Zhongrun Resources Investment (000506) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Zhongrun Resources Investment ¥2.01, price ¥18.58, upside -89.2%, quality 59 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Structural break:
The valuation model sees a lasting decline in earnings power for this stock, the confidence band is broken. Treat the target with caution.
Stretched ValuationStrong overvaluation with only moderate quality.
!Fair value ¥2.01 · Strongly overvalued (−89%)
!Quality 59/100
!Mixed Growth(revenue 5y +4.4 %/yr)
✓Highly profitable · 57.5% net margin (TTM)
!Low debt · negative free cash flow
!Mixed vs. peers(6/13)
✓Wide moat72/100
!Evidence only low, so the estimate is less certain
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range ¥0.9300 – ¥28.52 · fair‑value band ¥1.48 – ¥7.46 · the ¥18.58 price screens above the ¥2.01 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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Zhaojin International Gold Co., Ltd., together with its subsidiaries, engages in the exploration, mining, smelting, and sales of gold products in China. It also explores mineral resource, as well as develops and leases real estate properties.
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Zhaojin International Gold Co., Ltd., together with its subsidiaries, engages in the exploration, mining, smelting, and sales of gold products in China. It also explores mineral resource, as well as develops and leases real estate properties. The company was formerly known as Zhongrun Resources Investment Corporation and change its name to Zhaojin International Gold Co., Ltd. in July 2025. Zhaojin International Gold Co., Ltd. was founded in 1988 and is headquartered in Jinan, China.
Stock analysis
Zhongrun Resources Investment (000506) currently trades at ¥18.58, while our model-based Fair Value estimate is ¥2.01, implying the stock looks roughly 824.2% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥7.36 per share, and 0 of the 14 models we run sit above the ¥18.58 price.
Bear case: the Asset-Based group reads lowest at ¥0.5000, and 14 of the 14 models stay below the price. Evidence for this calculation is low.
Scenario range: ¥1.48 (bear) to ¥7.46 (bull), the price of ¥18.58 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 59/100 (solid quality), in the Basic Materials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Zhongrun Resources Investment reported revenue of 527M CNY in FY2025 versus 906M CNY in FY2021, a compound −12.7%/yr. Reported net income was 159M CNY in FY2025.
Key figures
Market cap 17.3B CNY (≈ $2.6B) · P/E ratio 50.2 · P/S ratio 15.1 · EPS (TTM) ¥0.3700 · Dividend yield 0.0% · Net margin 30.1% · Return on equity 39.0% · Return on assets (EBIT) 2.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (medium confidence).
What moves the price
The share trades about 35% below its 52-week high and 90% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −17% fair-value upside, at −89%, 000506 screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (¥0.5000 to ¥8.11). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear ¥1.48Fair Value ¥2.01Bull ¥7.46
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.2707 per share) are deliberately not added.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.Evidence ⓘEvidence = 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.
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.31/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+58.1%
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.
+23.9%
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.
+4.4%
Start year 2020 (pandemic). Over 10 years: −9.2% a year
Revenue growth 34 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.
+4.1%
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What shareholders gained per year (last 3 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 3 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+6.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.6%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘ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.−112% → 24%
⚠ Revenue per share shrinking 8.0%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Compare Zhongrun Resources Investment with another stock
Price, fair value, quality and upside side by side.
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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.Other Precious Metals & Mining · 102 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score59 · Top 25%
Fair Value upside−89% · Bottom 25%
Profitability
Return on equity (TTM)39% · Top 25%
Return on assets6% · Above median
Net margin (TTM)57% · Top 25%
Operating margin (TTM)41% · Top 25%
Growth and dividend
Revenue growth83% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.36× · Highest 25%
Valuation Multiplesvs Other Precious Metals & Mining median · lower = cheaper
P/E (TTM)50.2× · Priciest 25%
P/B24.70× · Priciest 25%
P/S (TTM)28.39× · Priciest 25%
EV/EBITDA70.5× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 94
PAST (return on equity)100· sector 0
HEALTH (low debt)82· sector 98
DIVIDEND (yield)1· sector 31
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Zhongrun Resources Investment (000506) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ¥2.01 versus a price of ¥18.58, about −89% upside (overvalued).
What is the fair value of 000506?
Our model-based fair value for Zhongrun Resources Investment is ¥2.01 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥18.58.
What is the quality score of 000506?
Zhongrun Resources Investment has a Quality Score of 59/100. 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 Zhongrun Resources Investment (000506)?
Our model-based price target is the fair value of ¥2.01 (as of Sep 24, 2026) from 14 valuation models. Cautious scenario ¥1.48, optimistic scenario ¥7.46. It is a calculation from audited fundamentals, not an analyst target.
What is the Zhongrun Resources Investment stock forecast for 2026?
