China Qinfa Group Ltd. (HK:0866)
:0866
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China Qinfa Group Ltd.
(0866)
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Rating:42Neutral
Price Target:
HK$2.00
â–¼(-24.24% Downside)
Action:Reiterated
Date:05/21/26
The score is mainly weighed down by weakening financial performance (2025 net loss, higher leverage, and large negative free cash flow) and a clearly bearish technical setup (price far below key moving averages with negative MACD). Valuation offers only limited support due to losses (negative P/E), despite a modest dividend yield.
Positive Factors
Operating cash flow resilience
Positive and improving operating cash flow provides durable internal liquidity to support working capital for coal trading and logistics. That sustained cash generation cushions earnings volatility, reduces near-term refinancing pressure and supports ongoing operations even amid cyclical revenue swings.
Negative Factors
Multi-year revenue decline
A steep, multi-year top-line decline erodes scale advantages, reduces bargaining power with suppliers and customers, and weakens absorption of fixed costs. Sustained revenue contraction heightens the risk that margins and cash generation will struggle to recover without structural demand improvement or new revenue sources.
Read all positive and negative factors
Positive Factors
Negative Factors
Operating cash flow resilience
Positive and improving operating cash flow provides durable internal liquidity to support working capital for coal trading and logistics. That sustained cash generation cushions earnings volatility, reduces near-term refinancing pressure and supports ongoing operations even amid cyclical revenue swings.
Read all positive factors
China Qinfa Group Ltd. (0866) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$4.83B
Dividend Yield1.53%
Average Volume (3M)5.62M
Price to Earnings (P/E)―
Beta (1Y)-0.02
Revenue Growth-29.40%
EPS Growth-119.35%
CountryHK
Employees3,612
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)0.03
Shares Outstanding2,627,414,000
10 Day Avg. Volume5,612,644
30 Day Avg. Volume5,623,166
Financial Highlights & Ratios
PEG Ratio0.99
Price to Book (P/B)4.18
Price to Sales (P/S)4.35
P/FCF Ratio-7.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.24
Revenue Forecast (FY)HK$2.51B
China Qinfa Group Ltd. Business Overview & Revenue Model
Company Description
China Qinfa Group Limited, an investment holding company, engages in the mining, purchase and sale, filtering, storage, blending, shipping, and transportation of coal in the People's Republic of China. The company operates through Coal Business an...
How the Company Makes Money
The company primarily makes money by selling coal: it sources coal (from producers or its invested/associated upstream interests where applicable), arranges transportation and handling, and sells the coal to customers at a margin. Key revenue stre...
China Qinfa Group Ltd. Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
35
Negative
Cash Flow
40
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.84B | 2.60B | 3.45B | 3.79B | 4.56B |
| Gross Profit | 473.37M | 514.54M | 878.02M | 1.27B | 1.94B |
| EBITDA | 768.00M | 1.03B | 1.46B | 1.75B | 6.75B |
| Net Income | -93.86M | 501.94M | 200.35M | 456.54M | 2.79B |
Balance Sheet | |||||
| Total Assets | 6.66B | 8.63B | 7.86B | 7.85B | 7.90B |
| Cash, Cash Equivalents and Short-Term Investments | 1.14B | 1.03B | 302.73M | 856.00M | 1.05B |
| Total Debt | 2.03B | 1.20B | 3.58B | 3.53B | 3.71B |
| Total Liabilities | 4.12B | 5.14B | 7.54B | 7.04B | 7.58B |
| Stockholders Equity | 1.91B | 1.97B | -472.87M | 13.11M | -450.10M |
Cash Flow | |||||
| Free Cash Flow | -1.03B | -384.53M | 378.85M | 253.32M | 1.75B |
| Operating Cash Flow | 518.03M | 466.93M | 1.46B | 984.43M | 1.89B |
| Investing Cash Flow | -1.60B | -612.16M | -1.84B | -835.63M | -18.77M |
| Financing Cash Flow | 603.81M | 823.72M | -212.07M | -307.81M | -989.73M |
China Qinfa Group Ltd. Technical Analysis
Negative
2.64
Price Trends
3.28
Negative
3.32
Negative
3.05
Negative
Market Momentum
-0.22
Positive
19.65
Positive
5.60
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:0866, the sentiment is Negative. The current price of 2.64 is below the 20-day moving average (MA) of 2.87, below the 50-day MA of 3.28, and below the 200-day MA of 3.05, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 19.65 is Positive, neither overbought nor oversold. The STOCH value of 5.60 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:0866.
