 3-year median): 37.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 32.9%

- ROIC including acquisitions, ten-year median: 1.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.1%

- FY2017: 4.2%

- FY2018: 5.1%

- FY2019: 5.3%

- FY2020: 5.8%

- FY2021: 2.9%

- FY2022: 4.2%

- FY2023: 6.6%

- FY2024: 6.0%

- FY2025: 7.7%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 17B

- Net income, five-year total: CNY 27B

- Return on incremental invested capital: 8.7%

- Working capital / revenue, annual change: 2.3 pp

- Working capital / revenue, change between three-year averages: 17.4 pp

- Working capital / revenue, final three-year average: 16.0%

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

- FY2021: 0.97×

- FY2022: 0.99×

- FY2023: 0.99×

- FY2024: 0.41×

- FY2025: 0.14×

### 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: 5.1% vs 6.6%

- Per-share earnings: 0.58 to 0.88 (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: 1.7%

- Ordinary dilution, 5-year annual growth: 3.0%

- Market cap gain: CNY 61B

- Cumulative retained earnings: CNY 22B

- Diluted shares, 10-year annual growth: 1.7%

- Diluted shares, 5-year annual growth: 3.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.3%

- Per-share value change: CNY 0.30

- Per-share value, starting three-year median: CNY 0.58

- Per-share value, ending three-year median: CNY 0.88

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 2.3B

- Cumulative net income, 10 years: CNY 49B

- ROIC, first three-year median: 5.1%

- ROIC, last three-year median: 6.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.58

- FY2017: CNY 0.48

- FY2018: CNY 0.64

- FY2019: CNY 0.65

- FY2020: CNY 0.79

- FY2021: CNY 0.29

- FY2022: CNY 0.52

- FY2023: CNY 0.88

- FY2024: CNY 0.87

- FY2025: CNY 0.92

### accounting: pass

- Sloan accruals: -7.7%

- Receivables to sales index (DSRI): 0.68×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.09×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.5%

- FY2017: -7.2%

- FY2018: -6.7%

- FY2019: -6.9%

- FY2020: -6.7%

- FY2021: -5.0%

- FY2022: -6.9%

- FY2023: -5.3%

- FY2024: -6.1%

- FY2025: -7.7%

## Holders

## Price story

Price needs cash profits to grow 16.4% a year for ten years · sales -8.3%

Story as of 2026-10-16T10:00:02.475Z; price observation 2026-10-15.

