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Maker of the '6 Walnuts' walnut-milk drink, China's best-known walnut-based beverage brand.
Maker of the '6 Walnuts' walnut-milk drink, China's best-known walnut-based beverage brand.
Sells nearly all its output as one product line through distributors, supermarkets and convenience stores, so a single brand's sales decide results. Demand peaks around the Chinese New Year, when walnut milk is bought as a gift.
In one line: A Chinese single-SKU functional-beverage brand, akin to a nut-milk Vitaminwater.
Moat: narrow (brand, distribution). Dominant, decades-old brand recognition in China's walnut-milk category with wide retail reach.
Headquarters: Handan, Hebei, China · Founded: 1997 · Employees: 1,838
Size Hebei Yangyuan Zhihui Beverage (603156.SS) is a China Consumer Staples company (Food: Major Diversified) with a market value of $6.06B, the 409th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥32.07 on 6 Nov 2026.
Performance Over six months the shares fell 14.6%, against +6.4% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 16 in its peer set.
Growth Revenue grew 12.1% over the last twelve months (peer median +4.1%); the operating margin is 27.5% (peer median 9.1%).
Valuation It trades at 26.5× forward earnings against a peer median of 15.4× (4th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is +6 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 19.3 points above its cost of capital (7.9% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.43B | CN¥5.31B | CN¥6.02B | CN¥6.12B | CN¥5.88B |
| Revenue growth | — | -12% | -2% | +4% | — |
| Gross profit | CN¥2.66B | CN¥2.25B | CN¥2.77B | CN¥2.76B | CN¥2.59B |
| EBITDA | n/a | CN¥1.58B | CN¥2.08B | CN¥1.91B | CN¥1.77B |
| Net income | CN¥1.27B | CN¥1.26B | CN¥1.72B | CN¥1.47B | CN¥1.47B |
| Free cash flow | CN¥2.12B | CN¥2.36B | CN¥1.47B | CN¥2.29B | CN¥1.07B |
| Capital expenditure | CN¥12.4M | CN¥33.8M | CN¥37.8M | CN¥264M | CN¥193M |
| Total debt | CN¥1.34B | CN¥1.16B | CN¥1.26B | CN¥2.03B | CN¥933M |
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 |
|---|---|---|---|---|---|---|
| Hebei Yangyuan Zhihui Beverage 603156.SS | $6.06B | -15% | +12% | 28% | 26.5× | 9.9% |
| Inner Mongolia Yili Industrial 600887.SS | $29.3B | +15% | +2% | 9% | 19.2× | -0.1% |
| Vitasoy International 0345.HK | $794M | -3% | -3% | 7% | 21.8× | -9.8% |
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 | 603156.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.0% | +7.7% | lowest of 16 |
| 6-month return | -14.6% | +6.4% | 3rd lowest of 16 |
| Distance from 52-week high | -44.1% | -23.4% | 2nd lowest of 16 |
| Revenue growth (TTM) | +12.1% | +4.1% | 4th highest of 16 |
| Operating margin | 27.5% | 9.1% | highest of 16 |
| Forward P/E | 26.5× | 15.4× | 4th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 9.9% | 0.6% | 4th most demanding of 14 |
| Growth delivered (Del g) | +3.9% | +3.6% | 7th highest of 14 |
| Hurdle (Req g minus delivered) | +6.0 pp | +0.1 pp | 3rd most demanding of 14 |
| ROIC minus cost of capital | +19.3 pp | +3.4 pp | 6th highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hebei Yangyuan Zhihui Beverage 603156.SS | China | $6.06B | -15% | +12% | 28% | 26.5× | 9.9% | +3.9% |
| CSPC Innovation Pharmaceutical 300765.SZ | China | $6.48B | +14% | +117% | 26% | 40.6× | 13.9% | +10.5% |
| SamyangFood 003230.KS | South Korea | $6.70B | -9% | +38% | 23% | 16.3× | -6.6% | +29.4% |
| Conagra Brands CAG | United States | $7.28B | +8% | -2% | 11% | 10.6× | -4.9% | +0.2% |
| Kewpie 2809.T | Japan | $4.07B | +11% | +4% | 7% | 24.2× | 0.6% | -0.7% |
| Olam VC2.SI | Singapore | $2.55B | -29% | -40% | 2% | 17.6× | -3.7% | -3.7% |
| Chagee Holdings Limited Unsponsored ADR CHA | United States | $2.44B | +19% | 0% | 11% | 7.9× | -4.1% | +190.8% |
| ITO EN,Ltd 2593.T | Japan | $2.12B | +14% | +5% | 5% | 26.0× | n/a | n/a |
| Dongsuh 026960.KS | South Korea | $2.06B | +6% | +6% | 8% | n/a | 16.2% | +1.6% |
| Yihai International 1579.HK | Hong Kong | $2.02B | +3% | +11% | 18% | 14.2× | 6.8% | +3.6% |
| Associated British Foods ABF.L | United Kingdom | $18.7B | +11% | +1% | 7% | 13.5× | 7.8% | +7.1% |
| General Mills GIS | United States | $19.0B | +2% | -4% | 15% | 11.4× | -6.7% | +0.3% |
| Yihai Kerry Arawana 300999.SZ | China | $21.3B | -8% | +2% | 1% | 37.3× | n/a | n/a |
| Yankershop Food 002847.SZ | China | $1.64B | -30% | 0% | 14% | 14.6× | 2.9% | +24.1% |
| Herbalife HLF | United States | $1.60B | +7% | +6% | 9% | 5.4× | -14.8% | -1.9% |
| Zydus Wellness ZYDUSWELL.NS | India | $1.58B | -7% | +74% | 9% | 41.0× | 32.3% | +16.2% |