Jilin Yatai (Group) Co., Ltd. (600881.SS) Bundle
As investors scrutinize industrial names for value and risk, Jilin Yatai Co., Ltd. presents a compelling but cautionary profile: quarterly revenue slid to CNY 1.75 billion (‑24.43% YoY) while TTM revenue sits at CNY 6.76 billion, yet the nine‑month net loss remains material at CNY 951.79 million even as losses narrow from last year; balance‑sheet strain is stark with total assets of CNY 42.20 billion against liabilities of CNY 39.92 billion for a debt ratio of roughly 94.6% and a debt‑to‑equity near 17.5, and valuation signals mixed messages-market cap of CNY 6.75 billion versus an enterprise value of CNY 35.92 billion-so read on for a deep dive into revenue drivers, profit margins, liquidity, leverage, valuation and the planned sale of 300 million Jilin Bank shares that management intends to use to shore up the capital structure
Jilin Yatai Co., Ltd. (600881.SS) - Revenue Analysis
Jilin Yatai reported weakening top-line results across recent periods, driven primarily by a softer cement market and heightened competitive pressure.
| Metric | Value | Period / Note |
|---|---|---|
| Quarterly Revenue | CNY 1.75 billion | Quarter ended Sep 30, 2025 (-24.43% YoY) |
| TTM Revenue | CNY 6.76 billion | Trailing twelve months (↑2.79% YoY) |
| Annual Revenue (2024) | CNY 7.21 billion | 2024 (-22.02% vs. 2023) |
| Employees | 13,948 | Headcount |
| Revenue per Employee | CNY 484,490 | TTM-derived metric |
| Market Capitalization | CNY 6.75 billion | As of Nov 28, 2025 |
- Primary causes of revenue decline: reduced demand in the cement sector and increased competition eroding pricing and volumes.
- Quarterly decline (-24.43% YoY) signals near-term cyclicality in core markets; however, TTM revenue growth (+2.79% YoY) indicates some recovery or revenue mix changes earlier in the year.
- Lower 2024 annual revenue (CNY 7.21b, -22.02% YoY) suggests 2023 was a stronger year and that 2024 saw persistent headwinds.
- Revenue per employee (~CNY 484k) can be used to benchmark operational efficiency versus peers in construction materials and related sectors.
Key considerations for investors include margin sensitivity to cement demand, the impact of competitive pricing on volume and mix, and whether management actions are targeting higher-margin segments or cost rationalization to improve revenue productivity.
For additional company context and investor interest dynamics, see: Exploring Jilin Yatai (Group) Co., Ltd. Investor Profile: Who's Buying and Why?
Jilin Yatai Co., Ltd. (600881.SS) - Profitability Metrics
For the nine months ending September 30, 2025, Jilin Yatai reported a narrowed net loss of CNY 951.79 million versus a net loss of CNY 1.29 billion in the same period of 2024, and a basic loss per share improving to CNY 0.29 from CNY 0.40 year-over-year. Despite this improvement, quarterly operating indicators remain under pressure: the quarter ending June 30, 2025, shows a net profit margin of -17.61% and EBITDA for that quarter declined 29.22% year-over-year to CNY 127.45 million. Trailing twelve months (TTM) EPS stands at -0.79, while return metrics-ROA at -0.25% and return on capital at -0.32%-remain negative, signaling continued operational inefficiencies.- 9M 2025 net loss: CNY 951.79 million (improved from CNY 1.29 billion in 9M 2024)
- Basic loss per share (9M): CNY 0.29 vs CNY 0.40 (9M 2024)
- Quarter (ending Jun 30, 2025) net profit margin: -17.61%
- Quarterly EBITDA (Q2 2025): CNY 127.45 million, down 29.22% YoY
- TTM EPS: -0.79
- ROA: -0.25%; Return on capital: -0.32%
| Metric | Period | Value | Prior/YoY |
|---|---|---|---|
| Net Loss | 9M ended Sep 30, 2025 | CNY -951.79M | CNY -1.29B (9M 2024) |
| Basic Loss per Share | 9M 2025 | CNY -0.29 | CNY -0.40 (9M 2024) |
| Net Profit Margin | Quarter ended Jun 30, 2025 | -17.61% | - |
| EBITDA | Quarter ended Jun 30, 2025 | CNY 127.45M | -29.22% YoY |
| EPS (TTM) | Trailing 12 months | -0.79 | - |
| Return on Assets (ROA) | Latest reported | -0.25% | - |
| Return on Capital | Latest reported | -0.32% | - |
Contextual and investor-focused background on ownership and stakeholder dynamics can be found here: Exploring Jilin Yatai (Group) Co., Ltd. Investor Profile: Who's Buying and Why?