Price needs cash profits to grow 16.4% a year for ten years

### Sales · FY2024–2025

sales -8.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 29B 

- FY2017: CNY 32B 

- FY2018: CNY 41B 

- FY2019: CNY 42B 

- FY2020: CNY 39B 

- FY2021: CNY 44B 

- FY2022: CNY 50B 

- FY2023: CNY 57B 

- FY2024: CNY 58B 

- FY2025: CNY 53B 

### Gross margin · FY2025

gross margin 41.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 48.4% 

- FY2017: 40.6% 

- FY2018: 40.4% 

- FY2019: 39.0% 

- FY2020: 44.8% 

- FY2021: 28.9% 

- FY2022: 31.7% 

- FY2023: 36.0% 

- FY2024: 37.4% 

- FY2025: 41.1% 

## Owner memo

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

### How it makes money

Operates in utilities renewable; annual sales are CNY 53 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2025: revenue 53014434927.3; grossProfit 21808449780.44; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 36% to 41.1% during 2023–25; it earns 5.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2023: grossProfit / revenue = 36%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2024: grossProfit / revenue = 37.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2025: grossProfit / revenue = 41.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); 10-year return on capital observations [[2016,0.050863573620777834],[2017,0.04237649509161203],[2018,0.05077204821120433],[2019,0.05346203062133652],[2020,0.05765784002437253],[2021,0.02930651950338065],[2022,0.04205659763986838],[2023,0.06556249374674973],[2024,0.05993745084554012],[2025,0.07735374017519087]]; median 0.05216280212105717. 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 2026-10-16T07:34:47.109Z); FY2017: growth capex 5090479721.1; upkeep 6564228000; owner earnings 3232300000. Growth capex / owner earnings = 1.5748784831544103.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2018: growth capex 3078944626.459999; upkeep 7165819000; owner earnings 4364098000. Growth capex / owner earnings = 0.7055168390948139.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2019: growth capex 2515278678.7800007; upkeep 7528735000; owner earnings 4755461000. Growth capex / owner earnings = 0.5289242575598876.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2020: growth capex 0; upkeep 10190435448.88; owner earnings 2504772551.120001. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2021: growth capex 722365858.8899994; upkeep 8554997000; owner earnings 2386669047.154. Growth capex / owner earnings = 0.3026669574281317.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2022: growth capex 5624397410.25; upkeep 9581175000; owner earnings 4031184220.011208. Growth capex / owner earnings = 1.395222124141566.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2023: growth capex 10427872300.23; upkeep 9824644000; owner earnings 6613587386.430094. Growth capex / owner earnings = 1.576734635974742.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2024: growth capex 4693861325.481453; upkeep 17072503674.518547; owner earnings 2733412234.2423363. Growth capex / owner earnings = 1.7172167690917377.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); FY2025: growth capex 0; upkeep 21438333922.52; owner earnings 1007430814.0617867. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); Dividend observations: [[2016,7727367542.74],[2017,7290692224.11],[2018,7311495421.75],[2019,1526855265],[2020,1664611528],[2021,1950444537],[2022,1218758396],[2023,7011545488],[2024,8497826000],[2025,7882360007.77]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 64.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600886.SHG SharesStats.PercentInsiders = 64.075 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 16.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:47.109Z); Ten-year compound average after fade. Initial solved rate 0.22436714639495653. Price 16.16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.7080622947930698 → FY2025 0.12489699150078695. Closing-price date 2026-10-15.

