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Jiangsu Hengshun Vinegar-Industry Co (600305) Fair Value & Analysis

Consumer Defensive · CN · Market cap 7.5B CNY

JH Jiangsu Hengshun Vinegar-Industry Co 600305 · SHG
Price¥6.81
Fair Value¥2.27
Upside-66.7%
Quality45/100
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Expensive Growth
Thin margins · 6.7% net margin
Low debt · generates free cash flow
1.74% dividend yield
Trails peers (3/14)
Narrow moat 33/100
Evidence: High Range ¥2.05 – ¥3.41 Share as image

Fair value as of: Aug 8, 2026

From 24 valuation models · updated 2 days ago

Fair value updated Aug 8, 2026, revised from ¥2.40 to ¥2.27 (−5.4%) since Jul 11, 2026. Share price +3.5% over the past month.

Below-average quality, and screening another 67% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥3.41). The favourable scenario is already priced in.
  • Solid but not exceptional quality (45/100) and above fair value, neither a clear bargain nor a standout compounder.
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Price vs Fair Value (5 years)

¥22.70 ¥6.31 Fair Value ¥2.27 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 8, 2026.

How to read this chart

60‑month range ¥6.31 – ¥22.70 · fair‑value band ¥2.05 – ¥3.41 · the ¥6.81 price screens above the ¥2.27 fair value. Dashed = 300-day average. As of Aug 8, 2026.

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Analysis

Jiangsu Hengshun Vinegar-Industry Co (600305) currently trades at ¥6.81, while our model-based Fair Value estimate is ¥2.27, implying the stock looks roughly 66.7% overvalued today. The Quality Score stands at 45/100 (below-average quality), in the Consumer Defensive sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Jiangsu Hengshun Vinegar-Industry Co generated revenue of 2.3B CNY at a net margin of 6.7%. Revenue grew 3.6% year over year. It earns a return on equity of 4.5%. The balance sheet holds a net cash position of 603M CNY. Fundamentals as of Aug 8, 2026

Our scenario range runs from ¥2.05 (bear case) to ¥3.41 (bull case); at ¥6.81, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 1% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at -3% fair-value upside, at -67%, 600305 screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥0.7400 ¥0.9500 ¥1.26 80
Residual Income ¥2.25 ¥2.23 ¥2.00 76
Rev-Margin DCF ¥1.38 ¥2.19 ¥3.14 74
All 24 models by family
DCF Models
FCF DCF ¥0.7400 ¥0.9500 ¥1.28 38
Owner Earnings ¥0.7700 ¥1.01 ¥1.36 31
5Y Revenue Exit ¥1.38 ¥2.21 ¥3.31 39
5Y EBITDA Exit ¥1.93 ¥3.26 ¥4.87 41
5Y P/E Exit ¥1.70 ¥2.82 ¥4.04 38
10Y Revenue Exit ¥1.10 ¥1.79 ¥2.80 36
10Y EBITDA Exit ¥1.48 ¥2.51 ¥3.99 37
10Y P/E Exit ¥1.34 ¥2.21 ¥3.35 35
Earnings-Based
Graham-Dodd ¥0.8800 ¥3.16 ¥4.25 54
Lynch FV ¥0.7400 ¥1.06 ¥1.38 50
PEG = 1.0 ¥0.7400 ¥1.06 ¥1.38 46
EPV ¥1.62 ¥1.81 ¥1.98 59
Multiples
P/E Multiple ¥2.05 ¥2.73 ¥3.41 63
P/S Multiple ¥1.66 ¥2.21 ¥2.76 58
P/B Multiple ¥1.66 ¥2.21 ¥2.76 55
EV/EBIT ¥2.35 ¥3.01 ¥3.67 53
EV/EBITDA ¥2.83 ¥3.64 ¥4.46 54
EV/Revenue ¥1.79 ¥2.39 ¥2.99 43
Asset-Based
NCAV (Graham) ¥1.52 ¥2.04 ¥3.04 50
Growth DCF
Growth DCF ¥0.7400 ¥0.9500 ¥1.26 80
Rev-Margin DCF ¥1.38 ¥2.19 ¥3.14 74
Economic Profit
Residual Income ¥2.25 ¥2.23 ¥2.00 76
ROIC Compounder ¥1.62 ¥1.81 ¥1.98 72
Growth Earnings
Growth-Adj P/E ¥1.42 ¥2.04 ¥2.65 68

Widest divergence: Multiples (¥2.39) versus Growth DCF (¥0.9500). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 2.3B CNY
Revenue growth (YoY) +3.6%
Net margin 6.7%
Return on equity 4.5%
Free cash flow 35.4M CNY FY2025
P/E ratio 49.1
More key figures
Operating margin 11.1%
EPS (TTM) ¥0.1400
Dividend yield 1.8%
EPS growth (YoY) +17.1%
Net cash 603M CNY FY2024

Figures from reported company fundamentals · as of Aug 8, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 45/100

Of which business quality 48 · Market factors (momentum, volatility) 44

Profitability 32
Margins and returns on capital today
Quality Growth 47
Are margins and returns improving?
Cashflow 37
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 39
Disciplined investing over empire-building
Low Volatility 98
Calm price path (market factor)
Momentum 23
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 41
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Jiangsu Hengshun Vinegar-Industry Co.,Ltd, together with its subsidiaries, engages in the research, development, production, and sale of condiments in China. The company offers vinegar, soy sauce, pickles, compound seasonings, and flavor agents.

