Fujian Sunner Development Co., Ltd. (002299.SZ) Bundle
Fujian Sunner's recent metrics paint a complex investment picture: H1 2025 revenue of 8.856 billion CNY with TTM revenue at 18.605 billion CNY (TTM growth 6.59%), while net income attributable to shareholders surged to 910 million CNY in H1 2025 - a staggering +791.93% year‑over‑year - supporting a TTM EPS of 1.22 CNY and a P/E of 13.43 against a market capitalization of 20.50 billion CNY (P/S 1.05); balance sheet and liquidity signals include total liabilities of 12.5 billion CNY versus equity of 7.5 billion CNY (debt‑to‑equity 1.67) and a quick ratio of 0.22, while operating cash flow for the TTM is 1.2 billion CNY and cash/equivalents stand at 2.755 billion CNY; margins show a TTM gross profit margin of 11.7% and net margin ~4.9% with an EBITDA margin of 11.4% and ROE ~6.5%, even as revenue growth slowed to 0.53% in 2024 from 9.93% in 2023; growth levers are visible - deep‑processed foods nearly 50% of sales, C‑end retail +30%, exports +40%, ~800 million bird integrated capacity and 12 food plants driving >8 billion CNY food revenue - so investors should dive into the full breakdown to weigh valuation (EV 25.06 billion CNY, stock 16.40 CNY, 52‑week 13.11-18.28) against leverage, liquidity and the company's operational momentum.
Fujian Sunner Development Co., Ltd. (002299.SZ) - Revenue Analysis
Fujian Sunner's recent top-line performance shows a near-flat short-term trajectory with modest TTM improvement. Key figures for investors:- 1H 2025 revenue: 8,856 million CNY (+0.22% vs. 1H 2024)
- TTM revenue (as of Jun 2025): 18,605 million CNY (+6.59% YoY)
- Q3 2025 revenue: 14,706 million CNY (+6.86% vs. Q3 2024)
- 2024 full-year revenue growth: +0.53% (vs. +9.93% in 2023)
- Revenue per employee: ≈676,480 CNY, implying ~28,869 employees
- Market capitalization (20 Nov 2025): 20.50 billion CNY; P/S ratio: 1.05
| Period | Revenue (CNY million) | YoY change |
|---|---|---|
| Q3 2025 | 14,706 | +6.86% |
| 1H 2025 | 8,856 | +0.22% |
| TTM (to Jun 2025) | 18,605 | +6.59% |
| FY 2024 | (reported full-year) | +0.53% |
| FY 2023 | (reported full-year) | +9.93% |
| Revenue per employee | ≈676,480 CNY | ~28,869 employees |
| Market cap (20 Nov 2025) | 20,500 million CNY | P/S = 1.05 |
- Growth dynamics: acceleration visible in TTM and Q3 2025 versus 1H 2025, but full-year 2024 growth was materially lower than 2023, signaling potential plateau or normalization.
- Valuation context: P/S ≈1.05 suggests market pricing roughly in line with peers in mature food-processing segments, given modest revenue growth.
Fujian Sunner Development Co., Ltd. (002299.SZ) - Profitability Metrics
Fujian Sunner Development delivered a pronounced earnings rebound in the first half of 2025, driven by margin recovery and operating leverage across its poultry and processed-food segments. Key headline figures and trailing twelve-month (TTM) profitability metrics through June 2025 are summarized below.- H1 2025 net income attributable to shareholders: 910 million CNY (up 791.93% YoY).
- TTM net profit margin (as of Jun 2025): ~4.9%.
- TTM gross profit margin (as of Jun 2025): 11.7%.
- TTM EBITDA margin (as of Jun 2025): 11.4%.
- TTM EPS: 1.22 CNY; P/E: 13.43.
- TTM ROE: ~6.5%.
| Metric | Value (TTM or H1 2025) |
|---|---|
| Net income attributable to shareholders | 910 million CNY (H1 2025) |
| Net profit margin | 4.9% |
| Gross profit margin | 11.7% |
| EBITDA margin | 11.4% |
| Earnings per share (EPS) | 1.22 CNY |
| Price-to-earnings (P/E) ratio | 13.43 |
| Return on equity (ROE) | 6.5% |
- Recovery in product prices and improved sales mix toward higher-margin processed products.
- Cost control actions reducing feed and production unit costs, supporting an 11.7% gross margin.
- Operational efficiencies and better capacity utilization lifting EBITDA margin to 11.4%.
- One-off and cyclical factors contributing to the ~792% YoY net income surge in H1 2025.
- Valuation at P/E 13.43 on TTM EPS 1.22 CNY suggests moderate market pricing relative to recent earnings recovery.
- ROE of ~6.5% signals acceptable capital returns but room for improvement versus peers with higher ROE.
