# Jiangsu Hengli Hydraulic (601100.SHG)

Canonical: https://gigainvestors.com/s/601100.SHG

Analysis as of: 2026-10-16T07:35:03.741Z. Financial observations: FY2008–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 79.48 per share; close as of 2026-10-15.

Estimated value: low CNY 37.78 per share, central CNY 50.69 per share, high CNY 58.21 per share. Buy at or below the central value CNY 50.69 per share. Valuation as of 2026-10-16T07:35:03.741Z; scenarios are not confidence intervals.

Expected annual return: 7.3% at the stated quote. About 7.3% 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: 0.05×

- FY2017: 0.16×

- FY2018: 0.23×

- FY2019: 0.27×

- FY2020: 0.33×

- FY2021: 0.33×

- FY2022: 0.32×

- FY2023: 0.31×

- FY2024: 0.30×

- FY2025: 0.27×

### moat: fail

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

- ROIC, median of available years: 34.4%

- ROIC, second-lowest year: 9.4%

- Typical minus recent gross margin: -1.1 pp

- Typical gross margin (annual median): 40.5%

- Recent gross margin (lower of latest and 3-year median): 41.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 9.1%

- ROIC including acquisitions, ten-year median: 30.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.4%

- FY2017: 9.4%

- FY2018: 19.7%

- FY2019: 32.3%

- FY2020: 47.6%

- FY2021: 53.2%

- FY2022: 41.7%

- FY2023: 39.0%

- FY2024: 36.3%

- FY2025: 32.5%

### economics: pass

- Owner earnings / net income, 5-yr: 0.88×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 11B

- Net income, five-year total: CNY 13B

- Return on incremental invested capital: 48.6%

- Working capital / revenue, annual change: -2.7 pp

- Working capital / revenue, change between three-year averages: -18.9 pp

- Working capital / revenue, final three-year average: 33.5%

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

- FY2021: 1.00×

- FY2022: 0.82×

- FY2023: 0.74×

- FY2024: 0.81×

- FY2025: 1.00×

### 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: 9.4% vs 36.3%

- Per-share earnings: 0.07 to 1.87 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.4%

- Ordinary dilution, 5-year annual growth: 0.4%

- Market cap gain: CNY 139B

- Cumulative retained earnings: CNY 11B

- Diluted shares, 10-year annual growth: 2.4%

- Diluted shares, 5-year annual growth: 0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 52.1%

- Per-share value change: CNY 1.80

- Per-share value, starting three-year median: CNY 0.07

- Per-share value, ending three-year median: CNY 1.87

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 281M

- Cumulative net income, 10 years: CNY 18B

- ROIC, first three-year median: 9.4%

- ROIC, last three-year median: 36.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.07

- FY2017: CNY 0.29

- FY2018: CNY 0.64

- FY2019: CNY 1.00

- FY2020: CNY 1.72

- FY2021: CNY 2.05

- FY2022: CNY 1.79

- FY2023: CNY 1.86

- FY2024: CNY 1.87

- FY2025: CNY 2.04

### accounting: pass

- Sloan accruals: 4.3%

- Receivables to sales index (DSRI): 0.58×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.66×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.2%

- FY2017: 3.7%

- FY2018: 0.5%

- FY2019: -4.3%

- FY2020: 2.6%

- FY2021: -0.8%

- FY2022: 1.7%

- FY2023: -1.0%

- FY2024: 0.2%

- FY2025: 4.3%

## Holders

## Price story

Down 30% since Feb 2026 · sales +16.5%

Story as of 2026-10-16T10:00:03.471Z; price observation 2026-10-15.

