Shandong Head Group Co., Ltd. Class A

Shandong Head Group Co., Ltd. Class A

SSZSE:002810
16.41
CNY
+0.19
(+1.17%)
0.86EPS
29.82P/E
8.64BMarket Cap
Shandong Head Group Co., Ltd. Class A
SZSE:002810
(Shenzhen Stock Exchange)

Recent

price

16.41

P/E

ratio

29.82

div

yld

0.26%

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
1.53
1.94
1.97
2.23
2.13
2.2
2.09
2.93
3.53
4.1
4.59
5.07
4.52
5.74
5.53
6.45
Revenue per Share
0.2
0.29
0.27
0.24
0.21
0.19
0.15
0.24
0.5
0.79
0.97
1.04
0.64
0.65
0.41
0.83
Basic EPS, GAAP
- -
- -
-0.39
-0.05
-0.04
-0.09
-0.31
-0.15
0.43
0.47
-0.73
-0.5
0.22
0.56
0.4
- -
Free Cash Flow per Basic Share
0.07
0.08
0.1
0.12
0.11
0.1
0.05
0.05
0.12
0.27
0.03
0.16
0.35
0.38
0.14
0.04
Dividend per Share
0.89
1.12
1.33
1.5
1.67
2.02
2.16
2.34
2.83
3.52
4.52
5.49
6.12
6.35
6.29
6.72
Book Value per Share
0.83
0.82
1.03
1.16
1.33
1.72
1.86
2.05
2.54
3.15
3.97
4.96
5.08
5.36
5.72
6.16
Tangible Book Value per Share
233
235
233
233
233
260
312
312
315
319
340
340
344
341
346
342
Basic Weighted Avg Shares
356
455
459
519
496
570
651
913
1,113
1,309
1,560
1,723
1,556
1,957
1,912
2,205
Sales/Revenue/Turnover
15.28
17.88
17.59
15.64
12.51
11.59
10.56
11.45
17.96
23.9
24.93
21.29
15.77
14.59
13.31
20.39
Operating Margin (%)
- -
- -
19
33
41
44
46
53
80
86
92
105
157
250
245
- -
Depreciation Expense
46
69
62
55
49
48
46
73
158
252
330
354
220
222
142
283
Net Income, GAAP
15.17
15.1
15.96
16.65
16.71
16.47
13.34
12.96
10.9
13.27
12.5
13.66
15.13
14.97
18.81
17.04
Effective Tax Rate (%)
13
15.16
13.54
10.6
9.94
8.45
7.11
8.04
14.16
19.27
21.12
20.53
14.15
11.33
7.41
12.85
Profit Margin (%)
66
27
-50
-20
-39
127
86
106
234
280
-32
-177
147
564
737
958
Working Capital
- -
- -
32
75
58
24
95
161
134
54
183
360
589
646
673
667
LT Debt
208
263
310
357
395
635
679
772
934
1,203
1,548
1,882
2,095
2,210
2,254
2,428
Total Equity
- -
22.25
13.34
9.44
6.46
6.4
5.51
7.84
14.84
19.85
20.02
16.12
8.22
7.28
4.72
9.1
Return on Invested Capital (%)
- -
24.26
15.99
12.23
9.82
8.16
6.09
7.87
14.6
19.89
19.93
16.34
8.9
8.42
5.19
8.79
Return on Capital (%)
- -
29.35
21.71
16.62
13.31
9.44
7.09
10.25
18.86
23.82
23.95
20.63
11.08
10.3
6.44
12.27
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
422
421
465
LT Borrowings
671
664
663
LT Finance Leases
2
1
4
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
349
349
350
Market Capitalization
5,168
8,185
8,637

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,709
1,837
2,084
Cash, Cash Equivalents & STI
562
673
838
Accounts Receivable, Net
441
560
604
Inventories
366
342
362
Total Current Liabilities
972
946
1,125
Payables & Accruals
- -
- -
- -
ST Debt
422
421
465
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
20.03%
13.81%
2.01%
Free Cash Flow
-30.35%
-64.76%
-27.9%
Net Income, GAAP
19.2%
-7.03%
-36.06%
Sales/Revenue/Turnover
15.24%
8.68%
-2.28%
Total Cash Common Dividend
71.72%
95.65%
-61.99%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
435
500
500
521
1,957
2025
467
505
- -
475
1,912
2026
597
628
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.16
0.21
0.22
0.07
0.65
2025
0.13
0.2
- -
0.01
0.41
2026
0.3
0.32
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.01
0.01
0.21
0.16
0.38
2025
- -
- -
- -
0.02
0.14
2026
0.01
0.01
- -
- -
- -
Business
Shandong Head Group Co., Ltd. specializes in the research, development, manufacturing, and sales of cellulose ethers and hydroxypropyl methylcellulose (HPMC) empty capsules. The company’s core products include a broad range of cellulose ether compounds such as Hydroxypropyl Methyl Cellulose (HPMC), Methyl Cellulose (MC), Hydroxyethyl Methyl Cellulose (HEMC), Ethyl Cellulose (EC), Hydroxyethyl Cellulose (HEC), Methyl Hydroxyethyl Cellulose (MHEC), Sodium Carboxymethyl Cellulose (Na-CMC), and Hydroxypropyl Cellulose (HPC). Its production division also manufactures HPMC empty capsules under the brand Caps-Healsee, with an annual capacity exceeding 30 billion capsules. In addition to cellulose ethers and capsules, Shandong Head Group produces chemical engineering equipment including graphite heat exchangers, enamel/glass-lined equipment, PTFE-lined equipment, stainless steel equipment, and silicon carbide equipment used widely in chemical industries. The company serves pharmaceutical, food, and industrial sectors globally with operations extending across China, North America, Europe, and other international markets. Founded in 1991 and headquartered in Shandong, China, the group leverages a vertically integrated supply chain for its products. In terms of recent developments, Shandong Head Group has intensified its global expansion, with a significant investment of approximately USD 80 million to establish a new manufacturing facility in the United States. This facility aims to supply over 20 billion HPMC capsules annually, enhancing the company’s supply chain efficiency, reducing lead times, and improving service to North American customers amid growing demand for vegetarian-friendly capsule solutions. This strategic move supports the company’s long-term vision of localized production while mitigating risks associated with international trade volatility. Additionally, Shandong Head Group has forged exclusive partnerships with distributors like Univar Solutions to strengthen its presence in European markets and boost cellulose ether supply. The company has also focused on upgrading R&D capabilities, expanding production capacity to reach an estimated 75,000 tons per year for cellulose ethers and 35 billion capsules per year, thus solidifying its position as a leading global manufacturer in its categories. These initiatives reflect the group’s commitment to sustainable growth and enhanced competitiveness on a global scale. Overall, Shandong Head Group operates mainly within the cellulose ether and pharmaceutical capsule manufacturing industry segments, targeting pharmaceutical, food, and industrial clients worldwide. It maintains a robust production and R&D infrastructure, with subsidiaries including SD Head USA to support North American operations and various partnerships facilitating European market growth. Its strategic expansion efforts, including new U.S. manufacturing capacity and enhanced global partnerships, position the company for continued leadership in both the cellulose ether chemical market and the specialized vegetarian capsule sector. This comprehensive profile underscores Shandong Head Group’s role as an integrated global cellulose ether chemical and capsule manufacturer, founded in 1991 and headquartered in Shandong, China, with significant recent operational expansions and ongoing strategic investments to extend its global footprint and production capabilities.