X 
Xiangyang Changyuandonggu Industry Co 603950.SS · CNY
Consumer Discretionary · Shanghai · 🇨🇳 China
35.49
+0.25%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥2.26bn
FY2016FY2025
Net income
CN¥389.0m
FY2016FY2025
Free cash flow
−CN¥52.4m
FY2016FY2025
Shareholders' equity
CN¥3.01bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥2.26bn | CN¥1.92bn | CN¥1.47bn | CN¥1.12bn | CN¥1.58bn | CN¥1.68bn | CN¥1.16bn | CN¥1.07bn | CN¥1.16bn | CN¥871.1m |
| Research and development | CN¥135.0m | CN¥106.5m | CN¥75.4m | CN¥54.7m | CN¥85.8m | CN¥84.5m | CN¥62.0m | CN¥53.1m | CN¥46.3m | CN¥39.4m |
| Operating income | CN¥428.5m | CN¥275.8m | CN¥244.2m | CN¥108.8m | CN¥279.2m | CN¥354.2m | CN¥309.0m | CN¥210.6m | CN¥233.5m | CN¥121.9m |
| Net income | CN¥389.0m | CN¥230.4m | CN¥218.6m | CN¥100.1m | CN¥249.4m | CN¥314.5m | CN¥268.8m | CN¥181.5m | CN¥196.9m | CN¥103.7m |
| Diluted earnings per share | 1.20 | 0.83 | 0.64 | 0.31 | 0.77 | 0.98 | 1.10 | 0.56 | 0.61 | 0.32 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥5.80bn | CN¥5.08bn | CN¥4.29bn | CN¥3.84bn | CN¥3.69bn | CN¥3.61bn | CN¥2.72bn | CN¥2.65bn | CN¥1.94bn | CN¥1.42bn |
| Cash and short-term investments | — | CN¥340.1m | CN¥327.5m | CN¥618.5m | CN¥665.6m | CN¥646.7m | CN¥236.6m | CN¥553.6m | CN¥394.6m | CN¥185.0m |
| Total liabilities | CN¥2.77bn | CN¥2.37bn | CN¥1.79bn | CN¥1.56bn | CN¥1.42bn | CN¥1.57bn | CN¥1.61bn | CN¥1.81bn | CN¥1.18bn | CN¥743.3m |
| Debt | CN¥452.3m | CN¥686.2m | CN¥578.2m | CN¥533.4m | CN¥504.9m | CN¥660.4m | CN¥923.0m | CN¥908.0m | CN¥623.6m | CN¥291.0m |
| Shareholders' equity | CN¥3.01bn | CN¥2.68bn | CN¥2.47bn | CN¥2.25bn | CN¥2.25bn | CN¥2.01bn | CN¥1.09bn | CN¥821.8m | CN¥740.3m | CN¥663.4m |
| Shares outstanding | 324m | 276m | 340m | 322m | 324m | 322m | 244m | 324m | 324m | 324m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥528.5m | CN¥363.0m | CN¥270.5m | CN¥288.5m | CN¥631.4m | CN¥434.0m | CN¥255.6m | CN¥331.1m | CN¥251.6m | CN¥101.8m |
| Capital spending | −CN¥581.0m | −CN¥402.2m | −CN¥670.9m | −CN¥256.5m | −CN¥374.8m | −CN¥379.0m | −CN¥324.4m | −CN¥637.1m | −CN¥237.4m | −CN¥76.6m |
| Free cash flow | −CN¥52.4m | −CN¥39.2m | −CN¥400.4m | CN¥32.0m | CN¥256.5m | CN¥55.0m | −CN¥68.8m | −CN¥306.0m | CN¥14.2m | CN¥25.2m |
| Dividends paid | −CN¥95.4m | −CN¥28.2m | −CN¥18.9m | −CN¥100.0m | −CN¥21.4m | −CN¥304.1m | −CN¥120.0m | −CN¥46.7m | −CN¥133.7m | −CN¥7.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥513.4m | CN¥500.8m | CN¥607.7m | CN¥612.5m | CN¥517.6m | CN¥517.6m | CN¥649.8m | CN¥494.5m |
| Operating income | CN¥88.6m | CN¥91.6m | CN¥120.8m | CN¥117.5m | CN¥94.5m | CN¥98.7m | CN¥101.2m | CN¥63.0m |