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

- 2016-10: CNY 6.56 per share

- 2016-11: CNY 6.98 per share

- 2016-12: CNY 6.67 per share

- 2017-01: CNY 6.88 per share

- 2017-02: CNY 7.03 per share

- 2017-03: CNY 7.53 per share

- 2017-04: CNY 7.49 per share

- 2017-05: CNY 7.80 per share

- 2017-06: CNY 7.90 per share

- 2017-07: CNY 8.24 per share

- 2017-08: CNY 7.44 per share

- 2017-09: CNY 7.34 per share

- 2017-10: CNY 7.50 per share

- 2017-11: CNY 7.52 per share

- 2017-12: CNY 7.34 per share

- 2018-01: CNY 7.19 per share

- 2018-02: CNY 6.88 per share

- 2018-03: CNY 7.11 per share

- 2018-04: CNY 6.81 per share

- 2018-05: CNY 7.54 per share

- 2018-06: CNY 7.27 per share

- 2018-07: CNY 7.81 per share

- 2018-08: CNY 7.37 per share

- 2018-09: CNY 7.68 per share

- 2018-10: CNY 7.11 per share

- 2018-11: CNY 7.30 per share

- 2018-12: CNY 8.05 per share

- 2019-01: CNY 8.13 per share

- 2019-02: CNY 8.08 per share

- 2019-03: CNY 8.30 per share

- 2019-04: CNY 8.07 per share

- 2019-05: CNY 7.87 per share

- 2019-06: CNY 7.77 per share

- 2019-07: CNY 8.52 per share

- 2019-08: CNY 9.69 per share

- 2019-09: CNY 9.01 per share

- 2019-10: CNY 8.34 per share

- 2019-11: CNY 8.37 per share

- 2019-12: CNY 9.18 per share

- 2020-01: CNY 8.16 per share

- 2020-02: CNY 7.56 per share

- 2020-03: CNY 7.94 per share

- 2020-04: CNY 7.69 per share

- 2020-05: CNY 7.55 per share

- 2020-06: CNY 7.86 per share

- 2020-07: CNY 8.62 per share

- 2020-08: CNY 9.06 per share

- 2020-09: CNY 9.02 per share

- 2020-10: CNY 9.24 per share

- 2020-11: CNY 9.47 per share

- 2020-12: CNY 8.64 per share

- 2021-01: CNY 8.69 per share

- 2021-02: CNY 8.35 per share

- 2021-03: CNY 9.93 per share

- 2021-04: CNY 9.90 per share

- 2021-05: CNY 9.65 per share

- 2021-06: CNY 9.61 per share

- 2021-07: CNY 8.49 per share

- 2021-08: CNY 9.06 per share

- 2021-09: CNY 12.06 per share

- 2021-10: CNY 10.55 per share

- 2021-11: CNY 9.95 per share

- 2021-12: CNY 11.47 per share

- 2022-01: CNY 10.00 per share

- 2022-02: CNY 10.02 per share

- 2022-03: CNY 9.34 per share

- 2022-04: CNY 9.68 per share

- 2022-05: CNY 10.34 per share

- 2022-06: CNY 10.50 per share

- 2022-07: CNY 10.33 per share

- 2022-08: CNY 11.15 per share

- 2022-09: CNY 10.74 per share

- 2022-10: CNY 10.10 per share

- 2022-11: CNY 11.00 per share

- 2022-12: CNY 10.83 per share

- 2023-01: CNY 10.54 per share

- 2023-02: CNY 10.83 per share

- 2023-03: CNY 10.81 per share

- 2023-04: CNY 11.79 per share

- 2023-05: CNY 13.19 per share

- 2023-06: CNY 12.65 per share

- 2023-07: CNY 12.72 per share

- 2023-08: CNY 12.71 per share

- 2023-09: CNY 11.77 per share

- 2023-10: CNY 12.20 per share

- 2023-11: CNY 12.40 per share

- 2023-12: CNY 13.18 per share

- 2024-01: CNY 14.01 per share

- 2024-02: CNY 14.41 per share

- 2024-03: CNY 15.05 per share

- 2024-04: CNY 16.03 per share

- 2024-05: CNY 17.72 per share

- 2024-06: CNY 18.24 per share

- 2024-07: CNY 16.99 per share

- 2024-08: CNY 15.40 per share

- 2024-09: CNY 16.95 per share

- 2024-10: CNY 15.21 per share

- 2024-11: CNY 15.26 per share

- 2024-12: CNY 16.62 per share

- 2025-01: CNY 14.41 per share

- 2025-02: CNY 14.25 per share

- 2025-03: CNY 14.43 per share

- 2025-04: CNY 15.06 per share

- 2025-05: CNY 15.66 per share

- 2025-06: CNY 14.74 per share

- 2025-07: CNY 15.75 per share

- 2025-08: CNY 14.33 per share

- 2025-09: CNY 13.06 per share

- 2025-10: CNY 14.35 per share

- 2025-11: CNY 13.77 per share

- 2025-12: CNY 13.12 per share

- 2026-01: CNY 12.75 per share

- 2026-02: CNY 13.25 per share

- 2026-03: CNY 14.16 per share

- 2026-04: CNY 13.63 per share

- 2026-05: CNY 14.30 per share

- 2026-06: CNY 13.31 per share

- 2026-07: CNY 15.25 per share

- 2026-08: CNY 13.70 per share

- 2026-09: CNY 15.24 per share

- 2026-10: CNY 15.88 per share

## Annual estimated value (CNY per share)

- FY2017: low CNY 5.87 per share, central CNY 6.59 per share, high CNY 7.54 per share

- FY2018: low CNY 8.07 per share, central CNY 9.26 per share, high CNY 10.59 per share

- FY2019: low CNY 9.27 per share, central CNY 12.75 per share, high CNY 14.77 per share

- FY2020: low CNY 8.71 per share, central CNY 11.08 per share, high CNY 12.73 per share

- FY2021: low CNY 6.70 per share, central CNY 7.57 per share, high CNY 8.65 per share

- FY2022: low CNY 7.03 per share, central CNY 8.79 per share, high CNY 10.15 per share

- FY2023: low CNY 8.26 per share, central CNY 10.77 per share, high CNY 12.48 per share

- FY2024: low CNY 5.91 per share, central CNY 6.64 per share, high CNY 7.60 per share

- FY2025: low CNY 5.82 per share, central CNY 6.94 per share, high CNY 7.85 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.

SDIC Power Holdings

600886 · SHG

CSI 300

Not a wonderful business

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

Share price: CNY 16.16
Buy up to: CNY 6.81
Expected / yr: 5.5% 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 21.1% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 24.4%
Worst year: 14.7%
Latest · 2025: 34.3%

Capital return excluding acquisitions: median 5.2% (minimum 15%), and the second-worst year 4.2% (minimum 10%).

