Q 
Qinghai Huzhu TianYouDe Highland Barley Spirit Co 002646.SZ · CNY
Consumer Staples · Shenzhen · 🇨🇳 China
7.02
-0.14%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.10bn
FY2016FY2025
Net income
CN¥4.3m
FY2016FY2025
Free cash flow
−CN¥62.7m
FY2016FY2025
Shareholders' equity
CN¥2.83bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.10bn | CN¥1.25bn | CN¥1.21bn | CN¥979.9m | CN¥1.05bn | CN¥763.8m | CN¥1.25bn | CN¥1.35bn | CN¥1.32bn | CN¥1.44bn |
| Gross profit | CN¥640.5m | CN¥750.6m | CN¥762.5m | CN¥607.7m | CN¥664.8m | CN¥489.1m | CN¥807.7m | CN¥899.2m | CN¥867.0m | CN¥919.4m |
| Research and development | CN¥17.1m | CN¥37.8m | CN¥29.7m | CN¥16.6m | CN¥21.1m | CN¥33.9m | CN¥18.3m | CN¥16.7m | CN¥15.5m | CN¥15.5m |
| Operating income | CN¥39.4m | CN¥76.3m | CN¥152.9m | CN¥112.0m | CN¥94.4m | −CN¥125.4m | CN¥58.0m | CN¥165.3m | −CN¥67.9m | CN¥301.6m |
| Net income | CN¥4.3m | CN¥42.1m | CN¥89.6m | CN¥75.7m | CN¥63.2m | −CN¥115.1m | CN¥36.1m | CN¥107.6m | −CN¥94.2m | CN¥216.1m |
| Diluted earnings per share | 0.01 | 0.09 | 0.19 | 0.16 | 0.15 | -0.26 | 0.08 | 0.24 | -0.21 | 0.48 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥3.19bn | CN¥3.34bn | CN¥3.33bn | CN¥3.20bn | CN¥3.22bn | CN¥2.66bn | CN¥2.81bn | CN¥2.94bn | CN¥2.66bn | CN¥3.16bn |
| Cash and short-term investments | — | CN¥363.7m | CN¥524.2m | CN¥499.2m | CN¥647.4m | CN¥247.2m | CN¥387.3m | CN¥489.9m | CN¥335.3m | CN¥387.0m |
| Total liabilities | CN¥376.9m | CN¥549.2m | CN¥524.9m | CN¥461.5m | CN¥527.0m | CN¥432.4m | CN¥445.9m | CN¥562.7m | CN¥365.8m | CN¥698.3m |
| Debt | CN¥8.9m | CN¥123.9m | CN¥198.0m | CN¥135.1m | CN¥176.6m | CN¥133.7m | CN¥100.1m | CN¥100.0m | — | CN¥180.0m |
| Shareholders' equity | CN¥2.83bn | CN¥2.81bn | CN¥2.82bn | CN¥2.76bn | CN¥2.72bn | CN¥2.25bn | CN¥2.37bn | CN¥2.39bn | CN¥2.31bn | CN¥2.48bn |
| Shares outstanding | 476m | 454m | 472m | 472m | 420m | 450m | 450m | 450m | 449m | 450m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥15.6m | CN¥18.7m | CN¥103.9m | −CN¥3.3m | CN¥70.6m | −CN¥78.8m | −CN¥108.4m | CN¥106.0m | CN¥28.2m | CN¥325.7m |
| Capital spending | −CN¥78.2m | −CN¥103.1m | −CN¥96.1m | −CN¥63.9m | −CN¥85.8m | −CN¥82.7m | −CN¥113.5m | −CN¥80.2m | −CN¥190.5m | −CN¥165.0m |
| Free cash flow | −CN¥62.7m | −CN¥84.4m | CN¥7.8m | −CN¥67.3m | −CN¥15.1m | −CN¥161.5m | −CN¥222.0m | CN¥25.8m | −CN¥162.2m | CN¥160.6m |
| Dividends paid | −CN¥6.8m | −CN¥79.1m | −CN¥30.2m | −CN¥23.6m | −CN¥3.8m | −CN¥13.5m | −CN¥54.0m | −CN¥35.5m | −CN¥78.1m | −CN¥83.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥168.6m | CN¥406.3m | CN¥220.8m | CN¥206.6m | CN¥242.2m | CN¥431.7m | CN¥267.9m | CN¥227.7m |
| Gross profit | CN¥94.8m | CN¥250.9m | CN¥125.6m | CN¥121.1m | CN¥132.5m | CN¥261.3m | CN¥164.8m | CN¥135.7m |
