| Market Cap | — | |
| Enterprise Value | — | |
| Revenue | CNY 1.02T | +2.7% |
| Gross Profit | CNY 407.53B | +2.4% |
| EBITDA | CNY 85.11B | −48.5% |
| Net Income | CNY 103.59B | −20.4% |
| Diluted EPS | CNY 5.50 | −17.9% |
| Free Cash Flow | — | — |
| DPS (FY2026) | CNY 1.75derived |
| Trailing yield | — |
| Payout ratio | 32.6% |
| Growth streak | 2 yrs |
| 5y DPS growth | — |
| Fiscal year | DPS | YoY | Basis |
|---|---|---|---|
| FY20262026-03-31 | CNY 1.75 | +16.5% | derived (paid ÷ diluted shares) |
| FY20252025-03-31 | CNY 1.51 | +70.8% | derived (paid ÷ diluted shares) |
| FY20242024-03-31 | CNY 0.88 | — | derived (paid ÷ diluted shares) |
| FY2023 |
| Ratio | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend · 13y | vs own | vs sector |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ▾Margins | ||||||||||||||||
| Gross Margin | 74.54% | 68.72% | 66.03% | 62.42% | 57.23% | 45.09% | 44.60% | 41.28% | 36.76% | 36.72% | 37.70% | 39.95% | 39.81% | 27% | 37% | |
| Operating Margin | 47.46% | 30.36% | 28.77% | 30.36% | 27.70% | 15.15% | 17.94% | 12.50% | 8.16% | 11.55% | 12.04% | 14.14% | 4.90% | 4% | 34% | |
| EBITDA Margin | 49.93% | 33.35% | 32.43% | 33.63% | 31.15% | 19.08% | 21.93% | 16.06% | 11.15% | 14.39% | 14.52% | 16.60% | 8.31% | 4% | 27% | |
| NOPAT Margin | — | — | — | — | — | — | 15.72% | 10.29% | 4.49% | 9.54% | 9.37% | 10.92% | 3.76% | 7% | 31% | |
| Net Margin | 44.41% | 31.84% | 70.65% | 27.59% | 25.61% | 23.32% | 29.32% | 20.99% | 7.30% | 8.38% | 8.50% | 13.06% | 10.12% | 27% | 51% | |
| OCF Margin | — | — | 56.19% | 52.35% | 50.27% | 40.06% | 35.43% | 32.31% | 16.73% | 22.99% | 19.40% | 16.41% | 7.45% | 5% | 24% | |
| Gross Profitability | 35.08% | 20.50% | 18.34% | 19.49% | 19.97% | 17.61% | 17.32% | 17.52% | 18.50% | 18.20% | 20.11% | 22.06% | 21.34% | 81% | 35% | |
| ▸Returns on Capital · 3 ratios | ||||||||||||||||
| ▸DuPont factors (ROE drivers) · 4 ratios | ||||||||||||||||
| ▸Earnings quality · 5 ratios | ||||||||||||||||
| ▸Liquidity & coverage · 5 ratios | ||||||||||||||||
| ▸Leverage · 9 ratios | ||||||||||||||||
| ▸Working capital · 3 ratios | ||||||||||||||||
| ▸Capital allocation · 3 ratios | ||||||||||||||||
| ▸Per share · 5 ratios | ||||||||||||||||
The five drivers multiply to 10.0% vs reported ROE 10.0%. High ROE from margin and turnover is earned; from the equity multiplier it is borrowed.
