# Yangzijiang Shipbuilding (Holdings) (YSHLF.US)

Canonical: https://gigainvestors.com/s/YSHLF

Analysis as of: 2026-10-16T07:33:27.704Z. Financial observations: FY2019–FY2025.

Listing currency: USD. Reporting currency: CNY.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $3.91 per share; close as of 2026-10-15.

Estimated value: low $3.38 per share, central $3.76 per share, high $4.27 per share. Buy at or below the central value $3.76 per share. Valuation as of 2026-10-16T07:33:27.704Z; scenarios are not confidence intervals.

Expected annual return: 9.7% at the stated quote. About 9.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; SG 10-year bond 2.3% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 7 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.33×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.19×

- FY2020: 0.24×

- FY2021: 0.11×

- FY2022: 0.13×

- FY2023: 0.20×

- FY2024: 0.26×

- FY2025: 0.31×

### moat: pass

- ROIC, median of available years: 24.8%

- ROIC, second-lowest year: 19.6%

- Typical minus recent gross margin: -6.2 pp

- Typical gross margin (annual median): 22.4%

- Recent gross margin (lower of latest and 3-year median): 28.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 29.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2019: 24.8%

- FY2020: 19.6%

- FY2021: 10.9%

- FY2022: 21.8%

- FY2023: 34.2%

- FY2024: >100%

- FY2025: 62.1%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 25B

- Net income, five-year total: CNY 26B

- Return on incremental invested capital: 47.5%

- Working capital / revenue, annual change: 0.7 pp

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

- FY2021: 0.97×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.90×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 19.6% vs 62.1%

- Per-share earnings: 0.79 to 1.68 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.2%

- Diluted shares, 5-year annual growth: 0.2%

- Per-share value growth: 20.8%

- Per-share value change: CNY 0.89

- Per-share value, starting three-year median: CNY 0.79

- Per-share value, ending three-year median: CNY 1.68

- Buybacks concentrated in cheaper years (correlation): 0.60

- Average buyback yield: 1.2%

- Buyback history: 5 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 19.6%

- ROIC, last three-year median: 62.1%

Chart: Earnings per share; fiscal year observations.

- FY2019: CNY 0.79

- FY2020: CNY 0.64

- FY2021: CNY 0.96

- FY2022: CNY 0.71

- FY2023: CNY 1.04

- FY2024: CNY 1.68

- FY2025: CNY 2.17

### accounting: pass

- Sloan accruals: 6.8%

- Receivables to sales index (DSRI): 1.06×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.53×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2019: -3.3%

- FY2020: 7.0%

- FY2021: -4.7%

- FY2022: -5.5%

- FY2023: -9.5%

- FY2024: -11.6%

- FY2025: 6.8%

## Holders

## Price story

Price needs cash profits to grow 1.5% a year for ten years · sales +6.1%

Story as of 2026-10-16T09:59:56.293Z; price observation 2026-10-15.

Price needs cash profits to grow 1.5% a year for ten years

### Sales · FY2024–2025

sales +6.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: CNY 24B 

- FY2020: CNY 15B 

- FY2021: CNY 15B 

- FY2022: CNY 21B 

- FY2023: CNY 24B 

- FY2024: CNY 27B 

- FY2025: CNY 28B 

### Gross margin · FY2025

gross margin 34.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2019: 18.3% 

- FY2020: 28.4% 

- FY2021: 13.8% 

- FY2022: 15.4% 

- FY2023: 22.4% 

- FY2024: 28.7% 

- FY2025: 34.2% 

## Owner memo

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

### How it makes money

Operates in aerospace & defense; annual sales are CNY 28.2 billion.

