Sunshine 100 China Holdings Ltd. (2608) AI Stock Analysis

• Market Cap: HK$28.06M
• Dividend Yield: N/A
• Average Volume (3M): 6.30M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.94
• Revenue Growth: -31.35%
• EPS Growth: -41.47%
• Country: HK
• Employees: 1,603
• Sector: Real Estate
• Sector Strength: 53
• Industry: Real Estate - Development
• EPS (TTM): -0.46
• Shares Outstanding: 2,550,811,500
• 10 Day Avg. Volume: 15,029,900
• 30 Day Avg. Volume: 6,297,066
• PEG Ratio: >-0.01
• Price to Book (P/B): >-0.01
• Price to Sales (P/S): 0.02
• P/FCF Ratio: -0.15
• 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: 39 Underperform
• Price Target: HK$0.01 ▲(0.00% Upside)

The score is driven primarily by very weak financial performance—loss-making operations, insolvency indicated by negative equity, and recent zero operating/free cash flow. Technical indicators do not show a clear recovery trend, and valuation metrics provide limited support given ongoing losses and no stated dividend yield.

Positive Factors

Integrated business model

End-to-end capabilities from land acquisition through development, sales and management create durable control of the value chain. This supports long-term margin capture, project sequencing flexibility and risk mitigation versus pure-play sales developers over a 2–6 month horizon and beyond.

Diversified revenue streams

Multiple income sources—property sales, leasing, and management fees—reduce single-channel exposure. Structural diversification can stabilize cash generation across cycles and provide recurring revenue that supports liquidity and project funding if sales markets temporarily weaken.

Strategic government and developer partnerships

Ties with local governments and counterpart developers improve land access, approval speed and potential co-development opportunities. These structural relationships can sustain project pipelines and competitively lower land acquisition friction over the medium term.

Negative Factors

Negative shareholders' equity

Negative equity signals insolvency risk and materially weakens financial flexibility. It limits borrowing capacity, increases refinancing and covenant pressure, and raises the probability of restructuring or asset disposals unless capital or sustained profit restoration occurs.

Zero recent operating and free cash flow

A complete lack of operating and free cash flow in the latest year creates acute liquidity strain for funding construction, servicing debt and meeting obligations. Even with prior positive years, current zero cash generation is a structural constraint until operations or financing improve.

Negative gross and EBITDA margins

Selling below cost and persistent negative operating margins undermine capital resilience and signal deep operational dysfunction. Without material cost reduction, price recovery, or asset sales, continued margin deficits will erode equity and threaten long-term viability.

Sunshine 100 China Holdings Ltd. Business Overview & Revenue Model

Company Description

Sunshine 100 China Holdings Ltd. (2608) is a prominent real estate developer based in China, primarily focused on the development and management of residential properties. The company operates in various sectors, including commercial real estate, property investment, and asset management. Sunshine 100 specializes in creating high-quality real estate projects that cater to urban living, providing a range of services from land acquisition to property sales and management.

How the Company Makes Money

Sunshine 100 generates revenue primarily through the sale of residential and commercial properties. The company purchases land, develops real estate projects, and sells the completed units to consumers or investors, which constitutes a significant portion of its income. Additionally, Sunshine 100 earns revenue from leasing commercial properties, providing property management services, and engaging in property investment. Strategic partnerships with local governments and other real estate developers enhance its market presence and enable more extensive project development, contributing to its financial performance. Fluctuations in the real estate market, regulatory changes, and economic conditions in China also impact the company's earnings.

Sunshine 100 China Holdings Ltd. Financial Statement Overview

Summary

Severe financial distress: persistent losses and declining revenue with negative gross/EBITDA margins, insolvency signals from negative shareholders’ equity, and most recent year showing zero operating and free cash flow—raising acute liquidity and restructuring risk.

Income Statement

Sunshine 100 China Holdings Ltd. has been experiencing significant financial challenges, as evidenced by persistent negative net income and declining revenue over recent years. The gross profit margin has turned negative, indicating that the company is selling products below cost. Furthermore, EBIT and EBITDA margins are also negative, highlighting operational inefficiencies and high costs relative to revenue.