| Net income | CN¥83.9m | CN¥82.8m | CN¥115.0m | CN¥110.0m | CN¥82.0m | CN¥82.0m | CN¥75.3m | CN¥59.8m |
| Diluted earnings per share | 0.26 | 0.26 | 0.35 | 0.34 | 0.25 | 0.25 | 0.27 | 0.22 |
| Cash from operations | — | — | — | CN¥67.0m | −CN¥19.0m | CN¥232.0m | CN¥29.0m | — |
| Capital spending | −CN¥102.0m | −CN¥55.0m | −CN¥65.0m | −CN¥98.0m | −CN¥292.0m | −CN¥124.0m | −CN¥108.0m | −CN¥64.0m |
| Free cash flow | — | — | — | −CN¥31.0m | −CN¥311.0m | CN¥108.0m | −CN¥79.0m | — |
| Total assets | CN¥6.08bn | CN¥5.96bn | CN¥5.80bn | CN¥5.78bn | CN¥5.80bn | CN¥5.78bn | CN¥5.08bn | CN¥4.96bn |
| Cash and short-term investments | — | — | — | CN¥536.9m | CN¥578.2m | CN¥700.2m | CN¥340.1m | CN¥531.2m |
| Debt | CN¥462.4m | CN¥442.5m | CN¥452.3m | CN¥1.18bn | CN¥993.7m | CN¥838.4m | CN¥686.2m | CN¥721.1m |
| Shareholders' equity | CN¥3.14bn | CN¥3.10bn | CN¥3.01bn | CN¥2.90bn | CN¥2.79bn | CN¥2.73bn | CN¥2.68bn | CN¥2.61bn |
Financial ratios
Data as of 1 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Operating margin | 19.0% | 14.4% | 16.6% | 9.7% | 17.7% | 21.1% |
| Net margin | 17.2% | 12.0% | 14.8% | 9.0% | 15.8% | 18.7% |
| Return on equity | 12.9% | 8.6% | 8.8% | 4.4% | 11.1% | 15.6% |
| Return on assets | 6.7% | 4.5% | 5.1% | 2.6% | 6.8% | 8.7% |
| Free cash flow yield | 6.6% | 5.4% | 5.3% | 3.3% | 6.0% | 4.9% |
| Revenue growth | 17.5% | 30.4% | 31.9% | -29.4% | -5.7% | 45.3% |
| Earnings growth | 68.9% | 5.4% | 118.5% | -59.9% | -20.7% | 17.0% |
| Current ratio | 1.25x | 1.45x | 1.86x | 1.67x | 2.35x | 1.99x |
| Debt to equity | 0.15x | 0.26x | 0.23x | 0.04x | 0.18x | 0.29x |
| Equity ratio | 51.9% | 52.8% | 57.6% | 58.7% | 61.1% | 55.7% |
| Interest coverage | 45.08x | 25.81x | 57.13x | 30.29x | 52.59x | 49.30x |
| R&D as a share of sales | 6.0% | 5.5% | 5.1% | 4.9% | 5.4% | 5.0% |
| Buybacks as a share of market value | -17.4% | 18.9% | -5.8% | 0.7% | -0.8% | -31.6% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 26.4% | 6.1% | 11.5% |
| Operating income | 57.9% | 3.9% | 14.9% |
| Net income | 57.2% | 4.3% | 16.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 16.9% | 15.6% | 16.9% | 17.8% |
| Net margin | 14.8% | 13.9% | 15.0% | 15.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Price to earnings | 24.1 | 21.1 | 24.0 | 36.5 | 16.1 | 16.2 |
| Price to sales | 4.2 | 2.5 | 3.6 | 3.3 | 2.5 | 3.0 |
Dividends and splits
Per share, in the currency the company pays
Paid for 1 years. Last went ex-dividend on 3 Jun 2026.
| FY2026 | FY2025 | FY2024 | FY2022 | FY2020 | |
|---|---|---|---|---|---|
| Paid in the year | 0.13 | 0.123 | 0.093 | 0.309 | 0.857 |
- 7-for-5 split · 10 May 2023
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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