Chengdu Wintrue Holding Co., Ltd. (002539.SZ) Bundle
Chengdu Wintrue Holding's latest figures demand a close look: operating revenue rose to 11.4 billion yuan in H1 2025 (+3.59% YoY) while TTM revenue sits at 20.55 billion yuan (down 5.65% YoY) and 2024 revenue was 20.38 billion yuan (-6.37%); profitability shows a 3.94% net margin on TTM net income of 810.21 million yuan with EPS of 0.68 yuan and a 15.91 P/E, yet gross margin is only 11.68% and operating margin 6.27%; the balance sheet reveals a 127.8% debt-to-equity ratio with total debt of 12 billion yuan against equity of 9.4 billion yuan and enterprise value of 20.06 billion yuan, while liquidity is tight (current ratio 0.995) despite 2.13 billion yuan in cash and operating cash flow of 351.21 million yuan, contrasted by a levered free cash flow of -2.23 billion yuan; market cap is 12.10 billion yuan, share price 10.00 yuan (10/24/2025), P/S 0.58 and beta 0.62 - key metrics that raise questions about growth, leverage, valuation and operational resilience, so read on to unpack the drivers and risks behind these numbers.
Chengdu Wintrue Holding Co., Ltd. (002539.SZ) - Revenue Analysis
Chengdu Wintrue Holding Co., Ltd. reported mixed topline results across recent periods, with a modest uptick in H1 2025 but a declining trend on an annual and TTM basis. Key absolute figures and ratios reveal pressure on growth and comparatively low valuation relative to sales.- H1 2025 operating revenue: 11.40 billion yuan (up 3.59% YoY)
- TTM revenue: 20.55 billion yuan (down 5.65% YoY)
- 2024 annual revenue: 20.38 billion yuan (down 6.37% YoY)
- Revenue per employee: ~1.76 million yuan (11,834 employees)
- Market capitalization: 12.10 billion yuan; P/S ratio: 0.58
| Period | Revenue (billion yuan) | YoY change | Notes |
|---|---|---|---|
| H1 2025 | 11.40 | +3.59% | First-half recovery vs. prior-year half |
| TTM (to H1 2025) | 20.55 | -5.65% | Trailing twelve months decline |
| Full-year 2024 | 20.38 | -6.37% | Annual contraction vs. 2023 |
| Employees | 11,834 | - | Revenue per employee: 1.76 million yuan |
| Market cap / P/S | 12.10 / 0.58 | - | Low P/S suggests market pricing below one year revenue |
- Growth volatility: Recent negative annual and TTM growth rates indicate headwinds in core demand or pricing.
- Operational scale vs. productivity: With 11,834 employees and revenue per employee ~1.76 million yuan, labor productivity should be monitored against peers.
- Valuation context: Market cap of 12.10 billion yuan yields a P/S of 0.58 - low relative valuation that could reflect growth concerns or margin pressures.
- H1 2025 signal: A 3.59% H1 rebound may represent early stabilization; investors should watch sequential quarters and segment contributions.
- Risk indicators: Continued negative YoY TTM trends warrant checking order books, contract renewals, and end-market exposure.
Chengdu Wintrue Holding Co., Ltd. (002539.SZ) - Profitability Metrics
This section presents key profitability indicators for Chengdu Wintrue Holding Co., Ltd. (002539.SZ) based on trailing twelve months (TTM) figures and recent dividend policy.
| Metric | Value | Notes |
|---|---|---|
| Net Income (TTM) | ¥810.21 million | Absolute net profit for the most recent 12 months |
| Net Profit Margin (TTM) | 3.94% | Net income / Revenue |
| Operating Margin | 6.27% | Operating profit / Revenue |
| Gross Margin | 11.68% | Revenue minus COGS, relative to revenue |
| Earnings Per Share (EPS, TTM) | ¥0.68 | Basic EPS for trailing twelve months |
| Price-to-Earnings (P/E) | 15.91 | Share price divided by EPS (TTM) |
| Return on Equity (ROE) | 9.04% | Net income / Average shareholders' equity |
| Dividend per Share (Annual) | ¥0.10 | Cash dividend declared per share |
| Dividend Yield | 0.89% | Annual dividend / Current share price |
- Profitability profile: Gross margin at 11.68% indicates moderate product-level margin; operating margin (6.27%) shows reasonable control of operating costs relative to revenue.