| Operating income | −CN¥33.8m | CN¥69.9m | −CN¥3.0m | −CN¥31.8m | −CN¥16.4m | CN¥89.0m | −CN¥6.7m | −CN¥22.6m |
| Net income | −CN¥38.0m | CN¥48.5m | −CN¥17.5m | −CN¥29.6m | −CN¥16.0m | CN¥67.5m | −CN¥15.3m | −CN¥22.2m |
| Diluted earnings per share | -0.08 | 0.10 | -0.04 | -0.06 | -0.03 | 0.14 | -0.03 | -0.05 |
| Cash from operations | — | — | — | — | −CN¥45.0m | CN¥99.0m | — | CN¥12.0m |
| Capital spending | −CN¥2.0m | −CN¥17.0m | −CN¥13.0m | −CN¥31.0m | −CN¥10.0m | −CN¥22.0m | −CN¥31.0m | −CN¥34.0m |
| Free cash flow | — | — | — | — | −CN¥55.0m | CN¥77.0m | — | −CN¥22.0m |
| Total assets | CN¥3.15bn | CN¥3.19bn | CN¥3.19bn | CN¥3.29bn | CN¥3.35bn | CN¥3.35bn | CN¥3.34bn | CN¥3.30bn |
| Cash and short-term investments | — | — | — | CN¥317.8m | CN¥379.5m | CN¥436.5m | CN¥363.7m | CN¥413.3m |
| Debt | CN¥8.6m | CN¥8.8m | CN¥8.9m | CN¥101.7m | CN¥109.3m | CN¥109.3m | CN¥109.4m | CN¥109.3m |
| Shareholders' equity | CN¥2.84bn | CN¥2.88bn | CN¥2.83bn | CN¥2.86bn | CN¥2.89bn | CN¥2.88bn | CN¥2.81bn | CN¥2.83bn |
Financial ratios
Data as of 19 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 58.2% | 59.8% | 63.0% | 62.0% | 63.1% | 64.0% |
| Operating margin | 2.9% | 5.8% | 12.0% | 11.3% | 9.0% | -16.4% |
| Net margin | 0.4% | 3.4% | 7.4% | 7.7% | 6.0% | -15.1% |
| Return on equity | 0.2% | 1.5% | 3.2% | 2.7% | 2.3% | -5.1% |
| Return on assets | 0.1% | 1.3% | 2.7% | 2.4% | 2.0% | -4.3% |
| Free cash flow yield | 2.7% | 3.7% | 5.9% | 1.8% | 5.2% | 0.1% |
| Revenue growth | -12.2% | 3.7% | 23.5% | -7.0% | 38.0% | -39.1% |
| Earnings growth | -89.8% | -53.0% | 18.4% | 19.7% | -154.9% | -418.7% |
| Current ratio | 5.30x | 3.74x | 3.98x | 4.40x | 3.81x | 3.05x |
| Debt to equity | 0.00x | 0.04x | 0.06x | 0.04x | 0.06x | 0.06x |
| Equity ratio | 88.8% | 84.1% | 84.8% | 86.3% | 84.3% | 84.3% |
| Interest coverage | 14.00x | 44.50x | 205.74x | 21.33x | 34.22x | -33.03x |
| R&D as a share of sales | 1.5% | 3.0% | 2.5% | 1.7% | 2.0% | 4.4% |
| Buybacks as a share of market value | -4.8% | 3.8% | 0.0% | -12.4% | 6.6% | 0.0% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 4.0% | 7.6% | -2.1% |
| Operating income | -29.4% | — | -18.4% |
| Net income | -61.6% | — | -32.9% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 59.0% | 60.7% | 61.5% | 63.2% |
| Operating margin | 4.9% | 8.4% | 5.5% | 8.5% |
| Net margin | 2.0% | 4.7% | 2.5% | 5.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | 115.8 | 71.7 | 95.5 | 139.4 | -78.5 | 133.3 | 44.8 | -72.7 | 40.1 |
| Price to sales | 3.7 | 3.9 | 5.3 | 7.4 | 8.4 | 11.8 | 3.8 | 3.6 | 5.2 | 6.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 7 Jul 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.005 | 0.011 | 0.163 | 0.06 | 0.05 | 0.03 | 0.12 | 0.07 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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