Employees: 3,320
Size Shanghai Laiyifen (603777.SS) is a China Consumer Staples company (Food: Specialty/Candy) with a market value of $693M, the 3081st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.04 on 6 Nov 2026.
Performance Over six months the shares fell 14.6%, against -8.8% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 5.2% over the last twelve months (peer median +5.8%); the operating margin is -6.0% (peer median 8.4%).
Valuation It trades at 1.0× enterprise value to sales against a peer median of 1.7× (5th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +28 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 37.5 points below its cost of capital (7.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.69B | CN¥3.81B | CN¥3.35B | CN¥3.96B | CN¥4.35B |
| Revenue growth | — | +14% | -16% | -9% | — |
| Gross profit | CN¥716M | CN¥839M | CN¥1.02B | CN¥1.30B | CN¥1.44B |
| EBITDA | CN¥105M | CN¥202M | CN¥351M | CN¥486M | CN¥565M |
| Net income | -CN¥202M | -CN¥161M | -CN¥75.3M | CN¥57.0M | CN¥102M |
| Free cash flow | CN¥59.4M | CN¥136M | CN¥264M | CN¥276M | CN¥595M |
| Capital expenditure | CN¥75.4M | CN¥81.2M | CN¥75.5M | CN¥89.6M | CN¥87.0M |
| Total debt | CN¥332M | CN¥506M | CN¥338M | CN¥398M | CN¥527M |
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| Measure | 603777.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.1% | -2.8% | 8th highest of 21 |
| 6-month return | -14.6% | -8.8% | 8th lowest of 21 |
| Distance from 52-week high | -35.2% | -29.3% | 8th lowest of 21 |
| Revenue growth (TTM) | +5.2% | +5.8% | 9th lowest of 21 |
| Operating margin | -6.0% | 8.4% | 2nd lowest of 21 |
| EV / Sales | 1.0× | 1.7× | 5th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 27.2% | 6.9% | 2nd most demanding of 14 |
| Growth delivered (Del g) | -0.9% | +7.8% | 2nd lowest of 14 |
| Hurdle (Req g minus delivered) | +28.2 pp | -5.3 pp | most demanding of 14 |
| ROIC minus cost of capital | -37.5 pp | +1.8 pp | lowest of 21 |
| Net debt / EBITDA | -9.3× | -0.2× | least indebted of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Laiyifen 603777.SS | China | $693M | -15% | +5% | -6% | 1.0× | 27.2% | -0.9% |
| Guilin Layn Natural Ingredients 002166.SZ | China | $691M | -29% | +7% | 10% | 2.7× | 8.4% | +21.1% |
| Hindustan Foods HNDFDS.NS | India | $704M | 0% | +18% | 6% | 1.5× | n/a | n/a |
| Mrs. Bector's Food Specialities BECTORFOOD.NS | India | $681M | +3% | +12% | 8% | 2.9× | 38.4% | +18.5% |
| Gujarat Ambuja Exports GAEL.NS | India | $729M | -8% | +16% | 10% | 1.1× | n/a | n/a |
| John B. Sanfilippo & Son JBSS | United States | $643M | -29% | +3% | 7% | 0.7× | -8.2% | +6.5% |
| Zhongyin Babi Food 605338.SS | China | $753M | -10% | +2% | 17% | 2.2× | -4.5% | +13.8% |
| Gift 9279.T | Japan | $635M | +31% | +24% | 11% | 2.5× | n/a | n/a |
| YouYou Foods 603697.SS | China | $627M | -7% | +30% | 11% | 1.8× | 2.5% | +7.8% |
| Jiahe Foods Industry 605300.SS | China | $623M | -17% | -7% | 1% | 1.1× | 18.9% | +3.7% |
| Ligao Foods 300973.SZ | China | $604M | -19% | +5% | 7% | 1.0× | n/a | n/a |
| Lotte Wellfood 280360.KS | South Korea | $796M | +2% | +7% | 4% | 0.5× | 0.4% | +15.2% |
| Yan Tai Shuang Ta Food 002481.SZ | China | $803M | -4% | +5% | 2% | 2.6× | 17.7% | +1.2% |
| Takasago International 4914.T | Japan | $809M | +9% | +1% | 3% | 0.8× | n/a | n/a |
| Jinzai Food 003000.SZ | China | $810M | -17% | +14% | 8% | 1.9× | n/a | n/a |
| Orkla India ORKLAINDIA.NS | India | $826M | -12% | +6% | 14% | 2.7× | 13.4% | +5.3% |
| Zhongjing Food 300908.SZ | China | $579M | -31% | +6% | 19% | 3.2× | 6.9% | +8.3% |
| Nissin Foods 1475.HK | Hong Kong | $834M | -14% | +1% | 13% | 1.2× | -13.0% | +2.6% |
| Apple Flavor & Fragrance 603020.SS | China | $570M | -7% | +3% | 4% | 0.9× | 16.4% | -1.5% |
| T. Hasegawa 4958.T | Japan | $847M | +12% | +7% | 12% | 1.3× | -4.8% | +7.9% |
| Haoxiangni Health Food 002582.SZ | China | $558M | -21% | -17% | -11% | 2.9× | n/a | n/a |