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Haichang Holdings Ltd (2255) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Haichang Holdings Ltd stock HK$0.14, price HK$0.21, that is 34.3% below the price, quality 13 out of 100. Rating: overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Cyclical HK · Based in China · ISIN KYG4231A1031

HH Haichang Holdings Ltd logo Thin data Nov 5, 2026

Haichang Holdings Ltd

2255 · HK
Expensive, weak quality

Our calculation puts a fair price 34% below what the stock costs today.

Expensive Growth (revenue 5y +5.8 %/yr in CNY)
Moderate debt
Revenue last quarter 22% below a year ago.
Fair value HK$0.1360 · Overvalued
Quality 13/100
Loss-making · -71.0% net margin (TTM)
Negative free cash flow
Trails peers (1/10)
Narrow moat 8/100 · thin data
Thin data
⚠ Dilution
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

HK$4.26 HK$0.1460 Fair Value HK$0.1360 Jun 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range HK$0.1460 – HK$4.26 · fair‑value band HK$0.1020 – HK$0.2040 · the HK$0.2070 price screens above the HK$0.1360 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Haichang Ocean Park Holdings Ltd., together with its subsidiaries, engages in developing and constructing theme parks in the People's Republic of China. It operates in three segments: Park Operations, Operation as a Service, and Property Development.

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The company develops commercial and rental properties; operates hotels and small size playground, as well as provides services to visitors, consultancy, management, and recreation services.

It is also involved in provision of technical support services relating to aquarium; property development and investment; tourism consulting; designing construction project; import and export of goods and technology; marine biotechnology development; and finance lease business.

Haichang Ocean Park Holdings Ltd. was incorporated in 2011 and is headquartered in Shanghai, the People's Republic of China.

Stock analysis

Haichang Holdings Ltd (2255) currently trades at HK$0.2070, while our model-based Fair Value estimate is HK$0.1360, 34% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 90/100, which puts the data coverage at low.

Scenario range: HK$0.1020 (bear) to HK$0.2040 (bull), the price of HK$0.2070 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 13/100 (below-average quality), in the Consumer Cyclical sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Haichang Holdings Ltd reported revenue of 1.5B CNY in FY2025 versus 2.5B CNY in FY2021, a compound −10.9%/yr. Reported net income was −956M CNY in FY2025.

Key figures

Market cap HK$2.8B (≈ $362M) Small · P/S ratio 2.60 · Net margin −61.7% · Return on equity −51.2% · Return on assets (EBIT) −3.5% (5-year average) · Operating margin −37.8% · Revenue (TTM) 1.4B CNY · Revenue growth (YoY) −21.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 8 out of 100 (low confidence).

What moves the price

The share trades about 72% below its 52-week high and 42% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at −34%, 2255 screens richer than that median.

Fair Value models

Bear HK$0.1020 Fair Value HK$0.1360 Bull HK$0.2040
Price HK$0.2070 · Downside -34.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) HK$0.1200 HK$0.1600 HK$0.2400 54
All 1 models by family
Asset-Based
NCAV (Graham) HK$0.1200 HK$0.1600 HK$0.2400 54

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 13/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 1
How much profit the company makes from its sales and capital
Quality Growth 17
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 15
Debt, balance sheet and risk of trouble
Investment 70
Does it invest with discipline instead of growing at any price?
Low Volatility 50
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 5
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 19/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−14.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+25.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.8%
Start year 2020 (pandemic). Over 10 years: +0.9% a year
Revenue growth 15 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.5%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−85.6% (2020) → −32.1% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

2255 screens overvalued: fair value 34% below the price. Compare with Pop Mart International Group →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Leisure · 169 stocks

Beats the industry median on 1/9 measures
Overall it trails its industry peers.
Valuation
Quality Score 13 · Bottom 25%
Fair Value upside −34.3% · Below median
Profitability
Return on assets −8.9% · Bottom 25%
Net margin (12 months) −71.0% · Bottom 25%
Operating margin (12 months) −37.8% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −21.9% · Bottom 25%
Balance sheet
Debt / equity 1.43× · Highest 25%

Valuation Multiplesvs Leisure median · lower = cheaper

P/B 0.88× · Cheaper than median
P/S (12 months) 1.73× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 41
FUTURE (revenue growth)0 · sector 27
PAST (return on equity)0 · sector 25
HEALTH (low debt)28 · sector 94
DIVIDEND (yield)0 · sector 52

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Leisure stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Li Ning Company 2331 HK$15.48 HK$29.34 +90% vs 2255
Ninebot Limited 689009 ¥34.77 ¥52.88 +52% vs 2255
Pop Mart International Group 9992 HK$141.90 HK$207.44 +46% vs 2255
Mattel, Inc MAT $15.35 $22.25 +45% vs 2255
Planet Fitness, Inc PLNT $60.31 $66.34 +10% vs 2255
Fluidra, S.A FDR €19.32 €21.25 +10% vs 2255
Amer Sports, Inc AS $31.47 $19.17 −39% vs 2255
Acushnet Holdings GOLF $80.74 $44.21 −45% vs 2255
Life Time Group LTH $47.12 $16.00 −66% vs 2255
Hasbro, Inc HAS $118.91 $32.71 −72% vs 2255

