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Employees: 1,741
Size Qinghai Huzhu TianYouDe Highland Barley Spirit (002646.SZ) is a China Consumer Staples company (Beverages: Alcoholic) with a market value of $502M, the 3858th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.03 on 6 Nov 2026.
Performance Over six months the shares fell 13.1%, against -6.0% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 14.8% over the last twelve months (peer median -3.0%); the operating margin is -1.1% (peer median 6.8%).
Valuation It trades at 175.8× forward earnings against a peer median of 21.9× (most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 53% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +44 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 8.1 points below its cost of capital (7.8% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥872M | CN¥944M | CN¥916M | CN¥1.03B | CN¥831M |
| Revenue growth | — | +3% | -11% | +23% | — |
| Gross profit | CN¥425M | CN¥449M | CN¥378M | CN¥542M | CN¥418M |
| EBITDA | CN¥77.4M | CN¥109M | CN¥139M | CN¥217M | CN¥161M |
| Net income | -CN¥36.7M | CN¥4.30M | CN¥42.1M | CN¥89.6M | CN¥75.7M |
| Free cash flow | CN¥15.0M | -CN¥62.2M | -CN¥84.4M | CN¥9.68M | -CN¥64.7M |
| Capital expenditure | CN¥65.6M | CN¥78.2M | CN¥103M | CN¥96.1M | CN¥63.9M |
| Total debt | CN¥69.0M | CN¥82.8M | CN¥195M | CN¥198M | CN¥135M |
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Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 002646.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | +0.1% | 10th lowest of 21 |
| 6-month return | -13.1% | -6.0% | 6th lowest of 21 |
| Distance from 52-week high | -29.7% | -23.7% | 9th lowest of 21 |
| Revenue growth (TTM) | -14.8% | -3.0% | 4th lowest of 21 |
| Operating margin | -1.1% | 6.8% | 4th lowest of 20 |
| Forward P/E | 175.8× | 21.9× | most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 52.5% | -1.6% | most demanding of 13 |
| Growth delivered (Del g) | +8.5% | +8.1% | 7th highest of 13 |
| Hurdle (Req g minus delivered) | +44.0 pp | -9.7 pp | most demanding of 13 |
| ROIC minus cost of capital | -8.1 pp | -2.6 pp | 3rd lowest of 20 |
| EV / EBITDA | 40.3× | 7.9× | 2nd most expensive of 10 |
| Net debt / EBITDA | -2.7× | 2.3× | 3rd least indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Qinghai Huzhu TianYouDe Highland Barley Spirit 002646.SZ | China | $502M | -13% | -15% | -1% | 175.8× | 52.5% | +8.5% |
| Laurent-Perrier LPE.PA | France | $520M | -4% | +3% | 25% | 9.2× | -5.8% | +9.2% |
| Fujian Yanjing Huiquan Brewery 600573.SS | China | $479M | -7% | +3% | 11% | 33.6× | 1.4% | +0.9% |
| C&C CCR.L | United Kingdom | $527M | -2% | -3% | 5% | 12.1× | 2.8% | +15.5% |
| Gansu Huangtai Wine-Marketing Industry 000995.SZ | China | $437M | +22% | +6% | 6% | n/a | n/a | n/a |
| Shanghai Jinfeng Wine 600616.SS | China | $407M | -19% | -10% | -1% | n/a | n/a | n/a |
| GDH Supertime 001338.SZ | China | $629M | -37% | -15% | 2% | n/a | -7.8% | +6.9% |
| Malteries Franco-Belges MALT.PA | France | $401M | -22% | -9% | n/a | n/a | n/a | n/a |
| Olvi OLVAS.HE | Finland | $646M | -9% | +11% | 12% | 9.6× | -10.8% | +9.9% |
| Xinjiang Yilite Industry 600197.SS | China | $669M | -23% | -26% | 14% | 27.7× | n/a | n/a |
| Marie Brizard Wine & Spirits MBWS.PA | France | $351M | +3% | -6% | 4% | 40.0× | 21.1% | +0.3% |
| Anora ANORA.HE | Finland | $349M | +43% | -3% | 6% | 11.1× | -2.4% | +14.0% |
| Anhui Golden Seed Winery 600199.SS | China | $739M | -6% | -46% | -51% | 53.5× | n/a | n/a |
| Wei Long Grape Wine 603779.SS | China | $329M | +7% | -11% | -8% | n/a | n/a | n/a |
| Corby Spirit and Wine CSW-A.TO | Canada | $323M | +5% | +10% | 19% | 13.9× | -10.4% | +11.2% |
| Tibet Development 000752.SZ | China | $310M | -22% | -7% | 22% | n/a | -0.7% | +1.4% |
| Hitejinro 000080.KS | South Korea | $846M | -3% | -5% | 7% | 13.2× | -4.6% | +2.1% |
| Zhejiang Guyuelongshan Shaoxing Wine 600059.SS | China | $1.12B | -8% | -3% | 11% | 40.5× | n/a | n/a |
| Jinhui Liquor 603919.SS | China | $1.27B | -6% | -2% | 11% | 36.1× | 14.6% | +10.9% |
| Tilaknagar Industries TI.NS | India | $1.27B | +3% | +150% | 10% | 50.4× | n/a | n/a |
| Yantai Changyu Pioneer Wine 000869.SZ | China | $1.36B | -12% | -2% | 3% | 16.1× | 3.7% | -3.0% |