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He Bei Cheng De LoLo Co Ltd (000848) Fair Value & Analysis

Consumer Defensive · CN · Market cap 8.0B CNY (≈ $1.2B) · ISIN CNE000000TG3

What is He Bei Cheng De LoLo Co Ltd really worth?

HB He Bei Cheng De LoLo Co Ltd 000848 · SHE
Price¥8.42
Fair Value¥12.91
Upside+53.3%
Quality76/100

A strong business, trading 35% below our fair value of ¥12.91.

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Strengths

Solidly profitable · 19.9% net margin
Low debt · generates free cash flow
Ranks above peers (12/15)
Wide moat 77/100

Risks

!Mixed Growth (revenue 5y +11.3 %/yr)

For context

·5.94% dividend yield
Evidence: High Range ¥9.68 – ¥16.14

Fair value as of: Aug 13, 2026

From 24 valuation models · updated 22 days ago

Share price −6.9% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The rarer combination: high quality (76/100) AND below fair value. That earns a closer look rather than a quick verdict.
  • The price is below even our cautious bear case (¥9.68). The market is more pessimistic than our downside scenario.

Price vs Fair Value (5 years)

¥11.70 ¥5.21 Fair Value ¥12.91 Mar 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range ¥5.21 – ¥11.70 · fair‑value band ¥9.68 – ¥16.14 · the ¥8.42 price screens below the ¥12.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

He Bei Cheng De LoLo Co Ltd (000848) currently trades at ¥8.42, while our model-based Fair Value estimate is ¥12.91, implying the stock looks roughly 34.8% undervalued today. The Quality Score stands at 76/100 (high quality), in the Consumer Defensive sector. Bull case: the DCF Models group reads highest at a median of ¥15.31 per share, and 18 of the 24 models we run sit above the ¥8.42 price. Bear case: the Asset-Based group reads lowest at ¥2.29, and 6 of the 24 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, He Bei Cheng De LoLo Co Ltd generated revenue of 3.3B CNY at a net margin of 19.9%. Revenue grew 13.7% year over year. It earns a return on equity of 18.0%. The balance sheet holds a net cash position of 3.3B CNY. Fundamentals as of Aug 13, 2026

Our scenario range runs from ¥9.68 (bear case) to ¥16.14 (bull case); at ¥8.42, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 7% below its 52-week high and 18% above its 52-week low, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at −23% fair-value upside, at 53%, 000848 screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly ¥0.0951 per share, which is 0.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence ¥12.21 ¥16.76 ¥23.42 81
Growth DCF ¥12.33 ¥16.34 ¥21.84 79
Owner Earnings ¥8.63 ¥11.32 ¥15.25 77
All 24 models by family
DCF Models
FCF DCF best evidence ¥12.21 ¥16.76 ¥23.42 81
Owner Earnings ¥8.63 ¥11.32 ¥15.25 77
5Y Revenue Exit ¥8.62 ¥10.71 ¥13.26 74
5Y EBITDA Exit ¥11.24 ¥15.62 ¥20.65 76
5Y P/E Exit ¥12.12 ¥17.25 ¥22.60 71
10Y Revenue Exit ¥9.79 ¥11.99 ¥14.74 68
10Y EBITDA Exit ¥11.52 ¥15.31 ¥20.25 69
10Y P/E Exit ¥12.07 ¥16.42 ¥21.70 65
Earnings-Based
Graham-Dodd ¥4.18 ¥12.92 ¥17.18 65
Lynch FV ¥2.80 ¥4.00 ¥5.20 61
PEG = 1.0 ¥2.80 ¥4.00 ¥5.20 57
EPV ¥8.74 ¥9.57 ¥10.29 74
Multiples
P/E Multiple ¥9.68 ¥12.91 ¥16.14 63
P/S Multiple ¥3.73 ¥4.98 ¥6.22 58
P/B Multiple ¥7.84 ¥10.45 ¥13.06 55
EV/EBIT ¥13.53 ¥16.88 ¥20.24 66
EV/EBITDA ¥11.61 ¥14.32 ¥17.03 67
EV/Revenue ¥6.74 ¥8.14 ¥9.54 54
Asset-Based
NCAV (Graham) ¥1.71 ¥2.29 ¥3.42 54
Growth DCF
Growth DCF ¥12.33 ¥16.34 ¥21.84 79
Rev-Margin DCF ¥8.62 ¥10.83 ¥13.40 74
Economic Profit
Residual Income ¥3.88 ¥5.10 ¥16.16 64
ROIC Compounder ¥8.74 ¥9.57 ¥10.29 72
Growth Earnings
Growth-Adj P/E ¥7.99 ¥11.41 ¥14.83 67

Widest divergence: DCF Models (¥15.31) versus Asset-Based (¥2.29). Highest evidence: FCF DCF (81).

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Key figures & financial health

P/E ratio 13.2
P/S ratio 2.60 P/E × margin
EPS (TTM) ¥0.6400 price ÷ EPS = P/E 13.2
Dividend yield 5.9% payout 78.1%
Net margin 19.8% FY2025
Return on equity 18.0% TTM
More key figures
Profitability
Return on assets (EBIT) 19.4% avg 5y
Operating margin 28.2% TTM
Growth
Revenue (TTM) 3.3B CNY TTM
Revenue growth (YoY) +13.7% 3y avg +5.6%
EPS growth (YoY) +19.0%
Balance sheet & cash flow
Free cash flow 827M CNY FY2025
Net cash 3.3B CNY FY2024

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 76/100

Of which business quality 75 · Market factors (momentum, volatility) 60

Profitability 62
Margins and returns on capital today
Quality Growth 37
Are margins and returns improving?
Cashflow 88
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 51
Distance to the 52-week high (market factor)
Net Issuance 93
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Cheng De Lolo Company Limited, together with its subsidiaries, engages in the manufacture and sale of plant protein beverages in China.