| Line | 2014↗ | 2015↗ | 2016↗ | 2017↗ | 2018↗ | 2019↗ | 2020↗ | 2021↗ | 2022↗ | 2023↗ | 2024↗ | 2025↗ | 2026↗ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CNY 52.50B | CNY 76.20B | CNY 101.14B | CNY 158.27B | CNY 250.27B | CNY 376.84B | CNY 509.71B | CNY 717.29B | CNY 853.06B | CNY 868.69B | CNY 941.17B | CNY 996.35B | CNY 1.02T |
| YoY % | +45.1% | +32.7% | +56.5% | +58.1% | +50.6% | +35.3% | +40.7% | +18.9% | +1.8% | +8.3% | +5.9% | +2.7% | |
| Cost of Revenue | CNY 13.37B | CNY 23.83B | CNY 34.35B | CNY 59.48B | CNY 107.04B | CNY 206.93B | CNY 282.37B | CNY 421.20B | CNY 539.45B | CNY 549.70B | CNY 586.32B | CNY 598.28B | CNY 616.14B |
| YoY % | +78.3% | +44.1% | +73.1% | +80.0% | +93.3% | +36.5% | +49.2% | +28.1% | +1.9% | +6.7% | +2.0% | +3.0% | |
| R&D Expense | CNY 5.09B | CNY 10.66B | CNY 13.79B | CNY 17.06B | CNY 22.75B | CNY 37.44B | CNY 43.08B | CNY 57.24B | CNY 55.47B | CNY 56.74B | CNY 52.26B | CNY 57.15B | CNY 66.53B |
| YoY % | +109.3% | +29.4% | +23.7% | +33.4% | +64.5% | +15.1% | +32.9% | -3.1% | +2.3% | -7.9% | +9.4% | +16.4% | |
| Selling & Marketing Expense | CNY 4.54B | CNY 8.51B | CNY 11.31B | CNY 16.31B | CNY 27.30B | CNY 39.78B | CNY 50.67B | CNY 81.52B | CNY 119.80B | CNY 103.50B | CNY 115.14B | CNY 144.02B | CNY 245.02B |
| YoY % | +87.3% | +32.8% | +44.3% | +67.3% | +45.7% | +27.4% | +60.9% | +47.0% | -13.6% | +11.3% | +25.1% | +70.1% | |
| SG&A Expense | CNY 4.22B | CNY 7.80B | CNY 9.21B | CNY 12.24B | CNY 16.24B | CNY 24.89B | CNY 28.20B | CNY 55.22B | CNY 31.92B | CNY 42.18B | CNY 41.98B | CNY 44.24B | CNY 33.08B |
| YoY % | +84.9% | +18.0% | +33.0% | +32.7% | +53.2% | +13.3% | +95.9% | -42.2% | +32.1% | -0.5% | +5.4% | -25.2% | |
| Operating Income | CNY 24.92B | CNY 23.14B | CNY 29.10B | CNY 48.05B | CNY 69.31B | CNY 57.08B | CNY 91.43B | CNY 89.68B | CNY 69.64B | CNY 100.35B | CNY 113.35B | CNY 140.91B | CNY 50.15B |
| YoY % | -7.2% | +25.8% | +65.1% | +44.2% | -17.6% | +60.2% | -1.9% | -22.3% | +44.1% | +13.0% | +24.3% | -64.4% | |
| Interest Expense | CNY 2.19B | CNY 2.75B | CNY 1.95B | CNY 2.67B | CNY 3.57B | CNY 5.19B | CNY 5.18B | CNY 4.48B | CNY 4.91B | CNY 5.92B | CNY 7.95B | CNY 9.60B | CNY 9.79B |
| YoY % | +25.3% | -29.2% | +37.3% | +33.5% | +45.5% | -0.2% | -13.6% | +9.7% | +20.6% | +34.3% | +20.7% | +2.1% | |
| Other Non-Operating Income | CNY 2.43B | CNY 2.49B | CNY 2.06B | CNY 6.09B | CNY 4.16B | CNY 221.0M | CNY 7.44B | CNY 7.58B | CNY 10.52B | CNY 5.82B | CNY 6.16B | CNY 3.39B | CNY 1.52B |
| YoY % | +2.3% | -17.2% | +195.7% | -31.6% | -94.7% | +3266.1% | +1.9% | +38.8% | -44.7% | +5.7% | -45.0% | -55.2% | |
| Equity Method Income | -CNY 203.0M | -CNY 1.59B | -CNY 1.73B | -CNY 5.03B | -CNY 20.79B | CNY 566.0M | -CNY 5.73B | — | — | — | — | — | — |
| Gains on Sale of Real Estate | — | — | — | — | — | — | CNY 24.0M | -CNY 75.0M | -CNY 132.0M | CNY 163.0M | CNY 107.0M | CNY 784.0M | CNY 1.85B |
| YoY % | -34.4% | +632.7% | +135.7% | ||||||||||
| Impairment of Real Estate | — | — | — | — | — | — | CNY 874.0M | — | — | — | — | — | — |
| Pretax Income | — | — | — | — | — | — | CNY 166.65B | CNY 165.58B | CNY 59.55B | CNY 89.19B | CNY 101.60B | CNY 155.46B | CNY 129.39B |
