# Oppein Home Group (603833.SHG)

Canonical: https://gigainvestors.com/s/603833.SHG

Analysis as of: 2026-10-16T07:39:31.176Z. Financial observations: FY2011–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

A wonderful business at a fair price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: yes.

Share price: CNY 30.37 per share; close as of 2026-10-15.

Estimated value: low CNY 40.65 per share, central CNY 44.64 per share, high CNY 49.94 per share. Buy at or below the central value CNY 44.64 per share. Valuation as of 2026-10-16T07:39:31.176Z; scenarios are not confidence intervals.

Expected annual return: 15.6% at the stated quote. About 15.6% 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: 0.06×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.15×

- FY2017: 0.16×

- FY2018: 0.16×

- FY2019: 0.16×

- FY2020: 0.16×

- FY2021: 0.15×

- FY2022: 0.14×

- FY2023: 0.15×

- FY2024: 0.16×

- FY2025: 0.14×

### moat: pass

- ROIC, median of available years: 24.5%

- ROIC, second-lowest year: 14.1%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 35.4%

- Recent gross margin (lower of latest and 3-year median): 35.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 11.5%

- ROIC including acquisitions, ten-year median: 13.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 48.3%

- FY2017: 41.3%

- FY2018: 30.1%

- FY2019: 22.2%

- FY2020: 26.9%

- FY2021: 30.9%

- FY2022: 19.1%

- FY2023: 20.2%

- FY2024: 14.1%

- FY2025: 10.9%

### economics: pass

- Owner earnings / net income, 5-yr: 0.85×

- 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: 15.4%

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

- Working capital / revenue, change between three-year averages: -3.2 pp

- Working capital / revenue, final three-year average: -0.5%

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

- FY2021: 1.00×

- FY2022: 0.76×

- FY2023: 0.61×

- FY2024: 0.78×

- FY2025: 1.25×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 41.3% vs 14.1%

- Per-share earnings: 1.81 to 4.23 (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: -3.3%

- Market cap gain: CNY -16B

- Cumulative retained earnings: CNY 10B

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

- Diluted shares, 5-year annual growth: -3.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.2%

- Per-share value change: CNY 2.42

- Per-share value, starting three-year median: CNY 1.81

- Per-share value, ending three-year median: CNY 4.23

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 0.2%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 709M

- Cumulative net income, 10 years: CNY 21B

- ROIC, first three-year median: 41.3%

- ROIC, last three-year median: 14.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.81

- FY2017: CNY 2.26

- FY2018: CNY 2.66

- FY2019: CNY 3.12

- FY2020: CNY 2.79

- FY2021: CNY 4.42

- FY2022: CNY 4.38

- FY2023: CNY 4.92

- FY2024: CNY 4.23

- FY2025: CNY 3.20

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 1.19×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.05×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -9.9%

- FY2017: -6.0%

- FY2018: -4.0%

- FY2019: -2.1%

- FY2020: -9.7%

- FY2021: -5.9%

- FY2022: 1.0%

- FY2023: -5.4%

- FY2024: -8.2%

- FY2025: -4.0%

## Holders

## Price story

Down 80% since Jun 2022 · sales -8.9%

Story as of 2026-10-16T10:00:10.834Z; price observation 2026-10-15.

Price needs cash profits to shrink 6.3% a year for ten years

### Sales · FY2024–2025

sales -8.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 7.1B 

- FY2017: CNY 9.7B 

- FY2018: CNY 12B 

- FY2019: CNY 14B 

- FY2020: CNY 15B 

- FY2021: CNY 20B 

- FY2022: CNY 22B 

- FY2023: CNY 23B 

- FY2024: CNY 19B 

- FY2025: CNY 17B 

### Gross margin · FY2025

gross margin 36.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 36.5% 

- FY2017: 34.5% 

- FY2018: 38.4% 

- FY2019: 35.8% 

- FY2020: 35.0% 

- FY2021: 31.6% 

- FY2022: 31.6% 

- FY2023: 34.2% 

- FY2024: 35.9% 

- FY2025: 36.2% 

## Owner memo

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

### How it makes money

Operates in furnishings, fixtures & appliances; annual sales are CNY 17.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2025: revenue 17232089820.26; grossProfit 6244066143.11; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 603833.SHG: Oppein Home Group Inc. operates as a cabinetry manufacturer in China and internationally. The company offers whole house solutions; kitchen cabinets; bedroom solutions, including wardrobes and walk-in closets, kid's rooms, nightstands, dressers and chests, and beds; bathroom solutions comprising vanities, shower rooms, bathtubs, and toilets; interior and WPC doors; Ready-To-Assemble cabinets; and aluminum doors and windows. It markets its products under the OPPEIN, MIFORM, OPPOLIA, BAUNIS, and OPLONI brand name. The company was formerly known as Guangzhou Optima Enterprise Co., Ltd and changed its name to Oppein Home Group Inc. in 2010. Oppein Home Group Inc. was founded in 1994 and is headquartered in Guangzhou, China.

