Z 
Zhejiang Grandwall Electric Science&Technology Co 603897.SS · CNY
Industrials · Shanghai · 🇨🇳 China
26.06
+0.50%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥12.59bn
FY2016FY2025
Net income
CN¥315.5m
FY2016FY2025
Free cash flow
CN¥626.1m
FY2016FY2025
Shareholders' equity
CN¥2.50bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥12.59bn | CN¥12.99bn | CN¥11.08bn | CN¥10.03bn | CN¥10.73bn | CN¥6.27bn | CN¥4.97bn | CN¥4.98bn | CN¥4.58bn | CN¥3.23bn |
| Gross profit | CN¥591.8m | CN¥543.0m | CN¥474.4m | CN¥370.1m | CN¥637.3m | CN¥495.6m | CN¥360.0m | CN¥373.1m | CN¥375.6m | CN¥277.0m |
| Research and development | CN¥61.6m | CN¥79.8m | CN¥110.8m | CN¥154.5m | CN¥164.1m | CN¥151.6m | CN¥102.4m | CN¥100.2m | CN¥73.2m | CN¥72.0m |
| Operating income | CN¥430.5m | CN¥307.0m | CN¥261.7m | CN¥137.7m | CN¥397.6m | CN¥211.0m | CN¥183.6m | CN¥228.4m | CN¥253.9m | CN¥155.8m |
| Net income | CN¥315.5m | CN¥236.1m | CN¥216.5m | CN¥136.2m | CN¥341.1m | CN¥174.2m | CN¥155.8m | CN¥180.8m | CN¥177.4m | CN¥113.8m |
| Diluted earnings per share | 1.50 | 1.15 | 1.05 | 0.66 | 1.87 | 0.93 | 0.84 | 1.02 | 1.32 | 0.54 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥6.77bn | CN¥6.50bn | CN¥6.02bn | CN¥5.63bn | CN¥4.43bn | CN¥3.95bn | CN¥2.90bn | CN¥1.88bn | CN¥1.32bn | CN¥1.01bn |
| Cash and short-term investments | — | CN¥1.33bn | CN¥1.43bn | CN¥1.49bn | CN¥680.2m | CN¥1.30bn | CN¥357.5m | CN¥108.7m | CN¥260.9m | CN¥117.3m |
| Total liabilities | CN¥4.26bn | CN¥3.94bn | CN¥3.24bn | CN¥2.88bn | CN¥1.72bn | CN¥1.96bn | CN¥978.9m | CN¥203.1m | CN¥521.2m | CN¥388.1m |
| Debt | — | CN¥995.0m | CN¥577.7m | CN¥689.4m | CN¥197.8m | CN¥806.2m | CN¥534.7m | CN¥49.4m | CN¥94.0m | CN¥8.0m |
| Shareholders' equity | CN¥2.50bn | CN¥2.56bn | CN¥2.78bn | CN¥2.75bn | CN¥2.71bn | CN¥1.99bn | CN¥1.92bn | CN¥1.68bn | CN¥796.9m | CN¥619.4m |
| Shares outstanding | 210m | 206m | 207m | 207m | 182m | 187m | 185m | 178m | 134m | 210m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥712.9m | −CN¥3.5m | CN¥163.4m | CN¥186.8m | −CN¥359.5m | CN¥249.4m | CN¥380.9m | −CN¥371.0m | CN¥70.7m | CN¥52.5m |
| Capital spending | −CN¥86.8m | −CN¥74.4m | −CN¥38.3m | −CN¥235.2m | −CN¥297.6m | −CN¥193.7m | −CN¥256.5m | −CN¥148.3m | −CN¥9.4m | −CN¥4.5m |
| Free cash flow | CN¥626.1m | −CN¥78.0m | CN¥125.0m | −CN¥48.5m | −CN¥657.1m | CN¥55.7m | CN¥124.4m | −CN¥519.2m | CN¥61.3m | CN¥48.0m |
| Dividends paid | −CN¥372.0m | −CN¥458.0m | −CN¥195.4m | −CN¥103.2m | −CN¥201.3m | −CN¥103.5m | −CN¥26.8m | −CN¥9.7m | −CN¥9.1m | −CN¥37.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥4.00bn | CN¥3.58bn | CN¥3.14bn | CN¥3.16bn | CN¥3.19bn | CN¥3.09bn | CN¥3.48bn | CN¥3.19bn |
| Gross profit | CN¥161.4m | CN¥165.8m | CN¥195.2m | CN¥146.0m | CN¥132.3m | CN¥118.4m | CN¥145.4m | CN¥99.9m |
| Operating income | CN¥121.9m | CN¥124.0m | CN¥146.5m | CN¥103.5m | CN¥103.0m | CN¥72.3m | CN¥53.7m | CN¥98.4m |