Full company description

Jiangsu Hengshun Vinegar-Industry Co.,Ltd, together with its subsidiaries, engages in the research, development, production, and sale of condiments in China. The company offers vinegar, soy sauce, pickles, compound seasonings, and flavor agents. It is also involved in production and sale of alcohol; and food business, and online food sales and related businesses; wholesale and retail trade; leasing and business services; and provision of information transmission, software, and information technology services; and investment activities. The company was founded in 1840 and is headquartered in Zhenjiang, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Jiangsu Hengshun Vinegar-Industry Co reported revenue of ¥2.3B in FY2025 versus ¥1.9B in FY2021, a compound +4.8%/yr. Reported net income was ¥144M in FY2025, compounding +4.8%/yr from FY2021.

Growth Quality 43/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
2.3B CNY
Latest YoY
+4.1%
Avg. growth/yr (3Y)
+2.2%
Avg. growth/yr (5Y)
+2.5%
Avg. growth/yr (28Y)
+11.9%
Revenue +4.8%/yr
FY21 ¥1.9B
FY22 ¥2.1B
FY23 ¥2.1B
FY24 ¥2.2B
FY25 ¥2.3B
Net income +4.8%/yr
FY21 ¥119M
FY22 ¥138M
FY23 ¥86.9M
FY24 ¥127M
FY25 ¥144M

600305 screens 67% overvalued. Compare with Nestlé India Limited →

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Cite: Fair Value Calculator (2026). "Jiangsu Hengshun Vinegar-Industry Co Fair Value". https://www.fairvalue-calculator.com/stock/600305

Peer Group

Packaged Foods · 653 stocks

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.

Quality Score 45 · Below median
Fair Value upside −67% · Bottom 25%
Return on equity (TTM) 4% · Below median
Return on assets 3% · Below median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 4% · Below median
Dividend yield (TTM) 1.7% · Below median
Debt / equity 0.03× · Lower than median

Valuation Multiples vs Packaged Foods median · lower = cheaper

P/E (TTM) 48.6× · Pricier than 75% of peers
P/B 2.24× · Pricier than median
P/S (TTM) 3.26× · Pricier than 75% of peers
P/FCF 31.6× · Pricier than 75% of peers
EV/EBITDA 26.2× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 29
FUTURE 18 · sector 19
PAST 18 · sector 27
HEALTH 98 · sector 96
DIVIDEND 35 · sector 47

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

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaged Foods stocks, each showing price versus our Fair Value estimate (as of Aug 8, 2026).

Stock Price Fair Value vs Fair Value
Nestlé India Limited NESTLEIND ₹1,427 ₹362.37 -75%
Britannia Industries Limited BRITANNIA ₹5,413 ₹1,870 -65%
Tata Consumer Products Limited TATACONSUM ₹1,089 ₹327.27 -70%
PT Indofood CBP Sukses Makmur Tbk ICBP 6,650 IDR 15,757 IDR +137%
Samyang Foods Co 003230 1,139,000 KRW 1,010,543 KRW -11%
Patanjali Foods Limited PATANJALI ₹413.80 ₹157.04 -62%
Vietnam Dairy Products Joint Stock Company VNM 58,500 VND 68,259 VND +17%
PT Mayora Indah Tbk, MYOR 1,750 IDR 2,699 IDR +54%
PT Cisarua Mountain Dairy Tbk CMRY 4,490 IDR 4,355 IDR -3%
Nongshim Co 004370 348,500 KRW 530,619 KRW +52%

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Frequently asked questions

Is Jiangsu Hengshun Vinegar-Industry Co (600305) overvalued or undervalued?
As of Aug 8, 2026, our model estimates a fair value of ¥2.27 versus a price of ¥6.81, about −67% (overvalued).
What is the fair value of 600305?
Our model-based fair value for Jiangsu Hengshun Vinegar-Industry Co is ¥2.27 (as of Aug 8, 2026), built from audited fundamentals. The current price is ¥6.81.
What is the quality score of 600305?
Jiangsu Hengshun Vinegar-Industry Co has a Quality Score of 45/100. 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 revenue of Jiangsu Hengshun Vinegar-Industry Co (600305)?
Jiangsu Hengshun Vinegar-Industry Co reported trailing-twelve-month revenue of about 2.3B CNY (latest available figure, as of Aug 8, 2026).
What is the net profit margin of 600305?
The net profit margin of Jiangsu Hengshun Vinegar-Industry Co is about 6.7%, meaning it keeps roughly 6.7% of revenue as net income. Based on the latest reported figures.
Does Jiangsu Hengshun Vinegar-Industry Co pay a dividend?
Jiangsu Hengshun Vinegar-Industry Co currently shows a dividend yield of about 1.78% relative to its recent price (as of Aug 8, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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