W 
Wuxi Hongsheng Heat Exchanger Manufacturing Co 603090.SS · CNY
Industrials · Shanghai · 🇨🇳 China
30.12
-0.53%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥763.8m
FY2016FY2025
Net income
CN¥82.4m
FY2016FY2025
Free cash flow
CN¥26.4m
FY2016FY2025
Shareholders' equity
CN¥633.0m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥763.8m | CN¥713.0m | CN¥695.9m | CN¥714.3m | CN¥559.3m | CN¥325.1m | CN¥490.8m | CN¥415.1m | CN¥368.0m | CN¥229.9m |
| Gross profit | CN¥196.2m | CN¥174.6m | CN¥163.0m | CN¥136.6m | CN¥95.2m | CN¥79.2m | CN¥121.4m | CN¥110.8m | CN¥93.7m | CN¥82.9m |
| Research and development | CN¥33.6m | CN¥33.1m | CN¥3.10bn | CN¥28.2m | CN¥24.8m | CN¥22.8m | CN¥20.7m | CN¥20.8m | CN¥16.0m | CN¥13.5m |
| Operating income | CN¥95.3m | CN¥60.9m | CN¥70.9m | CN¥64.2m | CN¥13.7m | CN¥9.7m | CN¥36.4m | CN¥39.2m | CN¥27.6m | CN¥45.0m |
| Net income | CN¥82.4m | CN¥49.4m | CN¥53.8m | CN¥53.4m | CN¥14.7m | CN¥6.5m | CN¥31.0m | CN¥32.6m | CN¥24.6m | CN¥39.9m |
| Diluted earnings per share | 0.80 | 0.47 | 0.54 | 0.53 | 0.16 | 0.08 | 0.29 | 0.36 | 0.26 | 0.41 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥942.2m | CN¥879.5m | CN¥819.5m | CN¥861.3m | CN¥768.7m | CN¥698.1m | CN¥750.6m | CN¥663.8m | CN¥600.7m | CN¥518.0m |
| Cash and short-term investments | — | CN¥173.0m | CN¥162.9m | CN¥120.6m | CN¥95.0m | CN¥122.5m | CN¥167.5m | CN¥49.7m | CN¥114.1m | CN¥146.4m |
| Total liabilities | CN¥308.6m | CN¥284.4m | CN¥243.4m | CN¥312.2m | CN¥241.3m | CN¥189.0m | CN¥239.3m | CN¥175.1m | CN¥135.6m | CN¥64.7m |
| Debt | CN¥581,652 | CN¥107.5m | CN¥118.8m | CN¥104.6m | CN¥63.1m | CN¥43.1m | CN¥91.5m | CN¥27.0m | CN¥17.1m | CN¥11.5m |
| Shareholders' equity | CN¥633.0m | CN¥578.5m | CN¥559.8m | CN¥536.0m | CN¥512.6m | CN¥497.9m | CN¥501.5m | CN¥480.5m | CN¥458.5m | CN¥453.3m |
| Shares outstanding | 103m | 104m | 99m | 101m | 89m | 77m | 105m | 91m | 93m | 97m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥101.8m | CN¥104.0m | CN¥111.7m | CN¥15.9m | −CN¥52.8m | CN¥46.6m | CN¥26.1m | CN¥26.9m | CN¥11.6m | CN¥46.2m |
| Capital spending | −CN¥75.4m | −CN¥28.8m | −CN¥21.0m | −CN¥15.7m | −CN¥26.9m | −CN¥24.6m | −CN¥33.1m | −CN¥42.9m | −CN¥46.2m | −CN¥31.5m |
| Free cash flow | CN¥26.4m | CN¥75.2m | CN¥90.7m | CN¥215,898 | −CN¥79.7m | CN¥22.0m | −CN¥7.0m | −CN¥16.1m | −CN¥34.7m | CN¥14.7m |
| Dividends paid | −CN¥32.9m | −CN¥33.1m | −CN¥33.5m | −CN¥30.0m | −CN¥2.0m | −CN¥10.0m | −CN¥10.0m | −CN¥10.0m | −CN¥20.1m | −CN¥7.5m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥238.2m | CN¥201.0m | CN¥209.6m | CN¥196.4m | CN¥200.4m | CN¥157.4m | CN¥193.7m | CN¥200.0m |
| Gross profit | CN¥59.0m | CN¥53.9m | CN¥54.8m | CN¥45.6m | CN¥52.4m | CN¥43.4m | CN¥33.0m | CN¥54.7m |
| Operating income | CN¥23.1m | CN¥25.9m | CN¥20.1m | CN¥20.6m | CN¥27.5m | CN¥27.0m | CN¥2.4m | CN¥20.7m |