Price needs cash profits to grow 13% a year for ten years

### Sales · FY2024–2025

sales +16.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.4B 

- FY2017: CNY 2.8B 

- FY2018: CNY 4.2B 

- FY2019: CNY 5.4B 

- FY2020: CNY 7.9B 

- FY2021: CNY 9.3B 

- FY2022: CNY 8.2B 

- FY2023: CNY 9.0B 

- FY2024: CNY 9.4B 

- FY2025: CNY 11B 

### Gross margin · FY2025

gross margin 41.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 20.9% 

- FY2017: 31.7% 

- FY2018: 35.3% 

- FY2019: 37.4% 

- FY2020: 43.4% 

- FY2021: 43.3% 

- FY2022: 39.9% 

- FY2023: 41.1% 

- FY2024: 42.3% 

- FY2025: 41.6% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are CNY 10.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2025: revenue 10941028858.98; grossProfit 4549052120.7; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601100.SHG: Jiangsu Hengli Hydraulic Co.,Ltd manufactures hydraulic components and systems in China and internationally. The company offers hydraulic cylinders and pumps, hydraulic motors, mobile control valves, industrial hydraulic valves, cartridge valves, electric drives and controls, pneumatic elements, linear actuators, precision casts, and surface treatment and sealing technology, as well as hydraulic system and industrial automation products. Its products are used in the construction machinery, agricultural and forestry machinery, tunnel boring equipment, lifting and handling machinery, mining and extraction equipment, offshore and port, metallurgical equipment, metal forming, rubber and general technology, energy and water conservancy, servo control and testing, and building materials and municipal equipment applications. The company was formerly known as Jiangsu Hengli Highpressure Oil Cylinder Co., Ltd. Jiangsu Hengli Hydraulic Co.,Ltd was founded in 1990 and is headquartered in Changzhou, China.

### Why customers stay

Margins ranged from 41.1% to 42.3% during 2023–25; it earns 34.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2023: grossProfit / revenue = 41.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2024: grossProfit / revenue = 42.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2025: grossProfit / revenue = 41.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); 10-year return on capital observations [[2016,0.014420879048049033],[2017,0.09374836009027121],[2018,0.19725261205478284],[2019,0.3227871888535805],[2020,0.4757140508910285],[2021,0.5317186345870962],[2022,0.41723258965191873],[2023,0.3897354995006091],[2024,0.36332768349058303],[2025,0.3254674017356814]]; median 0.3443975426131322. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 14.3% of cash earnings on expansion; earns 48.6% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2016: growth capex 6845449.25; upkeep 174920687; owner earnings 70351830. Growth capex / owner earnings = 0.09730307299753255.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2017: growth capex 13106645.900000006; upkeep 199573506; owner earnings 381940442. Growth capex / owner earnings = 0.03431594159384673.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2018: growth capex 268615187.27; upkeep 229646292; owner earnings 836643461. Growth capex / owner earnings = 0.321062913644167.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2019: growth capex 178530130.63; upkeep 261832388; owner earnings 1296199825. Growth capex / owner earnings = 0.1377334938538508.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2020: growth capex 93466445.16000003; upkeep 307682788; owner earnings 2253874553. Growth capex / owner earnings = 0.041469231300203614.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2021: growth capex 161973208.90999997; upkeep 400460927; owner earnings 2692313088.324. Growth capex / owner earnings = 0.06016135701766781.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2022: growth capex 0; upkeep 798783077; owner earnings 1932276522.73. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2023: growth capex 306049135.83106804; upkeep 1059810167.2789319; owner earnings 1846239806.4110682. Growth capex / owner earnings = 0.16576889674261833.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2024: growth capex 161625823.4059149; upkeep 909743599.5940851; owner earnings 2021262529.571915. Growth capex / owner earnings = 0.07996280593998138.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2025: growth capex 389553100.8000001; upkeep 534643836.64; owner earnings 2731893423.564. Growth capex / owner earnings = 0.14259454539474425.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); Incremental return on capital 0.48593757513290387, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); Dividend observations: [[2016,71082041.97],[2017,86629963.94],[2018,141717631.37],[2019,264600000],[2020,529200000],[2021,783216000],[2022,952912800],[2023,747088751],[2024,601414119],[2025,905087041.75]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); FY2025: cash repurchases 108427194.07394314 CNY.

### Are managers owners

Insiders own 64.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601100.SHG SharesStats.PercentInsiders = 64.345 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:35:03.741Z); Ten-year compound average after fade. Initial solved rate 0.174403973823113. Price 79.48; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -0.007826908733106402 → FY2025 2.038337896348377. Closing-price date 2026-10-15.

