1. People's Republic of China Stocks

  2. •

    Consumer Defensive

  3. •

    Packaged Foods
Toly Bread Co.,Ltd.

Toly Bread Co.,Ltd.

603866.SS
Toly Bread Co.,Ltd.CN flagShanghai Stock Exchange
3.83
CNY
-0.04
- -
6.13BMarket Cap
Toly Bread Co.,Ltd.
603866.SS
(Shanghai Stock Exchange)

Recent

price

3.83

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
2.42
1.14
1.32
1.53
1.93
2.24
2.75
3.12
3.64
3.82
3.96
4.18
4.22
3.81
3.4
3.55
Revenue per Share
0.29
0.16
0.19
0.2
0.26
0.29
0.35
0.41
0.44
0.57
0.48
0.4
0.36
0.33
0.18
0.27
Basic EPS, GAAP
-0.34
0.09
0.09
0.05
0.08
0.06
0.17
0.26
- -
0.13
-0.06
0.1
-0.03
0.21
0.27
-0.36
Free Cash Flow per Basic Share
0.07
0.03
0.05
0.1
0.06
0.17
0.09
0.24
0.3
0.42
0.43
0.36
0.35
0.32
0.15
0.27
Dividend per Share
1.02
0.5
0.63
0.71
0.93
0.94
1.16
1.25
1.46
1.61
1.75
1.99
1.98
1.99
2.01
1.98
Book Value per Share
0.97
0.49
0.6
0.69
1.3
1.28
1.97
2.04
2.19
2.88
2.87
2.91
2.93
2.96
3.01
2.96
Tangible Book Value per Share
495
1,337
1,331
1,341
1,328
1,479
1,483
1,550
1,549
1,559
1,600
1,600
1,600
1,600
1,600
1,601
Basic Weighted Avg Shares
1,196
1,528
1,758
2,058
2,563
3,305
4,080
4,833
5,644
5,963
6,335
6,686
6,759
6,087
5,448
5,678
Sales/Revenue/Turnover
16.66
18.77
18.71
16.86
17.31
16.26
16.06
16.5
15.01
18.81
14.86
12.71
11.14
11.77
9.54
10.84
Operating Margin (%)
- -
42
50
56
77
86
108
126
147
129
171
183
229
250
291
- -
Depreciation Expense
146
215
255
273
347
436
513
642
683
883
763
640
574
522
284
436
Net Income, GAAP
25.42
25.42
23.88
22.43
22.44
22.16
22.02
22.11
21.78
22.4
22.33
21.58
22.66
25.46
43.5
27.33
Effective Tax Rate (%)
12.19
14.09
14.48
13.26
13.54
13.18
12.58
13.29
12.11
14.81
12.05
9.57
8.49
8.58
5.21
7.68
Profit Margin (%)
77
183
246
182
791
647
1,511
1,567
2,023
1,543
703
411
-290
-331
-372
-282
Working Capital
- -
- -
4
- -
- -
- -
- -
- -
842
75
68
548
697
583
712
693
LT Debt
532
709
904
1,038
1,869
2,057
3,156
3,433
3,743
4,833
4,935
5,026
5,087
5,132
5,208
5,128
Total Equity
- -
30.84
29.62
26.76
22.75
20.73
19.28
18.52
16.26
17.65
13.88
11.9
9.57
8.49
4.61
7.07
Return on Invested Capital (%)
- -
34.24
33.05
30.01
30.89
32.61
33.06
35.09
27.54
30.57
25.99
18.73
14.57
12.72
6.93
10.62
Return on Capital (%)
- -
36.67
33.65
30.38
31.63
33.2
33
35.09
32.53
36.94
28.73
21.4
18.09
16.46
8.89
13.75
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
529
540
427
LT Borrowings
565
675
680
LT Finance Leases
18
15
12
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,600
1,600
1,600
Market Capitalization
10,563
9,140
8,644

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
1,017
1,186
952
Cash, Cash Equivalents & STI
243
437
191
Accounts Receivable, Net
379
355
350
Inventories
136
137
133
Total Current Liabilities
1,347
1,335
1,234
Payables & Accruals
- -
- -
- -
ST Debt
529
540
427
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.79%
1.51%
1.48%
Free Cash Flow
-517.22%
-257.76%
25.57%
Net Income, GAAP
0.94%
-18.93%
-45.63%
Sales/Revenue/Turnover
8.57%
-1.51%
-10.5%
Total Cash Common Dividend
31.92%
-15.24%
-53.33%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,400
1,621
1,627
1,440
6,087
2025
1,201
1,410
1,399
- -
5,448
2026
1,169
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.07
- -
- -
- -
0.33
2025
0.05
- -
- -
- -
0.18
2026
0.03
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
- -
- -
- -
0.32
2025
0.01
- -
- -
- -
0.15
2026
- -
- -
- -
- -
- -
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Business
Toly Bread Co., Ltd. (603866.SS) principally engages in the production and sale of bakery products in China. The company offers breads under the Toly brand, encompassing more than 30 products across three series including soft breads, puff breads, and conditioning breads; pastries and cakes; and seasonal festive products such as moon cakes and rice dumplings. Toly Bread operates primarily in the domestic market through mature regions like North China, East China, and South China, alongside expansions into emerging markets including Central China, Southwest China, and Northwest China; it maintains production bases and subsidiaries such as Jiangsu Toly Bread Co., Ltd. and Tianjin Toly Food Co., Ltd. Founded in 1997 and headquartered in Shenyang, Liaoning Province, the company, formerly Shenyang Toly Bread Co., Ltd., listed on the Shanghai Stock Exchange in 2015 and employs approximately 8,390 people. Recent developments include launching new products such as cheese meat floss cake and alkaline water croutons in 2025 to diversify offerings; deepening channel expansions into emerging retail outlets like Sam's Club, Hema, and mass-selling snack channels; providing CNY 100 million in funding to subsidiary Tianjin Toly Food Co., Ltd. in August 2025; and completing the phase-out of sodium dehydroacetate preservative from all new products by October 2024.