Changhong Jiahua Holdings Ltd. (HK:3991)
:3991
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Changhong Jiahua Holdings Ltd.
(3991)
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Rating:57Neutral
Price Target:
HK$1.00
▼(-11.50% Downside)
Action:Reiterated
Date:05/08/26
The score is driven by very attractive valuation (low P/E and strong dividend yield), partially offset by weak technical momentum and a mixed financial profile where cash-flow volatility is the primary fundamental risk despite improving leverage and steady profitability.
Positive Factors
Diversified ICT distribution and value-added services
Changhong Jiahua operates a broad ICT distribution model plus logistics, after-sales and technical services. That combination creates recurring service fees, strengthens reseller relationships, and builds customer stickiness—supporting more durable revenue streams and higher long-term customer retention.
Negative Factors
Highly volatile cash conversion
Cash conversion has swung materially year-to-year, reflecting working-capital swings typical in distribution. That volatility undermines predictability of reinvestment, dividends and debt service, and increases execution risk when vendors or customers tighten payment terms or volumes soften.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified ICT distribution and value-added services
Changhong Jiahua operates a broad ICT distribution model plus logistics, after-sales and technical services. That combination creates recurring service fees, strengthens reseller relationships, and builds customer stickiness—supporting more durable revenue streams and higher long-term customer retention.
Read all positive factors
Changhong Jiahua Holdings Ltd. (3991) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$2.52B
Dividend Yield4.42%
Average Volume (3M)1.91M
Price to Earnings (P/E)3.3
Beta (1Y)0.24
Revenue Growth9.60%
EPS Growth5.62%
CountryHK
Employees1,423
SectorTechnology
Sector Strength88
IndustryTechnology Distributors
Share Statistics
EPS (TTM)0.16
Shares Outstanding1,454,652,000
10 Day Avg. Volume967,619
30 Day Avg. Volume1,907,615
Financial Highlights & Ratios
PEG Ratio1.10
Price to Book (P/B)0.87
Price to Sales (P/S)0.07
P/FCF Ratio0.36
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)N/A
Revenue Forecast (FY)N/A
Changhong Jiahua Holdings Ltd. Business Overview & Revenue Model
Company Description
Changhong Jiahua Holdings Limited, an investment holding company, distributes information and communication technology (ICT) consumer products, ICT corporate products, and other products in the People's Republic of China. The company's ICT Consume...
How the Company Makes Money
Changhong Jiahua primarily makes money through (1) ICT product distribution: it purchases technology products and solutions from upstream vendors and sells them to downstream channel partners and end customers, earning a gross margin on the spread...
Changhong Jiahua Holdings Ltd. Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
62
Positive
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 41.87B | 43.83B | 39.99B | 37.17B | 38.34B | 44.56B |
| Gross Profit | 1.39B | 1.40B | 1.38B | 1.30B | 1.27B | 1.32B |
| EBITDA | 609.72M | 593.49M | 624.13M | 696.54M | 670.55M | 698.11M |
| Net Income | 395.97M | 400.86M | 379.27M | 360.54M | 365.82M | 413.25M |
Balance Sheet | ||||||
| Total Assets | 14.18B | 17.44B | 18.07B | 17.41B | 15.95B | 12.47B |
| Cash, Cash Equivalents and Short-Term Investments | 1.54B | 4.57B | 561.78M | 6.13B | 415.54M | 3.39B |
| Total Debt | 2.77B | 2.43B | 2.75B | 1.80B | 2.56B | 1.19B |
| Total Liabilities | 11.09B | 14.08B | 15.09B | 14.59B | 13.32B | 9.79B |
| Stockholders Equity | 3.09B | 3.36B | 2.98B | 2.81B | 2.63B | 2.68B |
Cash Flow | ||||||
| Free Cash Flow | -1.29B | 8.15B | -3.31B | -2.94B | -2.12B | 452.99M |
| Operating Cash Flow | -1.29B | 8.15B | -3.29B | -2.93B | -2.12B | 461.88M |
| Investing Cash Flow | -114.86M | -7.88M | -638.00M | 180.56M | -2.82B | 334.12M |
| Financing Cash Flow | -31.07M | -1.04B | 3.43B | 3.49B | 4.65B | -476.74M |
Changhong Jiahua Holdings Ltd. Technical Analysis
Negative
1.13
Price Trends
1.08
Negative
1.11
Negative
1.08
Negative
Market Momentum
-0.03
Positive
16.01
Positive
12.22
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:3991, the sentiment is Negative. The current price of 1.13 is above the 20-day moving average (MA) of 1.01, above the 50-day MA of 1.08, and above the 200-day MA of 1.08, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 16.01 is Positive, neither overbought nor oversold. The STOCH value of 12.22 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:3991.
