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PCCYF · Financials

Annual reports: Yahoo, amounts in millions of CNY. P/E — year-end price / EPS; — if the price history does not reach that year.

	2022	2023	2024	2025
Revenue	3,239,167	3,012,812	2,937,981	2,864,469
Net income	148,738	161,414	164,676	157,302
Gross margin	22.0%	23.6%	22.6%	21.6%
Operating margin	9.7%	9.6%	9.0%	8.4%
Net margin	4.6%	5.4%	5.6%	5.5%
EPS	0.81	0.88	0.9	0.86
Free cash flow	150,016	174,339	103,881	119,721
Net debt	220,689	136,163	136,690	108,692
P/E	—	—	—	—

Valuation by free cash flow (DCF)

A what-if tool for a 5–10 year investor, not an answer: change the assumptions and see what they do.

Value per share

1.04 USD

Upside to the estimate

-23.3%

No margin of safety: the price is above the DCF value.

Growth priced in

+0.5%

Reverse DCF: FCF growth for 5 years that makes today’s price fair. Compare with what you believe.

	rate 7.0%	rate 8.0%	rate 9.0%
Bear · growth -9.0%	0.92	0.77	0.66
Base · growth -4.0%	1.25	1.04	0.88
Bull · growth 1.0%	1.7	1.39	1.18

FCF to shareholders 19,955 mln USD (operating cash flow − capex, after interest), shares 246,366 mln. Discounted at the shareholder rate, so debt is not subtracted again (assumes stable debt). 5 years of growth, 5 of slowdown, then perpetual growth. Sensitive to assumptions — see the table.