### Why customers stay

Margins ranged from 34.2% to 36.2% during 2023–25; it earns 24.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2023: grossProfit / revenue = 34.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2024: grossProfit / revenue = 35.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2025: grossProfit / revenue = 36.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); 10-year return on capital observations [[2016,0.4826706007684622],[2017,0.4128499919747597],[2018,0.301368655965812],[2019,0.2219618689749815],[2020,0.2686765732733993],[2021,0.30882134138279993],[2022,0.1912923006725449],[2023,0.20157499058890013],[2024,0.14115315092548394],[2025,0.10931482976384199]]; median 0.24531922112419038. 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 2026-10-16T07:39:31.176Z); FY2016: growth capex 376564135.84835386; upkeep 845513137.6916461; owner earnings 271315817.3083539. Growth capex / owner earnings = 1.387918108071023.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2017: growth capex 697797052.3010504; upkeep 1086197666.2889495; owner earnings 422546480.7110505. Growth capex / owner earnings = 1.6514089790235982.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2018: growth capex 577659177.5156593; upkeep 1714429599.6543407; owner earnings 194330272.34565926. Growth capex / owner earnings = 2.9725640300043685.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2019: growth capex 753848197.0443339; upkeep 1077193704.055666; owner earnings 1181965905.944334. Growth capex / owner earnings = 0.6377918290646848.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2020: growth capex 511457509.5647874; upkeep 1388241364.0252125; owner earnings 1211102631.9747875. Growth capex / owner earnings = 0.4223073223206692.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2021: growth capex 586922014.8499999; upkeep 647871981; owner earnings 2663055253.944. Growth capex / owner earnings = 0.22039423101746203.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2022: growth capex 890499237.0382314; upkeep 1366800597.4717689; owner earnings 2044138324.2282312. Growth capex / owner earnings = 0.43563550787319705.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2023: growth capex 128259510.16188478; upkeep 1974396737.9081151; owner earnings 1847586900.3358848. Growth capex / owner earnings = 0.0694200149062367.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2024: growth capex 0; upkeep 1480312923; owner earnings 2028273479.872. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); FY2025: growth capex 0; upkeep 563799926.81; owner earnings 2499539326.9779997. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); Dividend observations: [[2016,6390817.01],[2017,4978222.41],[2018,421407559.62],[2019,315143663],[2020,457988137],[2021,725117901],[2022,1066015909],[2023,1075372402],[2024,1846794390],[2025,1601020142.22]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 75.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 603833.SHG SharesStats.PercentInsiders = 75.42999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 6.3% yearly over ten years; actual growth was 23.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:31.176Z); Ten-year compound average after fade. Initial solved rate -0.10074514616126112. Price 30.37; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.4684975330205316 → FY2025 4.005747927827708. Closing-price date 2026-10-15.