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Haichang Holdings Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Haichang Holdings Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2255

Frequently asked questions

Is Haichang Holdings Ltd (2255) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of HK$0.1360 versus a price of HK$0.2070, about 34% lower (overvalued).
What is the fair value of 2255?
Our model-based fair value for Haichang Holdings Ltd is HK$0.1360 (as of Nov 5, 2026), built from audited fundamentals. The current price: HK$0.2070.
What is the quality score of 2255?
Haichang Holdings Ltd has a Quality Score of 13/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Haichang Holdings Ltd (2255)?
Our model-based price target is the fair value of HK$0.1360 (as of Nov 5, 2026) from 1 valuation models. Cautious scenario HK$0.1020, optimistic scenario HK$0.2040. It is a calculation from audited fundamentals, not an analyst target.
What is the Haichang Holdings Ltd stock forecast for 2026?
Our models put fair value at HK$0.1360, about 34% lower versus a price of HK$0.2070 (overvalued). Cautious scenario HK$0.1020, optimistic scenario HK$0.2040. The calculation is refreshed regularly with new filings.
What is the revenue of Haichang Holdings Ltd (2255)?
Haichang Holdings Ltd reported trailing-twelve-month revenue of about 1.4B CNY (latest available figure, as of Nov 5, 2026).
What is the intrinsic value of Haichang Holdings Ltd (2255)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Haichang Holdings Ltd it is HK$0.1360 per share (as of Nov 5, 2026), against a price of HK$0.2070. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Haichang Holdings Ltd stock overvalued or undervalued in 2026?
As of Nov 5, 2026, 2255 trades above its calculated fair value: price HK$0.2070, fair value HK$0.1360, a gap of about −34% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 2255?
No. The price is what the market pays today (HK$0.2070); the fair value is what the company's own numbers justify (HK$0.1360). For Haichang Holdings Ltd the two are HK$0.0710 per share apart. That gap is exactly why we show both numbers side by side.
How much is Haichang Holdings Ltd worth?
The market values Haichang Holdings Ltd at about HK$2.8B (market capitalisation, as of Nov 5, 2026). Per share that is HK$0.2070; our models calculate a fair value of HK$0.1360 per share.
What do the bullish and bearish scenarios say about 2255?
Our models span a range for Haichang Holdings Ltd: cautious scenario HK$0.1020, base HK$0.1360, optimistic HK$0.2040 per share (as of Nov 5, 2026, price HK$0.2070). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Haichang Holdings Ltd (2255)?
Balance-sheet figures for Haichang Holdings Ltd (as of Nov 5, 2026): return on equity −51.2%, debt of 1.43 per unit of equity. They feed the Quality Score of 13/100, which measures business quality independently of the share price.
How far is 2255 from its 52-week high?
Haichang Holdings Ltd trades at HK$0.2070, about 72% below its 52-week high of HK$0.7400 and 42% above the low of HK$0.1460 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.1360 is for.
Which stocks are comparable to Haichang Holdings Ltd?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, Amer Sports, Inc, Hasbro, Inc, Life Time Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Haichang Holdings Ltd stock attractive at the current price?
The data as of Nov 5, 2026: price HK$0.2070, calculated fair value HK$0.1360 (−34%), Quality Score 13/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 2255 calculated?
We run Haichang Holdings Ltd through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of HK$0.1360 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Haichang Holdings Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Haichang Holdings Ltd (2255)?
The closing price on Nov 6, 2026 was HK$0.2070. Our model-based fair value is HK$0.1360, about 34% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Haichang Holdings Ltd right now?
Weak quality (13/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (HK$0.1020 to HK$0.2040) leaves room in how you read the outcome.

Key figures of Haichang Holdings Ltd

How large is the market capitalisation of Haichang Holdings Ltd (2255)?
The market capitalisation of Haichang Holdings Ltd is HK$2.8B (≈ $362M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Haichang Holdings Ltd (2255)?
The price-to-sales ratio of Haichang Holdings Ltd is 2.60 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of Haichang Holdings Ltd (2255)?
The net margin of Haichang Holdings Ltd is −61.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Haichang Holdings Ltd (2255)?
The return on equity (ROE) of Haichang Holdings Ltd is −51.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Haichang Holdings Ltd (2255)?
On an EBIT basis the return on assets of Haichang Holdings Ltd is −3.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Haichang Holdings Ltd (2255)?
The operating margin of Haichang Holdings Ltd is −37.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Haichang Holdings Ltd (2255)?
Revenue at Haichang Holdings Ltd is growing −21.9% versus a year earlier (3y avg +25.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Haichang Holdings Ltd (2255) generate?
The free cash flow of Haichang Holdings Ltd is −453M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Haichang Holdings Ltd (2255) carry?
The net debt of Haichang Holdings Ltd is 4.9B CNY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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