Changhong Jiahua Holdings Ltd. Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | HK$2.44B | 2.28 | 15.86% | 6.74% | 41.79% | 62.77% | |
67 Neutral | HK$1.22B | 1.42 | 3.40% | 4.94% | 17.39% | -55.26% | |
67 Neutral | HK$3.82B | 2.41 | 18.01% | 8.89% | 10.01% | 11.08% | |
62 Neutral | HK$881.59M | 1.98 | 20.37% | ― | 87.51% | 901.59% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
57 Neutral | HK$2.52B | 3.33 | 16.24% | 4.42% | 9.60% | 5.62% | |
56 Neutral | HK$5.34B | 13.38 | 5.16% | ― | 50.32% | -1.01% |
* Technology Sector Average
HK:3991
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Changhong Jiahua Holdings Ltd. Corporate Events
Changhong Jiahua Moves to Modernize Bye-Laws for Hybrid Meetings, E-Voting
Apr 29, 2026
Changhong Jiahua Holdings Limited plans to overhaul its constitutional documents by replacing its existing bye-laws with a new, third amended and restated set. The move seeks to strengthen corporate governance and modernize how the company interac...
Changhong Jiahua Sets 2026 AGM to Approve Accounts, Board Changes and Share Issue Mandate
Apr 29, 2026
Changhong Jiahua Holdings Limited has convened its annual general meeting for 26 June 2026 in Beijing, where shareholders will review the audited consolidated financial statements for the year ended 31 December 2025 and receive reports from the bo...
Changhong Jiahua Reshapes Nomination Committee to Meet New Governance Code
Apr 27, 2026
Changhong Jiahua Holdings Limited has adjusted the composition of its board nomination committee to align with the revised Corporate Governance Code under Hong Kong listing rules effective 1 July 2025. The move underscores the company’s effo...
Changhong Jiahua Details Board and Committee Structure
Apr 27, 2026
Changhong Jiahua Holdings Limited has announced the current composition of its board of directors, comprising six executive directors led by Chairman and President Zhu Jianqiu and three independent non-executive directors. The structure reflects a...
Changhong Jiahua Tightens Governance With New Nomination Committee Mandate
Apr 27, 2026
Changhong Jiahua Holdings has formalised updated terms of reference for its Nomination Committee, setting clear rules on membership composition, gender diversity, leadership, quorum, and meeting frequency. The framework requires a majority of inde...
Changhong Jiahua updates market on regulatory hurdles to privatisation and delisting
Apr 24, 2026
Changhong Jiahua Holdings and its offeror, Hongtu Investment, provided a monthly update on the proposed privatisation of the company via a scheme of arrangement and the planned delisting from the Hong Kong Stock Exchange. The transaction remains s...
Changhong Jiahua lifts 2025 profit as revenue and EPS rise
Mar 31, 2026
Changhong Jiahua Holdings Limited reported audited consolidated revenue of HK$43.83 billion for 2025, up from HK$39.99 billion a year earlier, with gross profit edging slightly higher to HK$1.40 billion. Profit attributable to shareholders rose to...
Changhong Jiahua Privatisation Progress Hinges on Mainland Regulatory Approvals
Mar 24, 2026
Changhong Jiahua Holdings Limited and its offeror, Hongtu Investment Co., Limited, are pursuing a privatisation of the company via a court-approved scheme of arrangement in Bermuda, which would result in the withdrawal of its Hong Kong listing. Th...
Changhong Jiahua Sets March 2026 Board Meeting to Approve 2025 Results and Consider Dividend
Mar 19, 2026
Changhong Jiahua Holdings Limited has scheduled a board meeting for 31 March 2026 in Hong Kong to review and approve its audited consolidated annual results for the financial year ended 31 December 2025. The board will also consider whether to rec...
Changhong Jiahua Privatisation Progresses as Key Regulatory Approvals Remain Pending
Feb 24, 2026
Hongtu Investment Co., Limited and Changhong Jiahua Holdings Limited provided a monthly update on the proposed privatisation of Changhong Jiahua and its planned withdrawal from the Hong Kong Stock Exchange. The deal, to be executed via a scheme of...
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.