| Net income | CN¥97.1m | CN¥44.6m | CN¥100.5m | CN¥77.6m | CN¥82.4m | CN¥54.9m | CN¥47.2m | CN¥73.4m |
| Diluted earnings per share | 0.46 | 0.21 | 0.48 | 0.37 | 0.39 | 0.26 | 0.23 | 0.36 |
| Cash from operations | — | — | — | CN¥238.0m | CN¥422.0m | CN¥321.0m | CN¥245.0m | — |
| Capital spending | −CN¥5.0m | −CN¥12.0m | — | −CN¥9.0m | −CN¥29.0m | −CN¥56.0m | −CN¥59.0m | −CN¥8.0m |
| Free cash flow | — | — | — | CN¥229.0m | CN¥393.0m | CN¥265.0m | CN¥186.0m | — |
| Total assets | CN¥7.21bn | CN¥7.07bn | CN¥6.77bn | CN¥6.86bn | CN¥6.62bn | CN¥6.61bn | CN¥6.50bn | CN¥6.55bn |
| Cash and short-term investments | — | — | — | CN¥1.66bn | CN¥1.60bn | CN¥1.55bn | CN¥1.33bn | CN¥1.75bn |
| Debt | — | — | — | CN¥3.82bn | CN¥919.6m | CN¥903.7m | CN¥993.6m | CN¥3.35bn |
| Shareholders' equity | CN¥2.38bn | CN¥2.54bn | CN¥2.50bn | CN¥2.40bn | CN¥2.39bn | CN¥2.61bn | CN¥2.56bn | CN¥2.51bn |
Financial ratios
Data as of 14 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|
| Gross margin | 4.7% | 4.2% | 4.3% | 3.7% | 5.9% | 7.9% | — |
| Operating margin | 3.3% | 2.9% | 2.6% | 1.6% | 4.0% | 4.2% | — |
| Net margin | 2.5% | 1.8% | 2.0% | 1.4% | 3.2% | 2.8% | — |
| Return on equity | 12.6% | 9.2% | 7.8% | 5.0% | 12.6% | 8.8% | — |
| Return on assets | 4.7% | 3.6% | 3.6% | 2.4% | 7.7% | 4.4% | — |
| Free cash flow yield | 14.5% | 1.3% | 3.7% | 7.8% | -1.3% | 9.0% | — |
| Revenue growth | -3.1% | 17.2% | 10.5% | -6.5% | 71.0% | 26.2% | — |
| Earnings growth | 33.6% | 9.0% | 59.0% | -60.1% | 95.8% | 11.8% | — |
| Current ratio | 1.37x | 1.41x | 1.55x | 1.58x | 2.10x | 2.44x | — |
| Debt to equity | — | 0.39x | 0.18x | 0.27x | 0.03x | 0.41x | 0.28x |
| Equity ratio | 37.0% | 39.4% | 46.2% | 48.8% | 61.2% | 50.4% | — |
| Interest coverage | 23.44x | 5.26x | 11.53x | 6.69x | 11.44x | 4.90x | — |
| R&D as a share of sales | 0.5% | 0.6% | 1.0% | 1.5% | 1.5% | 2.4% | — |
| Buybacks as a share of market value | -2.1% | 0.5% | -0.1% | -13.3% | 2.5% | -1.2% | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 7.9% | 14.9% | 15.9% |
| Operating income | 46.2% | 15.3% | 21.7% |
| Net income | 32.3% | 12.6% | 19.7% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 4.4% | 4.2% | 4.9% | 5.6% |
| Operating margin | 2.9% | 2.4% | 2.7% | 3.1% |
| Net margin | 2.2% | 1.9% | 2.2% | 2.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | |
|---|---|---|---|---|---|---|---|---|
| Price to earnings | 18.1 | 20.5 | 19.6 | 32.4 | 26.7 | 19.1 | 22.9 | 22.4 |
| Price to sales | 0.5 | 0.4 | 0.4 | 0.4 | 0.8 | 0.5 | 0.7 | 0.8 |
Dividends and splits
Per share, in the currency the company pays
Paid for 7 years. Last went ex-dividend on 3 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 1.20 | 1.80 | 2.20 | 0.90 | 0.50 | 1.10 | 0.58 | 0.15 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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