Our models put fair value at ¥2.01, about −89% upside versus a price of ¥18.58 (overvalued). Cautious scenario ¥1.48, optimistic scenario ¥7.46. The calculation is refreshed regularly with new filings.
What is the revenue of Zhongrun Resources Investment (000506)?
Zhongrun Resources Investment reported trailing-twelve-month revenue of about 608M CNY (latest available figure, as of Sep 24, 2026).
Does Zhongrun Resources Investment pay a dividend?
Zhongrun Resources Investment currently shows a dividend yield of about 0.05% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Zhongrun Resources Investment (000506)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zhongrun Resources Investment it is ¥2.01 per share (as of Sep 24, 2026), against a price of ¥18.58. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Zhongrun Resources Investment stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 000506 trades above its calculated fair value: price ¥18.58, fair value ¥2.01, a gap of about −89% (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 000506?
No. The price is what the market pays today (¥18.58); the fair value is what the company's own numbers justify (¥2.01). For Zhongrun Resources Investment the two are ¥16.57 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zhongrun Resources Investment worth?
The market values Zhongrun Resources Investment at about 17.3B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥18.58; our models calculate a fair value of ¥2.01 per share.
What do the bullish and bearish scenarios say about 000506?
Our models span a range for Zhongrun Resources Investment: cautious scenario ¥1.48, base ¥2.01, optimistic ¥7.46 per share (as of Sep 24, 2026, price ¥18.58). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 000506?
Zhongrun Resources Investment trades at a price-to-earnings ratio of 50.2 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥2.01 is built from several models across several years. Other multiples: P/B 24.7, P/S 28.4, EV/EBITDA 70.5.
How solid is the balance sheet of Zhongrun Resources Investment (000506)?
Balance-sheet figures for Zhongrun Resources Investment (as of Sep 24, 2026): return on equity 39.0%, debt of 0.36 per unit of equity. They feed the Quality Score of 59/100, which measures business quality independently of the share price.
How far is 000506 from its 52-week high?
Zhongrun Resources Investment trades at ¥18.58, about 35% below its 52-week high of ¥28.52 and 90% above the low of ¥9.76 (as of Sep 22, 2026). Distance from the high says nothing about value: that is what the fair value of ¥2.01 is for.
Which stocks are comparable to Zhongrun Resources Investment?
From the same area (Basic Materials) we also value PT Amman Mineral Internasional Tbk, Hecla Mining Company, Compañía de Minas Buenaventura S.A., Sibanye Stillwater Limited, 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 Zhongrun Resources Investment stock attractive at the current price?
The data as of Sep 24, 2026: price ¥18.58, calculated fair value ¥2.01 (−89%), Quality Score 59/100, from 14 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 000506 calculated?
We run Zhongrun Resources Investment through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥2.01, 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 14.1 % above its aggregate fair value. Zhongrun Resources Investment 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 Zhongrun Resources Investment (000506)?
The closing price on Sep 22, 2026 was ¥18.58. Our model-based fair value is ¥2.01, about −89% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zhongrun Resources Investment right now?
The price sits above even our optimistic bull case (¥7.46). The favourable scenario is already priced in. The model range is unusually wide (¥1.48 to ¥7.46). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Zhongrun Resources Investment (000506) come from?
Earnings per share at Zhongrun Resources Investment grew −5.1 % a year from 2012 to 2023. Broken into its drivers: revenue per share −10.5 %, EBIT margin +16.3 %, tax rate +1.2 %, residual (interest, one-offs) −10.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Zhongrun Resources Investment
How large is the market capitalisation of Zhongrun Resources Investment (000506)?
The market capitalisation of Zhongrun Resources Investment is 17.3B CNY (≈ $2.6B). 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 Zhongrun Resources Investment (000506)?
The price-to-sales ratio of Zhongrun Resources Investment is 15.1 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Zhongrun Resources Investment (000506)?
Earnings per share at Zhongrun Resources Investment are ¥0.3700 (price ÷ EPS = P/E 50.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zhongrun Resources Investment (000506)?
The dividend yield of Zhongrun Resources Investment is 0.0% (payout 2.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Zhongrun Resources Investment (000506)?
The net margin of Zhongrun Resources Investment is 30.1% (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 Zhongrun Resources Investment (000506)?
The return on equity (ROE) of Zhongrun Resources Investment is 39.0% (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 Zhongrun Resources Investment (000506)?
On an EBIT basis the return on assets of Zhongrun Resources Investment is 2.5% (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 Zhongrun Resources Investment (000506)?
The operating margin of Zhongrun Resources Investment is 41.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zhongrun Resources Investment (000506)?
Revenue at Zhongrun Resources Investment is growing +82.8% versus a year earlier (3y avg +23.9%). 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 Zhongrun Resources Investment (000506) generate?
The free cash flow of Zhongrun Resources Investment is −211M 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 Zhongrun Resources Investment (000506) carry?
The net debt of Zhongrun Resources Investment is 110M 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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