China Jinmao Holdings Group Ltd FRSHY

Real EstateReal Estate OperationsHong Kong

Last close 7.23 USD on Nov 2, 2026, −11.3% year to date

Quant rating

Quant rating B Rank 22 of 61 in Real Estate

Growth B 18 of 61
Valuation A 9 of 61
Quality C 42 of 61
Revisions B 15 of 61
Momentum C 33 of 61

Wall Street consensus Buy (1.92)Average target 0.25 USD −96.5%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.9B
Enterprise value: 25.4B
52-week range: 7.19 – 15.00
3-year range: 4.16 – 15.00
Dividend yield: 2.63%
Beta (5 years): –
Shares outstanding: 13,512M
Next earnings: Mar 24, 2027

About the company

China Jinmao Holdings Group Ltd is an investment holding company principally engaged in property business. The Company operates its business through five segments. The Urban and Property Development segment is engaged in urban comprehensive development, property development and land development. The Jinmao services segment provides property management services, value-added services to non-property owners, and community value-added services. The Hotel Operations segment is engaged in the provision of hotel accommodation and catering services. The Commercial Leasing and Retail Operations segment is engaged in the leasing of office buildings and retail commercial properties. The Others segment is engaged in the provision of design and decoration services, and the operation of an observation deck and other services.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	8,490	8,090	10,201	12,033	14,178	–
Revenue growth	4.9%	−20.7%	−15.2%	−15.1%	54.0%	−1.6%
EPS (basic, normalized)	0.01	0.01	−0.07	0.02	0.06	–
EPS growth	37.7%	–	–	−60.9%	–	–
Gross margin	14.5%	12.2%	6.4%	10.6%	17.5%	12.2%
Net margin	1.0%	1.2%	−9.5%	2.4%	5.2%	0.1%
ROE	2.3%	2.3%	−15.9%	4.1%	9.7%	0.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	8,490	+4.9%	3.0x	1,105	+41.8%	23.0x	0.01	+37.7%	732.8x
2026	9,080	+6.9%	2.8x	1,123	+1.6%	22.6x	0.01	+45.6%	503.3x
2027	9,224	+1.6%	2.8x	1,237	+10.2%	20.5x	0.02	+21.5%	414.2x
2028	9,467	+2.6%	2.7x	1,414	+14.3%	18.0x	0.02	+17.5%	352.4x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	9,080	+0.5%	+0.8%	0.0%	0.01	+1.5%	−1.8%	−2.8%
2027	9,224	−1.2%	−0.2%	−1.4%	0.02	+2.6%	+1.6%	+1.2%
2028	9,467	−3.3%	−1.7%	−1.2%	0.02	−0.9%	−1.6%	−5.9%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Real Estate Operations

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
FRSHY China Jinmao Holdings Group Ltd	1.9B	–	1.0%	0.24x	503.3x	414.2x	22.6x	20.5x
HNLGY Hang Lung Group Ltd	2.1B	–	–	–	–	–	–	–
FBGBY Fabege AB	2.1B	–	−9.3%	0.54x	39.8x	42.6x	22.0x	21.7x
HYSNY Hysan Development Company Limited	2.1B	–	9.1%	0.22x	–	–	–	–
SGHIY Shanghai Industrial Holdings Ltd	1.8B	–	9.7%	0.25x	62.9x	59.8x	12.2x	11.8x
ATVK Globaltek Ventures Inc	1.8B	–	–	7.28x	–	–	–	–
Mean		–	2.6%	1.71x	202.0x	172.2x	19.0x	18.0x
Median		–	5.0%	0.25x	62.9x	59.8x	22.0x	20.5x