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

- 2016-11: CNY 7.56 per share

- 2016-12: CNY 7.75 per share

- 2017-01: CNY 7.76 per share

- 2017-02: CNY 7.80 per share

- 2017-03: CNY 7.69 per share

- 2017-04: CNY 7.23 per share

- 2017-05: CNY 7.32 per share

- 2017-06: CNY 7.86 per share

- 2017-07: CNY 9.62 per share

- 2017-08: CNY 9.39 per share

- 2017-09: CNY 8.78 per share

- 2017-10: CNY 10.36 per share

- 2017-11: CNY 12.12 per share

- 2017-12: CNY 13.24 per share

- 2018-01: CNY 14.81 per share

- 2018-02: CNY 15.30 per share

- 2018-03: CNY 14.71 per share

- 2018-04: CNY 14.55 per share

- 2018-05: CNY 15.52 per share

- 2018-06: CNY 14.11 per share

- 2018-07: CNY 15.89 per share

- 2018-08: CNY 15.73 per share

- 2018-09: CNY 15.09 per share

- 2018-10: CNY 12.70 per share

- 2018-11: CNY 12.53 per share

- 2018-12: CNY 13.39 per share

- 2019-01: CNY 15.80 per share

- 2019-02: CNY 18.70 per share

- 2019-03: CNY 21.99 per share

- 2019-04: CNY 19.40 per share

- 2019-05: CNY 20.41 per share

- 2019-06: CNY 21.20 per share

- 2019-07: CNY 20.53 per share

- 2019-08: CNY 22.31 per share

- 2019-09: CNY 26.01 per share

- 2019-10: CNY 26.29 per share

- 2019-11: CNY 29.47 per share

- 2019-12: CNY 33.61 per share

- 2020-01: CNY 34.11 per share

- 2020-02: CNY 39.19 per share

- 2020-03: CNY 41.55 per share

- 2020-04: CNY 46.89 per share

- 2020-05: CNY 49.72 per share

- 2020-06: CNY 54.19 per share

- 2020-07: CNY 60.90 per share

- 2020-08: CNY 65.51 per share

- 2020-09: CNY 71.40 per share

- 2020-10: CNY 75.66 per share

- 2020-11: CNY 91.53 per share

- 2020-12: CNY 113.00 per share

- 2021-01: CNY 117.17 per share

- 2021-02: CNY 95.00 per share

- 2021-03: CNY 89.45 per share

- 2021-04: CNY 86.00 per share

- 2021-05: CNY 79.70 per share

- 2021-06: CNY 85.92 per share

- 2021-07: CNY 97.76 per share

- 2021-08: CNY 94.98 per share

- 2021-09: CNY 84.58 per share

- 2021-10: CNY 82.10 per share

- 2021-11: CNY 78.73 per share

- 2021-12: CNY 81.80 per share

- 2022-01: CNY 76.68 per share

- 2022-02: CNY 66.98 per share

- 2022-03: CNY 52.05 per share

- 2022-04: CNY 45.93 per share

- 2022-05: CNY 53.32 per share

- 2022-06: CNY 61.72 per share

- 2022-07: CNY 52.15 per share

- 2022-08: CNY 48.94 per share

- 2022-09: CNY 45.28 per share

- 2022-10: CNY 55.17 per share

- 2022-11: CNY 65.77 per share

- 2022-12: CNY 63.15 per share

- 2023-01: CNY 65.43 per share

- 2023-02: CNY 68.94 per share

- 2023-03: CNY 66.22 per share

- 2023-04: CNY 61.55 per share

- 2023-05: CNY 54.56 per share

- 2023-06: CNY 64.33 per share

- 2023-07: CNY 71.72 per share

- 2023-08: CNY 62.15 per share

- 2023-09: CNY 63.90 per share

- 2023-10: CNY 56.30 per share

- 2023-11: CNY 56.30 per share

- 2023-12: CNY 54.68 per share

- 2024-01: CNY 48.76 per share

- 2024-02: CNY 56.81 per share

- 2024-03: CNY 50.13 per share

- 2024-04: CNY 51.00 per share

- 2024-05: CNY 49.62 per share

- 2024-06: CNY 46.58 per share

- 2024-07: CNY 45.80 per share

- 2024-08: CNY 51.00 per share

- 2024-09: CNY 63.00 per share

- 2024-10: CNY 51.65 per share

- 2024-11: CNY 53.06 per share

- 2024-12: CNY 52.77 per share

- 2025-01: CNY 62.09 per share

- 2025-02: CNY 79.40 per share

- 2025-03: CNY 79.54 per share

- 2025-04: CNY 74.42 per share

- 2025-05: CNY 68.12 per share

- 2025-06: CNY 72.00 per share

- 2025-07: CNY 73.60 per share

- 2025-08: CNY 89.42 per share

- 2025-09: CNY 95.77 per share

- 2025-10: CNY 96.08 per share

- 2025-11: CNY 101.30 per share

- 2025-12: CNY 109.91 per share

- 2026-01: CNY 108.40 per share

- 2026-02: CNY 112.83 per share

- 2026-03: CNY 96.00 per share

- 2026-04: CNY 104.98 per share

- 2026-05: CNY 109.11 per share

- 2026-06: CNY 107.56 per share

- 2026-07: CNY 108.45 per share

- 2026-08: CNY 102.50 per share

- 2026-09: CNY 90.31 per share

- 2026-10: CNY 82.11 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 3.39 per share, central CNY 4.35 per share, high CNY 4.91 per share

