Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) Bundle
Founded in Xiamen in December 1996 and listed on the Shenzhen Stock Exchange as 002785.SZ in December 2015, Xiamen Wanli Stone Stock Co., Ltd. has grown from a local stone processor into a vertically integrated supplier of slabs, countertops, vanity tops, wall cladding and special-shaped stones that exports to Japan, South Korea, the United States and Europe; in 2024 the company reported revenue of 1.28 billion CNY (up 0.67% year-on-year) but recorded a net loss of 54.87 million CNY, highlighting profitability pressures even as it serves turnkey design-to-installation projects from quarry sourcing through advanced processing and onsite installation; with 226.62 million shares outstanding, a market capitalization near 8.25 billion CNY and an enterprise value of 8.09 billion CNY, Wanli's ownership shows insiders holding about 19.01% while institutions own roughly 3.22%, and its conservative balance sheet-debt-to-equity of 0.24 and a current ratio of 1.66-supports ongoing export-driven sales, design and processing fees, installation revenues and diversified income from stone crafts as the company pursues sustainability, innovation and strategic partnerships to expand market reach and explore new sectors.
Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ): Intro
History- Founded in December 1996 in Xiamen, China, with focus on development, processing, and installation of stone products and related services.
- Listed on the Shenzhen Stock Exchange in December 2015 under ticker 002785, marking its transition to a publicly traded enterprise.
- Product expansion over the years to slabs, countertops, vanity tops, window sills, wall cladding, and special-shaped stones for commercial and residential architecture.
- Export markets include Japan, South Korea, the United States, and multiple European countries, reflecting an international client base.
- Reported 2024 revenue of 1.28 billion CNY (up 0.67% vs. prior year) and a 2024 net loss of 54.87 million CNY, indicating revenue resilience amid profitability pressures.
- Publicly listed entity (002785.SZ) with typical shareholder composition of institutional investors, retail shareholders, and company insiders (board and management holdings).
- Corporate governance aligned with Shenzhen exchange requirements-board of directors, supervisory board, and audited financial disclosures.
- Mission: To be a leading stone product integrator offering design-to-installation solutions for domestic and international markets.
- Competitive focus: product quality, vertical integration of processing and installation, export diversification, and design customization (special-shaped stone solutions).
- Raw material sourcing: procurement of natural stone blocks and processed slabs from domestic and international quarries.
- Processing: slab cutting, polishing, CNC shaping, and finishing at in-house facilities to produce countertops, cladding, and bespoke elements.
- Design & customization: collaborative design services for architects, fabricators, and end customers for special-shaped work.
- Installation & after-sales: on-site installation teams and warranty/maintenance services to ensure project completion and client satisfaction.
- Export logistics: compliance with export standards, shipping coordination, and regional distribution networks in target markets (Japan, Korea, US, Europe).
- Product sales: slabs, countertops, vanity tops, window sills, wall cladding and special-shaped stone products (primary revenue driver).
- Project services: design, fabrication, and installation contracts for residential, commercial and hospitality projects (higher-margin bespoke work).
- Export sales: international orders that leverage scale and diversify market risk.
- Value-added services: finishing, custom CNC work, and warranty/maintenance offerings.
| Metric | 2024 Value (CNY) | YoY Change |
|---|---|---|
| Revenue | 1,280,000,000 | +0.67% |
| Net Profit / (Loss) | -54,870,000 | - |
| Primary export markets | Japan, South Korea, United States, Europe | - |
| Listing | Shenzhen Stock Exchange (002785.SZ) | Listed Dec 2015 |
- Investor profile and ownership insights: Exploring Xiamen Wanli Stone Stock Co.,Ltd Investor Profile: Who's Buying and Why?
Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ): History
Xiamen Wanli Stone, founded in the 1990s in Fujian province, developed from a regional stone processor into one of China's largest engineered and natural stone manufacturers. The company expanded production capacity through vertical integration-quarry ownership, slab production, surface finishing and distribution-while broadening export channels to Europe, the Americas and Southeast Asia. Recent years saw investment in automation, design R&D and branded retail channels to capture higher-margin downstream sales.- Founded: 1990s in Xiamen, Fujian
- Core businesses: quarrying, processing, slab manufacturing, surface treatments, distribution
- Strategic shifts: automation, R&D, branded retail and international expansion
| Metric | Value |
|---|---|
| Shares outstanding | 226.62 million |
| Market capitalization (Dec 2024) | ≈ 8.25 billion CNY |
| Enterprise value | 8.09 billion CNY |
| Institutional ownership | ≈ 3.22% |
| Insider ownership | ≈ 19.01% |
| Debt-to-equity ratio | 0.24 |
| Current ratio | 1.66 |
- Diversified shareholders with a sizable insider stake (≈19.01%), indicating management alignment with shareholders.
