SHA/600438 (SHA/600438)

Shanghai Stock Exchange: SHA/600438 · CNY

CN¥11.4

-0.12 (-1.1%)· Recorded snapshot

Market cap	49.9B
Revenue (ttm)	78B
Net income (ttm)	-9.7B
EPS (ttm)	-CN¥2.16
Shares out	4.4B
Volume	30,466,900
Beta	0.23

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 78B
Net income (ttm): -9.7B
EPS (ttm): -CN¥2.16
Market cap: 49.9B

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/En/a

P25 n/aP50 n/aP75 n/a

Trailing P/En/a

P25 n/aP50 n/aP75 n/a

ROE-22.8

P25 n/aP50 n/aP75 n/a

ROIC-7

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All SHA/600438 indicators

Market & fundamental data

Available fields

205

Groups with data

Currency

CNY

Showing 205 of 205 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	CNY
Country	China
Country code	CN
Earnings date	2026-10-31
Employees	44,798
Employees change	-10,926
Employees growth	-19.61%
Enterprise value	CNY 130B
Exchange	Shanghai Stock Exchange
Financial currency	CNY
Financial report date	2026-06-30
First seen	2026-05-10
Fiscal year end	December
Founded	1995
Industry	Solar
Is primary listing	Yes
ISIN number	CNE000001GS3
Last earnings date	2026-08-27
Last refreshed	2026-10-28
Last stock split date	2016-05-19
Last stock split type	Forward
Market cap	CNY 49.9B
Next earnings date	2026-10-31
Price	CNY 11.35
Price currency	CNY
Sector	Technology
SIC code	3674
Stock price date	2026-10-28
Symbol	sha/600438
Website	https://www.tongwei.com.cn

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Average P/E ratio (10Y)	20.29x
Earnings yield	-19.02%
EV/EBITDA	29.2x
EV/Sales	1.67x
FCF / EV yield	-5.93%
FCF yield	-15.42%
P/B ratio	1.12x
P/OCF ratio	14.52x
P/S ratio	0.64x
Price / tangible book value	1.75x
Price/EBITDA ratio	13.5x
Sector forward P/E	20.43x
Sector P/E	59.47x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	-10.47%
EBITDA margin	4.74%
Gross margin	-1.8%
Operating margin	-10.47%
Pretax margin	-16.03%
Profit margin	-12.46%
Profit per employee	CNY -216,915
Revenue per employee	CNY 1.7M
ROA	-2.67%
ROA (5Y)	7.64%
ROCE	-6.85%
ROE	-22.84%
ROE (5Y)	14.55%
ROIC	-7.04%
ROIC (5Y)	19.48%
Tax / revenue	-1.21%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth years	0
Net income growth years	0
OCF growth 10Y	1.92%
OCF growth 3Y	-59.44%
OCF growth 5Y	-7.54%
Revenue growth	-12.1%
Revenue growth (Q)	-9.54%
Revenue growth (QoQ)	83.35%
Revenue growth 10Y	14.97%
Revenue growth 3Y	-20.66%
Revenue growth 5Y	8.43%
Revenue growth years	0

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	CNY -11.1B
Depreciation and amortization	CNY 11.9B
EBIT	CNY -8.2B
EBITDA	CNY 3.7B
EPS	CNY -2.16
FCF per share	CNY -1.75
Financing cash flow	CNY -1.7B
Free cash flow	CNY -7.7B
Gross profit	CNY -1.4B
Income taxes	CNY -941.2M
Investing cash flow	CNY -2.8B
Net borrowing	CNY 976.2M
Net cash flow	CNY -1.1B
Net income	CNY -9.7B
Operating income	CNY -8.2B
Revenue	CNY 78B

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	0.78
Book value per share	CNY 7.67
Debt / EBITDA	21.5
Debt / equity	2.15
Goodwill	CNY 243.9M
Interest coverage	-3.18
Long-term assets	CNY 117.4B
Long-term liabilities	CNY 74.7B
Net cash (debt)	CNY -69.3B
Net cash / market cap	-138.73%
Net debt / EBITDA	18.73
Net debt / equity	1.56
Piotroski F-Score	4
Property, plant and equipment	CNY 101.9B
Shareholders' equity	CNY 44.5B
Tangible book value	CNY 28.5B
Tangible book value per share	CNY 6.48
Total assets	CNY 179.7B
Total cash	CNY 26.4B
Total debt	CNY 95.7B
Total liabilities	CNY 135.2B
WACC	3.28%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.41
Current assets	CNY 62.2B
Current liabilities	CNY 60.5B
Current ratio	1.03
Inventory turnover	5.7
Net working capital	CNY 2.6B
Quick ratio	0.69
Working capital	CNY 1.8B
Working capital turnover	10.64