| YoY % | -0.6% | -64.0% | +49.8% | +13.9% | +53.0% | -16.8% | |||||||
| Income Tax | CNY 3.20B | CNY 6.42B | CNY 8.45B | CNY 13.78B | CNY 18.20B | CNY 16.55B | CNY 20.56B | CNY 29.28B | CNY 26.82B | CNY 15.55B | CNY 22.53B | CNY 35.45B | CNY 30.05B |
| YoY % | +100.8% | +31.7% | +63.0% | +32.1% | -9.0% | +24.2% | +42.4% | -8.4% | -42.0% | +44.9% | +57.3% | -15.2% | |
| Net Income (incl. NCI) | CNY 23.40B | CNY 24.32B | CNY 71.29B | CNY 41.23B | CNY 61.41B | CNY 80.23B | CNY 140.35B | CNY 143.28B | CNY 47.08B | CNY 65.57B | CNY 71.33B | CNY 125.98B | CNY 102.13B |
| YoY % | +3.9% | +193.1% | -42.2% | +49.0% | +30.6% | +74.9% | +2.1% | -67.1% | +39.3% | +8.8% | +76.6% | -18.9% | |
| Minority Interest (P&L) | CNY 88.0M | CNY 59.0M | -CNY 171.0M | -CNY 2.45B | -CNY 2.68B | -CNY 7.65B | -CNY 9.08B | -CNY 7.29B | -CNY 15.17B | -CNY 7.21B | -CNY 8.68B | -CNY 4.13B | -CNY 1.47B |
| YoY % | -33.0% | ||||||||||||
| Net Income | CNY 23.32B | CNY 24.26B | CNY 71.46B | CNY 43.67B | CNY 64.09B | CNY 87.89B | CNY 149.43B | CNY 150.58B | CNY 62.25B | CNY 72.78B | CNY 80.01B | CNY 130.11B | CNY 103.59B |
| YoY % | +4.1% | +194.5% | -38.9% | +46.7% | +37.1% | +70.0% | +0.8% | -58.7% | +16.9% | +9.9% | +62.6% | -20.4% | |
| Net Income to Common | CNY 23.08B | CNY 24.15B | CNY 71.46B | CNY 43.67B | CNY 63.98B | CNY 87.60B | CNY 149.26B | CNY 150.31B | CNY 61.96B | CNY 72.51B | CNY 79.74B | CNY 129.47B | CNY 105.90B |
| YoY % | +4.6% | +195.9% | -38.9% | +46.5% | +36.9% | +70.4% | +0.7% | -58.8% | +17.0% | +10.0% | +62.4% | -18.2% | |
| EPS (Basic) | CNY 10.61 | CNY 10.33 | CNY 29.07 | CNY 17.52 | CNY 3.13 | CNY 4.24 | CNY 7.10 | CNY 6.95 | CNY 2.87 | CNY 3.46 | CNY 3.95 | CNY 6.89 | CNY 5.70 |
| YoY % | -2.6% | +181.4% | -39.7% | -82.1% | +35.5% | +67.5% | -2.1% | -58.7% | +20.6% | +14.2% | +74.4% | -17.3% | |
| EPS (Diluted) | CNY 10.00 | CNY 9.70 | CNY 27.89 | CNY 16.97 | CNY 3.06 | CNY 4.17 | CNY 6.99 | CNY 6.84 | CNY 2.84 | CNY 3.43 | CNY 3.91 | CNY 6.70 | CNY 5.50 |
| YoY % | -3.0% | +187.5% | -39.2% | -82.0% | +36.3% | +67.6% | -2.1% | -58.5% | +20.8% | +14.0% | +71.4% | -17.9% | |
| Weighted Avg Shares (Basic) | 2.17B | 2.34B | 2.46B | 2.49B | 20.43B | 20.64B | 21.02B | 21.62B | 21.56B | 20.98B | 20.18B | 18.79B | 18.57B |
| YoY % | +7.4% | +5.2% | +1.4% | +719.3% | +1.1% | +1.8% | +2.9% | -0.3% | -2.7% | -3.8% | -6.9% | -1.2% | |
| Weighted Avg Shares (Diluted) | 2.33B | 2.50B | 2.56B | 2.57B | 20.88B | 20.99B | 21.35B | 21.98B | 21.79B | 21.11B | 20.36B | 19.32B | 19.23B |
| YoY % | +7.2% | +2.5% | +0.4% | +711.5% | +0.5% | +1.7% | +3.0% | -0.9% | -3.1% | -3.6% | -5.1% | -0.4% |
The sector classification is SIC-derived, not official GICS. Statement lines are XBRL facts as filed with the company's home regulator (SEC EDGAR for US filers; ESEF/EDINET and other national regulators for foreign filers); ratios and other derived figures are computed from them. A blank cell means the tag was absent — never imputed.
| CNY 0.00 |
| — |
| derived (paid ÷ diluted shares) |
| FY20222022-03-31 | CNY 0.00 | — | derived (paid ÷ diluted shares) |