- FY2019: low CNY 9.73 per share, central CNY 13.04 per share, high CNY 14.96 per share

- FY2020: low CNY 18.69 per share, central CNY 25.62 per share, high CNY 29.65 per share

- FY2021: low CNY 26.62 per share, central CNY 36.53 per share, high CNY 42.29 per share

- FY2022: low CNY 25.88 per share, central CNY 34.62 per share, high CNY 39.70 per share

- FY2023: low CNY 27.74 per share, central CNY 37.07 per share, high CNY 42.50 per share

- FY2024: low CNY 28.93 per share, central CNY 38.55 per share, high CNY 44.14 per share

- FY2025: low CNY 32.88 per share, central CNY 44.09 per share, high CNY 50.62 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.

Jiangsu Hengli Hydraulic

601100 · SHG

CSI 300

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: CNY 79.48
Buy up to: CNY 50.69
Expected / yr: 7.3% 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 33.2% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 28.6%
Worst year: 5.1%
Latest · 2025: 26.7%

The second-worst year 9.4% (minimum 10%).

ROIC excluding acquisitions

10y median: 34.4%
Worst year: 1.4%
Latest · 2025: 32.5%

Each $1 of profit left $0.88 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 0.88×
Annual median: 0.82×
Latest · 2025: 1.00×

Per-share value rose from 0.07 to 1.87, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CNY 1.75
Worst year: CNY 0.07
Latest · 2025: CNY 2.04

Profits were backed by cash: accruals were 4.3% of assets (limit 10%).

