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Baiyang Aquatic Group Inc (002696) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of Baiyang Aquatic Group Inc stock ¥2.71, price ¥11.30, that is 76.0% below the price, quality 49 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Defensive CN · ISIN CNE100001W77

BA Baiyang Aquatic Group Inc logo Thin data Nov 7, 2026

Baiyang Aquatic Group Inc

002696 · SHE
Very expensive, weak quality

Our calculation puts a fair price 76% below what the stock costs today.

Low debt
Revenue last quarter +19% vs. a year ago.
Quality 49/100
Expensive Growth (revenue 5y +10.3 %/yr in CNY)
Loss over the last twelve months · -1.2% net margin (TTM) · fiscal year 2025 1.0%
0.4% dividend yield · Token dividend
Fair value ¥2.71 · Strongly overvalued
Negative free cash flow
Trails peers (1/12)
Narrow moat 14/100
Thin data
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What runs behind every stock

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

Price vs Fair Value

¥12.36 ¥3.58 Fair Value ¥2.71 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range ¥3.58 – ¥12.36 · fair‑value band ¥1.85 – ¥2.87 · the ¥11.30 price screens above the ¥2.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

Baiyang Investment Group, Inc., together with its subsidiaries, engages in the aquatic product processing and biological products, feed and feed raw materials, and deep-sea fishing businesses in China and internationally.

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It operates through Feed and Raw Materials, Food Processing, Ocean Fishing, and Biochemical Product segments.

The company offers tilapia, shrimp, and grass carp products under the Beifeng and Qiaoyujia brands; aquatic feed products for fish, as well as groupers, California bass, yellow catfish, large yellow croakers, and frogs; and biological products, such as collagen and gelatin for use in health products, cosmetics, beverages, food, and other fields, as well as fish collagen peptide powder and glucosamine chondroitin calcium capsules.

It is also involved in aquatic research and development; aquatic fry breeding; trading; offshore fishing; lease; and research and experimental development activities.

The company exports its aquatic products to the United States, Russia, Mexico, Canada, the European Union, the Middle East, and other countries and regions. The company was formerly known as Baiyang Aquatic Group, Inc. and changed its name to Baiyang Investment Group, Inc. in November 2015.

Baiyang Investment Group, Inc. was founded in 2000 and is headquartered in Nanning, China.

Stock analysis

Baiyang Aquatic Group Inc (002696) currently trades at ¥11.30, while our model-based Fair Value estimate is ¥2.71, 76% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of ¥3.96 per share, and 0 of the 16 models we run sit above the ¥11.30 price.

Bear case: the Dividend Discount group reads lowest at ¥1.69, and 16 of the 16 models stay below the price. Data coverage for this calculation is low.

Scenario range: ¥1.85 (bear) to ¥2.87 (bull), the price of ¥11.30 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 49/100 (below-average quality), in the Consumer Defensive sector.

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

Baiyang Aquatic Group Inc reported revenue of 4.1B CNY in FY2025 versus 2.9B CNY in FY2021, a compound +8.7%/yr. Reported net income was 40.6M CNY in FY2025, compounding +10.9%/yr from FY2021.

Key figures

Market cap 3.9B CNY (≈ $586M) Small · P/S ratio 0.82 · EPS (TTM) ¥−0.1700 · Dividend yield 0.4% · Net margin −1.2% · Return on equity −4.2% · Return on assets (EBIT) 1.0% (5-year average) · Operating margin −5.9%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 14 out of 100 (medium confidence).

What moves the price

The share trades about 9% below its 52-week high and 141% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Defensive peers we cover trades at −1% fair-value upside, at −76%, 002696 screens richer than that median.

Fair Value models

Bear ¥1.85 Fair Value ¥2.71 Bull ¥2.87
Price ¥11.30 · Downside -76.0%
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
Residual Income ¥2.72 ¥2.71 ¥2.79 76
EPV ¥3.08 ¥3.47 ¥3.81 74
ROIC Compounder ¥3.08 ¥3.47 ¥3.81 72
All 16 models by family
Earnings-Based
Graham-Dodd ¥0.8000 ¥3.67 ¥5.04 64
Lynch FV ¥0.9600 ¥1.38 ¥1.79 61
PEG = 1.0 ¥0.9600 ¥1.38 ¥1.79 57
EPV ¥3.08 ¥3.47 ¥3.81 74
Dividend Discount
Gordon GGM ¥0.9600 ¥1.78 ¥2.53 67
DDM Multi-Stage ¥0.9600 ¥1.60 ¥1.90 67
Multiples
P/E Multiple ¥1.85 ¥2.47 ¥3.08 63
P/S Multiple ¥1.50 ¥2.00 ¥2.50 58
P/B Multiple ¥4.91 ¥6.54 ¥8.18 55
EV/EBIT ¥3.14 ¥4.68 ¥6.23 65
EV/EBITDA ¥4.93 ¥7.08 ¥9.23 67
EV/Revenue ¥1.81 ¥3.23 ¥4.65 52
Asset-Based
NCAV (Graham) ¥1.74 ¥2.33 ¥3.47 54
Economic Profit
Residual Income ¥2.72 ¥2.71 ¥2.79 76
ROIC Compounder ¥3.08 ¥3.47 ¥3.81 72
Growth Earnings
Growth-Adj P/E ¥1.55 ¥2.21 ¥2.87 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 49/100

