Breaking Down JINHUI LIQUOR Co.,Ltd. Financial Health: Key Insights for Investors

JINHUI LIQUOR Co.,Ltd. presents a mixed financial portrait that demands investor attention: Q3 2025 revenue slipped to CNY 546.16 million (down 4.89% quarter-on-quarter) while TTM revenue sits at CNY 3.00 billion (up 4.97% YoY) against a market capitalization near CNY 10.37 billion and a November 12, 2025 share price of CNY 20.87; profitability shows a Q3 net income of CNY 25.50 million (down 33.02% QoQ) with TTM EPS of CNY 0.75 and a P/E around 26.17, yet operating margin remains a solid 26.57% and ROE is 10.97%; balance sheet and leverage look conservative with a debt-to-equity of 0.08, total assets of CNY 4.93 billion and liabilities of CNY 1.55 billion, while liquidity signals concern: TTM free cash flow is negative CNY 211.53 million and Q3 cash from operations was negative CNY 37.89 million (a 1,333.24% YoY swing), offset partly by positive financing cash flow of CNY 75.52 million; valuation multiples include a trailing P/E ~26.33, P/B 2.91 and EV/EBITDA 15.81, with a dividend yield of 2.44% (annualized CNY 0.50 per share), and management targets 2025 revenue of CNY 3.28 billion and net profit of CNY 0.41 billion while pursuing provincial market share gains and product optimization-read on.

JINHUI LIQUOR Co.,Ltd. (603919.SS) - Revenue Analysis

JINHUI LIQUOR Co.,Ltd. reported mixed revenue signals across recent periods, with quarterly softness offset by solid annual growth. Key figures and metrics below quantify the company's top-line performance, efficiency and market valuation.

• Q3 2025 revenue: CNY 546.16 million (down 4.89% from Q2 2025).
• TTM revenue: CNY 3.00 billion, up 4.97% year-over-year.
• Full-year 2024 revenue: CNY 3.02 billion, an 18.59% increase over 2023.
• Revenue per employee: ≈ CNY 995,250 based on 3,013 employees.
• Market capitalization: CNY 10.37 billion; share price: CNY 20.87 (as of 12 Nov 2025).
• Price-to-sales (P/S) ratio: 3.46.

Contextual points for investors:

• The sequential decline in Q3 2025 (-4.89%) suggests near-term demand softness or seasonal/operational headwinds; however, annual and TTM figures show growth momentum versus the prior year.
• A P/S of 3.46 places valuation at a moderate premium relative to pure commodity beverage peers; investors should weigh brand strength and margin profile against this sales-based valuation.
• Revenue per employee near CNY 1.0 million indicates relatively high sales productivity for the workforce size, which can support operating leverage if fixed costs are contained.

For broader corporate background and how the company generates revenue, see: JINHUI LIQUOR Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money

JINHUI LIQUOR Co.,Ltd. (603919.SS) - Profitability Metrics

• TTM net profit margin: 12.85% - indicates effective cost management relative to revenue.
• TTM EPS: CNY 0.75 with a P/E ratio of 26.17 - market valuation relative to earnings.
• ROE: 10.97% - the company's efficiency in generating profit from shareholders' equity.
• Operating margin: 26.57% - proportion of revenue retained after operating costs.
• TTM EBITDA: CNY 554.40 million - core earnings before non-operating items and non-cash charges.

JINHUI LIQUOR Co.,Ltd. (603919.SS) - Debt vs. Equity Structure

JINHUI LIQUOR's capital mix is notably conservative on leverage, prioritizing equity and operational liquidity while keeping interest-bearing debt minimal. Key balance-sheet and coverage metrics as of September 30, 2025 illustrate this posture and the practical implications for investors assessing solvency, liquidity and enterprise valuation.

• Debt-to-Equity Ratio: 0.08 - indicates very low financial leverage versus shareholders' equity.
• Current Ratio: 2.18 - short-term assets are more than double short-term liabilities, supporting working-capital resilience.
• Quick Ratio: 0.78 - excluding inventory, immediate liquidity is tighter and could be a pressure point if short-term cash demands spike.
• Interest Coverage Ratio: 294.63 - extremely high, reflecting negligible interest burden relative to operating earnings.

Implications for investors:

• Low leverage (0.08) reduces bankruptcy risk and provides headroom for strategic borrowing or share buybacks if management chooses.
• Strong current ratio (2.18) supports operational flexibility; however, the quick ratio (0.78) signals reliance on inventory or receivables to meet short-term needs.
• Very high interest coverage (294.63) means operating income comfortably covers interest, so earnings volatility is unlikely to create covenant stress.
• Enterprise value of CNY 9.22 billion relative to assets (CNY 4.93 billion) suggests market places substantial value on future earnings potential and brand/intangible assets beyond the stated book base.

Further context on strategy, governance and long-term targets can be found here: Mission Statement, Vision, & Core Values (2026) of JINHUI LIQUOR Co.,Ltd.

