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Add New Energy Investment Holdings Group Ltd (2623) fair value: what the stock is really worth

As of Sep 30, 2026: fair value of Add New Energy Investment Holdings Group Ltd HK$0.49, price HK$3.50, upside -86.0%, quality 18 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
  3. Add to watchlist

Basic Materials · HK · ISIN KYG0112P1028

AN Thin data Sep 27, 2026

Add New Energy Investment Holdings Group Ltd

2623 · HK

Weakest SetupStrongly overvalued and low quality.

!Fair value HK$0.4900 · Strongly overvalued (−86.0%)
!Quality 18/100
!Mixed Growth (revenue YoY −73.2 %/yr)
!Loss-making · -115.7% net margin (TTM)
!Low debt · negative free cash flow
!Trails peers (3/10)
!Narrow moat 1/100
!Evidence only low, so the estimate is less certain
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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$6.38 HK$0.2799 Fair Value HK$0.4900 Dec 2019 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range HK$0.2799 – HK$6.38 · fair‑value band HK$0.3600 – HK$0.7300 · the HK$3.50 price screens above the HK$0.4900 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Hong Kong Gold Industry Group Limited, an investment holding company, engages in the exploration, mining, and processing of iron and ilmenite ores in the People's Republic of China. The company produces and sells iron and titanium concentrates for iron pellets and steel manufacturers.

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Hong Kong Gold Industry Group Limited, an investment holding company, engages in the exploration, mining, and processing of iron and ilmenite ores in the People's Republic of China. The company produces and sells iron and titanium concentrates for iron pellets and steel manufacturers. It is also involved in the trading of blended coal, semi-coke, coarse iron powder, and coke; transportation and trading of minerals iron ore mining; processing and sale of iron concentrates; and develops clean energy, such as wind power, photovoltaic power, and solar power. The company was formerly known as Add New Energy Investment Holdings Group Limited and changed its name to Hong Kong Gold Industry Group Limited in April 2026. The company was incorporated in 2011 and is headquartered in Yishui, the People's Republic of China.

Stock analysis

Add New Energy Investment Holdings Group Ltd (2623) currently trades at HK$3.50, while our model-based Fair Value estimate is HK$0.4900, 86.0% 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 95/100, which puts the evidence level at low.

Scenario range: HK$0.3600 (bear) to HK$0.7300 (bull), the price of HK$3.50 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 18/100 (below-average quality), in the Basic Materials sector.

Mixed Growth: Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.

Add New Energy Investment Holdings Group Ltd reported revenue of 75.6M CNY in FY2025 versus 1.6B CNY in FY2021, a compound −53.6%/yr. Reported net income was −87.5M CNY in FY2025.

Key figures

Market cap HK$2.3B (≈ $292M) · P/S ratio 30.4 · EPS (TTM) HK$−0.0100 · Net margin −116% · Return on equity −17.4% · Return on assets (EBIT) 2.9% · Operating margin −48.7% · Revenue (TTM) HK$75.6M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).

What moves the price

The share trades about 45% below its 52-week high and 444% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at 10% fair-value upside, at −86%, 2623 screens richer than that median.

Fair Value models

Bear HK$0.3600 Fair Value HK$0.4900 Bull HK$0.7300
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. 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. 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.
Highest evidence
NCAV (Graham) HK$0.5100 HK$0.6900 HK$1.03 54
All 1 models by family
Asset-Based
NCAV (Graham) HK$0.5100 HK$0.6900 HK$1.03 54

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Quality Score breakdown

Overall quality 18/100

Of which business quality 23 · Market factors (momentum, volatility) 52

Profitability 0
Margins and returns on capital today
Quality Growth 12
Are margins and returns improving?
Cashflow 5
Earnings quality: real cash, not paper profit
Fin. Strength 61
Balance sheet, leverage, solvency risk
Investment 25
Disciplined investing over empire-building
Low Volatility 49
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 76
Distance to the 52-week high (market factor)
Net Issuance 40
Share count: buybacks or dilution?