Sloan accruals

10y median: 0.9%
Worst year: 4.3%
Latest · 2025: 4.3%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 25.7%, three-year average owner earnings per share 1.64 CNY.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-11 · Price CNY 7.56; 2016-12 · Price CNY 7.75; 2017-01 · Price CNY 7.76; 2017-02 · Price CNY 7.80; 2017-03 · Price CNY 7.69; 2017-04 · Price CNY 7.23; 2017-05 · Price CNY 7.32; 2017-06 · Price CNY 7.86; 2017-07 · Price CNY 9.62; 2017-08 · Price CNY 9.39; 2017-09 · Price CNY 8.78; 2017-10 · Price CNY 10.36; 2017-11 · Price CNY 12.12; 2017-12 · Price CNY 13.24; 2018-01 · Price CNY 14.81 · Value 4.35 · Buy at or below 4.35; 2018-02 · Price CNY 15.30 · Value 4.35 · Buy at or below 4.35; 2018-03 · Price CNY 14.71 · Value 4.35 · Buy at or below 4.35; 2018-04 · Price CNY 14.55 · Value 4.35 · Buy at or below 4.35; 2018-05 · Price CNY 15.52 · Value 4.35 · Buy at or below 4.35; 2018-06 · Price CNY 14.11 · Value 4.35 · Buy at or below 4.35; 2018-07 · Price CNY 15.89 · Value 4.35 · Buy at or below 4.35; 2018-08 · Price CNY 15.73 · Value 4.35 · Buy at or below 4.35; 2018-09 · Price CNY 15.09 · Value 4.35 · Buy at or below 4.35; 2018-10 · Price CNY 12.70 · Value 4.35 · Buy at or below 4.35; 2018-11 · Price CNY 12.53 · Value 4.35 · Buy at or below 4.35; 2018-12 · Price CNY 13.39 · Value 4.35 · Buy at or below 4.35; 2019-01 · Price CNY 15.80 · Value 4.35 · Buy at or below 4.35; 2019-02 · Price CNY 18.70 · Value 13.04 · Buy at or below 13.04; 2019-03 · Price CNY 21.99 · Value 13.04 · Buy at or below 13.04; 2019-04 · Price CNY 19.40 · Value 13.04 · Buy at or below 13.04; 2019-05 · Price CNY 20.41 · Value 13.04 · Buy at or below 13.04; 2019-06 · Price CNY 21.20 · Value 13.04 · Buy at or below 13.04; 2019-07 · Price CNY 20.53 · Value 13.04 · Buy at or below 13.04; 2019-08 · Price CNY 22.31 · Value 13.04 · Buy at or below 13.04; 2019-09 · Price CNY 26.01 · Value 13.04 · Buy at or below 13.04; 2019-10 · Price CNY 26.29 · Value 13.04 · Buy at or below 13.04; 2019-11 · Price CNY 29.47 · Value 13.04 · Buy at or below 13.04; 2019-12 · Price CNY 33.61 · Value 13.04 · Buy at or below 13.04; 2020-01 · Price CNY 34.11 · Value 13.04 · Buy at or below 13.04; 2020-02 · Price CNY 39.19 · Value 25.62 · Buy at or below 25.62; 2020-03 · Price CNY 41.55 · Value 25.62 · Buy at or below 25.62; 2020-04 · Price CNY 46.89 · Value 25.62 · Buy at or below 25.62; 2020-05 · Price CNY 49.72 · Value 25.62 · Buy at or below 25.62; 2020-06 · Price CNY 54.19 · Value 25.62 · Buy at or below 25.62; 2020-07 · Price CNY 60.90 · Value 25.62 · Buy at or below 25.62; 2020-08 · Price CNY 65.51 · Value 25.62 · Buy at or below 25.62; 2020-09 · Price CNY 71.40 · Value 25.62 · Buy at or below 25.62; 2020-10 · Price CNY 75.66 · Value 25.62 · Buy at or below 25.62; 2020-11 · Price CNY 91.53 · Value 25.62 · Buy at or below 25.62; 2020-12 · Price CNY 113.00 · Value 25.62 · Buy at or below 25.62; 2021-01 · Price CNY 117.17 · Value 25.62 · Buy at or below 25.62; 2021-02 · Price CNY 95.00 · Value 36.53 · Buy at or below 36.53; 2021-03 · Price CNY 89.45 · Value 36.53 · Buy at or below 36.53; 2021-04 · Price CNY 86.00 · Value 36.53 · Buy at or below 36.53; 2021-05 · Price CNY 79.70 · Value 36.53 · Buy at or below 36.53; 2021-06 · Price CNY 85.92 · Value 36.53 · Buy at or below 36.53; 2021-07 · Price CNY 97.76 · Value 36.53 · Buy at or below 36.53; 2021-08 · Price CNY 94.98 · Value 36.53 · Buy at or below 36.53; 2021-09 · Price CNY 84.58 · Value 36.53 · Buy at or below 36.53; 2021-10 · Price CNY 82.10 · Value 36.53 · Buy at or below 36.53; 2021-11 · Price CNY 78.73 · Value 36.53 · Buy at or below 36.53; 2021-12 · Price CNY 81.80 · Value 36.53 · Buy at or below 36.53; 2022-01 · Price CNY 76.68 · Value 36.53 · Buy at or below 36.53; 2022-02 · Price CNY 66.98 · Value 34.62 · Buy at or below 34.62; 2022-03 · Price CNY 52.05 · Value 34.62 · Buy at or below 34.62; 2022-04 · Price CNY 45.93 · Value 34.62 · Buy at or below 34.62; 2022-05 · Price CNY 53.32 · Value 34.62 · Buy at or below 34.62; 2022-06 · Price CNY 61.72 · Value 34.62 · Buy