Research and open actions
| Field | 1645.HK | 2672.HK | 6658.HK |
|---|---|---|---|
| Latest report | |||
| Report | Haina Intelligent Equipment (1645.HK) back to profit, but leverage and thin margins cloud the rebound | 2672.HK Baige Online Digital: 39% Q/Q revenue growth offsets losses, but balance sheet stays stretched | LIULIUMEI 6658.HK: Plum-snack growth and earnings compound, but leverage and rich valuation cap upside |
| Published | Nov 6, 2026 | Nov 6, 2026 | Nov 6, 2026 |
| Recommendation | |||
| Themes | |||
| Thesis | Haina has turned back to profitability, with 2025 revenue up to CNY 490.8m and net income of CNY 21.8m versus a CNY 38.1m loss in 2024 — this suggests the business has stabilized after a difficult prior year |
Revenue is still growing quickly, with FY2025 revenue up to CNY 1.23bn and quarterly revenue growth of 39.2% YoY — this supports the case that the platform and intermediary business is expanding despite weak profitability |
Fast-growing plum-snack franchise with revenue up 10.6% YoY and net income up 33.1% YoY in the latest quarter — suggests the brand is still scaling while earnings are compounding faster than sales |
| Financials | Margins are still thin, with TTM gross margin around 23.9%, operating margin 2.7%, and profit margin 3.8% — small shifts in pricing or costs can materially swing earnings Growth has softened recently, with quarterly revenue down 5.6% YoY and quarterly earnings down 41.6% YoY — this raises questions about whether the recent profit rebound is durable |
Gross profit rose to CNY 102.8m in FY2025 from CNY 83.2m in FY2024, but operating income remained negative at CNY -38.1m and net loss widened to CNY -46.7m — growth is not yet translating into operating leverage EBITDA stayed negative at CNY -32.6m and the operating margin was -1.37% with profit margin at -2.57% — the business is still loss-making on a core basis |
Operating profile is solid with TTM gross margin about 37.1%, operating margin 17.4% and net margin 12.0% — indicates the company has meaningful pricing and mix support in a defensive food category Return on equity is high at 24.3% and return on assets is 7.8% — points to efficient capital use and decent profitability for a consumer packaged foods business |
| Capital | The balance sheet remains leveraged, with net debt of about CNY 345.6m, short-term debt of CNY 404.9m, and net working capital of negative CNY 225.9m — refinancing and liquidity discipline matter given the heavy near-term obligations |
The balance sheet remains strained, with negative equity of CNY -47.8m, liabilities of CNY 297.3m versus assets of CNY 249.5m, and net working capital of CNY -50.1m — this limits financial flexibility and raises reliance on ongoing cash generation Cash generation improved in FY2025, with operating cash flow of CNY 20.1m and free cash flow of CNY 18.7m versus negative free cash flow in FY2024 — this is a key offset to accounting losses |
Balance sheet remains leveraged, with net debt of CNY444.5m and short-term debt of CNY477.8m against cash of just CNY33.9m — matters because near-term refinancing and liquidity management look important |
| Moat | The company operates in a niche machinery segment for disposable hygiene products across multiple Asia emerging markets and Brazil, but no clear scale moat is evident from the data — competitive differentiation will need to show up in sustained margins and growth |
The company serves insurance companies, scenario-based partners, brokers and consumers through digital platforms and risk-management tools — the breadth of products suggests some ecosystem stickiness, but the fundamentals do not yet show durable profitability or strong returns |
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| Management | Insider control is very high at 89.8% of shares outstanding, with no institutional ownership reported — suggests governance and trading float are concentrated, which can amplify price moves and limit liquidity |
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| Valuation | The stock screens expensive on current fundamentals at 62.1x trailing P/E, 2.93x sales, 3.97x book, and 33.0x EV/EBITDA — valuation leaves limited room for execution misses |
Shares trade at 46.8x trailing earnings, 6.9x sales and 31.0x EV/EBITDA — valuation leaves little room for execution slips despite the growth profile |
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| Catalyst | |||
| Risk | Insider ownership is very high at 61.9% with zero institutional ownership, while the stock trades below its 50-day and 200-day averages — governance concentration and weak market momentum increase downside risk if operating recovery stalls |
Valuation is elevated relative to fundamentals, with price/sales at 25.8x, EV/revenue at 22.8x and price/book at 70.6x, while insider ownership is high at 77.0% — the stock appears priced for execution, increasing downside if revenue growth or cash conversion slows |
Free cash flow was negative CNY94.2m in 2025 after negative CNY25.9m in 2024, while capex remained elevated at CNY168.6m — highlights that earnings are not yet translating into cash generation, which is a key watchpoint |
| Other | |||
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