# Seazen Holdings (601155.SHG)

Canonical: https://gigainvestors.com/s/601155.SHG

Analysis as of: 2026-10-16T07:38:16.285Z. Financial observations: FY2011–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 11.60 per share; close as of 2026-10-15.

Estimated value: low CNY 3.45 per share, central CNY 3.60 per share, high CNY 3.81 per share. Buy at or below the central value CNY 3.60 per share. Valuation as of 2026-10-16T07:38:16.285Z; scenarios are not confidence intervals.

Expected annual return: 3.9% at the stated quote. About 3.9% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 0

- Operating margin variation: 0.63×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.21×

- FY2018: 0.29×

- FY2019: 0.21×

- FY2020: 0.15×

- FY2021: 0.11×

- FY2022: 0.03×

- FY2023: 0.04×

- FY2024: 0.03×

- FY2025: 0.10×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 6.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.3%

- ROIC, second-lowest year: 2.0%

- Typical minus recent gross margin: 6.5 pp

- Typical gross margin (annual median): 24.4%

- Recent gross margin (lower of latest and 3-year median): 18.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 0.9%

- ROIC including acquisitions, ten-year median: 11.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.7%

- FY2017: 15.0%

- FY2018: 20.5%

- FY2019: 25.3%

- FY2020: 20.4%

- FY2021: 13.9%

- FY2022: 2.0%

- FY2023: 3.0%

- FY2024: 2.0%

- FY2025: 3.0%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.51×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 8.2B

- Net income, five-year total: CNY 16B

- Return on incremental invested capital: 2.1%

- Working capital / revenue, annual change: -9.4 pp

- Working capital / revenue, change between three-year averages: -74.4 pp

- Working capital / revenue, final three-year average: 99.0%

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

- FY2021: 0.99×

- FY2022: -4.00×

- FY2023: 0.65×

- FY2024: 0.83×

- FY2025: 0.34×

### management: fail

- 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: 15.0% vs 3.0%

- Per-share earnings: 0.53 to 0.11 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -8.8%

- Ordinary dilution, 5-year annual growth: -18.3%

- Market cap gain: CNY -35B

- Cumulative retained earnings: CNY 47B

- Diluted shares, 10-year annual growth: -8.8%

- Diluted shares, 5-year annual growth: -18.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -18.2%

- Per-share value change: CNY -0.43

- Per-share value, starting three-year median: CNY 0.53

- Per-share value, ending three-year median: CNY 0.11

- Buybacks concentrated in cheaper years (correlation): 0.40

- Average buyback yield: 0.1%

- Buyback history: 5 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 1.4B

- Cumulative net income, 10 years: CNY 64B

- ROIC, first three-year median: 15.0%

- ROIC, last three-year median: 3.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.53

- FY2017: CNY 1.07

- FY2018: CNY 1.70

- FY2019: CNY 2.15

- FY2020: CNY 2.46

- FY2021: CNY 2.03

- FY2022: CNY 0.21

- FY2023: CNY 0.10

- FY2024: CNY 0.11

- FY2025: CNY 0.30

### accounting: pass

- Sloan accruals: -0.3%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.14×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.01×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.4%

- FY2017: 10.4%

- FY2018: 3.0%

- FY2019: -5.3%

- FY2020: 4.0%

- FY2021: -0.6%

- FY2022: -2.8%

- FY2023: -1.4%

- FY2024: 1.1%

- FY2025: -0.3%

## Holders

## Price story

Down 66% since Oct 2021 · sales -40.4%

Story as of 2026-10-16T10:00:09.848Z; price observation 2026-10-15.

Price needs cash profits to grow 26.5% a year for ten years

### Sales · FY2024–2025

sales -40.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 28B 

- FY2017: CNY 41B 

- FY2018: CNY 54B 

- FY2019: CNY 86B 

- FY2020: CNY 145B 

- FY2021: CNY 168B 

- FY2022: CNY 115B 

- FY2023: CNY 119B 

- FY2024: CNY 89B 

- FY2025: CNY 53B 

### Gross margin · FY2025

gross margin 26.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 27.9% 

- FY2017: 35.5% 

- FY2018: 36.2% 

- FY2019: 31.6% 

- FY2020: 22.4% 

- FY2021: 17.6% 

- FY2022: 14.9% 

- FY2023: 14.6% 

- FY2024: 18.0% 

- FY2025: 26.4% 

## Owner memo

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

### How it makes money

Operates in real estate development; annual sales are CNY 53 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2025: revenue 53011629000; grossProfit 14012925662; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601155.SHG: Seazen Holdings Co., Ltd engages in the real estate business in China. The company is involved in the operation and management of commercial complexes; development and sales of real estate; and hotel and eldercare businesses. It also provides agency construction services. The company was formerly known as Future Land Holdings Co., Ltd. Seazen Holdings Co., Ltd was founded in 1993 and is headquartered in Shanghai, the People's Republic of China. Seazen Holdings Co., Ltd. is a subsidiary of Fuyu Development Group Limited.