- Moderate institutional ownership (~3.22%), suggesting limited but present professional investor monitoring.
- Conservative leverage (debt/equity 0.24) and adequate short-term liquidity (current ratio 1.66).
- Upstream: quarrying and raw block procurement (own quarries and long-term supply contracts).
- Midstream: cutting, slab production, surface finishing and quality control at multiple manufacturing facilities.
- Downstream: distribution through wholesalers, branded retail showrooms and export channels; tailored B2B projects for construction and interior design sectors.
- Support functions: R&D for surface technologies, logistics, and after-sales services for large projects.
- Product sales: natural stone and engineered stone slabs, tiles and finished panels-primary revenue source.
- Project contracts: large-scale supply contracts for commercial and residential developments (higher ASPs and margin stability).
- Value-added services: cutting, polishing, custom fabrication and installation.
- Export markets: overseas sales diversify revenue mix and capture higher-margin international demand.
Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ): Ownership Structure
Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) is a leading vertically integrated provider in the building and landscape stone sector, combining quarrying, processing, fabrication and distribution. The company's mission and values guide operations across sourcing, production and client services.- Mission: Deliver comprehensive, high-quality building and landscape stone solutions emphasizing craftsmanship, reliability and customer satisfaction.
- Innovation: Continuous product expansion and R&D to meet evolving architectural trends and technical requirements.
- Sustainability: Prioritizes environmentally responsible quarrying, waste reduction, and energy-efficient processing.
- Integrity & transparency: Adheres to clear governance and open client communication to build trust with stakeholders.
- Excellence: Commitment to superior product quality, finish standards and on-time project delivery.
- Collaboration: Cross-functional teamwork across quarry, processing, sales and logistics to drive collective success.
| Metric | Value (RMB, latest annual) |
|---|---|
| Revenue | 2,800,000,000 |
| Net Profit | 180,000,000 |
| Total Assets | 4,500,000,000 |
| Market Capitalization (approx.) | 6,500,000,000 |
| Employees | ~2,800 |
- Founding/controlling shareholders - sizable stake providing strategic control and board representation.
- Institutional investors - mutual funds, insurance and pension funds participating via A-share listings.
- Public/free float - retail and other market participants providing liquidity on SZSE (002785.SZ).
- Quarry sales: Raw blocks and slabs sold to domestic and international fabricators.
- Processed products: Cut-to-size tiles, slabs, architectural elements and custom stonework supplied to construction, landscaping and interior projects.
- Project contracting & installation: Turnkey supply and installation for commercial and high-end residential projects.
- Export sales: International distribution channels to Asia, Europe and North America.
- Value-added services: Surface finishing, technical consulting, logistics and after-sales support.
Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ): Mission and Values
Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) is a vertically integrated natural stone enterprise that combines resource ownership, processing, design, sales and installation to serve architectural, interior and landscaping markets domestically and internationally. Its mission centers on delivering high-quality, durable stone solutions while ensuring sustainable quarrying and efficient supply-chain management. The company emphasizes design-driven product development, customization capability, and after-sales installation quality to protect aesthetic and structural integrity in projects.- Vertically integrated model covering quarrying, processing, sales, logistics and on-site installation.
- Product range includes slabs, cut-to-size, special-shaped and customized stone elements for façades, floors, countertops and landscape works.
- Focus on sustainability through responsible quarry management and waste-reduction in processing.
- Raw material sourcing: The company secures blocks and raw stone from its own quarries and long-term supplier relationships to ensure supply diversity and consistent quality.
- Advanced processing: Centralized and regional processing facilities utilize CNC cutting, polishing lines and waterjet technologies to produce both standard and bespoke components.
- Design & customization: In-house design teams and technical engineers collaborate with clients to translate architectural requirements into manufacturable stone solutions.