- Source: https://eodhd.com/api/fundamentals/YSHLF.US.json#2025-12-31 (filed 2026-10-16T07:33:27.704Z); FY2025: revenue 28157582343; grossProfit 9642067582; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); YSHLF.US: Yangzijiang Shipbuilding (Holdings) Ltd., an investment holding company, engages in shipbuilding activities in the Greater China, Canada, Japan, Italy, Greece, France, Bulgaria, United Kingdom, Singapore, Denmark, Switzerland, and internationally. It operates through Shipbuilding, Shipping, and Others segments. The company offers commercial vessels, such as containerships, multipurpose vessels, oil tankers, bulk carriers, LNG vessels, and other gas carriers. It is also involved in the provision of ship repairing services; production and processing of large-scale steel structures; ship design services; owns and operates a tank terminal; tank related services; and property development. Yangzijiang Shipbuilding (Holdings) Ltd. was founded in 1956 and is based in Jingjiang, China.

### Why customers stay

Margins ranged from 22.4% to 34.2% during 2023–25; it earns 24.8% on its capital.

- Source: https://eodhd.com/api/fundamentals/YSHLF.US.json#2023-12-31 (filed 2026-10-16T07:33:27.704Z); FY2023: grossProfit / revenue = 22.4%.

- Source: https://eodhd.com/api/fundamentals/YSHLF.US.json#2024-12-31 (filed 2026-10-16T07:33:27.704Z); FY2024: grossProfit / revenue = 28.7%.

- Source: https://eodhd.com/api/fundamentals/YSHLF.US.json#2025-12-31 (filed 2026-10-16T07:33:27.704Z); FY2025: grossProfit / revenue = 34.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:27.704Z); 7-year return on capital observations [[2019,0.24784617102796563],[2020,0.19606648574738886],[2021,0.10915467199070895],[2022,0.2179016570283707],[2023,0.34231497611375783],[2024,1.1361488000001714],[2025,0.6206331993448271]]; median 0.24784617102796563. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 16.3% of cash earnings; earns 47.5% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:27.704Z); FY2019: growth capex 0; upkeep 532747000; owner earnings 3058050341. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:27.704Z); FY2020: growth capex 0; upkeep 294223000; owner earnings 2692471000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:27.704Z); FY2021: growth capex 92030227.33665395; upkeep 580874772.663346; owner earnings 3587626227.3366537. Growth capex / owner earnings = 0.02565212246343021.

- Source: https://eodhd.com/api/fundamentals/YSHLF.US.json#2022-12-31 (filed 2026-10-16T07:33:27.704Z); FY2022: growth capex 478701000; upkeep 427451000; cash acquisitions 486792000; owner earnings 2807480000. Growth capex plus acquisitions / owner earnings = 0.3439002236881474.

- Source: https://eodhd.com/api/fundamentals/YSHLF.US.json#2023-12-31 (filed 2026-10-16T07:33:27.704Z); FY2023: growth capex 329232000; upkeep 466487000; cash acquisitions 2096938000; owner earnings 4101548000. Growth capex plus acquisitions / owner earnings = 0.5915254435642348.

- Source: https://eodhd.com/api/fundamentals/YSHLF.US.json#2024-12-31 (filed 2026-10-16T07:33:27.704Z); FY2024: growth capex 599866000; upkeep 461267000; cash acquisitions 19388000; owner earnings 6633616000. Growth capex plus acquisitions / owner earnings = 0.09335089640401253.

- Source: https://eodhd.com/api/fundamentals/YSHLF.US.json#2025-12-31 (filed 2026-10-16T07:33:27.704Z); FY2025: growth capex 520362065.9281273; upkeep 1408806537.0718727; cash acquisitions 726463000; owner earnings 7646484140.928127. Growth capex plus acquisitions / owner earnings = 0.16305860876039013.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:27.704Z); Incremental return on capital 0.4753402904028444, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:27.704Z); Dividend observations: [[2019,986593000],[2020,884844000],[2021,836856000],[2022,969988000],[2023,1024427000],[2024,1345827000],[2025,2576064127]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/api/fundamentals/YSHLF.US.json#2025-12-31 (filed 2026-10-16T07:33:27.704Z); FY2025: cash repurchases 156285693 CNY.

