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Shanghai Haixin Group (600851) Fair Value & Analysis

Industrials · CN · Market cap 10.1B CNY

SH Shanghai Haixin Group 600851 · SHG
Price¥8.37
Fair Value¥1.74
Upside-79.2%
Quality52/100
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Mixed Growth
Highly profitable · 24.4% net margin
Low debt · generates free cash flow
0.63% dividend yield
Trails peers (3/13)
Narrow moat 43/100
Evidence: High Range ¥1.32 – ¥2.53 Share as image

Fair value as of: Aug 9, 2026

From 11 valuation models · updated yesterday

Fair value updated Aug 9, 2026, revised from ¥2.48 to ¥1.74 (−29.8%) since Jul 25, 2026. Share price +1.1% over the past month.

A solid business, but screening 79% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥2.53). The favourable scenario is already priced in.
  • Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (¥1.32 to ¥2.53) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥10.72 ¥4.47 Fair Value ¥1.74 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 9, 2026.

How to read this chart

60‑month range ¥4.47 – ¥10.72 · fair‑value band ¥1.32 – ¥2.53 · the ¥8.37 price screens above the ¥1.74 fair value. Dashed = 300-day average. As of Aug 9, 2026.

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Analysis

Shanghai Haixin Group (600851) currently trades at ¥8.37, while our model-based Fair Value estimate is ¥1.74, implying the stock looks roughly 79.2% overvalued today. The Quality Score stands at 52/100 (solid quality), in the Industrials 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, Shanghai Haixin Group generated revenue of 705M CNY at a net margin of 24.4%. Revenue declined 25.7% year over year. It earns a return on equity of 4.1%. The balance sheet holds a net cash position of 464M CNY. Fundamentals as of Aug 9, 2026

Our scenario range runs from ¥1.32 (bear case) to ¥2.53 (bull case); at ¥8.37, 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 9% below its 52-week high and 33% above its 52-week low, currently above its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at -79%, 600851 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 ¥0.2600 ¥0.2600 ¥0.2600 80
Residual Income ¥2.89 ¥2.84 ¥2.51 76
Gordon GGM ¥0.3700 ¥0.4100 ¥0.4600 70
All 11 models by family
DCF Models
Owner Earnings ¥0.8800 ¥1.13 ¥1.59 31
5Y P/E Exit ¥1.52 ¥2.45 ¥3.55 38
10Y P/E Exit ¥1.03 ¥1.61 ¥2.19 35
Earnings-Based
Graham-Dodd ¥0.9900 ¥1.21 ¥1.36 54
Dividend Discount
Gordon GGM ¥0.3700 ¥0.4100 ¥0.4600 70
DDM Multi-Stage ¥0.3700 ¥0.4700 ¥0.6000 61
Multiples
P/E Multiple ¥2.41 ¥3.21 ¥4.01 63
P/B Multiple ¥1.86 ¥2.48 ¥3.10 55
Asset-Based
NCAV (Graham) ¥1.95 ¥2.62 ¥3.91 50
Growth DCF
Growth DCF ¥0.2600 ¥0.2600 ¥0.2600 80
Economic Profit
Residual Income ¥2.89 ¥2.84 ¥2.51 76

Widest divergence: Economic Profit (¥2.84) versus Growth DCF (¥0.2600). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 705M CNY
Revenue growth (YoY) -25.7%
Net margin 24.4%
Return on equity 4.1%
Free cash flow 586K CNY FY2025
P/E ratio 53.9
More key figures
Operating margin 4.3%
EPS (TTM) ¥0.1400
Dividend yield 0.7%
EPS growth (YoY) -12.4%
Net cash 464M CNY FY2024

Figures from reported company fundamentals · as of Aug 9, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 52/100

Of which business quality 51 · Market factors (momentum, volatility) 53

Profitability 34
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 22
Earnings quality: real cash, not paper profit
Fin. Strength 84
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 49
Price trend over the last 3–12 months (market factor)
52W Momentum 49
Distance to the 52-week high (market factor)
Net Issuance 82
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

Shanghai Haixin Group Co., Ltd. engages in the manufacture and sale of pharmaceutical products in China and internationally.