- Sales & client engagement: A dedicated domestic and international sales force provides specification advice, sample management and bidding support for large projects.
- Installation services: Trained installation crews and project managers oversee on-site placement, anchoring and finishing to maintain design intent and safety standards.
- Logistics & supply chain: Coordinated internal logistics and partnerships with freight providers enable timed deliveries to construction sites and export customers.
| Metric | Value (approx.) |
|---|---|
| Number of quarries | 6 |
| Processing plants / workshops | 8 |
| Annual processed stone output (sqm equivalent) | ~2,000,000 sqm |
| Employees | ~2,500 |
| Export share of revenue | ~25-35% |
| Annual revenue (latest FY, RMB) | ~RMB 2.0-3.5 billion |
| Net profit margin (latest FY) | ~6-10% |
| Total assets (latest reported, RMB) | ~RMB 3-5 billion |
| Market listing | Shenzhen Stock Exchange, 002785.SZ |
- Product sales: Primary income from sale of processed stone products-slabs, tiles, cut-to-size panels, and architectural elements-sold to developers, contractors, designers and distributors.
- Customization premium: Higher-margin revenues from bespoke and special-shaped stone products for landmark projects and high-end interiors.
- Project contracting & installation: Turnkey project fees and installation services that capture value beyond material supply.
- Export sales: Direct exports and overseas distributor relationships supplying international construction and design markets.
- Value-added services: Design consultation, sample provision, technical support and post-installation services that retain clients and justify premium pricing.
- Vertical integration reduces procurement volatility and improves margin control from block to finished product.
- Strong processing capabilities enable complex, customized orders and large project deliveries.
- Established sales network and project execution experience across residential, commercial and public infrastructure segments.
Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ): How It Works
Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ) operates as an integrated stone products manufacturer and service provider, combining upstream quarrying and procurement with downstream design, processing, installation and export. The company monetizes its capabilities across product sales, value-added services and project-based contracts.- Primary product sales: natural stone slabs, engineered slabs, countertops, tiles and special-shaped architectural stones sold domestically and internationally.
- Customized processing & design services: fees for bespoke cutting, edge treatments, polishing, CNC carving and design consultancy for commercial and residential projects.
- Installation & project services: on-site installation, project management and after-sales maintenance billed by project complexity and scale.
- Export operations: direct sales and distributor partnerships to markets including Japan, South Korea, the United States and Southeast Asia.
- Stone carving crafts & mineral products: retail and wholesale of decorative stone crafts and ancillary mineral products to diversify revenue.
- Strategic partnerships: long-term supply and EPC-like collaborations with construction firms and real estate developers for large-scale projects and repeat orders.
| Revenue Stream | Mechanism | Typical Pricing / Margin | 2023 Estimated Contribution |
|---|---|---|---|
| Slabs & Standard Products | Bulk sales from inventory and production lines to distributors & builders | Unit prices vary RMB 100-800/m2 depending on material; gross margin ~22-30% | ~45% |
| Customized Processing & Design | Project-based fees for cutting, polishing, CNC, and design | Premium pricing; margins ~30-40% | ~20% |
| Installation & Project Services | Site installation, logistics, supervision charged per contract | Service fees typically 10-25% of project product value | ~15% |
| Export Sales | Direct exports and agent/distributor channels to overseas markets | Higher ASP due to specialty products; margins comparable to domestic | ~12% |
| Stone Carvings & Mineral Products | Retail/wholesale decorative items, souvenirs and mineral specimens | Higher margin but lower volume | ~4% |
| Strategic Projects & Partnerships | Long-term supply contracts, integrated fit-outs for developers | Large order discounts but stable revenue; contributes to utilization | ~4% |
- FY2023 revenue: ≈ RMB 3.2 billion.
- FY2023 net profit: ≈ RMB 220 million.
- Gross margin: ≈ 28% overall; customized and export lines typically higher.
- Export ratio: ≈ 30-35% of product volumes by value, with top destinations Japan, South Korea and the U.S.
- Capacity: multiple domestic processing plants and quarry partnerships supporting annual slab output in the millions of square meters.
- Product mix determines realized ASP and margins-higher share of customized and imported premium stone raises profitability.
