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Premium Chinese soy sauce and vinegar maker known for 'zero-additive' condiments targeting health-conscious consumers.
Premium Chinese soy sauce and vinegar maker known for 'zero-additive' condiments targeting health-conscious consumers.
Sells to supermarkets, restaurants and online shoppers largely through distributors, and charges more than mass-market brands for the zero-additive promise. Soy sauce carries the business, with vinegar and cooking wine as smaller lines.
In one line: A premium/organic-positioned Chinese soy-sauce brand versus mass-market rivals.
Moat: narrow (brand). Differentiated 'zero-additive' premium positioning versus mass-market condiment brands.
Headquarters: Meishan, Sichuan, China · Employees: 2,600
Size Qianhe Condiment & Food (603027.SS) is a China Consumer Staples company (Food: Specialty/Candy) with a market value of $1.43B, the 1700th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.20 on 6 Nov 2026.
Performance Over six months the shares fell 21.3%, against -13.1% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue fell 6.3% over the last twelve months (peer median +7.4%); the operating margin is 13.5% (peer median 6.4%).
Valuation It trades at 23.9× forward earnings against a peer median of 19.0× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -6 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 9.2 points above its cost of capital (6.3% WACC).
Next results Next results expected around 5 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.59B | CN¥2.56B | CN¥3.06B | CN¥3.19B | CN¥2.42B |
| Revenue growth | — | -16% | -4% | +32% | — |
| Gross profit | CN¥1.13B | CN¥929M | CN¥1.10B | CN¥1.15B | CN¥845M |
| EBITDA | n/a | CN¥556M | CN¥704M | CN¥707M | CN¥502M |
| Net income | CN¥334M | CN¥348M | CN¥514M | CN¥530M | CN¥344M |
| Free cash flow | CN¥655M | CN¥259M | -CN¥15.8M | -CN¥19.0M | CN¥555M |
| Capital expenditure | CN¥150M | CN¥186M | CN¥354M | CN¥499M | CN¥221M |
| Total debt | CN¥63.2M | CN¥320M | CN¥130M | CN¥32.8M | CN¥184M |
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 |
|---|---|---|---|---|---|---|
| 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% |
| Jiajia Food 002650.SZ | $983M | -25% | -3% | -11% | n/a | 1.2% |
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 | 603027.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.8% | +2.9% | 4th lowest of 21 |
| 6-month return | -21.3% | -13.1% | 6th lowest of 21 |
| Distance from 52-week high | -36.5% | -22.2% | 6th lowest of 21 |
| Revenue growth (TTM) | -6.3% | +7.4% | 2nd lowest of 21 |
| Operating margin | 13.5% | 6.4% | 4th highest of 21 |
| Forward P/E | 23.9× | 19.0× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.1% | 7.8% | 6th least demanding of 15 |
| Growth delivered (Del g) | +8.8% | +8.1% | 8th highest of 15 |
| Hurdle (Req g minus delivered) | -5.7 pp | -7.5 pp | 7th most demanding of 15 |
| ROIC minus cost of capital | +9.2 pp | +0.2 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Qianhe Condiment & Food 603027.SS | China | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% | +8.8% |
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| Chacha Food 002557.SZ | China | $1.46B | -17% | +8% | 8% | 15.8× | n/a | n/a |
| Yantai China Pet Foods 002891.SZ | China | $1.39B | -15% | +21% | 4% | 32.6× | n/a | n/a |
| CCL Products (India) CCL.NS | India | $1.37B | -20% | +24% | 13% | 25.8× | 17.9% | +29.1% |
| NIPPN 2001.T | Japan | $1.50B | +8% | +2% | 5% | 11.3× | n/a | n/a |
| Kagome 2811.T | Japan | $1.51B | +3% | +3% | 7% | 24.0× | 2.2% | +10.0% |
| Huabao International 0336.HK | Hong Kong | $1.34B | -25% | +13% | 3% | 25.3× | 16.2% | -2.7% |
| Sanquan Foods 002216.SZ | China | $1.56B | -18% | +7% | 5% | 18.1× | 2.6% | -1.1% |
| Fufeng 0546.HK | Hong Kong | $1.31B | -37% | +1% | 4% | 7.4× | n/a | n/a |
| Manorama Industries MANORAMA.NS | India | $1.31B | +22% | +60% | 24% | 39.3× | 33.4% | +46.9% |
| Morinaga & 2201.T | Japan | $1.28B | -8% | +3% | 9% | 12.3× | -5.7% | +7.1% |
| Bikaji Foods International BIKAJI.NS | India | $1.27B | -29% | +14% | 10% | 37.4× | 38.6% | +17.5% |
| Nomad Foods NOMD | United States | $1.64B | +24% | +3% | 13% | 7.3× | -4.1% | +3.6% |
| Shandong Bailong Chuangyuan Bio-Tech 605016.SS | China | $1.24B | -28% | +19% | 32% | 18.4× | 8.8% | +22.5% |
| Three Squirrels 300783.SZ | China | $1.66B | -12% | -13% | 2% | 21.5× | 19.5% | +0.8% |
| J & J Snack Foods JJSF | United States | $1.68B | +18% | -5% | 6% | 24.1× | 6.8% | +9.1% |
| Nisshin OilliO 2602.T | Japan | $1.22B | +13% | +8% | 3% | 18.0× | 3.1% | +10.5% |
| Italmobiliare ITM.MI | Italy | $1.20B | -8% | +8% | 14% | 12.0× | n/a | n/a |
| Snowsky Salt Industry 600929.SS | China | $1.20B | -29% | +32% | 1% | 54.7× | n/a | n/a |
| Corbion CRBN.AS | Netherlands | $1.73B | +37% | -3% | 8% | 19.6× | 11.5% | +5.1% |