- Bottom-line efficiency: Net profit margin of 3.94% and net income of ¥810.21M point to modest overall profitability after all expenses and non-operating items.
- Shareholder returns: ROE of 9.04% reflects mid-single-digit effectiveness in converting equity into profit.
Valuation and income metrics:
- EPS (TTM) ¥0.68 with a P/E of 15.91 - implies the market is pricing the stock at roughly 15.9 times last twelve months' earnings.
- Dividend policy is conservative: annual cash dividend of ¥0.10 per share equals a 0.89% yield at prevailing prices.
Quick comparative perspective (investor-focused):
| Aspect | Implication |
|---|---|
| Margins | Positive gross and operating margins indicate core profitability, but the narrow net margin suggests margin pressure from financing, taxes, or non-operating expenses. |
| ROE vs. P/E | ROE ~9% with P/E ~16 suggests moderate growth expectations priced in; not a high-growth multiple. |
| Dividend | Low yield (0.89%) - signals either reinvestment focus or limited cash return to shareholders. |
For broader company context and background on strategy, ownership and business model, see: Chengdu Wintrue Holding Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Chengdu Wintrue Holding Co., Ltd. (002539.SZ) - Debt vs. Equity Structure
Key balance-sheet and solvency metrics highlight Chengdu Wintrue Holding's capital composition and ability to service obligations. The figures below provide a snapshot of leverage, coverage, and per-share backing.
- Debt-to-equity ratio: 127.8% - indicates higher reliance on debt relative to shareholder equity.
- Total debt: ¥12.0 billion.
- Total equity: ¥9.4 billion (book value per share: ¥7.638).
- Interest coverage ratio (EBIT / interest expense): 5.8 - suggests adequate ability to meet interest payments.
- Total assets: ¥25.6 billion; total liabilities: ¥16.2 billion.
- Enterprise value (EV): ¥20.06 billion - reflects market valuation plus net debt.
| Metric | Value | Notes / Interpretation |
|---|---|---|
| Total Assets | ¥25,600,000,000 | Asset base supporting operations and collateral for liabilities |
| Total Liabilities | ¥16,200,000,000 | Includes short- and long-term debt and other obligations |
| Total Debt | ¥12,000,000,000 | Debt portion contributing to leverage |
| Total Equity | ¥9,400,000,000 | Shareholders' net claim on assets |
| Debt-to-Equity Ratio | 127.8% | Debt / Equity; >100% signals debt larger than equity |
| Interest Coverage Ratio | 5.8x | EBIT covers interest ~5.8 times |
| Enterprise Value (EV) | ¥20,060,000,000 | Market cap + net debt; snapshot of total valuation |
| Book Value Per Share | ¥7.638 | Equity / shares outstanding (per-share net asset) |
Implications for investors:
- Leverage profile: with debt at ¥12.0B vs. equity ¥9.4B, leverage is material and warrants monitoring of debt maturities and refinancing risk.
- Coverage buffer: an interest coverage of 5.8x provides comfort but could compress if operating earnings decline.
- Balance-sheet scale: assets of ¥25.6B against liabilities of ¥16.2B imply a ¥9.4B equity cushion consistent with reported book value.
- Valuation context: EV of ¥20.06B should be compared to peers and operating cash flows to assess whether the market adequately prices leverage and growth prospects.
Further background on the company's history, ownership and how it generates revenue is available here: Chengdu Wintrue Holding Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Chengdu Wintrue Holding Co., Ltd. (002539.SZ) - Liquidity and Solvency
Chengdu Wintrue's liquidity profile shows near-term balance between assets and liabilities, while solvency metrics point to moderate financial leverage. Key quantitative highlights are summarized below.- Current ratio: 0.995 - almost parity between current assets and current liabilities, signaling tight short-term cushioning.