- Margins indicate stable cost structure; monitoring feed costs and pricing environment remains key to sustaining profitability.
Fujian Sunner Development Co., Ltd. (002299.SZ) - Debt vs. Equity Structure
Fujian Sunner's balance-sheet composition as of June 2025 shows a company financed by a mix of debt and equity with moderate leverage and meaningful long-term obligations.- Total liabilities: 12.5 billion CNY
- Total equity: 7.5 billion CNY
- Total assets (Liabilities + Equity): 20.0 billion CNY
| Metric | Value |
|---|---|
| Debt-to-Equity Ratio | 1.67 |
| Equity Ratio (Equity / Assets) | 37.5% |
| Long-term Debt as % of Total Liabilities | 60% (≈7.5 billion CNY) |
| Interest Coverage Ratio (TTM, to Jun 2025) | 4.5 |
| Market Capitalization (Nov 20, 2025) | 20.50 billion CNY |
| Price-to-Sales (P/S) | 1.05 |
| Major Shareholder Cumulative Reduction (Jul 2025) | 1.6117% |
- An overall debt-to-equity of 1.67 indicates debt financing materially exceeds equity but is not extreme for capital-intensive food production businesses.
- Interest coverage of 4.5 suggests operating earnings are adequate to service interest, though cushions are moderate rather than comfortable.
- With 60% of liabilities classified as long-term, refinancing and interest-rate exposure are primarily a longer-horizon consideration.
- Equity ratio at 37.5% implies a balanced, moderate leverage profile; total assets (20.0 billion CNY) provide context for liability sizing.
- Market cap of 20.50 billion CNY and P/S of 1.05 position valuation at a moderate multiple relative to sales.
- Ongoing reduction in major stakeholder holdings (1.6117% in July 2025) is a governance/ownership signal investors should monitor.
Fujian Sunner Development Co., Ltd. (002299.SZ) - Liquidity and Solvency
Fujian Sunner's short-term liquidity profile as of June 2025 shows meaningful operational cash generation but constrained near-term liquid coverage when inventory is excluded. Key balance-sheet and cash-flow metrics indicate moderate leverage alongside adequate working capital.- Cash and cash equivalents: 2,755 million CNY
- Short-term investments: 32.01 million CNY
- Quick ratio: ~0.22
- Current ratio: 1.5
- Net working capital: 500 million CNY
- Operating cash flow (TTM): 1,200 million CNY
- Operating cash flow to total debt: 0.1
- Total assets: 20,000 million CNY
- Debt-to-assets ratio: 0.625
| Metric | Value | Implication |
|---|---|---|
| Cash & Cash Equivalents | 2,755 M CNY | Immediate liquidity buffer |
| Short-term Investments | 32.01 M CNY | Minor additional liquid assets |
| Quick Ratio | 0.22 | Limited coverage of current liabilities without inventory |
| Current Ratio | 1.5 | Acceptable short-term solvency |
| Net Working Capital | 500 M CNY | Positive buffer for short-term obligations |
| Operating Cash Flow (TTM) | 1,200 M CNY | Strong cash generation from operations |
| Operating CF / Total Debt | 0.1 | Moderate ability to cover total debt via operations |
| Total Assets | 20,000 M CNY | Scale of balance sheet |
| Debt-to-Assets Ratio | 0.625 | Moderate financial leverage |
Fujian Sunner Development Co., Ltd. (002299.SZ) - Valuation Analysis
Fujian Sunner's market metrics as of late 2025 present a picture of a moderately valued, steadily appreciated poultry and agribusiness company. Price, earnings and enterprise-value measures indicate fair pricing relative to sales and profits, with manageable leverage reflected in the enterprise value figure.- Market capitalization: 20.50 billion CNY (as of 20 Nov 2025)
- Enterprise value (EV): 25.06 billion CNY (as of 20 Nov 2025)
- Price-to-sales (P/S): 1.05
- Trailing twelve-month EPS: 1.22 CNY
- Trailing twelve-month P/E: 13.43
- Market cap 1-year change: +7.93%
- Stock price (snapshot): 16.40 CNY (12 Dec 2025)
- 52-week range: 13.11 - 18.28 CNY
| Metric | Value | Date / Period |
|---|---|---|
| Market Capitalization | 20.50 billion CNY | 20 Nov 2025 |
| Enterprise Value (EV) | 25.06 billion CNY | 20 Nov 2025 |
| Price-to-Sales (P/S) | 1.05 | TTM |
| EPS (TTM) | 1.22 CNY | Trailing Twelve Months |
| Price-to-Earnings (P/E) | 13.43 | TTM |
| Stock Price (close) | 16.40 CNY | 12 Dec 2025 |
| 52-Week Range | 13.11 - 18.28 CNY | Last 52 weeks |
| 1-Year Market Cap Change | +7.93% | YoY |
- P/E of 13.43 with EPS of 1.22 CNY points to a moderate earnings-based valuation-neither deeply discounted nor richly priced versus typical food/agribusiness peers.
