# Ming Yang Smart Energy Group (601615.SHG)

Canonical: https://gigainvestors.com/s/601615.SHG

Analysis as of: 2026-10-16T07:39:16.776Z. Financial observations: FY2008–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 8.64 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.60×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.07×

- FY2018: 0.06×

- FY2019: 0.07×

- FY2020: 0.07×

- FY2021: 0.14×

- FY2022: 0.13×

- FY2023: 0.01×

- FY2024: 0.02×

- FY2025: 0.03×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 12.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 8.6%

- ROIC, second-lowest year: 1.5%

- Typical minus recent gross margin: 12.5 pp

- Typical gross margin (annual median): 20.5%

- Recent gross margin (lower of latest and 3-year median): 7.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 23.7%

- ROIC including acquisitions, ten-year median: -3.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 11.2%

- FY2017: 5.9%

- FY2018: 6.0%

- FY2019: 26.1%

- FY2020: 31.9%

- FY2021: 29.1%

- FY2022: 14.2%

- FY2023: 1.4%

- FY2024: 1.5%

- FY2025: 3.9%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -1.43×

- Cash conversion uses consolidated totals: No

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

- Net income, five-year total: CNY 8.0B

- Return on incremental invested capital: 2.4%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -5.3 pp

- Working capital / revenue, final three-year average: 17.8%

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

- FY2021: -0.06×

- FY2022: -0.43×

- FY2023: -16.58×

- FY2024: -11.74×

- FY2025: 0.92×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.0% vs 1.5%

- Per-share earnings: 0.34 to 0.17 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: 7.3%

- Ordinary dilution, 5-year annual growth: 8.9%

- Diluted shares, 10-year annual growth: 7.3%

- Diluted shares, 5-year annual growth: 8.9%

- Per-share value growth: -8.2%

- Per-share value change: CNY -0.17

- Per-share value, starting three-year median: CNY 0.34

- Per-share value, ending three-year median: CNY 0.17

- Buybacks concentrated in cheaper years (correlation): -0.60

- Average buyback yield: 2.3%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 2.4B

- Cumulative net income, 10 years: CNY 11B

- ROIC, first three-year median: 6.0%

- ROIC, last three-year median: 1.5%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.30

- FY2017: CNY 0.34

- FY2018: CNY 0.44

- FY2019: CNY 0.52

- FY2020: CNY 0.99

- FY2021: CNY 1.50

- FY2022: CNY 1.57

- FY2023: CNY 0.17

- FY2024: CNY 0.15

- FY2025: CNY 0.31

### accounting: fail

- earnings not backed by cash

- Sloan accruals: 6.4%

- Receivables to sales index (DSRI): 0.72×

- Restructuring years, last five: 0

- Earnings backed by cash: No

- Operating cash / earnings: -8.39×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.12×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.2%

- FY2017: -4.9%

- FY2018: 0.7%

- FY2019: -14.5%

- FY2020: -4.4%

- FY2021: -3.6%

- FY2022: 6.2%

- FY2023: 3.5%

- FY2024: 3.2%

- FY2025: 6.4%

## Holders

## Price story

Down 74% since Jun 2022 · sales +40.3%

Story as of 2026-10-16T10:00:10.694Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +40.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 6.5B 

- FY2017: CNY 5.3B 

- FY2018: CNY 6.9B 

- FY2019: CNY 10B 

- FY2020: CNY 22B 

- FY2021: CNY 27B 

- FY2022: CNY 31B 

- FY2023: CNY 28B 

- FY2024: CNY 27B 

- FY2025: CNY 38B 

### Gross margin · FY2025

gross margin 10.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 25.8% 

- FY2017: 26.5% 

- FY2018: 25.0% 

- FY2019: 22.6% 

- FY2020: 18.5% 

- FY2021: 21.3% 

- FY2022: 19.6% 

- FY2023: 7.9% 

- FY2024: 7.3% 

- FY2025: 10.3% 

## Owner memo

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

### How it makes money

Operates in specialty industrial machinery; annual sales are CNY 38.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); FY2025: revenue 38094969264.43; grossProfit 3932289302.17; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601615.SHG: Ming Yang Smart Energy Group Limited engages in the research and development, design, manufacture, sale, maintenance, and operation of energy equipment, wind turbines, and core components in China. It offers onshore and offshore wind turbines; manufactures fan blades; offshore wind power technology; sells platforms; wind power equipment; wind power project investment; photovoltaic products; energy project development; develops and operates wind power; power generation and electricity sales; technology development and service; engineering design and construction; and software and technical services. The company also offers blades, gearboxes, inverter systems, control systems, booster systems, and flexible DC output systems; and floating offshore wind platforms, and integrated solutions for wind, solar, storage, hydrogen, and gas. Ming Yang Smart Energy Group Limited was founded in 2006 and is based in Zhongshan, China.