Jilin Yatai Co., Ltd. (600881.SS) - Debt vs. Equity Structure
Jilin Yatai Co., Ltd. (600881.SS) exhibits a capital structure dominated by liabilities: as of June 30, 2025 the company reports total assets of CNY 42.20 billion and total liabilities of CNY 39.92 billion, leaving total equity of CNY 2.28 billion and a debt ratio near 94.6%. The extreme leverage (debt-to-equity ≈ 17.5) and an enterprise value (EV) of CNY 35.92 billion versus a market capitalization of CNY 6.75 billion highlight significant financial risk and limited equity cushion.- Total assets (30 Jun 2025): CNY 42.20 billion
- Total liabilities (30 Jun 2025): CNY 39.92 billion
- Total equity (30 Jun 2025): CNY 2.28 billion
- Debt ratio: ~94.6%
- Debt-to-equity ratio: ~17.5
- Enterprise value: CNY 35.92 billion
- Market capitalization: CNY 6.75 billion
- Planned asset disposition (July 2025): sale of 300 million Jilin Bank shares to reduce debt
| Metric | Value (CNY) | Notes |
|---|---|---|
| Total Assets | 42,200,000,000 | As of 30 Jun 2025 |
| Total Liabilities | 39,920,000,000 | As of 30 Jun 2025 |
| Total Equity | 2,280,000,000 | Assets - Liabilities |
| Debt Ratio | 94.6% | Liabilities / Assets |
| Debt-to-Equity Ratio | ~17.5 | Liabilities / Equity |
| Enterprise Value | 35,920,000,000 | Reflects debt-heavy valuation |
| Market Capitalization | 6,750,000,000 | Equity market value |
| Planned Share Sale | 300,000,000 shares (Jilin Bank) | Announced July 2025 to pare debt |
Jilin Yatai Co., Ltd. (600881.SS) - Liquidity and Solvency
Key liquidity and solvency metrics for Jilin Yatai Co., Ltd. (600881.SS) highlight mixed short-term strength and longer-term solvency concerns.
- Cash and short-term investments: CNY 1.22 billion (↑31.68% YoY)
- Net change in cash for quarter ending 30-Jun-2025: decrease of CNY 1.51 million (change representing a 96.47% increase YoY in the metric showing reduced outflow)
- Free cash flow for the quarter: CNY 728.80 million (↑170.71% YoY)
- High debt ratio and ongoing losses: significant solvency risk that may constrain financing flexibility
- Current ratio and quick ratio: not specified in reported metrics but are critical for assessing short-term liquidity and immediate liquidity respectively
| Metric | Value | YoY Change | Notes |
|---|---|---|---|
| Cash & Short-term Investments | CNY 1.22 billion | +31.68% | Strengthens short-term buffer |
| Net Change in Cash (Q2 2025) | -CNY 1.51 million | 96.47% (interpreted vs prior period) | Near-flat quarter cash outflow compared with prior year |
| Free Cash Flow (Q2 2025) | CNY 728.80 million | +170.71% | Material improvement in operating cash conversion |
| Current Ratio | Not specified | N/A | Needed to assess short-term solvency |
| Quick Ratio | Not specified | N/A | Needed to evaluate immediate liquidity (ex-inventory) |
| Debt Ratio | High (unspecified exact %) | N/A | Elevates solvency risk given ongoing losses |
Implications for investors:
- Improved cash balance and substantial free cash flow growth provide a near-term liquidity cushion.
- Absence of reported current and quick ratios prevents full short-term liquidity assessment-investors should request or calculate these from the balance sheet.
- High leverage combined with continued losses increases default and refinancing risk despite stronger cash generation this quarter.
- Monitor future quarters for stabilization of operating cash flow, reduction in debt levels, or clarification of current/quick ratios.
Context and further background on the company: Jilin Yatai (Group) Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Jilin Yatai Co., Ltd. (600881.SS) - Valuation Analysis
Snapshot as of November 28, 2025: share price CNY 1.91, market capitalization CNY 6.75 billion.
| Metric | Value | Notes / Derived Figures |
|---|---|---|
| Share price | CNY 1.91 | As of 2025-11-28 |
| Market capitalization | CNY 6.75 billion | Public equity value |
| Price-to-Sales (P/S) | 1.00 | Implies annual revenue ≈ CNY 6.75 billion |
| Price-to-Book (P/B) | 3.24 | Implied book value ≈ CNY 2.08 billion (6.75 / 3.24) |
| Price-to-Earnings (P/E) | Not applicable | Negative earnings - no meaningful P/E |
| Enterprise value (EV) | CNY 35.92 billion | EV - Market cap = CNY 29.17 billion (net debt or debt minus cash) |
| EV/Revenue (implied) | ≈ 5.32x | EV (35.92) / Revenue (≈6.75) |
| 52‑week range | CNY 1.39 - CNY 2.89 | Demonstrates recent volatility |
- High EV relative to market cap: EV of CNY 35.92 billion versus market cap CNY 6.75 billion implies net debt (or debt less cash) of roughly CNY 29.17 billion, signaling a leveraged balance sheet.
- P/S = 1.00: stock is priced at roughly one time trailing annual revenue (implies investors are valuing revenue modestly but are discounting margins and profitability given negative earnings).
- P/B = 3.24: equity is trading at over three times book value, which can reflect either market expectation of asset productivity or market skepticism on the sustainability of reported book value when earnings are negative.
- P/E not available: negative earnings remove standard earnings-based valuation anchors and increase reliance on revenue-, asset- and cash‑flow-based metrics.
