Jiangsu Yanghe Distillery Co Ltd

Jiangsu Yanghe Distillery maintains a conservative capital structure with a debt-to-equity ratio of 0.0 and a current ratio of 3.77, indicating strong short-term liquidity coverage. However, the company reports negative operating cash flow of -7.63 billion CNY and negative free cash flow of -4.77 billion CNY, driven by capital expenditures of -6.78 billion CNY. The risk assessment flags medium liquidity risk and notes that net cash is negative after subtracting total debt, despite the low absolute level of long-term debt at 173.37 million CNY.

Profitability metrics show a return on equity of 2.17% and a return on assets of 1.73%, which are relatively low for the consumer staples sector. The company trades at a price-to-earnings ratio of 56.25 and an EV/EBITDA of 29.72, suggesting the market prices in significant future growth or stability despite current low returns. The price-to-book ratio is 1.22, aligning with the tangible book value.

Revenue concentration and geographic exposure details are not provided in the available data. The company reports total revenue of 19.21 billion CNY and gross profit of 10.99 billion CNY, resulting in a gross margin of approximately 57.2%. Operating income stands at 3.47 billion CNY, yielding an operating margin of roughly 18.1%.

Growth trajectory analysis is limited by the absence of historical period data. The current financial snapshot shows net income of 2.21 billion CNY on 1.51 billion shares outstanding, resulting in basic earnings per share of approximately 1.46 CNY. Without multi-year trend data, the sustainability of current revenue levels cannot be assessed against historical performance.

Risk factors include medium liquidity risk and low dilution risk. The key flag indicates negative net cash after debt subtraction, which contrasts with the high current ratio. The absence of significant long-term debt reduces interest rate risk, but the negative cash flow position requires monitoring for potential liquidity constraints.

Recent events include analyst estimates with a mean price target of 52.43 CNY and a median target of 51.25 CNY. The mean recommendation is 2.50, with five strong-buy ratings, four buy ratings, and four hold ratings. The high price target is 89.50 CNY, while the low is 24.00 CNY, indicating a wide dispersion in analyst expectations.

Analysts project 14.1% upside to a mean price target of 52.43, reflecting a consensus buy recommendation from 18 analysts.

The company maintains a zero debt-to-equity ratio, significantly exceeding the 75th percentile of its unclassified peer cohort.

Long-term debt decreased to 173 million CNY in FY2026, indicating a strong balance sheet with minimal leverage obligations.

Cash conversion ratio of -0.75 ranks in the bottom quartile, highlighting significant inefficiency in generating cash from earnings.

Revenue ¥8.19B, −26,0% YoY; Operating income −32,0% YoY.

• ▍Revenue ¥8.19B, −26,0% YoY
• ▍Operating income −32,0% YoY
• ▍Net income −32,7% YoY
• ▍Net margin 29.9%

Revenue ¥1.12B, −17,6% YoY; Operating income +11,0% YoY.

• ▍Revenue ¥1.12B, −17,6% YoY
• ▍Operating income +11,0% YoY
• ▍Net income +7,2% YoY
• ▍Net margin -157.8%

Revenue ¥3.29B, −29,0% YoY; Operating income −149,1% YoY.

• ▍Revenue ¥3.29B, −29,0% YoY
• ▍Operating income −149,1% YoY
• ▍Net income −158,4% YoY
• ▍Net margin -11.2%

Revenue ¥3.73B, −43,7% YoY; Operating income −57,1% YoY.

• ▍Revenue ¥3.73B, −43,7% YoY
• ▍Operating income −57,1% YoY
• ▍Net income −62,7% YoY
• ▍Net margin 18.9%

Revenue ¥11.07B; Operating income ¥4.84B.

• ▍Revenue ¥11.07B
• ▍Operating income ¥4.84B
• ▍Net margin 32.9%

Revenue ¥1.36B; Operating income -¥2.28B.

• ▍Revenue ¥1.36B
• ▍Operating income -¥2.28B
• ▍Net margin -140.1%

Revenue ¥4.64B; Operating income ¥843.5M.

• ▍Revenue ¥4.64B
• ▍Operating income ¥843.5M
• ▍Net margin 13.6%

Revenue ¥6.62B; Operating income ¥2.53B.

• ▍Revenue ¥6.62B
• ▍Operating income ¥2.53B
• ▍Net margin 28.6%

Revenue ¥19.21B, −33,5% YoY; Operating income −62,0% YoY.

• ▍Revenue ¥19.21B, −33,5% YoY
• ▍Operating income −62,0% YoY
• ▍Net income −66,9% YoY
• ▍Free cash flow −322,7% YoY
• ▍Net margin 11.5%

Revenue ¥28.88B, −12,8% YoY; Operating income −31,0% YoY.

• ▍Revenue ¥28.88B, −12,8% YoY
• ▍Operating income −31,0% YoY
• ▍Net income −33,4% YoY
• ▍Free cash flow −128,2% YoY
• ▍Net margin 23.1%

Revenue ¥33.13B, +10,0% YoY; Operating income +5,9% YoY.

• ▍Revenue ¥33.13B, +10,0% YoY
• ▍Operating income +5,9% YoY
• ▍Net income +6,8% YoY
• ▍Free cash flow −21,2% YoY
• ▍Net margin 30.2%

Revenue ¥30.10B, +18,8% YoY; Operating income +25,3% YoY.

• ▍Revenue ¥30.10B, +18,8% YoY
• ▍Operating income +25,3% YoY
• ▍Net income +24,9% YoY
• ▍Free cash flow +51,0% YoY
• ▍Net margin 31.2%