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	-0.99%
Dividend growth (10Y)	19.69%
Dividend growth (3Y)	55.43%
Dividend growth (5Y)	41.42%
Dividend per share	CNY 0.00
Last dividend	CNY 0.91
Shareholder yield	-0.99%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	87.29%
10Y return CAGR	8.65%
10Y total return	129.2%
150-day SMA	CNY 13.59
15Y price change	260.32%
15Y return CAGR	10.96%
15Y total return	376.16%
1D price change	-1.05%
1M price change	2.07%
1M total return	2.07%
1W price change	0.89%
1W total return	0.89%
1Y price change	-50.5%
1Y return CAGR	-50.53%
1Y total return	-50.5%
20-day SMA	CNY 11.37
200-day SMA	CNY 15.16
20Y price change	364.21%
20Y return CAGR	9.56%
20Y total return	521.35%
3M price change	1.61%
3M total return	1.61%
3Y price change	-59.01%
3Y return CAGR	-24.65%
3Y total return	-57.22%
50-day SMA	CNY 11.68
50-day SMA vs 200-day SMA	50under200
52-week high	CNY 27.75
52-week high date	2025-11-11
52-week low	CNY 10.32
52-week low date	2026-07-20
5Y price change	-79.93%
5Y return CAGR	-25.37%
5Y total return	-76.84%
6M price change	-35.58%
6M total return	-35.58%
All-time high	CNY 67.86
All-time high date	2022-07-05
All-time low	CNY 0.86
All-time low date	2005-01-31
Average true range (ATR)	CNY 0.41
Average volume	39.7M
Beta (1Y)	0.31
Beta (2Y)	0.36
Beta (5Y)	0.23
Change from 52-week high	-59.1%
Change from 52-week low	9.98%
Change from all-time high	-83.27%
Change from all-time low	1,225.62%
Change from open	-2.91%
Day's gap	1.92%
Dollar volume	CNY 345.8M
High price	CNY 11.70
Low price	CNY 11.30
Monthly RSI	32.95
Open price	CNY 11.69
Position in 52-week range	12.5%
Previous close	CNY 11.47
Price vs 150-day SMA	-16.46%
Price vs 20-day SMA	-0.14%
Price vs 200-day SMA	-25.15%
Price vs 50-day SMA	-2.8%
Relative volume	0.77
RSI	48.13
Sharpe ratio	-1.33
Sharpe ratio (3Y)	-0.64
Sharpe ratio (5Y)	-0.44
Sortino ratio	-1.76
Sortino ratio (3Y)	-0.82
Sortino ratio (5Y)	-0.51
Volume	30.5M
Weekly RSI	36.1
YTD price change	-44.69%
YTD total return	-44.69%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	2.2B
Shares change (QoQ)	0.02%
Shares change (YoY)	0.99%
Shares held by insiders	0.05%
Shares held by institutions	11.44%
Shares outstanding	4.4B

Deeper analysis on SHA/600438

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

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Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

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Sensitivity

Cost-of-equity and terminal-growth stress table.

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Risks

Kill scenarios, soft-pass flags, and downside catalysts.

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Earnings

Next earnings setup and beat / inline / miss thresholds.

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Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

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Financials

Revenue, margins, cash flow, and balance-sheet context.

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Peers

Relative valuation and profitability against the cohort.

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Moat

Economic-profit evidence and competitive advantage risk.

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Industry cycle

Sector phase, capital cycle, and secular tailwinds.

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Frequently asked questions

About this SHA/600438 report

Is a complete SHA/600438 research report available?

No complete published report is available for sha/600438 (SHA/600438) on this page. Market-directory data, when present, is not a substitute for a validated stock analysis.

SHA/600438 (SHA/600438)

Price

Financial snapshot

Fair-value bridge

Latest news · SHA/600438

Valuation

Profitability

Balance sheet

Trading

Next earnings

Sector percentile context

All SHA/600438 indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on SHA/600438

Frequently asked questions