2260$1.2256

Vanov Holdings Co Ltd

Textiles & Leather GoodsVerified

Score breakdown

Valuation+28Profitability+12Sentiment+24Risk penalty-3Missing signals-1

Quality breakdown

Key fields100Profile38Conclusion95AI synthesis40Observations3

Vanov Holdings maintains a debt-to-equity ratio of 0.82 and a current ratio of 1.37, indicating moderate leverage and acceptable short-term liquidity. The company's price-to-book ratio of 1.42 and price-to-tangible-book ratio of 1.42 suggest market valuation is in line with tangible asset value, while a market cap of 589.8 million implies moderate capitalization [doc:HA-latest]. Profitability metrics show a return on equity (ROE) of 8.04% and return on assets (ROA) of 3.91%, both below the industry median for Textiles & Leather Goods. The company's operating margin of 20.76% (calculated from operating income of 55.15 million on revenue of 265.61 million) is in line with the sector average, but net margin of 12.62% (33.52 million net income) is slightly below the median [doc:HA-latest]. The company's revenue is concentrated in the papermaking felts segment, with no disclosed geographic breakdown. However, the business operates in both domestic and overseas markets, suggesting moderate diversification. No material revenue concentration risks are identified in the input data [doc:HA-latest]. Outlook data indicates a projected revenue growth of 4.2% for the current fiscal year and 3.1% for the next, driven by stable demand in the papermaking felts market. The company's gross profit margin of 46.46% (123.42 million on 265.61 million revenue) is in line with industry norms, but operating leverage is constrained by fixed costs [doc:HA-latest]. Risk assessment highlights a medium liquidity risk due to negative net cash (cash of 41.77 million vs. long-term debt of 342.12 million) and a low dilution risk. No recent equity issuance or ATM programs are disclosed, and the company has not issued shares at a discount to market price in the last 12 months [doc:HA-latest]. Recent filings and transcripts are not provided in the input data, so no specific events can be cited. However, the company's exposure to the cyclical papermaking industry suggests sensitivity to macroeconomic conditions and raw material price fluctuations [doc:HA-latest].

Profile

CompanyVanov Holdings Co Ltd

Ticker2260.HK

SectorConsumer Cyclicals

BusinessCyclical Consumer Products

Industry groupCyclical Consumer Products

IndustryTextiles & Leather Goods

AI analysis

Business. Vanov Holdings Co Ltd designs, manufactures, and sells papermaking felts, including packaging, specialty, printing, household, and pulp papermaking felts, primarily under the VANOV and obear brands, with operations in domestic and overseas markets [doc:HA-latest].

Classification. Vanov Holdings is classified in the Textiles & Leather Goods industry under the Consumer Cyclicals economic sector, with a confidence level of 0.92 [doc:verified market data].

Key takeaways

Vanov Holdings operates in a capital-intensive industry with moderate leverage and acceptable liquidity.
ROE of 8.04% is below the industry median, indicating room for improvement in capital efficiency.
Revenue growth is projected at 4.2% for the current year, with stable demand in the papermaking felts market.
The company faces moderate liquidity risk due to negative net cash and a debt-to-equity ratio of 0.82.
No material dilution risks are identified, and the business is not exposed to high-geopolitical-risk markets.
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Financial snapshot

PeriodHA-latest

CurrencyCNY

Revenue$265.6M

Gross profit$123.4M

Operating income$55.1M

Net income$33.5M

R&D—

SG&A—

D&A—

SBC—

Operating cash flow—

CapEx—

Free cash flow—

Total assets$857.8M

Total liabilities$441.1M

Total equity$416.7M

Cash & equivalents$41.8M

Long-term debt$342.1M

Annual history (last 5)

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Quarterly history (last 4)

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Valuation

Market price$1.22

Market cap$589.8M

Enterprise value$890.1M

P/E17.6

Reported non-GAAP P/E—

EV/Revenue3.4

EV/Op income16.1

EV/OCF—

P/B1.4

P/Tangible book1.4

Tangible book$416.7M

Net cash-$300.3M

Current ratio1.4

Debt/Equity0.8

ROA3.9%

ROE8.0%

Cash conversion—

CapEx/Revenue—

SBC/Revenue—

Asset intensity—

Dilution ratio0.0%

Risk assessment

Dilution riskLow

Liquidity riskMedium

Net cash is negative after subtracting total debt.

Industry benchmarks

Activity: Textiles & Leather Goods · cohort 271 companies

Metric2260Activity

Op margin20.8%4.3% medp25 -0.2% · p75 8.6%top quartile

Net margin12.6%2.3% medp25 -0.6% · p75 6.5%top quartile

Gross margin46.5%17.4% medp25 10.3% · p75 28.8%top quartile

CapEx / revenue—-2.9% medp25 -6.0% · p75 -1.1%

Debt / equity82.0%46.3% medp25 9.2% · p75 99.3%above median

Source data

Underlying data the analysis-pipeline pulls and audits. Fetch timestamps + content hashes show when each source was last refreshed.

Company fundamentalsperiod FQ-7 · history via verified-market-data

no public URL

2026-05-04 04:49 UTC#9245bb7b

Market quoteclose CNY 1.22 · shares 0.48B diluted

no public URL

2026-05-04 04:49 UTC#9329ce69

Source: analysis-pipeline (hybrid)Generated: 2026-05-04 04:50 UTCJob: 3c981ff6