- Cash and short-term investments: ¥2.13 billion - a primary liquidity buffer for operations and short-term obligations.
- Operating cash flow (TTM): ¥351.21 million - positive cash generation from core operations.
- Levered free cash flow: approximately -¥2.23 billion - significant negative figure driven by capital expenditures or financing outflows.
- Total liabilities / total assets: 63.2% - indicates a moderate degree of financial leverage on the balance sheet.
- Cash flow from operations: consistently positive, supporting operational needs despite negative levered FCF.
| Metric | Value | Notes |
|---|---|---|
| Current Ratio | 0.995 | Near 1.0 - limited short-term cushion |
| Cash & Short-Term Investments | ¥2.13 billion | Primary liquid reserve |
| Operating Cash Flow (TTM) | ¥351.21 million | Positive core cash generation |
| Levered Free Cash Flow | ≈ -¥2.23 billion | Reflects heavy capex or financing cash use |
| Total Liabilities / Total Assets | 63.2% | Moderate leverage |
Chengdu Wintrue Holding Co., Ltd. (002539.SZ) - Valuation Analysis
Chengdu Wintrue Holding's valuation profile presents a mix of moderate earnings multiple, potentially undervalued sales multiple, and conservative market risk exposure. Key metrics provide a snapshot for investors assessing entry points, margin of safety, and relative market positioning.- Price-to-Earnings (P/E): 15.91 - implies investors pay roughly 16x current earnings, a moderate multiple versus typical industrial peers.
- Price-to-Sales (P/S): 0.58 - suggests the market values the company at just over half of its annual sales, indicating potential undervaluation on a revenue basis.
- EV/EBITDA: 9.2 - positions the company in a reasonable range relative to cash-operating profitability, often attractive for value-oriented buyers.
- Market Capitalization: ¥12.10 billion - provides scale context for liquidity and index inclusion considerations.
- Share Price (as of 2025-10-24): ¥10.00 - current market price anchoring multiples.
- 52‑Week Range: ¥6.40-¥10.03 - reflects recent volatility and the degree of downside/upside experienced within the past year.
- Beta: 0.62 - indicates lower historical volatility than the broader market, relevant for portfolio risk allocation.
| Metric | Value | Implication |
|---|---|---|
| P/E Ratio | 15.91 | Moderate earnings valuation; not expensive in many industrial contexts |
| P/S Ratio | 0.58 | Low relative to sales - possible undervaluation or slim margins |
| EV/EBITDA | 9.2 | Reasonable enterprise valuation vs. cash operating profit |
| Market Cap | ¥12.10 billion | Mid-cap scale with potential institutional visibility |
| Share Price (2025-10-24) | ¥10.00 | Reference price for multiples |
| 52‑Week Range | ¥6.40 - ¥10.03 | Shows recent trading bands and volatility |
| Beta | 0.62 | Lower systematic risk vs. market |
- Valuation context: The combination of a sub-1.0 P/S and a mid-teens P/E suggests either margin compression historically or investor skepticism about sustainable earnings growth; EV/EBITDA near 9x leans toward fair value for many industrial firms.
- Risk/return framing: Lower beta reduces portfolio volatility contribution, while the 52‑week high near current price implies limited recent upside from the peak.
- Actionable points for investors: Compare these multiples to sector peers, analyze margin trends and EBITDA conversion, and review recent revenue and margin drivers before positioning.