### Why customers stay

Margins ranged from 14.6% to 26.4% during 2023–25; it earns 13.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2023: grossProfit / revenue = 14.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2024: grossProfit / revenue = 18%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2025: grossProfit / revenue = 26.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); 10-year return on capital observations [[2016,0.12680834806253743],[2017,0.15022616178197853],[2018,0.2045736948625037],[2019,0.25282835960828953],[2020,0.20411458646818162],[2021,0.13937653811562514],[2022,0.019688421044010557],[2023,0.030104622549299954],[2024,0.019723720702797157],[2025,0.030216306985318683]]; median 0.1330924430890813. 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 2026-10-16T07:38:16.285Z); FY2016: growth capex 203665954.4384861; upkeep 365601045.5615139; owner earnings 2785870954.438486. Growth capex / owner earnings = 0.07310674391216967.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2017: growth capex 557445000; upkeep 146449000; owner earnings 6028908000. Growth capex / owner earnings = 0.09246201799728906.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2018: growth capex 295722000; upkeep 204409000; owner earnings 10491286000. Growth capex / owner earnings = 0.028187392851553184.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2019: growth capex 289175000; upkeep 276762000; owner earnings 12654028000. Growth capex / owner earnings = 0.022852407154464967.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2020: growth capex 937813000; upkeep 268818000; owner earnings 15255799000. Growth capex / owner earnings = 0.06147255872996229.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2021: growth capex 1206312000; upkeep 261021000; owner earnings 12473888440.8. Growth capex / owner earnings = 0.09670697358927434.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2023: growth capex 51510000; upkeep 229680000; owner earnings 476869618.2. Growth capex / owner earnings = 0.10801694642328129.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2024: growth capex 0; upkeep 49354000; owner earnings 622903355. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); FY2025: growth capex 0; upkeep 296604008; owner earnings 231845412.79999995. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); Dividend observations: [[2016,1140622096],[2017,282900000],[2018,958642000],[2019,1769700000],[2020,1925027000],[2021,2546100000],[2022,5938363920],[2023,4412171444],[2024,3381973724],[2025,3047391697]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 69% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601155.SHG SharesStats.PercentInsiders = 68.987 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 26.5% yearly over ten years; actual decline was 4.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:38:16.285Z); Ten-year compound average after fade. Initial solved rate 0.3750880978028096. Price 11.6; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.16613639544548234 → FY2025 0.10278553777761343. Closing-price date 2026-10-15.

