Baiyang Investment Group, Inc. Class A

Baiyang Investment Group, Inc. Class A

SSZSE:002696
10.25
CNY
+0.44
(+4.49%)
1.72BMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
4.47
5.95
6.23
6.91
7.61
8.28
7.17
6.69
8.66
9.28
7.89
8.88
11.71
- -
Basic EPS, GAAP
0.19
0.19
0.19
0.2
0.36
0.21
-0.72
0.06
0.08
0.18
-0.08
-0.04
0.12
- -
Free Cash Flow per Basic Share
-0.28
-0.82
-0.05
-0.07
0.86
-0.1
0.52
-0.08
-0.28
0.29
0.44
-0.49
-1.45
- -
Dividend per Share
0.14
0.14
0.19
0.14
0.23
0.28
0.23
0.15
0.14
0.11
0.09
0.1
0.12
0.15
Book Value per Share
3.05
3.18
3.28
3.42
5.57
6.09
3.8
3.83
3.91
4.09
4.04
3.84
3.98
3.7
Tangible Book Value per Share
2.71
2.84
2.86
3.01
3.13
3.43
3.39
3.28
3.38
3.57
3.53
3.34
3.47
3.2
Basic Weighted Avg Shares
302
299
299
299
315
395
397
371
335
346
345
347
346
342
Sales/Revenue/Turnover
1,350
1,781
1,864
2,069
2,394
3,274
2,844
2,483
2,905
3,214
2,720
3,078
4,055
- -
Operating Margin (%)
4.74
4.52
4.11
4.18
6.49
7.93
3.88
4.24
3.79
5.6
1.02
2.64
3.1
- -
Depreciation Expense
23
35
46
58
76
127
108
93
99
99
101
107
102
- -
Net Income, GAAP
57
56
57
59
113
84
-286
22
27
62
-28
-15
41
- -
Effective Tax Rate (%)
9.97
9.89
14.04
13.92
10.62
11.52
- -
30.58
- -
- -
- -
- -
4.61
- -
Profit Margin (%)
4.21
3.17
3.06
2.86
4.73
2.55
-10.05
0.9
0.92
1.94
-1.01
-0.5
1
- -
Working Capital
449
309
217
158
455
447
86
397
516
348
727
605
760
559
LT Debt
- -
- -
- -
- -
- -
- -
200
308
191
137
234
95
335
159
Total Equity
943
995
1,070
1,122
2,301
2,559
1,403
1,417
1,448
1,516
1,493
1,425
1,486
1,386
Return on Invested Capital (%)
3.89
3.8
2.98
3.36
5.21
3.5
- -
0.77
- -
- -
- -
- -
1.47
- -
Return on Capital (%)
6.28
5.49
4.86
4.3
5.32
2.91
- -
2.25
- -
- -
- -
- -
3.75
- -
Return on Common Equity (%)
6.33
6.06
5.91
5.91
7.02
3.62
-15.29
1.67
1.99
4.46
-1.95
-1.12
3
- -

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
884
1,465
1,511
LT Borrowings
295
104
124
LT Finance Leases
39
39
36
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
346
346
346
Market Capitalization
2,449
2,393
1,718

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,270
2,485
2,571
Cash, Cash Equivalents & STI
409
568
532
Accounts Receivable, Net
583
576
706
Inventories
1,121
1,148
1,143
Total Current Liabilities
1,510
1,949
2,012
Payables & Accruals
- -
- -
- -
ST Debt
884
1,465
1,511
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
8.21%
1.01%
4.27%
Free Cash Flow
-224.66%
7.39%
194.29%
Net Income, GAAP
-88.36%
-80.5%
-366.36%
Sales/Revenue/Turnover
9.48%
11.44%
31.76%
Total Cash Common Dividend
2.33%
-4.76%
13.23%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
507
718
903
950
3,078
2025
691
1,003
- -
1,103
4,055
2026
861
1,190
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
-0.01
-0.06
-0.02
0.05
-0.04
2025
0.01
0.02
- -
0.01
0.12
2026
-0.06
-0.18
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.02
0.03
0.03
0.02
0.1
2025
0.03
0.03
- -
0.03
0.12
2026
0.03
0.08
- -
- -
- -

Company Description

CEO
Li Hai Sun
Full Time Employees
4,145
Sector
Process industries
Industry
Agricultural commodities/Milling
Address
No. 9, Gaoxin 4th Road Nanning GX China 530004
IPO Date
Sep 5, 2012
Business
Baiyang Investment Group, Inc. (002696.SZ) engages principally in the aquaculture industry, manufacturing and distributing feed and feed raw materials, aquatic product processing, biological products, ocean fishing and processing; it produces fish, shrimp and frog feeds under brands including Baiyang and Beifeng, frozen tilapia fillets, whole gutted and scaled tilapia, deep-skinned and normal-skinned tilapia fillets, shrimp, grass carp, seafood, fishmeal, fish oil, gelatin and collagen biological products used in cosmetics, beverages, healthcare and pharmaceuticals, as well as intensive processed aquatic foods such as patented tilapia dishes from subsidiary Baiyang Shidai Co., Ltd. The company operates a complete industrial chain encompassing aquatic research and development, fry breeding, feedstuff production, fish farming and processing through nearly 30 branches, subsidiaries and holding companies, including Guangdong Baiwei Biology Co., Ltd. and Nanning Jiaying Biology Co., Ltd. for biological products, and Guangxi Xianghe Shun Ocean Fishing Co., Ltd.; it maintains feed production capacity exceeding 120,000 tons annually in Nanning, large-scale breeding bases in Nanning, Guiping, Baise and Fangchenggang, and six aquatic food processing factories in Nanning, Beihai, Maoming, Zhanjiang and Haikou. Founded in 2000 and headquartered at No. 9, Gaoxin 4th Road, Nanning High-tech Industry Development Zone, Guangxi, China, the company primarily serves domestic markets in south, southwest and central China while exporting tilapia products—ranking first nationally in tilapia processing and export volume—to the United States, European Union, Russia, Mexico, Middle East, Latin America, Canada and other regions. In recent developments, Baiyang reports first-half 2025 operating revenue of 1.694 billion yuan, up 38.34% year-on-year, with net profit of 11.7893 million yuan, up 147.79%; it receives government subsidies including 12.1908 million yuan in June 2025 to its ocean fishing subsidiary, adjusts its global strategy from late 2024 by expanding domestic sales channels like JD.com, Hema, Alibaba and dining outlets while evaluating export-to-domestic-sales programs, suspends new U.S. orders and postpones existing deliveries amid tariff issues affecting about 25% of similar export volume, and completes an equity buyback of 9,880,030 shares (2.85% of capital) for 52.58 million yuan announced in October 2024. The company holds certifications including ISO, HACCP, EEC, ASC (BAP) and BRC, operates as a national key leading enterprise in agricultural industrialization and national tilapia processing R&D center, and employs approximately 3,371 people across Guangxi, Guangdong and Hainan provinces.