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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. 55/100
Spin-off in 2024: revenue and profit before it include the divested business. Growth is measured afresh from 2024.
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.
−17.6% (2019) → −107.7% (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

2623 screens overvalued: fair value 86% below the price. Compare with Saudi Arabian Mining Company →

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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 Industrial Metals & Mining · 445 stocks

Beats the industry median on 2/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 23 · Bottom 25%
Fair Value upside −86.0% · Bottom 25%
Profitability
Return on assets −1.8% · Above median
Net margin (TTM) −115.7% · Bottom 25%
Operating margin (TTM) −48.7% · Bottom 25%
Growth and dividend
Revenue growth −49.8% · Bottom 25%

Valuation Multiplesvs Other Industrial Metals & Mining median · lower = cheaper

P/B 0.63× · Cheapest 25%
P/S (TTM) 3.87× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 0
FUTURE (revenue growth)0 · sector 40
PAST (return on equity)0 · sector 0
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)0 · sector 31

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 Other Industrial Metals & Mining stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Saudi Arabian Mining Company 1211 61.10 SAR 67.21 SAR +10%
CMOC Group 603993 ¥17.08 ¥19.15 +12%
Hindustan Zinc Limited HINDZINC ₹588.95 ₹647.85 +10%
China Tungsten And Hightech Materials Co 000657 ¥57.18 ¥29.56 −48%
Korea Zinc Company 010130 1,116,000 KRW 646,063 KRW −42%
Boliden AB BOL kr 521.00 kr 464.45 −11%
Western Mining Co 601168 ¥35.19 ¥38.71 +10%
Ivanhoe Mines Ltd IVN C$12.06 C$4.46 −63%
Xiamen Tungsten Co 600549 ¥46.90 ¥23.62 −50%
Vedanta Limited VEDL ₹266.35 ₹655.92 +146%

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Add New Energy Investment Holdings Group Ltd · Fair Value
HK$0.4900 −86%Fair Value
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Cite: Fair Value Calculator (2026). "Add New Energy Investment Holdings Group Ltd Fair Value". https://www.fairvalue-calculator.com/stock/2623