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

- 2016-10: CNY 11.10 per share

- 2016-11: CNY 11.57 per share

- 2016-12: CNY 11.75 per share

- 2017-01: CNY 12.87 per share

- 2017-02: CNY 15.10 per share

- 2017-03: CNY 15.38 per share

- 2017-04: CNY 15.60 per share

- 2017-05: CNY 17.16 per share

- 2017-06: CNY 18.54 per share

- 2017-07: CNY 18.04 per share

- 2017-08: CNY 17.95 per share

- 2017-09: CNY 17.87 per share

- 2017-10: CNY 20.42 per share

- 2017-11: CNY 24.77 per share

- 2017-12: CNY 29.30 per share

- 2018-01: CNY 40.22 per share

- 2018-02: CNY 33.89 per share

- 2018-03: CNY 35.18 per share

- 2018-04: CNY 31.62 per share

- 2018-05: CNY 28.60 per share

- 2018-06: CNY 30.97 per share

- 2018-07: CNY 28.85 per share

- 2018-08: CNY 25.95 per share

- 2018-09: CNY 26.19 per share

- 2018-10: CNY 24.87 per share

- 2018-11: CNY 27.36 per share

- 2018-12: CNY 23.69 per share

- 2019-01: CNY 29.34 per share

- 2019-02: CNY 33.82 per share

- 2019-03: CNY 45.15 per share

- 2019-04: CNY 39.99 per share

- 2019-05: CNY 37.00 per share

- 2019-06: CNY 39.81 per share

- 2019-07: CNY 26.33 per share

- 2019-08: CNY 24.79 per share

- 2019-09: CNY 28.38 per share

- 2019-10: CNY 31.82 per share

- 2019-11: CNY 32.65 per share

- 2019-12: CNY 38.72 per share

- 2020-01: CNY 34.00 per share

- 2020-02: CNY 32.10 per share

- 2020-03: CNY 31.27 per share

- 2020-04: CNY 31.76 per share

- 2020-05: CNY 31.30 per share

- 2020-06: CNY 31.24 per share

- 2020-07: CNY 34.03 per share

- 2020-08: CNY 35.90 per share

- 2020-09: CNY 34.96 per share

- 2020-10: CNY 32.51 per share

- 2020-11: CNY 35.42 per share

- 2020-12: CNY 34.83 per share

- 2021-01: CNY 42.25 per share

- 2021-02: CNY 50.95 per share

- 2021-03: CNY 48.80 per share

- 2021-04: CNY 45.04 per share

- 2021-05: CNY 48.53 per share

- 2021-06: CNY 41.60 per share

- 2021-07: CNY 31.67 per share

- 2021-08: CNY 33.61 per share

- 2021-09: CNY 37.28 per share

- 2021-10: CNY 34.24 per share

- 2021-11: CNY 31.10 per share

- 2021-12: CNY 29.13 per share

- 2022-01: CNY 33.25 per share

- 2022-02: CNY 30.19 per share

- 2022-03: CNY 32.17 per share

- 2022-04: CNY 27.72 per share

- 2022-05: CNY 24.26 per share

- 2022-06: CNY 25.43 per share

- 2022-07: CNY 20.93 per share

- 2022-08: CNY 20.82 per share

- 2022-09: CNY 17.48 per share

- 2022-10: CNY 13.19 per share

- 2022-11: CNY 22.78 per share

- 2022-12: CNY 20.50 per share

- 2023-01: CNY 21.26 per share

- 2023-02: CNY 19.54 per share

- 2023-03: CNY 16.34 per share

- 2023-04: CNY 14.87 per share

- 2023-05: CNY 13.98 per share

- 2023-06: CNY 14.41 per share

- 2023-07: CNY 16.44 per share

- 2023-08: CNY 14.50 per share

- 2023-09: CNY 13.25 per share

- 2023-10: CNY 11.90 per share

- 2023-11: CNY 12.82 per share

- 2023-12: CNY 11.41 per share

- 2024-01: CNY 9.84 per share

- 2024-02: CNY 10.41 per share

- 2024-03: CNY 9.49 per share

- 2024-04: CNY 9.85 per share

- 2024-05: CNY 10.64 per share

- 2024-06: CNY 8.87 per share

- 2024-07: CNY 9.69 per share

- 2024-08: CNY 10.26 per share

- 2024-09: CNY 14.36 per share

- 2024-10: CNY 14.54 per share

- 2024-11: CNY 13.67 per share

- 2024-12: CNY 11.96 per share

- 2025-01: CNY 11.26 per share

- 2025-02: CNY 13.42 per share

- 2025-03: CNY 12.50 per share

- 2025-04: CNY 13.54 per share

- 2025-05: CNY 12.60 per share

- 2025-06: CNY 13.68 per share

- 2025-07: CNY 14.61 per share

- 2025-08: CNY 14.83 per share

- 2025-09: CNY 16.25 per share

- 2025-10: CNY 14.17 per share

- 2025-11: CNY 14.91 per share

- 2025-12: CNY 13.95 per share

- 2026-01: CNY 17.68 per share

- 2026-02: CNY 16.67 per share

- 2026-03: CNY 14.01 per share

- 2026-04: CNY 14.78 per share

- 2026-05: CNY 13.12 per share

- 2026-06: CNY 10.26 per share

- 2026-07: CNY 11.24 per share

- 2026-08: CNY 11.39 per share

- 2026-09: CNY 12.87 per share

- 2026-10: CNY 12.21 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 4.56 per share, central CNY 4.91 per share, high CNY 5.38 per share

- FY2017: low CNY 7.19 per share, central CNY 7.70 per share, high CNY 8.37 per share

- FY2018: low CNY 16.13 per share, central CNY 17.46 per share, high CNY 19.21 per share

- FY2019: low CNY 33.46 per share, central CNY 36.70 per share, high CNY 41.00 per share

- FY2020: low CNY 47.24 per share, central CNY 52.45 per share, high CNY 59.40 per share

- FY2021: low CNY 61.80 per share, central CNY 85.14 per share, high CNY 98.73 per share

- FY2022: low CNY 23.22 per share, central CNY 26.07 per share, high CNY 29.81 per share

- FY2023: low CNY 14.74 per share, central CNY 16.63 per share, high CNY 19.15 per share

- FY2024: low CNY 1.52 per share, central CNY 1.65 per share, high CNY 1.83 per share

- FY2025: low CNY 3.16 per share, central CNY 3.31 per share, high CNY 3.52 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.

## Reported holder observations