V 
Vats Liquor Chain Store Management Joint Stock Co 300755.SZ · CNY
Consumer Staples · Shenzhen · 🇨🇳 China
11.04
+0.18%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥5.90bn
FY2016FY2025
Net income
−CN¥368.8m
FY2016FY2025
Free cash flow
CN¥750.2m
FY2016FY2025
Shareholders' equity
CN¥2.75bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥5.90bn | CN¥9.46bn | CN¥10.12bn | CN¥8.71bn | CN¥7.46bn | CN¥4.94bn | CN¥3.74bn | CN¥2.72bn | CN¥2.41bn | CN¥2.18bn |
| Gross profit | CN¥365.0m | CN¥812.8m | CN¥1.07bn | CN¥1.21bn | CN¥1.55bn | CN¥949.5m | CN¥785.9m | CN¥577.2m | CN¥482.3m | CN¥377.4m |
| Research and development | — | CN¥20.2m | CN¥26.6m | CN¥17.1m | CN¥28.1m | CN¥21.7m | CN¥12.1m | CN¥9.9m | CN¥9.6m | CN¥8.6m |
| Operating income | −CN¥303.0m | CN¥110.6m | CN¥213.9m | CN¥410.4m | CN¥818.9m | CN¥454.6m | CN¥384.5m | CN¥281.6m | CN¥240.6m | CN¥132.4m |
| Net income | −CN¥368.8m | CN¥44.4m | CN¥235.3m | CN¥366.3m | CN¥675.5m | CN¥373.2m | CN¥319.4m | CN¥224.9m | CN¥202.7m | CN¥113.0m |
| Diluted earnings per share | -0.90 | 0.11 | 0.56 | 0.88 | 1.62 | 0.91 | 0.78 | 0.72 | 0.66 | 0.28 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.81bn | CN¥7.11bn | CN¥7.25bn | CN¥8.44bn | CN¥6.83bn | CN¥4.32bn | CN¥4.14bn | CN¥2.67bn | CN¥1.98bn | CN¥2.24bn |
| Cash and short-term investments | — | CN¥1.39bn | CN¥1.10bn | CN¥1.18bn | CN¥1.14bn | CN¥1.22bn | CN¥1.36bn | CN¥492.8m | CN¥434.5m | CN¥399.1m |
| Total liabilities | CN¥1.98bn | CN¥3.85bn | CN¥3.35bn | CN¥4.72bn | CN¥3.35bn | CN¥1.45bn | CN¥1.58bn | CN¥1.30bn | CN¥829.0m | CN¥1.31bn |
| Debt | — | CN¥1.91bn | CN¥1.38bn | CN¥1.41bn | CN¥576.3m | CN¥359.1m | CN¥594.0m | CN¥546.0m | CN¥265.7m | CN¥407.7m |
| Shareholders' equity | CN¥2.75bn | CN¥3.16bn | CN¥3.80bn | CN¥3.64bn | CN¥3.41bn | CN¥2.82bn | CN¥2.51bn | CN¥1.35bn | CN¥1.13bn | CN¥920.9m |
| Shares outstanding | 408m | 404m | 417m | 417m | 417m | 410m | 408m | 314m | 309m | 408m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥751.7m | CN¥436.3m | CN¥282.9m | −CN¥329.9m | −CN¥373.5m | CN¥325.0m | CN¥108.2m | −CN¥241.3m | CN¥365.1m | −CN¥99.7m |
| Capital spending | −CN¥1.5m | −CN¥5.8m | −CN¥18.5m | −CN¥178.1m | −CN¥72.3m | −CN¥57.7m | −CN¥55.4m | −CN¥1.4m | −CN¥2.3m | −CN¥2.1m |
| Free cash flow | CN¥750.2m | CN¥430.4m | CN¥264.4m | −CN¥508.0m | −CN¥445.8m | CN¥267.3m | CN¥52.8m | −CN¥242.7m | CN¥362.8m | −CN¥101.8m |
| Dividends paid | −CN¥65.7m | −CN¥581.1m | −CN¥109.2m | −CN¥137.5m | −CN¥75.0m | −CN¥66.7m | −CN¥46.3m | −CN¥15.8m | −CN¥81.4m | −CN¥287.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.04bn | CN¥2.21bn | CN¥731.9m | CN¥1.21bn | CN¥1.10bn | CN¥2.85bn | CN¥1.63bn | CN¥1.89bn |
| Gross profit | CN¥84.7m | CN¥194.4m | −CN¥39.9m | CN¥20.9m | CN¥30.6m | CN¥297.6m | CN¥28.2m | CN¥164.5m |