| Net income | CN¥13.1m | CN¥17.2m | CN¥18.0m | CN¥18.6m | CN¥22.3m | CN¥23.5m | CN¥1.6m | CN¥17.0m |
| Diluted earnings per share | 0.13 | 0.17 | 0.18 | 0.18 | 0.22 | 0.23 | 0.02 | 0.16 |
| Cash from operations | — | — | — | CN¥30.0m | CN¥38.0m | CN¥8.0m | — | — |
| Capital spending | −CN¥18.0m | −CN¥34.0m | −CN¥58.0m | −CN¥8.0m | −CN¥4.0m | −CN¥3.0m | −CN¥9.0m | −CN¥7.0m |
| Free cash flow | — | — | — | CN¥22.0m | CN¥34.0m | CN¥5.0m | — | — |
| Total assets | CN¥1.05bn | CN¥1.01bn | CN¥942.2m | CN¥910.6m | CN¥914.5m | CN¥896.2m | CN¥879.5m | CN¥838.5m |
| Cash and short-term investments | — | — | — | CN¥195.7m | CN¥191.1m | CN¥203.8m | CN¥173.0m | CN¥171.2m |
| Debt | CN¥47.3m | CN¥35.1m | CN¥581,652 | CN¥119.2m | CN¥111.8m | CN¥103.9m | CN¥99.7m | CN¥92.5m |
| Shareholders' equity | CN¥634.8m | CN¥651.8m | CN¥633.0m | CN¥613.1m | CN¥594.8m | CN¥602.0m | CN¥578.5m | CN¥577.3m |
Financial ratios
Data as of 8 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 25.7% | 24.5% | 23.4% | 19.1% | 17.0% | 24.4% |
| Operating margin | 12.9% | 9.1% | 10.7% | 9.5% | 2.7% | 3.9% |
| Net margin | 10.8% | 6.9% | 7.7% | 7.5% | 2.6% | 2.0% |
| Return on equity | 13.0% | 8.5% | 9.6% | 10.0% | 2.9% | 1.3% |
| Return on assets | 8.7% | 5.6% | 6.6% | 6.2% | 1.9% | 0.9% |
| Free cash flow yield | 4.9% | 3.6% | 3.8% | 0.9% | -0.8% | 2.6% |
| Revenue growth | 7.1% | 2.5% | -2.6% | 27.7% | 72.0% | -33.7% |
| Earnings growth | 66.9% | -8.2% | 0.7% | 264.1% | 124.2% | -78.9% |
| Current ratio | 2.00x | 2.13x | 2.28x | 1.88x | 1.95x | 2.06x |
| Debt to equity | 0.00x | 0.17x | 0.21x | 0.19x | 0.12x | 0.09x |
| Equity ratio | 67.2% | 65.8% | 68.3% | 62.2% | 66.7% | 71.3% |
| Interest coverage | 26.00x | 15.08x | 19.05x | 19.18x | 6.53x | 4.38x |
| R&D as a share of sales | 4.4% | 4.6% | 445.9% | 4.0% | 4.4% | 7.0% |
| Buybacks as a share of market value | 1.6% | -5.5% | 2.1% | -13.2% | -15.8% | 26.8% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 2.3% | 18.6% | 12.4% |
| Operating income | 14.0% | 57.8% | 8.7% |
| Net income | 15.6% | 66.0% | 8.4% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 25.1% | 23.2% | 22.4% | 24.1% |
| Operating margin | 10.6% | 10.1% | 8.3% | 9.2% |
| Net margin | 8.9% | 8.3% | 6.9% | 7.7% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 69.1 | 37.0 | 43.3 | 52.5 | 135.4 | 176.3 | 55.6 | 36.3 | 74.8 | 116.0 |
| Price to sales | 7.5 | 2.6 | 3.4 | 3.9 | 3.5 | 3.5 | 3.5 | 2.9 | 5.0 | 20.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 4 years. Last went ex-dividend on 19 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.30 | 0.30 | 0.30 | 0.30 | 0.30 | 0.10 | 0.10 | 0.10 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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