Shirble Department Store Holdings (China) Ltd. (0312) AI Stock Analysis

• Market Cap: HK$192.09M
• Dividend Yield: N/A
• Average Volume (3M): 65.80K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.74
• Revenue Growth: -0.83%
• EPS Growth: 93.83%
• Country: HK
• Employees: 199
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Department Stores
• EPS (TTM): >-0.01
• Shares Outstanding: 2,495,000,000
• 10 Day Avg. Volume: 70,200
• 30 Day Avg. Volume: 65,800
• PEG Ratio: 0.03
• Price to Book (P/B): 0.12
• Price to Sales (P/S): 0.38
• P/FCF Ratio: 1.12
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: HK$0.07 ▼(-17.78% Downside)

The score is driven down primarily by weak financial performance: steep multi-year revenue decline, ongoing net losses, and 2024 operating cash flow at zero, alongside elevated leverage. Technicals provide limited support (price above moving averages) but are offset by overbought RSI and negative MACD. Valuation remains a concern because the negative P/E reflects continued losses and there is no dividend yield support.

Positive Factors

High gross profit margin

A persistently high gross margin indicates product-level pricing or cost control that preserves core profitability even as sales fall. Structurally, this margin cushion helps protect cash earnings and provides a foundation for returning to operating profitability if revenue stabilizes or improves.

Urban footprint and diversified merchandise

A large urban department-store footprint and broad product mix (clothing, cosmetics, home goods, electronics) plus brand partnerships and supplementary e-commerce give Shirble durable customer reach. These structural advantages support steady foot traffic, supplier relationships, and omnichannel resilience over months.

Liabilities trending down; moderate equity ratio

A downward trend in liabilities and a moderate equity ratio suggest some balance-sheet stabilization. Over the medium term this reduces solvency pressure, improves negotiating leverage with creditors and landlords, and gives management a more durable runway to execute restructuring or targeted investments without immediate emergency financing.

Negative Factors

Steep multi-year revenue decline

A severe drop in revenue erodes scale economics and store productivity, weakening bargaining power with suppliers and increasing per-unit cost burdens. Structurally, such a decline indicates loss of market share or relevance and makes sustainable recovery difficult without major strategic change or renewed consumer demand.

Zero operating cash flow in 2024

The absence of operating cash generation is a durable liquidity concern: it forces reliance on external financing for working capital, capex, and debt service. Over months this constrains strategic flexibility, raises refinancing risk, and hampers the company’s ability to invest in store upgrades or omnichannel initiatives needed for a durable recovery.

Elevated leverage (debt vs equity)

High absolute debt relative to equity increases interest and refinancing risk, especially with ongoing losses and weak cash flow. Structurally, leverage limits management’s ability to fund turnaround initiatives, raises default probability in prolonged weakness, and tightens capital allocation choices over the medium term.

Shirble Department Store Holdings (China) Ltd. Business Overview & Revenue Model

Company Description

Shirble Department Store Holdings (China) Limited, an investment holding company, operates department stores in the People's Republic of China. As of December 31, 2021, the company owned and operated 16 department stores, including 11 in Shenzhen; 3 in Shanwei; 1 in Meizhou City; and 1 in Changsha. It also offers property development, consulting, and management services; and consulting, trading, decoration design, and software development services. The company was founded in 1996 and is headquartered in Shenzhen, the People's Republic of China. Shirble Department Store Holdings (China) Limited is a subsidiary of Shirble Department Store Limited.

How the Company Makes Money

Shirble Department Store Holdings generates revenue through multiple streams, primarily from the sale of merchandise in its department stores. The company's revenue model is primarily based on direct sales to consumers, where it marks up products sourced from various suppliers and brands. Additionally, Shirble may engage in partnerships with local and international brands for exclusive product lines, which can enhance its product offerings and attract a broader customer base. The company also benefits from promotional activities and seasonal sales, which drive foot traffic and increase sales volume. E-commerce initiatives may serve as a supplementary revenue stream, allowing the company to reach customers beyond traditional brick-and-mortar locations.

Shirble Department Store Holdings (China) Ltd. Financial Statement Overview

Summary

Weak fundamentals: revenue has fallen sharply (2019: 794.6M to 2024: 227.3M) with continued net losses (2024 net income: -33.8M). Cash generation is a key risk with 0 operating cash flow in 2024, and leverage is elevated (total debt 1.12B vs equity 750.8M).

Income Statement

The company has experienced a significant decline in revenue over the years, with a noticeable drop from 2019's revenues of 794.6 million to 227.3 million in 2024. The gross profit margin remains high, indicating efficient cost management, but the repeated net losses, including a net income of -33.8 million in 2024, highlight ongoing profitability challenges. EBIT and EBITDA margins have also been negative, reflecting operational inefficiencies.

Balance Sheet

The company's debt-to-equity ratio has risen, indicating increased leverage, with total debt at 1.12 billion against equity of 750.8 million in 2024. The equity ratio remains moderate, but the shrinking equity base suggests financial pressure. Although the liabilities have decreased since 2021, the declining asset base and equity raise concerns about the company's long-term financial stability.

