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Maker of Zhenjiang vinegar, China's most famous vinegar brand, plus other condiments.
Maker of Zhenjiang vinegar, China's most famous vinegar brand, plus other condiments.
Brews aged vinegar slowly, over months to years, and sells it mostly through distributors and supermarkets, so older, higher-priced grades lift profit while cheaper volume vinegar and cooking wine fill out sales.
In one line: China's answer to a regional vinegar/condiment brand like Heinz's specialty lines.
Moat: narrow (brand, regulatory licence). Protected geographic-indication brand for Zhenjiang vinegar with long heritage.
Headquarters: Zhenjiang, Jiangsu, China · Employees: 1,875
Size Jiangsu Hengshun Vinegar-Industry (600305.SS) is a China Consumer Staples company (Food: Major Diversified) with a market value of $1.15B, the 2052nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.98 on 6 Nov 2026.
Performance Over six months the shares fell 7.3%, against -6.0% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 5.7% over the last twelve months (peer median +4.4%); the operating margin is 6.2% (peer median 8.6%).
Valuation It trades at 49.9× forward earnings against a peer median of 16.4× (most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 17% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +15 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 0.9 points below its cost of capital (7.0% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.42B | CN¥2.28B | CN¥2.18B | CN¥2.10B | CN¥2.11B |
| Revenue growth | — | +4% | +4% | -1% | — |
| Gross profit | CN¥846M | CN¥705M | CN¥725M | CN¥661M | CN¥684M |
| EBITDA | n/a | CN¥248M | CN¥234M | CN¥183M | CN¥252M |
| Net income | CN¥152M | CN¥144M | CN¥127M | CN¥86.9M | CN¥138M |
| Free cash flow | CN¥153M | CN¥47.9M | CN¥203M | -CN¥73.8M | CN¥8.73M |
| Capital expenditure | CN¥129M | CN¥211M | CN¥296M | CN¥332M | CN¥206M |
| Total debt | CN¥2.64M | CN¥2.83M | CN¥26.3M | CN¥30.5M | CN¥75.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Jiangsu Hengshun Vinegar-Industry 600305.SS | $1.15B | -7% | +6% | 6% | 49.9× | 17.3% |
| Qianhe Condiment & Food 603027.SS | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% |
| Foshan Haitian Flavouring and Food 603288.SS | $29.8B | -7% | +6% | 27% | 28.9× | 7.6% |
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 | 600305.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.1% | -1.4% | 8th highest of 21 |
| 6-month return | -7.3% | -6.0% | 10th lowest of 21 |
| Distance from 52-week high | -17.8% | -22.6% | 9th highest of 21 |
| Revenue growth (TTM) | +5.7% | +4.4% | 9th highest of 21 |
| Operating margin | 6.2% | 8.6% | 6th lowest of 21 |
| Forward P/E | 49.9× | 16.4× | most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 17.3% | -2.3% | 2nd most demanding of 16 |
| Growth delivered (Del g) | +2.6% | +2.5% | 8th highest of 16 |
| Hurdle (Req g minus delivered) | +14.7 pp | -5.6 pp | 3rd most demanding of 16 |
| ROIC minus cost of capital | -0.9 pp | +3.8 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Hengshun Vinegar-Industry 600305.SS | China | $1.15B | -7% | +6% | 6% | 49.9× | 17.3% | +2.6% |
| S&B Foods 2805.T | Japan | $1.16B | +53% | +7% | 9% | 16.8× | -1.8% | +2.5% |
| Cheng De Lolo 000848.SZ | China | $1.18B | -11% | +5% | 24% | 12.6× | -10.8% | +11.3% |
| Shanghai Ziyan Foods 603057.SS | China | $1.09B | -37% | +7% | 6% | 39.1× | n/a | n/a |
| Simply Good Foods SMPL | United States | $1.05B | -2% | -7% | 13% | 7.9× | -12.3% | +6.2% |
| Bombay Burmah Trading BBTC.NS | India | $947M | -18% | +7% | 16% | n/a | -8.8% | +8.2% |
| AGT Food and Ingredients AGTF.TO | Canada | $922M | +12% | -19% | -2% | 16.0× | n/a | n/a |
| Zydus Wellness ZYDUSWELL.NS | India | $1.58B | -7% | +74% | 9% | 41.0× | 32.3% | +16.2% |
| Herbalife HLF | United States | $1.60B | +7% | +6% | 9% | 5.4× | -14.8% | -1.9% |
| Yankershop Food 002847.SZ | China | $1.64B | -30% | 0% | 14% | 14.6× | 2.9% | +24.1% |
| Hongmian Zhihui Science and Technology Innovation Co., Ltd. Guangzhou 000523.SZ | China | $798M | -16% | +4% | 2% | n/a | 12.1% | -8.5% |
| Vitasoy International 0345.HK | Hong Kong | $794M | -3% | -3% | 7% | 21.8× | -9.8% | -4.2% |
| Standard Foods 1227.TW | Taiwan | $751M | -5% | 0% | 4% | n/a | n/a | n/a |
| V V Food & Beverage 600300.SS | China | $717M | -18% | +6% | 11% | n/a | -9.2% | -6.8% |
| Lian Hwa Foods 1231.TW | Taiwan | $694M | -12% | +3% | 9% | n/a | n/a | n/a |
| Xiangpiaopiao Food 603711.SS | China | $660M | -24% | +2% | 7% | 20.7× | -11.3% | -4.9% |
| Qingdao Foods 001219.SZ | China | $656M | +42% | +3% | 23% | n/a | 7.3% | +2.4% |
| Yihai International 1579.HK | Hong Kong | $2.02B | +3% | +11% | 18% | 14.2× | 6.8% | +3.6% |
| Dongsuh 026960.KS | South Korea | $2.06B | +6% | +6% | 8% | n/a | 16.2% | +1.6% |
| ITO EN,Ltd 2593.T | Japan | $2.12B | +14% | +5% | 5% | 26.0× | n/a | n/a |
| Jiangxi Salt Industry 601065.SS | China | $613M | -23% | -14% | 0% | n/a | -2.3% | +11.7% |