ROIC excluding acquisitions

10y median: 5.2%
Worst year: 2.9%
Latest · 2025: 7.7%

Each $1 of profit left $0.61 for owners over five years (minimum $0.80), and new investment earned 8.7% (minimum 12%), and working capital rose 17.4% of sales (limit 10%) to 16% (waived at zero or below).

Annual owner cash / profit

Five-year totals: 0.61×
Annual median: 0.97×
Latest · 2025: 0.14×

Share growth was 1.7% over ten years and 3% over five (either must be at most 1% a year).

Earnings per share

10y median: CNY 0.65
Worst year: CNY 0.29
Latest · 2025: CNY 0.92

Profits were backed by cash: accruals were -7.7% of assets (limit 10%).

Sloan accruals

10y median: -6.8%
Worst year: -5.0%
Latest · 2025: -7.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 25.0%, three-year average owner earnings per share 0.45 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CNY 6.56; 2016-11 · Price CNY 6.98; 2016-12 · Price CNY 6.67; 2017-01 · Price CNY 6.88 · Value 6.59 · Buy at or below 6.59; 2017-02 · Price CNY 7.03 · Value 6.59 · Buy at or below 6.59; 2017-03 · Price CNY 7.53 · Value 6.59 · Buy at or below 6.59; 2017-04 · Price CNY 7.49 · Value 6.59 · Buy at or below 6.59; 2017-05 · Price CNY 7.80 · Value 6.59 · Buy at or below 6.59; 2017-06 · Price CNY 7.90 · Value 6.59 · Buy at or below 6.59; 2017-07 · Price CNY 8.24 · Value 6.59 · Buy at or below 6.59; 2017-08 · Price CNY 7.44 · Value 6.59 · Buy at or below 6.59; 2017-09 · Price CNY 7.34 · Value 6.59 · Buy at or below 6.59; 2017-10 · Price CNY 7.50 · Value 6.59 · Buy at or below 6.59; 2017-11 · Price CNY 7.52 · Value 6.59 · Buy at or below 6.59; 2017-12 · Price CNY 7.34 · Value 6.59 · Buy at or below 6.59; 2018-01 · Price CNY 7.19 · Value 6.59 · Buy at or below 6.59; 2018-02 · Price CNY 6.88 · Value 9.26 · Buy at or below 9.26; 2018-03 · Price CNY 7.11 · Value 9.26 · Buy at or below 9.26; 2018-04 · Price CNY 6.81 · Value 9.26 · Buy at or below 9.26; 2018-05 · Price CNY 7.54 · Value 9.26 · Buy at or below 9.26; 2018-06 · Price CNY 7.27 · Value 9.26 · Buy at or below 9.26; 2018-07 · Price CNY 7.81 · Value 9.26 · Buy at or below 9.26; 2018-08 · Price CNY 7.37 · Value 9.26 · Buy at or below 9.26; 2018-09 · Price CNY 7.68 · Value 9.26 · Buy at or below 9.26; 2018-10 · Price CNY 7.11 · Value 9.26 · Buy at or below 9.26; 2018-11 · Price CNY 7.30 · Value 9.26 · Buy at or below 9.26; 2018-12 · Price CNY 8.05 · Value 9.26 · Buy at or below 9.26; 2019-01 · Price CNY 8.13 · Value 9.26 · Buy at or below 9.26; 2019-02 · Price CNY 8.08 · Value 12.75 · Buy at or below 12.75; 2019-03 · Price CNY 8.30 · Value 12.75 · Buy at or below 12.75; 2019-04 · Price CNY 8.07 · Value 12.75 · Buy at or below 12.75; 2019-05 · Price CNY 7.87 · Value 12.75 · Buy at or below 12.75; 2019-06 · Price CNY 7.77 · Value 12.75 · Buy at or below 12.75; 2019-07 · Price CNY 8.52 · Value 12.75 · Buy at or below 12.75; 2019-08 · Price CNY 9.69 · Value 12.75 · Buy at or below 12.75; 2019-09 · Price CNY 9.01 · Value 12.75 · Buy at or below 12.75; 2019-10 · Price