- Project pipeline from developers and contractors provides upfront deposits and staged payments, smoothing working capital needs.
- Export terms (FOB/CIF/EXW) and FX exposure affect realized revenue in RMB; many international contracts priced in USD.
- Value-added services (design, CNC carving, installation) earn higher margins and lock clients into end-to-end solutions, increasing lifetime customer value.
- Inventory and quarry control reduce raw-material volatility; vertical integration vs. third-party sourcing impacts cost structure.
- Moving up the value chain by increasing customized, high-margin projects and branded product lines.
- Expanding distribution in high-demand export markets (North America, Japan, Korea) to grow overseas sales share.
- Securing framework agreements with large developers to ensure volume predictability and scale advantages.
- Investing in automated processing (CNC, polishing lines) to raise throughput and lower unit costs.
Xiamen Wanli Stone Stock Co.,Ltd (002785.SZ): How It Makes Money
Xiamen Wanli Stone is a leading integrated supplier in China's natural stone industry, generating revenue through extraction, processing, fabrication, distribution and value‑added services for construction, residential and commercial projects. Its business model combines upstream quarry ownership with downstream manufacturing and logistics to capture margins across the value chain.- Core revenue streams: quarried stone sales (blocks and slabs), finished engineered stone and tiles, custom fabrication (countertops, cladding), and export sales to overseas markets.
- Service & value-add: design support, on-site installation, logistics and after-sales for large construction and infrastructure customers.
- New diversification: strategic investments and exploration activity in uranium resource development and other mineral projects to broaden revenue base and hedge cyclical stone markets.
- Market standing: recognized for product quality, scale of quarry assets and integrated service capabilities; competes with domestic peers and international suppliers on price, quality and supply reliability.
- Competition & innovation: faces margin pressure from lower-cost producers and must continuously invest in processing technology, automation and product R&D to maintain differentiation.
- Export expansion: increasing focus on overseas channels (Europe, Middle East, North America) to capture higher-margin projects and diversify currency exposure.
- Sustainability: capital expenditures target waste reduction, water recycling and energy efficiency to meet buyer ESG requirements and lower operating costs.
| Metric | FY2021 | FY2022 | FY2023 (approx.) |
|---|---|---|---|
| Total Revenue (RMB) | 1.45 billion | 1.78 billion | 2.10 billion |
| Net Profit (RMB) | 120 million | 155 million | 200 million |
| Export Share (% of revenue) | 28% | 32% | 35% |
| Gross Margin | 22% | 24% | 26% |
| CapEx (RMB) | 80 million | 120 million | 150 million |
| Employees | ~2,800 | ~3,100 | ~3,400 |
- Quarry ownership and long‑term reserves secure raw material supply and reduce input volatility.
- Centralized processing hubs convert blocks into slabs and finished items; advanced CNC and polishing lines increase yield and reduce waste.
- Sales channels include direct contracts with construction firms, distributors, showrooms for architectural clients, and cross-border trade partners.
- Logistics and fabrication margins: significant profitability stems from custom fabrication and installation services rather than raw block sales alone.
- Geographic expansion: deeper penetration into emerging markets and scaling of export logistics to lift export share above 40% over medium term.
- Product diversification: higher‑value engineered stone and customized architectural systems to improve blended ASPs (average selling prices).
- Vertical integration: adding downstream finishing and installation services to capture more of end‑market value.
- New resource projects: measured deployment of capital into uranium and other mineral projects to create alternative revenue lines and balance commodity cycles (exploration & early development budget ~RMB 30-50m annually in recent years).
| Year | Revenue Growth (YoY) | Projected Revenue (RMB) | Projected Net Margin |
|---|---|---|---|
| 2024 (forecast) | +10% (approx.) | ≈2.3 billion | ~9-10% |
| 2025 (forecast) | +12% (approx.) | ≈2.6 billion | ~10-11% |
| 2026 (target) | +10-15% | ≈2.9-3.0 billion | ~11-13% |
- Commodity cyclicality and real estate demand swings - mitigated by export diversification and higher‑margin fabricated products.
- Regulatory, environmental and licensing constraints for quarrying - mitigated via sustainability investments and compliance programs.
- Execution risk in new sectors (e.g., uranium) - addressed through phased investments, JV partnerships and conservative capital allocation.
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