- P/S of 1.05 suggests the market values roughly one yuan in sales at about one yuan of market cap, indicating modest revenue-based valuation.
- EV (25.06B) above market cap (20.50B) signals net debt or minority interests; assess debt composition and maturities for leverage risk.
- Stock volatility is moderate given a 52-week band of ~5.17 CNY; price appreciation of 7.93% over 12 months shows positive investor sentiment but not an exuberant rally.
Fujian Sunner Development Co., Ltd. (002299.SZ) Risk Factors
Key financial and market risks for Fujian Sunner Development Co., Ltd. (002299.SZ) are summarized below to aid investor assessment. The metrics reflect leverage, liquidity, cash-flow coverage, market performance and price volatility that materially affect the firm's risk profile.
- High financial leverage: debt-to-equity ratio = 1.67, signaling significant reliance on borrowed capital and magnified downside in economic stress.
- Concentration of long-term debt: long-term debt represents 60% of total liabilities, increasing exposure to interest rate changes and refinancing risk.
- Near-term liquidity strain: quick ratio = 0.22, indicating limited ability to meet short-term obligations without selling inventory or securing new financing.
- Operating cash flow coverage: operating cash flow to total debt = 0.10, showing only a moderate capacity to service total debt from core operations.
- Market sentiment deterioration: market capitalization decreased by 7.93% over the past year, reflecting investor concerns or negative repricing.
- Share-price volatility: 52-week range = 13.11-18.28 CNY, underscoring potential market risk for equity holders.
| Metric | Value | Implication |
|---|---|---|
| Debt-to-Equity Ratio | 1.67 | High leverage; greater default/earnings volatility risk |
| Long-term Debt / Total Liabilities | 60% | Refinancing and interest-rate exposure |
| Quick Ratio | 0.22 | Potential short-term liquidity shortfall |
| Operating Cash Flow / Total Debt | 0.10 | Limited cash-flow buffer to cover debt |
| Market Capitalization Change (1Y) | -7.93% | Negative investor sentiment over past year |
| 52-Week Price Range (CNY) | 13.11 - 18.28 | Notable price volatility |
- Potential investor considerations: sensitivity to interest rates and refinancing conditions, need for improved short-term liquidity or contingent funding, and monitoring of cash-generation trends versus debt maturities.
- For historical context and broader corporate information, see: Fujian Sunner Development Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Fujian Sunner Development Co., Ltd. (002299.SZ) - Growth Opportunities
Fujian Sunner's strategic pivot toward value-added products, expanded retail presence, export growth, proprietary breeding/feed innovations, and large integrated capacity collectively underpin multiple growth vectors for the company.
- Deep-processed foods: accounted for nearly 50% of sales in 2025, signaling a successful shift from commodity poultry to higher-margin finished products.
- C-end retail: grew by over 30% in 2025, reflecting robust consumer demand and stronger retail channels.
- Exports: increased by 40% in 2025, demonstrating expanding international market penetration.
- Product innovation: in-house 'Shengze 901Plus' improved feed conversion ratio (FCR) and reduced costs, enhancing operational efficiency across the production chain.
- Integrated scale: capacity to handle ~800 million birds and produce over 500,000 tons of ready-to-eat products, providing scale advantages and throughput flexibility.
- Processing footprint: 12 food plants commissioned since 2017; food revenue in 2024 exceeded 8.0 billion CNY, evidencing rapid expansion in the processed-food segment.
| Metric | Value / Change | Year |
|---|---|---|
| Share of sales from deep-processed foods | ~50% | 2025 |
| C-end retail sales growth | +30% | 2025 |
| Export sales growth | +40% | 2025 |
| Integrated bird capacity | ~800 million birds | 2025 |
| Ready-to-eat product capacity | >500,000 tons | 2025 |
| Food processing plants (since 2017) | 12 plants | 2017-2025 |
| Food revenue | >8.0 billion CNY | 2024 |
| Proprietary breed/feed program | 'Shengze 901Plus' - improved FCR, lower unit costs | 2024-2025 |
Key operational and market levers for future growth include further margin expansion via processed-food mix, scaling retail distribution, leveraging export momentum, cost reductions and productivity gains from 'Shengze 901Plus,' and optimizing utilization of the ~800 million-bird integrated capacity and >500,000-ton ready-to-eat throughput. See the company context and guiding principles here: Mission Statement, Vision, & Core Values (2026) of Fujian Sunner Development Co., Ltd.
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