CNY 8.34 · Value 12.75 · Buy at or below 12.75; 2019-11 · Price CNY 8.37 · Value 12.75 · Buy at or below 12.75; 2019-12 · Price CNY 9.18 · Value 12.75 · Buy at or below 12.75; 2020-01 · Price CNY 8.16 · Value 12.75 · Buy at or below 12.75; 2020-02 · Price CNY 7.56 · Value 11.08 · Buy at or below 11.08; 2020-03 · Price CNY 7.94 · Value 11.08 · Buy at or below 11.08; 2020-04 · Price CNY 7.69 · Value 11.08 · Buy at or below 11.08; 2020-05 · Price CNY 7.55 · Value 11.08 · Buy at or below 11.08; 2020-06 · Price CNY 7.86 · Value 11.08 · Buy at or below 11.08; 2020-07 · Price CNY 8.62 · Value 11.08 · Buy at or below 11.08; 2020-08 · Price CNY 9.06 · Value 11.08 · Buy at or below 11.08; 2020-09 · Price CNY 9.02 · Value 11.08 · Buy at or below 11.08; 2020-10 · Price CNY 9.24 · Value 11.08 · Buy at or below 11.08; 2020-11 · Price CNY 9.47 · Value 11.08 · Buy at or below 11.08; 2020-12 · Price CNY 8.64 · Value 11.08 · Buy at or below 11.08; 2021-01 · Price CNY 8.69 · Value 11.08 · Buy at or below 11.08; 2021-02 · Price CNY 8.35 · Value 7.57 · Buy at or below 7.57; 2021-03 · Price CNY 9.93 · Value 7.57 · Buy at or below 7.57; 2021-04 · Price CNY 9.90 · Value 7.57 · Buy at or below 7.57; 2021-05 · Price CNY 9.65 · Value 7.57 · Buy at or below 7.57; 2021-06 · Price CNY 9.61 · Value 7.57 · Buy at or below 7.57; 2021-07 · Price CNY 8.49 · Value 7.57 · Buy at or below 7.57; 2021-08 · Price CNY 9.06 · Value 7.57 · Buy at or below 7.57; 2021-09 · Price CNY 12.06 · Value 7.57 · Buy at or below 7.57; 2021-10 · Price CNY 10.55 · Value 7.57 · Buy at or below 7.57; 2021-11 · Price CNY 9.95 · Value 7.57 · Buy at or below 7.57; 2021-12 · Price CNY 11.47 · Value 7.57 · Buy at or below 7.57; 2022-01 · Price CNY 10.00 · Value 7.57 · Buy at or below 7.57; 2022-02 · Price CNY 10.02 · Value 8.79 · Buy at or below 8.79; 2022-03 · Price CNY 9.34 · Value 8.79 · Buy at or below 8.79; 2022-04 · Price CNY 9.68 · Value 8.79 · Buy at or below 8.79; 2022-05 · Price CNY 10.34 · Value 8.79 · Buy at or below 8.79; 2022-06 · Price CNY 10.50 · Value 8.79 · Buy at or below 8.79; 2022-07 · Price CNY 10.33 · Value 8.79 · Buy at or below 8.79; 2022-08 · Price CNY 11.15 · Value 8.79 · Buy at or below 8.79; 2022-09 · Price CNY 10.74 · Value 8.79 · Buy at or below 8.79; 2022-10 · Price CNY 10.10 · Value 8.79 · Buy at or below 8.79; 2022-11 · Price CNY 11.00 · Value 8.79 · Buy at or below 8.79; 2022-12 · Price CNY 10.83 · Value 8.79 · Buy at or below 8.79; 2023-01 · Price CNY 10.54 · Value 8.79 · Buy at or below 8.79; 2023-02 · Price CNY 10.83 · Value 10.77 · Buy at or below 10.77; 2023-03 · Price CNY 10.81 · Value 10.77 · Buy at or below 10.77; 2023-04 · Price CNY 11.79 · Value 10.77 · Buy at or below 10.77; 2023-05 · Price CNY 13.19 · Value 10.77 · Buy at or below 10.77; 2023-06 · Price CNY 12.65 · Value 10.77 · Buy at or below 10.77; 2023-07 · Price CNY 12.72 · Value 10.77 · Buy at or below 10.77; 2023-08 · Price CNY 12.71 · Value 10.77 · Buy at or below 10.77; 2023-09 · Price CNY 11.77 · Value 10.77 · Buy