Cash Flow

The cash flow situation is concerning, with zero operating cash flow reported in 2024, down from 106.5 million in 2023. The absence of free cash flow growth and a lack of positive operating cash flow to support net income underline the financial strain the company is experiencing. The company's inability to generate positive free cash flow consistently suggests liquidity issues.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	229.52M	227.30M	190.67M	191.58M	230.12M	521.99M
Gross Profit	218.93M	215.72M	184.00M	186.38M	219.75M	506.89M
EBITDA	97.73M	92.41M	-334.23M	-83.19M	35.57M	245.80M
Net Income	-18.30M	-33.76M	-340.98M	-556.49M	-438.04M	-75.11M
Balance Sheet
Total Assets	1.83B	2.17B	2.34B	2.90B	3.97B	4.25B
Cash, Cash Equivalents and Short-Term Investments	27.52M	43.09M	54.48M	82.24M	159.22M	365.07M
Total Debt	827.23M	1.12B	1.25B	1.35B	1.76B	1.55B
Total Liabilities	1.08B	1.42B	1.56B	1.78B	2.29B	2.13B
Stockholders Equity	748.83M	750.76M	785.85M	1.11B	1.67B	2.11B
Cash Flow
Free Cash Flow	43.86M	77.73M	100.53M	134.87M	74.06M	121.10M
Operating Cash Flow	44.84M	79.53M	106.52M	141.91M	111.82M	156.71M
Investing Cash Flow	6.87M	22.48M	27.93M	110.23M	-23.84M	-50.75M
Financing Cash Flow	-50.80M	-108.89M	-161.99M	-231.97M	-136.51M	-61.12M

Shirble Department Store Holdings (China) Ltd. Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.09
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0312, the sentiment is Positive. The current price of 0.09 is above the 20-day moving average (MA) of 0.08, above the 50-day MA of 0.07, and above the 200-day MA of 0.09, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 52.37 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for HK:0312.

Shirble Department Store Holdings (China) Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
0825	57 Neutral	HK$649.17M	25.33	0.76%	―	-12.99%	89.87%
0984	46 Neutral	HK$102.70M	-0.27	―	―	-3.03%	-36.45%
0602	44 Neutral	HK$50.84M	-1.50	―	―	-13.59%	76.48%
0312	42 Neutral	HK$192.09M	-10.51	-2.41%	―	-0.83%	93.83%
0162	42 Neutral	HK$39.09M	-0.06	-110.16%	―	-17.63%	-13.10%

Shirble Department Store Holdings (China) Ltd. Corporate Events

Shirble Further Postpones Despatch of Circular on Consultancy Fee Extension

Shirble Department Store Holdings (China) Limited has announced a further delay in sending a shareholder circular related to its previously disclosed Consultancy Fees Payment Extension Agreement. The company now expects to dispatch the circular no later than 13 February 2026, citing the need for additional time to prepare and finalise the information, which may slightly extend the timetable for shareholder review and approval of the contemplated transactions but does not alter the substance of the agreement as currently disclosed.

The most recent analyst rating on (HK:0312) stock is a Sell with a HK$0.07 price target. To see the full list of analyst forecasts on Shirble Department Store Holdings (China) Ltd. stock, see the HK:0312 Stock Forecast page.

Shirble Department Store Delays Despatch of Circular on Consultancy Fees Agreement

Shirble Department Store Holdings (China) Limited has announced a delay in sending to shareholders a circular relating to a Consultancy Fees Payment Extension Agreement and its associated transactions. The document, originally scheduled for despatch on or before 13 January 2026, is now expected to be sent no later than 30 January 2026 to allow additional time to prepare and finalise the required information, including details needed under Hong Kong listing rules and the notice of an extraordinary general meeting, slightly extending the timeline for shareholder review and approval processes.

The most recent analyst rating on (HK:0312) stock is a Hold with a HK$0.09 price target. To see the full list of analyst forecasts on Shirble Department Store Holdings (China) Ltd. stock, see the HK:0312 Stock Forecast page.

Shirble Extends Overdue Consultancy Fee Repayment Amid China Property Slump

Shirble Department Store Holdings (China) Limited has agreed to further extend the payment schedule for overdue consultancy fees owed by project company SRF related to the IEC Project, after SRF notified the group it could not meet previously agreed repayment dates amid a persistently weak Chinese property market, tight bank financing and constrained cash flow. The board, noting that it is an unsecured creditor and that all of SRF’s equity is pledged to a financial institution, concluded that prolonging the settlement period offers the best chance of eventual recovery without disrupting the project’s construction or SRF’s repayment capacity, despite a full impairment already being booked on the receivable; shareholders will be asked at an extraordinary general meeting to approve the consultancy fees payment extension agreement, and are cautioned to exercise care when trading the company’s securities due to the associated uncertainties.

The most recent analyst rating on (HK:0312) stock is a Sell with a HK$0.05 price target. To see the full list of analyst forecasts on Shirble Department Store Holdings (China) Ltd. stock, see the HK:0312 Stock Forecast page.