### Are managers owners

Insiders own 35.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); YSHLF.US SharesStats.PercentInsiders = 35.176 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 1.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:27.704Z); Ten-year compound average after fade. Initial solved rate 0.00811609819423837. Price 3.91; FX 0.14944; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2016-11: $0.31 per share

- 2017-01: $0.31 per share

- 2017-02: $0.35 per share

- 2017-03: $0.43 per share

- 2017-04: $0.43 per share

- 2017-05: $0.48 per share

- 2017-07: $0.50 per share

- 2017-08: $0.62 per share

- 2017-12: $0.61 per share

- 2018-06: $0.37 per share

- 2018-07: $0.38 per share

- 2018-08: $0.36 per share

- 2018-10: $0.52 per share

- 2019-01: $0.54 per share

- 2019-03: $0.60 per share

- 2019-07: $0.59 per share

- 2019-09: $0.43 per share

- 2019-10: $0.39 per share

- 2019-11: $0.39 per share

- 2019-12: $0.46 per share

- 2020-01: $0.55 per share

- 2020-02: $0.57 per share

- 2020-03: $0.33 per share

- 2020-05: $0.36 per share

- 2020-07: $0.38 per share

- 2020-08: $0.36 per share

- 2020-09: $0.39 per share

- 2020-11: $0.35 per share

- 2020-12: $0.37 per share

- 2021-01: $0.39 per share

- 2021-04: $0.38 per share

- 2021-06: $0.71 per share

- 2021-07: $0.55 per share

- 2021-08: $0.66 per share

- 2021-09: $0.55 per share

- 2021-10: $0.59 per share

- 2021-11: $0.53 per share

- 2021-12: $0.56 per share

- 2022-01: $0.52 per share

- 2022-02: $0.55 per share

- 2022-03: $0.62 per share

- 2022-04: $0.68 per share

- 2022-05: $0.66 per share

- 2022-06: $0.66 per share

- 2022-07: $0.65 per share

- 2022-08: $0.69 per share

- 2022-09: $0.71 per share

- 2022-10: $0.84 per share

- 2022-11: $1.00 per share

- 2022-12: $1.01 per share

- 2023-01: $0.94 per share

- 2023-02: $0.99 per share

- 2023-03: $0.91 per share

- 2023-04: $0.92 per share

- 2023-05: $0.92 per share

- 2023-06: $1.08 per share

- 2023-07: $1.13 per share

- 2023-08: $1.21 per share

- 2023-09: $1.18 per share

- 2023-10: $1.10 per share

- 2023-11: $1.05 per share

- 2023-12: $1.06 per share

- 2024-01: $1.16 per share

- 2024-02: $1.23 per share

- 2024-03: $1.31 per share

- 2024-04: $1.31 per share

- 2024-05: $1.61 per share

- 2024-06: $1.69 per share

- 2024-07: $1.65 per share

- 2024-08: $1.90 per share

- 2024-09: $2.24 per share

- 2024-10: $1.90 per share

- 2024-11: $1.93 per share

- 2024-12: $2.05 per share

- 2025-01: $2.22 per share

- 2025-02: $1.83 per share

- 2025-03: $1.76 per share

- 2025-04: $1.74 per share

- 2025-05: $1.63 per share

- 2025-06: $1.73 per share

- 2025-07: $2.07 per share

- 2025-08: $2.22 per share

- 2025-09: $2.54 per share

- 2025-11: $2.50 per share

- 2025-12: $2.74 per share

- 2026-01: $2.63 per share

- 2026-02: $3.03 per share

- 2026-03: $3.08 per share

- 2026-04: $3.39 per share

- 2026-05: $2.81 per share

- 2026-06: $2.70 per share

- 2026-07: $2.88 per share

- 2026-08: $3.80 per share

- 2026-09: $4.08 per share

- 2026-10: $3.91 per share

## Annual estimated value (USD per share)

- FY2023: low $2.30 per share, central $2.54 per share, high $2.85 per share

- FY2024: low $3.04 per share, central $3.31 per share, high $3.68 per share

- FY2025: low $3.74 per share, central $4.12 per share, high $4.63 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.