at or below 10.77; 2023-10 · Price CNY 12.20 · Value 10.77 · Buy at or below 10.77; 2023-11 · Price CNY 12.40 · Value 10.77 · Buy at or below 10.77; 2023-12 · Price CNY 13.18 · Value 10.77 · Buy at or below 10.77; 2024-01 · Price CNY 14.01 · Value 10.77 · Buy at or below 10.77; 2024-02 · Price CNY 14.41 · Value 6.64 · Buy at or below 6.64; 2024-03 · Price CNY 15.05 · Value 6.64 · Buy at or below 6.64; 2024-04 · Price CNY 16.03 · Value 6.64 · Buy at or below 6.64; 2024-05 · Price CNY 17.72 · Value 6.64 · Buy at or below 6.64; 2024-06 · Price CNY 18.24 · Value 6.64 · Buy at or below 6.64; 2024-07 · Price CNY 16.99 · Value 6.64 · Buy at or below 6.64; 2024-08 · Price CNY 15.40 · Value 6.64 · Buy at or below 6.64; 2024-09 · Price CNY 16.95 · Value 6.64 · Buy at or below 6.64; 2024-10 · Price CNY 15.21 · Value 6.64 · Buy at or below 6.64; 2024-11 · Price CNY 15.26 · Value 6.64 · Buy at or below 6.64; 2024-12 · Price CNY 16.62 · Value 6.64 · Buy at or below 6.64; 2025-01 · Price CNY 14.41 · Value 6.64 · Buy at or below 6.64; 2025-02 · Price CNY 14.25 · Value 6.94 · Buy at or below 6.94; 2025-03 · Price CNY 14.43 · Value 6.94 · Buy at or below 6.94; 2025-04 · Price CNY 15.06 · Value 6.94 · Buy at or below 6.94; 2025-05 · Price CNY 15.66 · Value 6.94 · Buy at or below 6.94; 2025-06 · Price CNY 14.74 · Value 6.94 · Buy at or below 6.94; 2025-07 · Price CNY 15.75 · Value 6.94 · Buy at or below 6.94; 2025-08 · Price CNY 14.33 · Value 6.94 · Buy at or below 6.94; 2025-09 · Price CNY 13.06 · Value 6.94 · Buy at or below 6.94; 2025-10 · Price CNY 14.35 · Value 6.94 · Buy at or below 6.94; 2025-11 · Price CNY 13.77 · Value 6.94 · Buy at or below 6.94; 2025-12 · Price CNY 13.12 · Value 6.94 · Buy at or below 6.94; 2026-01 · Price CNY 12.75 · Value 6.94 · Buy at or below 6.94; 2026-02 · Price CNY 13.25 · Value 6.81 · Buy at or below 6.81; 2026-03 · Price CNY 14.16 · Value 6.81 · Buy at or below 6.81; 2026-04 · Price CNY 13.63 · Value 6.81 · Buy at or below 6.81; 2026-05 · Price CNY 14.30 · Value 6.81 · Buy at or below 6.81; 2026-06 · Price CNY 13.31 · Value 6.81 · Buy at or below 6.81; 2026-07 · Price CNY 15.25 · Value 6.81 · Buy at or below 6.81; 2026-08 · Price CNY 13.70 · Value 6.81 · Buy at or below 6.81; 2026-09 · Price CNY 15.24 · Value 6.81 · Buy at or below 6.81; 2026-10 · Price CNY 15.88 · Value 6.81 · Buy at or below 6.81; 2026-10 · Price CNY 16.16 · Value 6.81 · Buy at or below 6.81

CNY per share · annual estimates

Price & return math
Value range	CNY 5.73 – CNY 7.69
Buy at or below	Central value CNY 6.81
Discount to value	1 − 16.16 / 6.81 = -137.3%
Return / year	About 5.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CNY 0.35/share; 3.5% growth for 5 years, then fades to 3.0%; excess cash CNY 1.56/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCNY 53B

Revenue

Owner earningsCNY 1.0B

Owner earnings

Operating margin34.3%

Operating margin

Net cash / debtCNY -118B

Net cash / debt

Diluted shares8.1B

Diluted shares

Prices 15 Oct 2026 · FY2025