Balance Sheet

The balance sheet shows concerning signs with negative stockholders' equity, indicating insolvency. The debt-to-equity ratio is not calculable due to negative equity, but the high total debt level presents a severe financial risk. The equity ratio is negative, reflecting more liabilities than assets, which could lead to financial distress.

Cash Flow

The cash flow statement reveals a precarious situation with zero operating and free cash flow in the most recent year, indicating potential liquidity issues. Previous years showed positive operating cash flow, but the recent lack of cash flow generation is alarming, especially in the face of ongoing net losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.78B	2.02B	2.10B	2.36B	5.40B	5.76B
Gross Profit	-399.41M	-651.20M	395.11M	128.32M	-601.07M	1.32B
EBITDA	-570.22M	-1.05B	-806.05M	-1.86B	-2.58B	496.23M
Net Income	-5.01B	-5.59B	-2.99B	-3.16B	-3.67B	438.04M
Balance Sheet
Total Assets	39.38B	46.10B	50.83B	52.38B	56.36B	61.28B
Cash, Cash Equivalents and Short-Term Investments	925.73M	1.01B	1.03B	1.08B	1.62B	6.08B
Total Debt	24.65B	27.06B	27.06B	26.88B	26.81B	26.77B
Total Liabilities	45.52B	51.09B	50.02B	48.40B	49.02B	49.11B
Stockholders Equity	-7.10B	-6.01B	-419.94M	2.56B	5.75B	9.38B
Cash Flow
Free Cash Flow	-77.75M	-287.55M	392.21M	379.33M	275.57M	1.33B
Operating Cash Flow	-74.02M	-283.34M	394.27M	402.22M	312.96M	1.36B
Investing Cash Flow	569.57M	575.07M	149.03M	-382.34M	728.78M	991.93M
Financing Cash Flow	-278.00M	-289.42M	-557.36M	-578.52M	-2.98B	-1.69B

Sunshine 100 China Holdings Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	65 Neutral	$2.17B	12.19	3.79%	4.94%	3.15%	1.96%
1862	40 Underperform	HK$24.62M	>-0.01	―	―	-43.92%	-90.83%
2608	39 Underperform	HK$28.06M	>-0.01	―	―	-31.35%	-41.47%
1246	29 Underperform	HK$28.52M	-0.03	―	―	―	―

Sunshine 100 China Holdings Ltd. Corporate Events

Sunshine 100 China Discloses Historical Pay Details for Former CEO

Sunshine 100 China Holdings has issued a supplemental announcement disclosing detailed remuneration figures for former chief executive officer Lin Shaozhou for the financial years 2016, 2017 and the period up to his resignation in May 2018. The filing breaks down Lin’s compensation into salaries, allowances and retirement scheme contributions, clarifying historical executive pay in response to listing rule requirements, while stressing that all other information in the previously published annual reports remains unchanged.

The most recent analyst rating on (HK:2608) stock is a Sell with a HK$0.01 price target. To see the full list of analyst forecasts on Sunshine 100 China Holdings Ltd. stock, see the HK:2608 Stock Forecast page.

Sunshine 100 Steps Up Debt Extensions and Asset Sales to Address Going-Concern Warning

Sunshine 100 China Holdings has provided a quarterly update on measures aimed at addressing the auditor’s disclaimer of opinion on its 2024 financial statements related to going-concern uncertainties. As of 31 December 2025, the group has extended about RMB433.4 million of interest-bearing borrowings by one to three years, secured an initial RMB860 million funding for Chongqing Sunshine 100 through a limited partnership, signed roughly RMB396.47 million of new pre-sale and sale contracts for properties, and maintained stable rental income of around RMB81.9 million from investment properties while exploring disposals. The company has also launched legal actions to recover receivables, reduced cash operating expenses, and continues negotiations on offshore and onshore debt restructuring, new financing, project co-operations, asset sales, and deferral of land appreciation tax, although it warns that current market weakness and tight monetary and credit policies may delay the execution of these plans.

The most recent analyst rating on (HK:2608) stock is a Sell with a HK$0.01 price target. To see the full list of analyst forecasts on Sunshine 100 China Holdings Ltd. stock, see the HK:2608 Stock Forecast page.