China Qinfa Group Ltd. Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | HK$15.68B | 11.39 | 10.96% | 9.92% | -6.35% | -57.55% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
50 Neutral | HK$1.79B | 7.70 | 3.21% | 20.68% | -35.55% | -65.63% | |
48 Neutral | HK$8.10B | 233.44 | 0.50% | ― | -20.89% | -97.28% | |
47 Neutral | HK$578.25M | -0.88 | -16.63% | ― | -29.90% | -53.25% | |
42 Neutral | HK$4.83B | -85.15 | -5.10% | 1.53% | -29.40% | -119.35% | |
42 Neutral | HK$1.58B | -8.36 | 6.31% | 4.24% | -29.28% | -145.39% |
* Energy Sector Average
HK:0866
China Qinfa Group Ltd.
1.93
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67.27%
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Henan JinMa Energy Co. Ltd. Class H
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98.15%
China Qinfa Group Ltd. Corporate Events
China Qinfa Clarifies Long-Term Vesting Terms for 75.5 Million Share Options
May 13, 2026
China Qinfa Group Limited has clarified the vesting terms of a previously announced grant of 75,500,000 share options to eligible participants. The company confirmed that these options are subject to specified performance targets and will only bec...
China Qinfa Grants 75.5 Million Share Options Tied to Coal Output Targets
May 11, 2026
China Qinfa Group Limited has granted 75.5 million share options under its 2018 share option scheme to certain eligible employees, exercisable at HK$3.07 per share from May 2029 to May 2036. Each grantee pays a nominal consideration upon acceptanc...
China Qinfa Subsidiary SDE Signs Connected Coal Supply Deal With Zhejiang Energy Asia Pacific
May 7, 2026
China Qinfa Group’s non-wholly owned subsidiary SDE has entered into a coal supply agreement to sell 70,000 metric tonnes of Indonesian steam coal, subject to a 10% quantity adjustment, to Zhejiang Energy Asia Pacific. Shipments are schedule...
China Qinfa Group Calls 2026 AGM and Seeks Share Buy-Back Mandate
Apr 27, 2026
China Qinfa Group Limited has called its annual general meeting for 16 June 2026 in Guangzhou, where shareholders will review and adopt the audited consolidated financial statements and directors’ and auditors’ reports for the year end...
China Qinfa Swings to 2025 Net Loss Despite Higher Core Revenue
Mar 31, 2026
China Qinfa Group Limited reported a sharp rise in revenue from its continuing operations to RMB1.84 billion in 2025, up RMB709 million from a year earlier, with EBITDA from these operations climbing by RMB159 million to RMB398 million. Profit fro...
China Qinfa Unit Signs Connected Coal Supply Deal With Zhejiang Energy Asia Pacific
Mar 31, 2026
China Qinfa Group’s subsidiary SDE has signed a coal supply agreement with Zhejiang Energy Asia Pacific for the sale of 70,000 metric tonnes of Indonesian steam coal, with potential adjustment of 10% up or down and deliveries scheduled to co...
China Qinfa Trims Guarantee Exposure in Refinancing of Related-Party Loans
Mar 24, 2026
China Qinfa Group Limited has agreed, together with its unit Qinfa Logistics, to provide new corporate guarantees for bank loans obtained by Huameiao Energy, an entity 80% indirectly owned by the group’s controlling shareholder, following th...
China Qinfa Group Sets March 2026 Board Meeting to Approve 2025 Results
Mar 19, 2026
China Qinfa Group Limited has scheduled a board meeting to be held in Hong Kong on 31 March 2026 to review and approve the annual results for the year ended 31 December 2025. The board will also consider whether to recommend a final dividend, a de...
China Qinfa Raises HK$309.6 Million to Fund Indonesian Mine Expansion
Mar 13, 2026
China Qinfa Group Limited has completed a placing of 90 million existing shares at HK$3.51 per share to at least six independent investors, followed by a top-up subscription of an equal number of new shares by the vendor at the same price. The net...
China Qinfa Launches Share Placing and Top-Up Subscription to Raise HK$309.6 Million
Mar 4, 2026
China Qinfa Group Limited has entered into a placing and top-up subscription arrangement involving existing and new shares, with Guotai Junan Securities (Hong Kong) Limited and TFI Securities and Futures Limited acting as joint placing agents. The...
China Qinfa Unit Signs Connected Coal Supply Deal With Zhejiang Energy Asia Pacific
Feb 27, 2026
China Qinfa Group Limited’s non-wholly owned subsidiary SDE has entered into a coal supply agreement with Zhejiang Energy Asia Pacific for the sale of 70,000 metric tonnes of Indonesian steam coal, with an allowable adjustment of 10%. Delive...
China Qinfa flags 2025 loss on weaker coal prices and forex hit
Feb 23, 2026
China Qinfa Group Limited has warned that it expects to swing to a loss of up to RMB98 million for 2025, compared with a profit of about RMB556.37 million a year earlier, based on preliminary unaudited figures. The result reflects a sharp loss fro...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.