### Why customers stay

Margins ranged from 7.3% to 10.3% during 2023–25; it earns 8.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); FY2023: grossProfit / revenue = 7.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); FY2024: grossProfit / revenue = 7.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); FY2025: grossProfit / revenue = 10.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); 10-year return on capital observations [[2016,0.1115269541362751],[2017,0.05878850282980736],[2018,0.05982725167320354],[2019,0.26085843277410353],[2020,0.31860773987869284],[2021,0.2914056182685615],[2022,0.1416979317482312],[2023,0.014117688363462857],[2024,0.014849822382565771],[2025,0.038942764617705246]]; median 0.08567710290473932. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 2.4% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); FY2019: growth capex 1900984601.15; upkeep 439228157; owner earnings 712563199. Growth capex / owner earnings = 2.6678119271635303.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); FY2020: growth capex 2743182773.98; upkeep 562848456; owner earnings 1374071316. Growth capex / owner earnings = 1.99639039257843.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); FY2025: growth capex 920567022.26; upkeep 1617376820.66; owner earnings 606407970.718. Growth capex / owner earnings = 1.5180655049273657.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); Incremental return on capital 0.024476416561500913, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); Dividend observations: [[2016,103946758.87],[2017,150817190.08],[2018,239440625.45],[2019,80006737],[2020,107618344],[2021,206281652],[2022,465252030],[2023,690877924],[2024,1150741000],[2025,1046088668.47]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); FY2025: cash repurchases 2180974146.0675 CNY.

### Are managers owners

Insiders own 27.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 601615.SHG SharesStats.PercentInsiders = 27.089999999999996 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.5 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:16.776Z); Closing price 8.64 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 17.896515481418692; price multiple 0.48277554415386625. FY2025 cash earnings/share 0.28488248830649804. Closing-price date 2026-10-15.

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

- 2019-01: CNY 9.81 per share

- 2019-02: CNY 11.83 per share

- 2019-03: CNY 13.44 per share

- 2019-04: CNY 11.87 per share

- 2019-05: CNY 11.55 per share

- 2019-06: CNY 10.84 per share

- 2019-07: CNY 10.05 per share

- 2019-08: CNY 11.19 per share

- 2019-09: CNY 12.38 per share

- 2019-10: CNY 12.45 per share

- 2019-11: CNY 11.37 per share

- 2019-12: CNY 12.30 per share

- 2020-01: CNY 12.63 per share

- 2020-02: CNY 10.77 per share

- 2020-03: CNY 10.04 per share

- 2020-04: CNY 11.26 per share

- 2020-05: CNY 12.00 per share

- 2020-06: CNY 12.45 per share

- 2020-07: CNY 15.98 per share

- 2020-08: CNY 15.80 per share

- 2020-09: CNY 16.92 per share

- 2020-10: CNY 16.19 per share

- 2020-11: CNY 17.05 per share

- 2020-12: CNY 18.98 per share

- 2021-01: CNY 20.20 per share

- 2021-02: CNY 20.51 per share

- 2021-03: CNY 17.45 per share

- 2021-04: CNY 17.74 per share

- 2021-05: CNY 15.68 per share

- 2021-06: CNY 16.19 per share

- 2021-07: CNY 21.56 per share

- 2021-08: CNY 22.48 per share

- 2021-09: CNY 24.95 per share

- 2021-10: CNY 30.99 per share

- 2021-11: CNY 31.87 per share

- 2021-12: CNY 26.10 per share

- 2022-01: CNY 25.56 per share

- 2022-02: CNY 25.70 per share

- 2022-03: CNY 22.17 per share

- 2022-04: CNY 22.22 per share

- 2022-05: CNY 25.45 per share

- 2022-06: CNY 33.80 per share

- 2022-07: CNY 29.90 per share

- 2022-08: CNY 26.83 per share

- 2022-09: CNY 24.13 per share

- 2022-10: CNY 24.90 per share

- 2022-11: CNY 26.77 per share

- 2022-12: CNY 25.26 per share

- 2023-01: CNY 27.84 per share

- 2023-02: CNY 25.39 per share

- 2023-03: CNY 22.51 per share

- 2023-04: CNY 20.66 per share

- 2023-05: CNY 17.57 per share

- 2023-06: CNY 16.88 per share

- 2023-07: CNY 18.03 per share

- 2023-08: CNY 14.93 per share

- 2023-09: CNY 15.78 per share

- 2023-10: CNY 13.97 per share

- 2023-11: CNY 13.47 per share

- 2023-12: CNY 12.54 per share

- 2024-01: CNY 9.00 per share

- 2024-02: CNY 10.20 per share

- 2024-03: CNY 9.41 per share

- 2024-04: CNY 9.81 per share

- 2024-05: CNY 10.17 per share

- 2024-06: CNY 9.44 per share

- 2024-07: CNY 9.94 per share

- 2024-08: CNY 9.13 per share

- 2024-09: CNY 10.80 per share

- 2024-10: CNY 12.04 per share

- 2024-11: CNY 14.20 per share

- 2024-12: CNY 12.61 per share

- 2025-01: CNY 10.38 per share

- 2025-02: CNY 10.77 per share

- 2025-03: CNY 10.88 per share

- 2025-04: CNY 10.21 per share

- 2025-05: CNY 10.05 per share

- 2025-06: CNY 11.49 per share

- 2025-07: CNY 11.10 per share

- 2025-08: CNY 12.14 per share

- 2025-09: CNY 16.16 per share

- 2025-10: CNY 15.14 per share

- 2025-11: CNY 13.57 per share

- 2025-12: CNY 14.48 per share

- 2026-01: CNY 23.20 per share

- 2026-02: CNY 22.92 per share

- 2026-03: CNY 16.97 per share

- 2026-04: CNY 15.84 per share

- 2026-05: CNY 16.53 per share

- 2026-06: CNY 11.57 per share

- 2026-07: CNY 11.15 per share

- 2026-08: CNY 10.63 per share

- 2026-09: CNY 9.77 per share

- 2026-10: CNY 9.32 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 3.79 per share, central CNY 3.91 per share, high CNY 4.08 per share

- FY2017: low CNY 3.33 per share, central CNY 3.44 per share, high CNY 3.57 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