Frequently asked questions

Is Add New Energy Investment Holdings Group Ltd (2623) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of HK$0.4900 versus a price of HK$3.50, about −86% upside (overvalued).
What is the fair value of 2623?
Our model-based fair value for Add New Energy Investment Holdings Group Ltd is HK$0.4900 (as of Sep 27, 2026), built from audited fundamentals. The current price: HK$3.50.
What is the quality score of 2623?
Add New Energy Investment Holdings Group Ltd has a Quality Score of 18/100. 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 Add New Energy Investment Holdings Group Ltd (2623)?
Our model-based price target is the fair value of HK$0.4900 (as of Sep 27, 2026) from 1 valuation models. Cautious scenario HK$0.3600, optimistic scenario HK$0.7300. It is a calculation from audited fundamentals, not an analyst target.
What is the Add New Energy Investment Holdings Group Ltd stock forecast for 2026?
Our models put fair value at HK$0.4900, about −86% upside versus a price of HK$3.50 (overvalued). Cautious scenario HK$0.3600, optimistic scenario HK$0.7300. The calculation is refreshed regularly with new filings.
What is the revenue of Add New Energy Investment Holdings Group Ltd (2623)?
Add New Energy Investment Holdings Group Ltd reported trailing-twelve-month revenue of about HK$75.6M (latest available figure, as of Sep 27, 2026).
What is the intrinsic value of Add New Energy Investment Holdings Group Ltd (2623)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Add New Energy Investment Holdings Group Ltd it is HK$0.4900 per share (as of Sep 27, 2026), against a price of HK$3.50. It is the blended result of 1 valuation models (cash flow, earnings, asset, dividend).
Is Add New Energy Investment Holdings Group Ltd stock overvalued or undervalued in 2026?
As of Sep 27, 2026, 2623 trades above its calculated fair value: price HK$3.50, fair value HK$0.4900, a gap of about −86% (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 2623?
No. The price is what the market pays today (HK$3.50); the fair value is what the company's own numbers justify (HK$0.4900). For Add New Energy Investment Holdings Group Ltd the two are HK$3.01 per share apart. That gap is exactly why we show both numbers side by side.
How much is Add New Energy Investment Holdings Group Ltd worth?
The market values Add New Energy Investment Holdings Group Ltd at about HK$2.3B (market capitalisation, as of Sep 27, 2026). Per share that is HK$3.50; our models calculate a fair value of HK$0.4900 per share.
What do the bullish and bearish scenarios say about 2623?
Our models span a range for Add New Energy Investment Holdings Group Ltd: cautious scenario HK$0.3600, base HK$0.4900, optimistic HK$0.7300 per share (as of Sep 27, 2026, price HK$3.50). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Add New Energy Investment Holdings Group Ltd (2623)?
Balance-sheet figures for Add New Energy Investment Holdings Group Ltd (as of Sep 27, 2026): return on equity −17.4%. They feed the Quality Score of 18/100, which measures business quality independently of the share price.
How far is 2623 from its 52-week high?
Add New Energy Investment Holdings Group Ltd trades at HK$3.50, about 45% below its 52-week high of HK$6.38 and 444% above the low of HK$0.6432 (as of Sep 30, 2026). Distance from the high says nothing about value: that is what the fair value of HK$0.4900 is for.
Which stocks are comparable to Add New Energy Investment Holdings Group Ltd?
From the same area (Basic Materials) we also value Saudi Arabian Mining Company, CMOC Group, Hindustan Zinc Limited, China Tungsten And Hightech Materials Co, 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 Add New Energy Investment Holdings Group Ltd stock attractive at the current price?
The data as of Sep 27, 2026: price HK$3.50, calculated fair value HK$0.4900 (−86%), Quality Score 18/100, 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 2623 calculated?
We run Add New Energy Investment Holdings Group Ltd through 1 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 HK$0.4900, 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 14.7 % above its aggregate fair value. Add New Energy Investment Holdings Group 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 Add New Energy Investment Holdings Group Ltd (2623)?
The closing price on Sep 30, 2026 was HK$3.50. Our model-based fair value is HK$0.4900, about −86% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Add New Energy Investment Holdings Group Ltd right now?
The price sits above even our optimistic bull case (HK$0.7300). The favourable scenario is already priced in. Weak quality (18/100) 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$0.3600 to HK$0.7300) leaves room in how you read the outcome.

Key figures of Add New Energy Investment Holdings Group Ltd

How large is the market capitalisation of Add New Energy Investment Holdings Group Ltd (2623)?
The market capitalisation of Add New Energy Investment Holdings Group Ltd is HK$2.3B (≈ $292M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Add New Energy Investment Holdings Group Ltd (2623)?
The price-to-sales ratio of Add New Energy Investment Holdings Group Ltd is 30.4 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Add New Energy Investment Holdings Group Ltd (2623)?
Earnings per share at Add New Energy Investment Holdings Group Ltd are HK$−0.0100. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Add New Energy Investment Holdings Group Ltd (2623)?
The net margin of Add New Energy Investment Holdings Group Ltd is −116% (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 Add New Energy Investment Holdings Group Ltd (2623)?
The return on equity (ROE) of Add New Energy Investment Holdings Group Ltd is −17.4% (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 Add New Energy Investment Holdings Group Ltd (2623)?
On an EBIT basis the return on assets of Add New Energy Investment Holdings Group Ltd is 2.9% (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 Add New Energy Investment Holdings Group Ltd (2623)?
The operating margin of Add New Energy Investment Holdings Group Ltd is −48.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Add New Energy Investment Holdings Group Ltd (2623)?
Revenue at Add New Energy Investment Holdings Group Ltd is growing −49.8% versus a year earlier (3y avg −65.7%). 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 Add New Energy Investment Holdings Group Ltd (2623)?
Earnings per share at Add New Energy Investment Holdings Group Ltd are growing +350% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Add New Energy Investment Holdings Group Ltd (2623) generate?
The free cash flow of Add New Energy Investment Holdings Group Ltd is −HK$368M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Add New Energy Investment Holdings Group Ltd (2623) hold?
Add New Energy Investment Holdings Group Ltd holds more cash than debt, HK$232M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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