Leysen Jewellery Inc (603900) Fair Value & Analysis
Consumer Cyclical · CN · Market cap 2.2B CNY
Fair value as of: Jul 11, 2026
From 25 valuation models · updated 30 days ago
Fair value updated Jul 11, 2026, revised from ¥4.11 to ¥3.83 (−6.8%) since Jun 24, 2026. Share price +11.5% over the past month.
A solid business, but screening 40% overvalued on our models.
What matters now
- A high-quality business (quality 73/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (¥4.79). The favourable scenario is already priced in.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.
How to read this chart
60‑month range ¥3.63 – ¥13.86 · fair‑value band ¥2.87 – ¥4.79 · the ¥6.39 price screens above the ¥3.83 fair value. Dashed = 300-day average. As of Jul 11, 2026.
Analysis
Leysen Jewellery Inc (603900) currently trades at ¥6.39, while our model-based Fair Value estimate is ¥3.83, implying the stock looks roughly 40.1% overvalued today. The Quality Score stands at 73/100 (solid quality), in the Consumer Cyclical 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, Leysen Jewellery Inc generated revenue of 1.5B CNY at a net margin of 5.6%. Revenue declined 2.2% year over year. It earns a return on equity of 4.4%. The balance sheet holds a net cash position of 142M CNY. Fundamentals as of Jul 11, 2026
Our scenario range runs from ¥2.87 (bear case) to ¥4.79 (bull case); at ¥6.39, 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 51% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -41% fair-value upside, at -40%, 603900 screens cheaper 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.
All 25 models by family
Widest divergence: DCF Models (¥4.00) versus Dividend Discount (¥1.34). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 70 · Market factors (momentum, volatility) 25
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
Leysen Jewellery Inc. engages in the design, development, and retail of jewelry products in China. The company offers gold, diamonds, jade, gemstones, pearls, burgundy, and other jewelry products. It also engages in the brand operation management activities. The company was formerly known as Tesiro Jewelry Inc. Leysen Jewellery Inc.
Full company description
Leysen Jewellery Inc. engages in the design, development, and retail of jewelry products in China. The company offers gold, diamonds, jade, gemstones, pearls, burgundy, and other jewelry products. It also engages in the brand operation management activities. The company was formerly known as Tesiro Jewelry Inc. Leysen Jewellery Inc. was founded in 1999 and is based in Nanjing, China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Leysen Jewellery Inc reported revenue of ¥1.5B in FY2025 versus ¥1.3B in FY2021, a compound +3.7%/yr. Reported net income was ¥59.7M in FY2025, compounding +11.6%/yr from FY2021.
603900 screens 40% overvalued. Compare with Compagnie Financière Richemont SA →
Peer Group
Luxury Goods · 130 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.
Valuation Multiples vs Luxury Goods median · lower = cheaper
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: 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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Luxury Goods stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Compagnie Financière Richemont SA CFR | CHF 197.40 | CHF 117.30 | -41% |
| Christian Dior SE DIO | €455.40 | €502.30 | +10% |
| Kering SA KER | €248.50 | €60.61 | -76% |
| Tapestry, Inc TPR | $140.73 | $19.95 | -86% |
| Chow Tai Fook Jewellery Group 1929 | HK$11.82 | HK$12.28 | +4% |
| The Swatch Group UHRN | CHF 40.95 | CHF 21.48 | -48% |
| Prada S.p.A 1913 | HK$43.26 | HK$64.05 | +48% |
| Pandora A/S PNDORA | kr 779.40 | kr 1,424 | +83% |
| Brunello Cucinelli S.p.A BC | €80.32 | €42.69 | -47% |
| Kalyan Jewellers India Limited KALYANKJIL | ₹546.60 | ₹238.57 | -56% |
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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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