Morningstar

Anhui Yingjia Distillery Co Ltd Class A 603198

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Stock XSHG Rating as of
CN¥38.72 +1.27 (3.39%)
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Regional Economic Expansion and Mix Upgrade Drive Yingjia's Growth Outlook

Jennifer Song

Anhui Yingjia is one of the four “Golden Flowers” in the Anhui local baijiu market, and it produces rich-flavored baijiu with a strong focus on mainstream products. Despite a weaker brand heritage, the company has gained a reputation as one of the few natural and organic baijiu producers in the industry, successfully launching its higher-end flagship product Dongcang Yearly in 2015. This allows the company to upgrade its product mix and capture the solid premiumization trend in Anhui, and generate economic profits well into the future, in our view.

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Price vs Fair Value

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603198 is trading at a LOCK|#@@$<<M premium.
Price
CN¥38.72
Fair Value
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Uncertainty
LOCK|D?%
1-Star Price
LOCK|.hP
5-Star Price
LOCK|.%
Economic Moat
LOCK|YK
Capital Allocation
LOCK|vfY>mbl

Bulls Say, Bears Say

Bulls

Premiumization is a long-term tailwind for Yingjia, leading to stronger sales of higher-end products and widening profit margins.

Bears

Anhui has been the most competitive baijiu market in China, and intensifying competition may lead to higher selling costs and lower profit margins at Yingjia.

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Trading Information

Previous Close Price
CN¥37.45
Day Range
CN¥37.39–39.92
52-Week Range
CN¥28.70–44.60
Bid/Ask
CN¥38.72 / CN¥38.73
Shares Outstanding
800.00M
Market Cap
CN¥30.98B
Volume/Avg
5M / 6M

Key Statistics

Price/Earnings (Normalized)
15.55
Price/Sales
4.94
Dividend Yield (Trailing)
3.87%
Dividend Yield (Forward)
3.87%
Dividend Payment Schedule
Jun
Total Yield
3.87%

Company Profile

Anhui Yingjia, or Yingjia, is the second-largest baijiu distiller in Anhui province by sales revenue in 2024. The company produces rich-flavored baijiu, and it is one of the well-known brands in the mainstream market in Anhui and its surrounding provinces. Its flagship product, the Dongcang Yearly series, contributed about 50%-60% of the company's sales in 2025. Yingjia is 72% held by Anhui Yingjia Group, following a management buyout in 1997, so ownership comprises mainly Yingjia’s management and core employees.
Sector
Consumer Defensive
Industry
Beverages - Wineries & Distilleries
Stock Style Box
Mid Core
Total Number of Employees
7,069
Website
http://www.yingjia.cn

Competitors

Valuation

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Metric
603198
600809
000596
Price/Earnings (Normalized)
 15.5513.8524.21
Price/Book Value
 2.923.701.99
Price/Sales
 4.943.943.28
Price/Cash Flow
 13.8013.3419.54
Price/Earnings
603198
600809
000596

Financial Strength

Metric
603198
600809
000596
Quick Ratio
 1.860.471.29
Current Ratio
 4.522.112.29
Interest Coverage
 —2,850.37204.51
Quick Ratio
603198
600809
000596

Profitability

Metric
603198
600809
000596
Return on Assets (Normalized)
 14.63%17.15%5.25%
Return on Equity (Normalized)
 18.76%26.66%8.04%
Return on Invested Capital (Normalized)
 17.73%26.13%6.40%
Return on Assets
603198
600809
000596

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