JINHUI LIQUOR Co.,Ltd. (603919.SS) - Liquidity and Solvency

• Net change in cash (Q3 2025): decrease of CNY 102.09 million (‑44.50% YoY).
• Cash from operations (Q3 2025): negative CNY 37.89 million (‑1,333.24% YoY).
• Cash from investing activities (Q3 2025): negative CNY 139.71 million (up 115.05% YoY).
• Cash from financing activities (Q3 2025): positive CNY 75.52 million (up 161.87% YoY).
• Free cash flow (TTM): negative CNY 211.53 million.
• Effective tax rate (Q3 2025): 43.23%.

JINHUI LIQUOR Co.,Ltd. (603919.SS) - Valuation Analysis

• Trailing P/E: 26.33
• Forward P/E: 26.61
• P/B ratio: 2.91
• P/S ratio: 3.27
• EV/EBITDA: 15.81
• Dividend yield: 2.44% (annualized CNY 0.50/share)
• Market capitalization: CNY 9.81 billion
• Share price: CNY 19.75 (as of 2025-12-11)

• A P/E near 26 places growth expectations above low-single-digit yields but below high-growth liquor peers; forward P/E roughly in line with trailing suggests modest near-term EPS changes.
• P/B ~2.9 implies investors expect returns on equity above book returns or anticipate intangible value not captured on the balance sheet.
• EV/EBITDA of 15.81 signals the market pays a healthy multiple for operating cash profitability; assess against sector median for relative attractiveness.
• Dividend yield of 2.44% provides income support but is not the primary valuation driver; the CNY 0.50 annualized payout should be matched to payout ratio and free cash flow trends.

JINHUI LIQUOR Co.,Ltd. (603919.SS) - Risk Factors

Recent financials for JINHUI LIQUOR Co.,Ltd. (603919.SS) reveal multiple stress points that investors should weigh carefully. Key cash-flow and profitability metrics show material deterioration year-over-year and quarter-over-quarter, pointing to near-term liquidity and operational risks.

• Net profit margin down 29.56% YoY - a marked decline in profitability that may reflect lower pricing power, rising costs, or mix shifts.
• Net income for Q3 2025: CNY 25.50 million, a 33.02% decrease from the prior quarter - signaling quarter-on-quarter earnings pressure.
• Free cash flow (TTM): negative CNY 211.53 million - operating cash generation insufficient to cover capital expenditures and other cash needs over the trailing twelve months.
• Cash from operations (Q3 2025): negative CNY 37.89 million, a 1,333.24% YoY decline - sharp deterioration in core cash generation.
• Cash from investing activities (Q3 2025): negative CNY 139.71 million, a 115.05% YoY increase in outflows - higher capex or acquisitions increasing cash burn.
• Cash from financing activities (Q3 2025): positive CNY 75.52 million, a 161.87% YoY increase - reliance on external financing to support operations or investments.

• Liquidity risk: negative FCF and negative operating cashflow increase the risk of covenant breaches or the need for dilutive financing.
• Earnings volatility: sequential net income drop of 33.02% suggests sensitivity to seasonal demand, pricing, or cost spikes.
• Funding dependence: the 161.87% YoY jump in financing inflows indicates growing reliance on external capital to bridge cash shortfalls.
• Investment deployment risk: a 115.05% rise in investing outflows could reflect aggressive capex or M&A that may not generate near-term returns.
• Profitability pressure: a near-30% YoY contraction in net margin may compress equity valuation and reduce reinvestment capacity.

For additional context on corporate background, see: JINHUI LIQUOR Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money

JINHUI LIQUOR Co.,Ltd. (603919.SS) Growth Opportunities

JINHUI LIQUOR Co.,Ltd. (603919.SS) has set explicit 2025 targets and business initiatives designed to convert localized strength into broader market traction. Management targets revenue of CNY 3.28 billion and net profit of CNY 0.41 billion in 2025, representing projected increases of 8% and 5% year-over-year, respectively. These targets are underpinned by a mix of market-share expansion, marketing optimization, product-portfolio adjustments and user-engineering efforts.

• Provincial consolidation: focused efforts to increase market share within the home province through targeted distribution, on-trade partnerships and local-brand positioning.
• Geographic expansion: stepwise campaigns to enter and scale in out-of-province markets, prioritizing adjacent provinces with similar consumption profiles.
• Marketing optimization: reallocating marketing spend toward digital channels, data-driven campaigns and brand-activation events to lift awareness and conversion.
• Product-structure optimization: concentrating on higher-margin SKUs while pruning underperforming SKUs to improve turnover and channel clarity.
• Market-area expansion: expanding dealer networks and e-commerce presence to convert untapped regional demand into measurable sales growth.
• User engineering construction: building CRM, membership and loyalty systems to increase repeat purchase rates and lifetime customer value.

Key operational levers expected to drive the stated targets include unit-volume growth, modest price/mix improvements, and marketing ROI gains. Investors can review strategic context and historical background here: JINHUI LIQUOR Co.,Ltd.: History, Ownership, Mission, How It Works & Makes Money