Technical analysis

1M−11.3%
3M−11.3%
1Y−11.3%
3Y+59.1%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, China Jinmao Holdings Group Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	8,490	8,090	10,201	12,033	14,178	9,204
Cost of revenue	7,260	7,103	9,549	10,759	11,696	7,816
Gross profit	1,230	987	652	1,274	2,482	1,388
Selling, general & administrative expenses	732	713	1,026	1,232	1,110	988
Research & development	–	–	–	–	–	–
Interest expense (income), operating	−137	−117	−269	−933	−256	−1,033
Unusual expense (income)	−285	−284	−191	−667	−514	−263
Other operating expenses	−64.9	−101	−72.1	−93.6	−50.7	−36.5
Operating income	985	776	158	1,736	2,192	1,732
Net interest income (expense)	−275	−168	−554	−145	22.4	−30.3
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	−176	−213	−224
Net income before taxes	710	608	−396	1,415	2,002	1,478
Provision for taxes	397	307	288	658	789	529
Minority interest	−134	−155	−287	−469	−475	−355
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	179	146	−972	288	738	595
Extraordinary items	–	–	–	–	–	–
Net income	179	146	−972	288	738	595
EBIT, normalized	565	374	−302	136	1,422	436
EBITDA, normalized	669	478	−160	233	1,524	536
Basic EPS, normalized	0.01	0.01	−0.07	0.02	0.06	–

Balance sheet in millions of USD, fiscal years

Balance sheet, China Jinmao Holdings Group Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	3,492	4,220	4,356	5,377	4,888	6,737
Receivables	9,452	7,565	7,317	6,680	8,535	7,263
Total inventory	15,262	11,451	11,499	12,504	14,278	15,399
Prepaid expenses	1,937	1,795	1,884	1,859	2,668	3,164
Other current assets	1,570	1,417	1,311	1,341	2,047	1,955
Total current assets	31,712	26,449	26,368	27,761	32,416	34,517
Property, plant & equipment	2,104	2,035	1,992	2,226	2,114	1,983
Goodwill	68.6	65.7	35.1	36.1	–	–
Intangibles	56.1	55.0	53.7	70.7	27.5	16.5
Long-term investments	14,411	13,137	12,967	13,309	11,907	9,331
Note receivable	711	1,030	963	1,892	2,580	2,342
Other long-term assets	14,104	13,296	14,981	15,874	15,815	11,236
Total assets	63,167	56,068	57,359	61,169	64,861	59,426
Liabilities
Accounts payable	3,463	3,132	4,409	–	–	–
Payable/accrued	–	–	–	4,470	4,558	3,357
Accrued expenses	85.9	80.9	82.0	78.0	34.5	27.0
Short-term debt	1,965	1,113	246	67.4	0	0
Current portion of long-term debt	3,483	2,030	3,355	3,807	3,967	4,271
Other current liabilities	20,117	17,391	16,717	18,901	23,122	22,549
Total current liabilities	29,115	23,746	24,809	27,324	31,682	30,204
Long-term debt	14,777	14,788	15,433	14,074	13,050	10,852
Minority interest	9,484	7,494	9,939	9,459	8,947	8,439
Other liabilities	2,178	2,700	1,641	3,434	3,317	2,765
Total liabilities	55,554	48,728	51,823	54,290	56,995	52,260
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	3,851	3,689	3,792	3,877	4,115	4,005
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	2,268	2,268	2,351	3,496	3,596	3,247
Treasury stock	–	–	–	–	–	–
Other equity	1,493	1,383	−607	−494	154	−85.0
Total equity	7,613	7,340	5,536	6,879	7,865	7,167
Total liabilities & shareholders' equity	63,167	56,068	57,359	61,169	64,861	59,426

Cash flow statement in millions of USD, fiscal years

Cash flow statement, China Jinmao Holdings Group Ltd, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	710	608	−396	1,415	2,002	1,478
Depreciation, depletion & amortization	104	104	142	97.4	102	99.5
Deferred taxes	–	–	–	–	–	–
Non-cash items	−81.0	−60.8	729	−562	−334	−267
Changes in working capital	−667	−1,148	−39.2	−692	−1,071	3,493
Cash from operations	66.2	−497	435	258	699	4,803
Investing activities
Capital expenditures	−67.2	−105	−127	−120	−157	−144
Other investing cash flows	−628	243	358	679	−1,700	97.6
Cash from investing	−695	138	232	559	−1,857	−46.5
Financing activities
Financing cash flow items	826	−71.4	−866	−422	−1,444	−1,180
Cash dividends paid	−52.8	−50.7	−35.1	−58.8	−430	−390
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−487	465	−636	532	1,605	224
Cash from financing	286	343	−1,537	51.1	−269	−1,346
Foreign exchange effects	−0.8	0.2	0.2	7.3	−6.2	−6.3
Net change in cash	−343	−15.7	−869	876	−1,433	3,404
Free cash flow	−1.0	−602	309	138	542	4,659

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.