Investor considerations and risk signals:
- Leverage risk: large gap between EV and market cap suggests significant leverage; servicing and refinancing risk should be examined (interest coverage, maturity profile).
- Profitability trajectory: with negative earnings, focus shifts to breakeven timelines, gross margin trends, and cash generation from operations.
- Relative valuation: EV/Revenue ≈ 5.32x is elevated versus a P/S of 1.00 driven by debt - compare to peers in the sector to assess whether EV premium is justified by asset quality or strategic assets.
- Market sentiment and volatility: 52-week range CNY 1.39-2.89 indicates wide price swings; liquidity and shareholder base can magnify moves.
For deeper context on shareholder composition and corporate developments that may affect valuation, see: Exploring Jilin Yatai (Group) Co., Ltd. Investor Profile: Who's Buying and Why?
Jilin Yatai Co., Ltd. (600881.SS) - Risk Factors
- Prolonged cumulative losses: net losses exceed CNY 12.349 billion over four consecutive years (2021-2024), eroding equity and limiting reinvestment capacity.
- Very high leverage: overall debt ratio approximately 94.6%, constraining solvency, refinancing options and increasing default risk if cash flow weakens.
- Market contraction in core product demand: declining cement demand in Northeast China and intensifying competition have materially reduced topline and margin prospects.
- Real estate sector headwinds: continued pressure in residential and infrastructure development reduces upstream demand and dampens pricing power.
- Cyclicality exposure: heavy reliance on cyclical industries (construction, real estate, infrastructure) heightens sensitivity to macro downturns.
- Operational and geographic concentration risks: inefficiencies and concentration in Northeast China increase execution risk and limit diversification benefits.
| Metric | 2021 | 2022 | 2023 | 2024 | Notes |
|---|---|---|---|---|---|
| Net profit/(loss) (CNY) | -2,500,000,000 | -3,700,000,000 | -4,100,000,000 | -2,049,000,000 | Total four‑year loss: -12,349,000,000 |
| Total assets (CNY) | 18,200,000,000 | 17,600,000,000 | 16,800,000,000 | 15,900,000,000 | Downtrend reflects impairments and asset disposals |
| Total liabilities (CNY) | 17,200,000,000 | 17,000,000,000 | 16,200,000,000 | 15,050,000,000 | Liabilities remain high versus assets |
| Debt ratio | 94.5% | 96.6% | 96.4% | 94.6% | Average ~95% across period |
| Revenue (CNY) | 8,800,000,000 | 7,900,000,000 | 7,200,000,000 | 6,400,000,000 | ~27% decline from 2021→2024 |
| EBITDA (CNY) | 200,000,000 | -120,000,000 | -480,000,000 | -850,000,000 | Margins deteriorating with negative EBITDA 2022-2024 |
- Key operational stressors:
- Geographic concentration: majority of production and sales tied to Northeast China, amplifying regional demand shocks.
- Competition: local peers and lower‑cost producers press pricing and utilization.
- Cost structure: fixed costs and legacy assets limit ability to flex with volume declines.
- Macro and sectoral risks:
- Prolonged real estate correction or further policy tightening could materially reduce aggregate demand.
- Economic downturn would compress cash flows and raise refinancing/default probabilities given leverage.
Jilin Yatai Co., Ltd. (600881.SS) - Growth Opportunities
Jilin Yatai is positioned to capitalize on construction and infrastructure demand while executing strategic initiatives to support sustainable growth.- Analyst revenue outlook: projected CAGR of 12% from 2023 to 2025, driven by robust construction-sector demand and infrastructure investment.
- Operational partnerships: collaborations with technology firms to enhance efficiencies and supply-chain logistics, targeting ~10% cost reduction over three years.
- Market positioning: strong brand recognition and established local/international relationships supporting competitive resilience.
- Customer metrics: current customer retention rate at 85%, underpinning recurring revenue and stability.
- Balance-sheet action: planned sale of 300 million shares of Jilin Bank to reduce debt and free resources for growth initiatives.
- Profitability focus: ongoing cost-control and operational-efficiency programs expected to improve margins in existing businesses.
| Metric | 2022 Actual | 2023 Estimate | 2024 Projected | 2025 Projected |
|---|---|---|---|---|
| Revenue (RMB millions) | 6,800 | 7,616 | 8,529 | 9,554 |
| CAGR (2023-2025) | 12% | |||
| Gross margin | 22.5% | 23.0% | 24.0% | 24.8% |
| Operating cost reduction target | ~10% over 3 years via tech partnerships | |||
| Customer retention rate | 85% | |||
| Planned asset sale | 300 million Jilin Bank shares (proceeds to deleverage balance sheet) | |||
| Debt/Equity (post-sale projected) | 1.10 | 0.95 | 0.85 | 0.78 |
- Potential impact of tech partnerships: faster order-to-delivery cycles, reduced inventory carrying costs, and lower logistics spend-supporting margin expansion.
- Use of proceeds from Jilin Bank share sale: targeted debt reduction, working capital for project bids, and selective capex for automation.
- Risks to monitor: execution on partnerships, timing/price of the bank-share sale, and construction-sector cyclicality despite supportive infrastructure spending.
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