at or below 34.62; 2022-07 · Price CNY 52.15 · Value 34.62 · Buy at or below 34.62; 2022-08 · Price CNY 48.94 · Value 34.62 · Buy at or below 34.62; 2022-09 · Price CNY 45.28 · Value 34.62 · Buy at or below 34.62; 2022-10 · Price CNY 55.17 · Value 34.62 · Buy at or below 34.62; 2022-11 · Price CNY 65.77 · Value 34.62 · Buy at or below 34.62; 2022-12 · Price CNY 63.15 · Value 34.62 · Buy at or below 34.62; 2023-01 · Price CNY 65.43 · Value 34.62 · Buy at or below 34.62; 2023-02 · Price CNY 68.94 · Value 37.07 · Buy at or below 37.07; 2023-03 · Price CNY 66.22 · Value 37.07 · Buy at or below 37.07; 2023-04 · Price CNY 61.55 · Value 37.07 · Buy at or below 37.07; 2023-05 · Price CNY 54.56 · Value 37.07 · Buy at or below 37.07; 2023-06 · Price CNY 64.33 · Value 37.07 · Buy at or below 37.07; 2023-07 · Price CNY 71.72 · Value 37.07 · Buy at or below 37.07; 2023-08 · Price CNY 62.15 · Value 37.07 · Buy at or below 37.07; 2023-09 · Price CNY 63.90 · Value 37.07 · Buy at or below 37.07; 2023-10 · Price CNY 56.30 · Value 37.07 · Buy at or below 37.07; 2023-11 · Price CNY 56.30 · Value 37.07 · Buy at or below 37.07; 2023-12 · Price CNY 54.68 · Value 37.07 · Buy at or below 37.07; 2024-01 · Price CNY 48.76 · Value 37.07 · Buy at or below 37.07; 2024-02 · Price CNY 56.81 · Value 38.55 · Buy at or below 38.55; 2024-03 · Price CNY 50.13 · Value 38.55 · Buy at or below 38.55; 2024-04 · Price CNY 51.00 · Value 38.55 · Buy at or below 38.55; 2024-05 · Price CNY 49.62 · Value 38.55 · Buy at or below 38.55; 2024-06 · Price CNY 46.58 · Value 38.55 · Buy at or below 38.55; 2024-07 · Price CNY 45.80 · Value 38.55 · Buy at or below 38.55; 2024-08 · Price CNY 51.00 · Value 38.55 · Buy at or below 38.55; 2024-09 · Price CNY 63.00 · Value 38.55 · Buy at or below 38.55; 2024-10 · Price CNY 51.65 · Value 38.55 · Buy at or below 38.55; 2024-11 · Price CNY 53.06 · Value 38.55 · Buy at or below 38.55; 2024-12 · Price CNY 52.77 · Value 38.55 · Buy at or below 38.55; 2025-01 · Price CNY 62.09 · Value 38.55 · Buy at or below 38.55; 2025-02 · Price CNY 79.40 · Value 44.09 · Buy at or below 44.09; 2025-03 · Price CNY 79.54 · Value 44.09 · Buy at or below 44.09; 2025-04 · Price CNY 74.42 · Value 44.09 · Buy at or below 44.09; 2025-05 · Price CNY 68.12 · Value 44.09 · Buy at or below 44.09; 2025-06 · Price CNY 72.00 · Value 44.09 · Buy at or below 44.09; 2025-07 · Price CNY 73.60 · Value 44.09 · Buy at or below 44.09; 2025-08 · Price CNY 89.42 · Value 44.09 · Buy at or below 44.09; 2025-09 · Price CNY 95.77 · Value 44.09 · Buy at or below 44.09; 2025-10 · Price CNY 96.08 · Value 44.09 · Buy at or below 44.09; 2025-11 · Price CNY 101.30 · Value 44.09 · Buy at or below 44.09; 2025-12 · Price CNY 109.91 · Value 44.09 · Buy at or below 44.09; 2026-01 · Price CNY 108.40 · Value 44.09 · Buy at or below 44.09; 2026-02 · Price CNY 112.83 · Value 50.69 · Buy at or below 50.69; 2026-03 · Price CNY 96.00 · Value 50.69 · Buy at or below 50.69; 2026-04 · Price CNY 104.98 · Value 50.69 · Buy at or below 50.69; 2026-05 · Price CNY 109.11 · Value 50.69 · Buy at or below 50.69; 2026-06 · Price CNY 107.56 · Value 50.69 · Buy at or below 50.69; 2026-07 · Price CNY 108.45 · Value 50.69 · Buy at or below 50.69; 2026-08 · Price CNY 102.50 · Value 50.69 · Buy at or below 50.69; 2026-09 · Price CNY 90.31 · Value 50.69 · Buy at or below 50.69; 2026-10 · Price CNY 82.11 · Value 50.69 · Buy at or below 50.69; 2026-10 · Price CNY 79.48 · Value 50.69 · Buy at or below 50.69

CNY per share · annual estimates

Price & return math
Value range	CNY 37.78 – CNY 58.21
Buy at or below	Central value CNY 50.69
Discount to value	1 − 79.48 / 50.69 = -56.8%
Return / year	About 7.3% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CNY 2.22/share; 8.0% growth for 5 years, then fades to 3.0%; excess cash CNY 7.64/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCNY 11B

Revenue

Owner earningsCNY 2.7B

Owner earnings

Operating margin26.7%

Operating margin

Net cash / debtCNY 9.2B

Net cash / debt

Diluted shares1.3B

Diluted shares

Prices 15 Oct 2026 · FY2025