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

- 2017-04: CNY 75.41 per share

- 2017-05: CNY 77.17 per share

- 2017-06: CNY 78.47 per share

- 2017-07: CNY 74.99 per share

- 2017-08: CNY 74.93 per share

- 2017-09: CNY 72.94 per share

- 2017-10: CNY 84.16 per share

- 2017-11: CNY 79.24 per share

- 2017-12: CNY 84.32 per share

- 2018-01: CNY 102.10 per share

- 2018-02: CNY 98.60 per share

- 2018-03: CNY 100.47 per share

- 2018-04: CNY 97.56 per share

- 2018-05: CNY 102.41 per share

- 2018-06: CNY 91.09 per share

- 2018-07: CNY 79.79 per share

- 2018-08: CNY 68.41 per share

- 2018-09: CNY 67.68 per share

- 2018-10: CNY 52.59 per share

- 2018-11: CNY 57.14 per share

- 2018-12: CNY 56.94 per share

- 2019-01: CNY 64.23 per share

- 2019-02: CNY 67.14 per share

- 2019-03: CNY 86.71 per share

- 2019-04: CNY 85.74 per share

- 2019-05: CNY 81.50 per share

- 2019-06: CNY 76.87 per share

- 2019-07: CNY 74.27 per share

- 2019-08: CNY 85.90 per share

- 2019-09: CNY 79.61 per share

- 2019-10: CNY 78.86 per share

- 2019-11: CNY 70.71 per share

- 2019-12: CNY 83.57 per share

- 2020-01: CNY 80.71 per share

- 2020-02: CNY 78.69 per share

- 2020-03: CNY 67.55 per share

- 2020-04: CNY 75.98 per share

- 2020-05: CNY 86.47 per share

- 2020-06: CNY 82.79 per share

- 2020-07: CNY 89.59 per share

- 2020-08: CNY 101.00 per share

- 2020-09: CNY 107.77 per share

- 2020-10: CNY 122.89 per share

- 2020-11: CNY 127.58 per share

- 2020-12: CNY 134.50 per share

- 2021-01: CNY 149.60 per share

- 2021-02: CNY 151.53 per share

- 2021-03: CNY 157.61 per share

- 2021-04: CNY 166.80 per share

- 2021-05: CNY 148.24 per share

- 2021-06: CNY 141.96 per share

- 2021-07: CNY 143.86 per share

- 2021-08: CNY 154.50 per share

- 2021-09: CNY 130.87 per share

- 2021-10: CNY 127.29 per share

- 2021-11: CNY 121.44 per share

- 2021-12: CNY 147.50 per share

- 2022-01: CNY 136.59 per share

- 2022-02: CNY 126.61 per share

- 2022-03: CNY 117.00 per share

- 2022-04: CNY 116.48 per share

- 2022-05: CNY 119.60 per share

- 2022-06: CNY 150.68 per share

- 2022-07: CNY 120.42 per share

- 2022-08: CNY 130.50 per share

- 2022-09: CNY 113.61 per share

- 2022-10: CNY 81.42 per share

- 2022-11: CNY 109.00 per share

- 2022-12: CNY 121.53 per share

- 2023-01: CNY 125.74 per share

- 2023-02: CNY 141.60 per share

- 2023-03: CNY 120.78 per share

- 2023-04: CNY 115.15 per share

- 2023-05: CNY 94.85 per share

- 2023-06: CNY 95.80 per share

- 2023-07: CNY 107.52 per share

- 2023-08: CNY 97.91 per share

- 2023-09: CNY 95.89 per share

- 2023-10: CNY 87.07 per share

- 2023-11: CNY 79.00 per share

- 2023-12: CNY 69.61 per share

- 2024-01: CNY 61.25 per share

- 2024-02: CNY 69.48 per share

- 2024-03: CNY 63.88 per share

- 2024-04: CNY 62.41 per share

- 2024-05: CNY 68.05 per share

- 2024-06: CNY 53.56 per share

- 2024-07: CNY 45.55 per share

- 2024-08: CNY 44.35 per share

- 2024-09: CNY 62.50 per share

- 2024-10: CNY 70.20 per share

- 2024-11: CNY 72.00 per share

- 2024-12: CNY 68.94 per share

- 2025-01: CNY 65.40 per share

- 2025-02: CNY 66.05 per share

- 2025-03: CNY 62.48 per share

- 2025-04: CNY 66.10 per share

- 2025-05: CNY 61.63 per share

- 2025-06: CNY 56.45 per share

- 2025-07: CNY 51.55 per share

- 2025-08: CNY 55.34 per share

- 2025-09: CNY 53.30 per share

- 2025-10: CNY 53.50 per share

- 2025-11: CNY 53.19 per share

- 2025-12: CNY 52.09 per share

- 2026-01: CNY 61.35 per share

- 2026-02: CNY 57.11 per share

- 2026-03: CNY 53.30 per share

- 2026-04: CNY 47.00 per share

- 2026-05: CNY 39.18 per share

- 2026-06: CNY 30.11 per share

- 2026-07: CNY 34.80 per share

- 2026-08: CNY 32.01 per share

- 2026-09: CNY 31.49 per share

- 2026-10: CNY 30.67 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 7.57 per share, central CNY 8.35 per share, high CNY 9.39 per share

- FY2017: low CNY 13.28 per share, central CNY 14.38 per share, high CNY 15.86 per share

- FY2018: low CNY 13.13 per share, central CNY 14.41 per share, high CNY 16.11 per share

- FY2019: low CNY 15.51 per share, central CNY 17.02 per share, high CNY 19.02 per share

- FY2020: low CNY 17.72 per share, central CNY 19.03 per share, high CNY 20.77 per share

- FY2021: low CNY 50.88 per share, central CNY 67.11 per share, high CNY 76.57 per share

- FY2022: low CNY 57.53 per share, central CNY 76.17 per share, high CNY 87.02 per share

- FY2023: low CNY 64.73 per share, central CNY 83.52 per share, high CNY 94.46 per share

- FY2024: low CNY 45.23 per share, central CNY 49.45 per share, high CNY 55.07 per share

- FY2025: low CNY 46.17 per share, central CNY 50.63 per share, high CNY 56.56 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.