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

Profitability 32
How much profit the company makes from its sales and capital
Quality Growth 70
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 48
Debt, balance sheet and risk of trouble
Investment 79
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 89
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 93
Distance to the 52-week high, does not count
New shares 92
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. 50/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+31.8%
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.
+8.1%
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.
+10.3%
Start year 2020 (pandemic). Over 10 years: +8.1% a year
Revenue growth 17 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.
+14.4%
What shareholders gained per year (last 5 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 5 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.
≈ +11.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +10.9%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 10.9% / −4.7%
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.1% → 3%
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.070 per share, median 0.20 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.

002696 screens overvalued: fair value 76% below the price. Compare with Nestlé S.A →

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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.Packaged Foods · 625 stocks

Beats the industry median on 1/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 49 · Below median
Fair Value upside −75.5% · Bottom 25%
Profitability
Return on assets 1.1% · Bottom 25%
Net margin (12 months) −1.2% · Bottom 25%
Operating margin (12 months) −5.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 18.6% · Top 25%
Dividend yield (12 months) 0.4% · Bottom 25%
Balance sheet
Debt / equity 0.21× · Above median

Valuation Multiplesvs Packaged Foods median · lower = cheaper

P/B 2.78× · Priciest 25%
P/S (12 months) 0.87× · Pricier than median
EV/EBITDA 40.2× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 35
FUTURE (revenue growth)93 · sector 25
PAST (return on equity)0 · sector 31
HEALTH (low debt)89 · sector 96
DIVIDEND (yield)9 · sector 55

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 Packaged Foods stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Wilmar International Limited F34 2.97 SGD 4.93 SGD +66% vs 002696
Inner Mongolia Yili Industrial Group 600887 ¥31.45 ¥41.84 +33% vs 002696
The Kraft Heinz Company KHC $24.61 $29.20 +19% vs 002696
Foshan Haitian Flavouring and Food Company 603288 ¥35.78 ¥39.22 +10% vs 002696
General Mills, Inc GIS $35.51 $35.30 −1% vs 002696
Danone S.A BN €67.12 €50.65 −25% vs 002696
Nestlé S.A NESN CHF 85.85 CHF 59.51 −31% vs 002696
Kerry Group KRZ €98.00 €60.33 −38% vs 002696
Nestlé India Limited NESTLEIND ₹1,282 ₹724.74 −43% vs 002696
Yihai Kerry Arawana Holdings 300999 ¥26.21 ¥12.21 −53% vs 002696

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Baiyang Aquatic Group Inc: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Baiyang Aquatic Group Inc Fair Value". https://www.fairvalue-calculator.com/stock/002696