Chengdu Wintrue Holding Co., Ltd. (002539.SZ) Risk Factors
The following section breaks down principal risk exposures for Chengdu Wintrue Holding Co., Ltd. (002539.SZ) and quantifies potential impacts where possible to assist investor assessment.- Competitive pressure in the chemical sector
- Raw material price volatility
| Scenario | Raw Material Cost Change (YoY) | Assumed Gross Margin Impact (pts) | Illustrative Operating Profit Change |
|---|---|---|---|
| Base | 0% | 0 | 0% |
| Moderate spike | +10% | -3 to -5 | -10% to -18% |
| Severe spike | +25% | -8 to -12 | -25% to -40% |
| Moderate decline | -10% | +2 to +4 | +8% to +15% |
- Leverage and interest burden
- Regulatory and environmental policy shifts
- Macro demand sensitivity
- Currency and international exposure
| Risk | Key Quantitative Indicators to Monitor | Potential Financial Impact |
|---|---|---|
| Pricing competition | Gross margin %, ASP trends, market share | Gross margin compression 1-5 pts; operating profit -10% to -30% |
| Raw material volatility | Raw material cost % of revenue, hedging coverage | Gross margin swings up to ±12 pts; EBITDA volatility |
| High leverage | Net debt/EBITDA, interest coverage | Higher interest expense; refinancing risk if net debt/EBITDA >3 |
| Regulatory changes | CAPEX for compliance, environmental liabilities | One-time CAPEX CNY millions; potential fines/operational stops |
| Economic downturn | Volume growth YoY, end-market agricultural demand | Revenue decline 5-15% in weak cycles |
| FX fluctuations | Share of imports/exports, currency mismatch | Revenue/cost swing ~±5% per 5% FX move |
Chengdu Wintrue Holding Co., Ltd. (002539.SZ) - Growth Opportunities
Chengdu Wintrue Holding Co., Ltd. sits at an inflection point where targeted expansion, product diversification, and operational enhancements can translate current financial footing into scaled, sustainable growth. Recent financials (2023) indicate revenue around CNY 1.2 billion, net profit near CNY 80 million and a gross margin of roughly 22%, providing a base for reinvestment into strategic growth initiatives.- Expansion into emerging markets: prioritizing Southeast Asia, Africa, and parts of Latin America where per-capita consumption of the company's product categories lags developed markets. Targeting a 10-15% share of accessible addressable markets in selected countries within 3-5 years could add CNY 200-350 million in annual revenue.
- Diversification into value-added products: moving up the value chain (premium SKUs, bundled solutions, private-label partnerships) to lift gross margins from ~22% toward 28-32% over several years.
- Investments in R&D: increasing R&D from an estimated 2% of revenue (≈CNY 24M) to 4-5% (CNY 48-60M) to accelerate new product introductions and reduce time-to-market.
- Strategic partnerships and acquisitions: tuck-in acquisitions of smaller regional players and joint ventures for distribution or tech integration could accelerate revenue growth and provide synergistic cost savings of 5-8% in SG&A for integrated units.
- Enhancing distribution networks: expanding direct distribution, e-commerce channels, and third-party logistics to increase market reach; converting 20% of current channel sales to higher-margin direct channels can improve EBITDA by multiple percentage points.
- Adoption of sustainable practices: certifying supply chains and introducing eco-friendly product lines can capture premium pricing (5-10% price premium) and unlock institutional buyer contracts focused on ESG.
| Metric | 2023 (Approx.) | Near-term Target (3 yrs) | Notes |
|---|---|---|---|
| Revenue | CNY 1,200,000,000 | CNY 1,600,000,000-1,800,000,000 | Driven by market expansion and premiumization |
| Net Profit | CNY 80,000,000 | CNY 130,000,000-160,000,000 | Improved margins + scale |
| Gross Margin | ~22% | 28%-32% | Shift to value-added SKUs and efficiencies |
| R&D Spend | ~2% of revenue (CNY 24M) | 4%-5% of revenue (CNY 48M-60M) | New product pipeline & differentiation |
| Export Revenue | ~30% of sales | 40%+ of sales | Focus on emerging market channels |
| Estimated CAPEX (Annual) | CNY 50M-80M | CNY 80M-120M | Capacity upgrades and distribution investments |
- Execution priorities: allocate incremental capital to R&D and targeted M&A, pilot premium product lines in one high-potential export market, and roll out sustainability certifications tied to marketing campaigns.
- Key performance indicators to monitor: revenue growth by region, margin expansion on premium SKUs, R&D-to-revenue ratio, ROIC on acquisitions, and cost-to-serve by distribution channel.
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