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State-owned farmland operator and agricultural developer in Jiangsu province.
State-owned farmland operator and agricultural developer in Jiangsu province.
Moat: narrow (regulatory licence). Controls state-allocated farmland in Jiangsu.
Headquarters: Nanjing, Jiangsu, China · Employees: 7,611
Size Jiangsu Provincial Agricultural Reclamation & Dev (601952.SS) is a China Consumer Staples company (Agricultural Commodities/Milling) with a market value of $1.72B, the 1434th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.34 on 6 Nov 2026.
Performance Over six months the shares fell 16.3%, against -3.9% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue fell 4.9% over the last twelve months (peer median +2.3%); the operating margin is 3.6% (peer median 8.6%).
Valuation It trades at 20.1× forward earnings against a peer median of 15.6× (6th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.77B | CN¥10.1B | CN¥10.9B | CN¥12.1B | CN¥12.7B |
| Revenue growth | — | -8% | -10% | -4% | — |
| Gross profit | CN¥1.77B | CN¥1.23B | CN¥1.48B | CN¥1.51B | CN¥1.61B |
| EBITDA | n/a | CN¥1.15B | CN¥1.31B | CN¥1.33B | CN¥1.35B |
| Net income | CN¥480M | CN¥548M | CN¥730M | CN¥816M | CN¥826M |
| Free cash flow | CN¥1.18B | CN¥1.75B | CN¥974M | CN¥1.80B | CN¥814M |
| Capital expenditure | CN¥420M | CN¥553M | CN¥543M | CN¥539M | CN¥338M |
| Total debt | CN¥4.70B | CN¥4.66B | CN¥4.96B | CN¥5.14B | CN¥5.71B |
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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 | 601952.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.7% | -3.3% | 6th lowest of 21 |
| 6-month return | -16.3% | -3.9% | 7th lowest of 20 |
| Distance from 52-week high | -25.6% | -25.0% | 11th highest of 21 |
| Revenue growth (TTM) | -4.9% | +2.3% | 4th lowest of 21 |
| Operating margin | 3.6% | 8.6% | 7th lowest of 21 |
| Forward P/E | 20.1× | 15.6× | 6th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | -2.2% | 7.1% | 3rd least demanding of 13 |
| Growth delivered (Del g) | +3.2% | +11.6% | 5th lowest of 13 |
| Hurdle (Req g minus delivered) | -5.3 pp | +0.7 pp | 4th least demanding of 13 |
| ROIC minus cost of capital | +1.5 pp | -3.3 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Provincial Agricultural Reclamation & Dev 601952.SS | China | $1.72B | -16% | -5% | 4% | 20.1× | -2.2% | +3.2% |
| Tecon Biology 002100.SZ | China | $1.72B | +6% | -8% | -5% | n/a | n/a | n/a |
| Yuan Longping High-Tech Agriculture 000998.SZ | China | $1.77B | -11% | -5% | 5% | 46.5× | n/a | n/a |
| Uie UIE.CO | Denmark | $1.81B | +5% | +12% | 37% | n/a | -13.0% | +13.1% |
| Shenzhen Agricultural Products 000061.SZ | China | $1.63B | -22% | -22% | 12% | 26.1× | 4.2% | +15.6% |
| BioMar Group A/S BIOMAR.CO | Denmark | $1.83B | -37% | 0% | 6% | 13.0× | -2.0% | -0.5% |
| Beijing Dbn Technology 002385.SZ | China | $1.86B | -23% | -1% | -6% | n/a | n/a | n/a |
| Bumitama Agri P8Z.SI | Singapore | $1.87B | -25% | +9% | 25% | 9.0× | -15.2% | +12.9% |
| Liuliumei 6658.HK | Hong Kong | $1.58B | n/a | +6% | 12% | n/a | n/a | n/a |
| LT Foods LTFOODS.NS | India | $1.55B | -3% | +24% | 8% | 12.8× | 25.7% | +18.2% |
| Shandong Yisheng Livestock & Poultry Breeding 002458.SZ | China | $1.54B | -16% | +15% | 17% | 18.2× | 6.3% | +11.1% |
| Balrampur Chini Mills BALRAMCHIN.NS | India | $1.50B | +28% | +11% | 9% | 19.5× | n/a | n/a |
| Kernel KER.WA | Poland | $1.47B | 0% | -1% | 5% | 5.4× | 8.0% | -5.4% |
| Genus GNS.L | United Kingdom | $2.07B | +5% | -2% | 13% | 23.0× | 17.9% | +2.8% |
| Lien Hwa Industrial 1229.TW | Taiwan | $2.12B | -6% | -3% | 9% | n/a | 21.5% | +7.3% |
| China Modern Dairy 1117.HK | Hong Kong | $1.37B | +3% | +5% | -15% | 12.5× | n/a | n/a |
| Guangxi Yuegui Guangye 000833.SZ | China | $2.19B | -46% | +67% | 30% | 9.6× | 2.1% | -0.9% |
| Beijing Shunxin Agriculture 000860.SZ | China | $1.36B | -4% | -20% | -5% | n/a | n/a | n/a |
| Trulieve Cannabis TRLV | United States | $2.23B | +31% | -4% | 14% | 31.1× | 13.5% | +17.8% |
| Adecoagro AGRO | United States | $1.30B | -31% | +7% | 2% | 5.3× | 37.5% | +12.1% |
| B.F BFG.MI | Italy | $2.29B | +56% | +30% | -2% | 84.3× | n/a | n/a |