| Operating income | CN¥4.7m | CN¥84.0m | −CN¥116.0m | −CN¥343.1m | −CN¥58.5m | CN¥118.9m | −CN¥111.6m | CN¥24.1m |
| Net income | −CN¥126.5m | CN¥53.0m | −CN¥170.1m | −CN¥254.9m | −CN¥29.2m | CN¥85.4m | −CN¥123.3m | CN¥12.7m |
| Diluted earnings per share | -0.31 | 0.13 | -0.42 | -0.63 | -0.07 | 0.21 | -0.31 | 0.03 |
| Cash from operations | — | — | — | CN¥438.0m | −CN¥301.0m | CN¥417.0m | — | −CN¥332.0m |
| Total assets | CN¥3.72bn | CN¥4.19bn | CN¥4.81bn | CN¥5.07bn | CN¥5.62bn | CN¥6.40bn | CN¥7.11bn | CN¥6.89bn |
| Cash and short-term investments | — | — | — | CN¥1.15bn | CN¥1.04bn | CN¥1.43bn | CN¥1.39bn | CN¥875.0m |
| Debt | — | — | — | CN¥1.56bn | CN¥1.64bn | CN¥1.55bn | CN¥1.86bn | CN¥1.89bn |
| Shareholders' equity | CN¥2.68bn | CN¥2.81bn | CN¥2.75bn | CN¥2.92bn | CN¥3.18bn | CN¥3.24bn | CN¥3.16bn | CN¥3.61bn |
Financial ratios
Data as of 16 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 6.2% | 8.6% | 10.6% | 13.9% | 20.8% | 19.2% | — |
| Operating margin | -5.1% | 1.2% | 2.1% | 4.7% | 11.0% | 9.2% | — |
| Net margin | -6.3% | 0.5% | 2.3% | 4.2% | 9.1% | 7.6% | — |
| Return on equity | -13.4% | 1.4% | 6.2% | 10.1% | 19.8% | 13.3% | — |
| Return on assets | -7.7% | 0.6% | 3.2% | 4.3% | 9.9% | 8.6% | — |
| Free cash flow yield | 17.3% | 10.2% | 6.8% | -3.4% | -6.8% | 8.7% | — |
| Revenue growth | -37.7% | -6.5% | 16.2% | 16.7% | 51.0% | 32.2% | — |
| Earnings growth | -929.7% | -81.1% | -35.8% | -45.8% | 81.0% | 16.8% | — |
| Current ratio | 2.21x | 1.74x | 2.03x | 1.70x | 1.96x | 2.85x | — |
| Debt to equity | — | 0.59x | 0.35x | 0.20x | 0.15x | 0.13x | 0.24x |
| Equity ratio | 57.3% | 44.4% | 52.4% | 43.1% | 50.0% | 65.2% | — |
| Interest coverage | -8.50x | 1.91x | 4.72x | 12.67x | 37.44x | 19.80x | — |
| R&D as a share of sales | — | 0.2% | 0.3% | 0.2% | 0.4% | 0.4% | 0.3% |
| Buybacks as a share of market value | -0.9% | 3.1% | 0.1% | -0.1% | -1.6% | -0.5% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -12.2% | 3.6% | 14.1% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 7.7% | 10.1% | 12.8% | 14.4% |
| Operating margin | -1.3% | 1.3% | 3.7% | 4.7% |
| Net margin | -2.1% | 0.8% | 2.8% | 3.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Price to earnings | -19.5 | 162.2 | 32.4 | 35.2 | 30.9 | 28.8 | 29.0 |
| Price to sales | 1.2 | 0.8 | 0.8 | 1.5 | 2.8 | 2.2 | 2.5 |
Dividends and splits
Per share, in the currency the company pays
Paid for 7 years. Last went ex-dividend on 28 May 2025.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Paid in the year | 0.093 | 1.317 | 0.176 | 0.33 | 0.18 | 0.16 | 0.111 |
- 9-for-5 split · 11 Oct 2019
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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