Frequently asked questions

Is Baiyang Aquatic Group Inc (002696) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of ¥2.71 versus a price of ¥11.30, about 76% lower (overvalued).
What is the fair value of 002696?
Our model-based fair value for Baiyang Aquatic Group Inc is ¥2.71 (as of Nov 7, 2026), built from audited fundamentals. The current price: ¥11.30.
What is the quality score of 002696?
Baiyang Aquatic Group Inc has a Quality Score of 49/100. 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 Baiyang Aquatic Group Inc (002696)?
Our model-based price target is the fair value of ¥2.71 (as of Nov 7, 2026) from 16 valuation models. Cautious scenario ¥1.85, optimistic scenario ¥2.87. It is a calculation from audited fundamentals, not an analyst target.
What is the Baiyang Aquatic Group Inc stock forecast for 2026?
Our models put fair value at ¥2.71, about 76% lower versus a price of ¥11.30 (overvalued). Cautious scenario ¥1.85, optimistic scenario ¥2.87. The calculation is refreshed regularly with new filings.
What is the revenue of Baiyang Aquatic Group Inc (002696)?
Baiyang Aquatic Group Inc reported trailing-twelve-month revenue of about 4.4B CNY (latest available figure, as of Nov 7, 2026).
Does Baiyang Aquatic Group Inc pay a dividend?
Baiyang Aquatic Group Inc currently shows a dividend yield of 0.44% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Baiyang Aquatic Group Inc (002696) and when is the ex-dividend date?
Baiyang Aquatic Group Inc pays a dividend of ¥0.05 per share a year, a dividend yield of 0.4%. The last ex-dividend date was Jun 9, 2026. The payout ratio is 42.5% of earnings. Our assessment: Token dividend. At a yield of 0.4% the dividend is symbolic. On paper it is not fully covered by earnings or free cash flow, but at this size that hardly matters: even scrapping it entirely would cost less than 0.4% a year, and coverage ratios on amounts this small swing with ordinary working-capital movements. Judge this company on its business, not on its dividend.
What is the intrinsic value of Baiyang Aquatic Group Inc (002696)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Baiyang Aquatic Group Inc it is ¥2.71 per share (as of Nov 7, 2026), against a price of ¥11.30. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Baiyang Aquatic Group Inc stock overvalued or undervalued in 2026?
As of Nov 7, 2026, 002696 trades above its calculated fair value: price ¥11.30, fair value ¥2.71, a gap of about −76% (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 002696?
No. The price is what the market pays today (¥11.30); the fair value is what the company's own numbers justify (¥2.71). For Baiyang Aquatic Group Inc the two are ¥8.59 per share apart. That gap is exactly why we show both numbers side by side.
How much is Baiyang Aquatic Group Inc worth?
The market values Baiyang Aquatic Group Inc at about 3.9B CNY (market capitalisation, as of Nov 7, 2026). Per share that is ¥11.30; our models calculate a fair value of ¥2.71 per share.
What do the bullish and bearish scenarios say about 002696?
Our models span a range for Baiyang Aquatic Group Inc: cautious scenario ¥1.85, base ¥2.71, optimistic ¥2.87 per share (as of Nov 7, 2026, price ¥11.30). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Baiyang Aquatic Group Inc (002696)?
Balance-sheet figures for Baiyang Aquatic Group Inc (as of Nov 7, 2026): return on equity −4.2%, debt of 0.21 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is 002696 from its 52-week high?
Baiyang Aquatic Group Inc trades at ¥11.30, about 9% below its 52-week high of ¥12.36 and 141% above the low of ¥4.69 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of ¥2.71 is for.
Which stocks are comparable to Baiyang Aquatic Group Inc?
From the same area (Consumer Defensive) we also value Nestlé S.A, Danone S.A, Foshan Haitian Flavouring and Food Company, The Kraft Heinz Company, 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 Baiyang Aquatic Group Inc stock attractive at the current price?
The data as of Nov 7, 2026: price ¥11.30, calculated fair value ¥2.71 (−76%), Quality Score 49/100, from 16 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 002696 calculated?
We run Baiyang Aquatic Group Inc through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of ¥2.71 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. Baiyang Aquatic Group Inc 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 Baiyang Aquatic Group Inc (002696)?
The closing price on Nov 9, 2026 was ¥11.30. Our model-based fair value is ¥2.71, about 76% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Baiyang Aquatic Group Inc right now?
The price sits above even our optimistic bull case (¥2.87). The favourable scenario is already priced in. Weak quality (49/100) 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.

Key figures of Baiyang Aquatic Group Inc

How large is the market capitalisation of Baiyang Aquatic Group Inc (002696)?
The market capitalisation of Baiyang Aquatic Group Inc is 3.9B CNY (≈ $586M). 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 Baiyang Aquatic Group Inc (002696)?
The price-to-sales ratio of Baiyang Aquatic Group Inc is 0.82 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Baiyang Aquatic Group Inc (002696)?
Earnings per share at Baiyang Aquatic Group Inc are ¥−0.1700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Baiyang Aquatic Group Inc (002696)?
The dividend yield of Baiyang Aquatic Group Inc is 0.4%. 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 Baiyang Aquatic Group Inc (002696)?
The net margin of Baiyang Aquatic Group Inc is −1.2% (last twelve months). 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 Baiyang Aquatic Group Inc (002696)?
The return on equity (ROE) of Baiyang Aquatic Group Inc is −4.2% (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 Baiyang Aquatic Group Inc (002696)?
On an EBIT basis the return on assets of Baiyang Aquatic Group Inc is 1.0% (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 Baiyang Aquatic Group Inc (002696)?
The operating margin of Baiyang Aquatic Group Inc is −5.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Baiyang Aquatic Group Inc (002696)?
Revenue at Baiyang Aquatic Group Inc is growing +18.6% versus a year earlier (3y avg +8.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Baiyang Aquatic Group Inc (002696)?
Earnings per share at Baiyang Aquatic Group Inc are growing −64.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Baiyang Aquatic Group Inc (002696) generate?
The free cash flow of Baiyang Aquatic Group Inc is −502M 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 Baiyang Aquatic Group Inc (002696) carry?
The net debt of Baiyang Aquatic Group Inc is 520M 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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