Full company description

Shanghai Haixin Group Co., Ltd. engages in the manufacture and sale of pharmaceutical products in China and internationally. It is also involved in leasing of park properties, financial investment and commodity trading, as well as production and sales of chemical drugs through its sales platform or local distributors; and research and development, production, and sales of plush fabrics and clothing. The company was founded in 1986 and is headquartered in Shanghai, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Shanghai Haixin Group reported revenue of ¥758M in FY2025 versus ¥1.5B in FY2021, a compound −15.9%/yr. Reported net income was ¥176M in FY2025, compounding +7.4%/yr from FY2021.

Growth Quality 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
758M CNY
Latest YoY
−4.8%
Avg. growth/yr (3Y)
−19.3%
Avg. growth/yr (5Y)
−4.1%
Avg. growth/yr (31Y)
+2.2%
Revenue −15.9%/yr
FY21 ¥1.5B
FY22 ¥1.4B
FY23 ¥1.2B
FY24 ¥796M
FY25 ¥758M
Net income +7.4%/yr
FY21 ¥132M
FY22 ¥164M
FY23 ¥166M
FY24 ¥151M
FY25 ¥176M

600851 screens 79% overvalued. Compare with CITIC Limited →

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Cite: Fair Value Calculator (2026). "Shanghai Haixin Group Fair Value". https://www.fairvalue-calculator.com/stock/600851

Peer Group

Conglomerates · 370 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 52 · Above median
Fair Value upside −79% · Bottom 25%
Return on equity (TTM) 4% · Below median
Return on assets 0% · Below median
Net margin (TTM) 24% · Top 25%
Operating margin (TTM) 4% · Below median
Revenue growth -26% · Bottom 25%
Dividend yield (TTM) 0.6% · Below median
Debt / equity 0.02× · Lower than 75% of peers

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 59.8× · Pricier than 75% of peers
P/B 2.14× · Pricier than 75% of peers
P/S (TTM) 14.32× · Pricier than 75% of peers
P/FCF 2,556.5× · 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 21
FUTURE 0 · sector 16
PAST 16 · sector 20
HEALTH 99 · sector 88
DIVIDEND 13 · sector 39

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 Conglomerates stocks, each showing price versus our Fair Value estimate (as of Aug 9, 2026).

Stock Price Fair Value vs Fair Value
CITIC Limited 0267 HK$11.28 HK$22.56 +100%
SK Inc 034730 580,000 KRW 497,919 KRW -14%
PT Astra International Tbk, ASII 4,810 IDR 9,620 IDR +100%
The Siam Cement Public Company SCC 254.00 THB 199.40 THB -21%
SRF Limited SRF ₹2,875 ₹1,053 -63%
Empresas Copec S.A COPEC 6,330 CLP 10,879 CLP +72%
Posco International Corporation 047050 50,900 KRW 61,248 KRW +20%
Tube Investments of India Limited TIINDIA ₹2,940 ₹559.30 -81%
Doosan Corporation 000155 464,000 KRW 75,620 KRW -84%
Thermax Limited THERMAX ₹4,809 ₹1,087 -77%

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Frequently asked questions

Is Shanghai Haixin Group (600851) overvalued or undervalued?
As of Aug 9, 2026, our model estimates a fair value of ¥1.74 versus a price of ¥8.37, about −79% (overvalued).
What is the fair value of 600851?
Our model-based fair value for Shanghai Haixin Group is ¥1.74 (as of Aug 9, 2026), built from audited fundamentals. The current price is ¥8.37.
What is the quality score of 600851?
Shanghai Haixin Group has a Quality Score of 52/100. 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 Shanghai Haixin Group (600851)?
Shanghai Haixin Group reported trailing-twelve-month revenue of about 705M CNY (latest available figure, as of Aug 9, 2026).
What is the net profit margin of 600851?
The net profit margin of Shanghai Haixin Group is about 24.4%, meaning it keeps roughly 24.4% of revenue as net income. Based on the latest reported figures.
Does Shanghai Haixin Group pay a dividend?
Shanghai Haixin Group currently shows a dividend yield of about 0.68% relative to its recent price (as of Aug 9, 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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