Full company description

Cheng De Lolo Company Limited, together with its subsidiaries, engages in the manufacture and sale of plant protein beverages in China. The company offers dew series, including Classic plain almond dew, Classic plain unsweetened almond dew, Classic plain praline walnut dew, classic original walnut dew, classic original almond dew affectionate style, classic plain almond dew, almond milk tea jingshan matcha flavor, apricot luck colorful financier, almond dew classic low sugar, and walnut dew classic low sugar. It also provides milk series, such as plain almond milk and almond milk series. In Addition, The company provides water series, including loquat and autumn pear drink, tangerine peel and plum drink, goji berries and mulberries drink, longan ginger and jujube drink, carbonated drink with gravity white peach flavor juice, and carbonated beverage with gravity hawthorn flavor juice. It sells its products through online sales platforms. The company was formerly known as He Bei Cheng De Lolo Company Limited and changed its name to Cheng De Lolo Company Limited in May 2022. Cheng De Lolo Company Limited was founded in 1950 and is based in Chengde City, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

He Bei Cheng De LoLo Co Ltd reported revenue of 3.2B CNY in FY2025 versus 2.5B CNY in FY2021, a compound +5.9%/yr. Reported net income was 627M CNY in FY2025, compounding +2.4%/yr from FY2021.

Growth Quality 88/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2025)
3.2B CNY
Latest YoY
−3.5%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+5.6%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.3%
Avg. revenue growth/yr (31Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.1%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+13.3% (7.4 + 5.9)
Revenue +5.9%/yr
FY21 2.5B CNY
FY22 2.7B CNY
FY23 3.0B CNY
FY24 3.3B CNY
FY25 3.2B CNY
Net income +2.4%/yr
FY21 570M CNY
FY22 602M CNY
FY23 638M CNY
FY24 666M CNY
FY25 627M CNY
Character of growth · EPS growth decomposed (2013-2024) +4.5 % p.a.
Revenue per share +0.8 %

of which total revenue +1.2 % · buybacks/dilution −0.3 %

EBIT margin +3.7 %
Tax rate +0.1 %
Residual (interest, one-offs) −0.1 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "He Bei Cheng De LoLo Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/000848

Peer Group

Beverages - Non-Alcoholic · 87 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 76 · Top 25%
Fair Value upside +53% · Top 25%
Return on equity (TTM) 18% · Above median
Return on assets 11% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 28% · Top 25%
Revenue growth 14% · Above median
Dividend yield (TTM) 5.9% · Top 25%
Debt / equity 0.14× · Higher than median

Valuation Multiples vs Beverages - Non-Alcoholic median · lower = cheaper

P/E (TTM) 13.2× · Cheaper than 75% of peers
P/B 2.29× · Pricier than median
P/S (TTM) 2.41× · Pricier than median
P/FCF 1.4× · Cheaper than median
EV/EBITDA 4.9× · Cheaper than median
PEG 0.86× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE100 · sector 19
FUTURE69 · sector 43
PAST72 · sector 51
HEALTH93 · sector 97
DIVIDEND100 · sector 54

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

Similar stocks

10 more Beverages - Non-Alcoholic stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

Stock Price Fair Value vs Fair Value
The Coca-Cola Company KO $89.06 $36.57 −59%
PepsiCo, Inc PEP $139.72 $106.91 −23%
Monster Beverage Corporation MNST $46.70 $35.82 −23%
Nongfu Spring Co 9633 HK$42.54 HK$30.90 −27%
Coca-Cola Europacific Partners PLC CCEP €92.10 €70.86 −23%
Keurig Dr Pepper Inc KDP $32.18 $30.99 −4%
Coca-Cola FEMSA, S.A. KOF $112.58 $108.50 −4%
Coca-Cola HBC AG EEE €53.10 €46.77 −12%
Varun Beverages Limited VBL ₹431.00 ₹187.49 −56%
Eastroc Beverage (Group) Co 605499 ¥123.07 ¥107.57 −13%

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Frequently asked questions

Is He Bei Cheng De LoLo Co Ltd (000848) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of ¥12.91 versus a price of ¥8.42, about +53% upside (undervalued).
What is the fair value of 000848?
Our model-based fair value for He Bei Cheng De LoLo Co Ltd is ¥12.91 (as of Aug 13, 2026), built from audited fundamentals. The current price: ¥8.42.
What is the quality score of 000848?
He Bei Cheng De LoLo Co Ltd has a Quality Score of 76/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of He Bei Cheng De LoLo Co Ltd (000848)?
He Bei Cheng De LoLo Co Ltd reported trailing-twelve-month revenue of about 3.3B CNY (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 000848?
The net profit margin of He Bei Cheng De LoLo Co Ltd is about 19.9%, meaning it keeps roughly 19.9% of revenue as net income. Based on the latest reported figures.
Does He Bei Cheng De LoLo Co Ltd pay a dividend?
He Bei Cheng De LoLo Co Ltd currently shows a dividend yield of about 5.94% relative to its recent price (as of Aug 13, 2026).
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