Zhongxin Fruit and Juice Limited Overview
Zhongxin Fruit and Juice is a Singapore-incorporated, Catalist-listed investment holding company. Its operating assets are in China's apple belt. It processes fresh apples and pears into concentrated apple juice, concentrated pear juice, fructose, fruit essence and pomace. These are industrial ingredients for beverage, cider, dairy and confectionery manufacturers. It is effectively a captive production platform of its 53.11% parent, SDIC Zhonglu Fruit Juice, one of China's two dominant apple-juice-concentrate (AJC) producers. In FY2026, 99.6% of Zhongxin's revenue was sold to the SDICZL group, which handles export marketing to multinational food and beverage customers in the United States, the EU, South Africa and Japan.
The group runs one active wholly-owned plant (Yuncheng Zhongxin, Shanxi) and one suspended plant (Xuzhou Zhongxin, Jiangsu) that is subject to a government relocation notice. It also holds a 50%-owned joint-venture plant (Linyi SDIC Zhonglu, Shanxi). Each plant processes about 40 tonnes of apples per hour. The investment case is a deep-value, low-liquidity, related-party-dependent agri-processing exposure. It is profitable but has no dividend capacity while accumulated losses persist at company level.
Company's own description (AR2025, paraphrased)
Annual Report 2025 describes the company as a subsidiary of SDIC Zhonglu Fruit Juice Co., Ltd., which it calls the world's leading producer of fruit and vegetable juice concentrates and beverages. The group's primary business is producing concentrated apple juice, mainly for export to multinational F&B corporations in the US, EU, South Africa and Japan via SDICZL. The juice is used as an ingredient in packet juice drinks, soft drinks, cider, yoghurt and candies.
The group has:
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two wholly-owned subsidiaries: Yuncheng Zhongxin Fruit & Juice Company Limited and Xuzhou Zhongxin Fruit & Juice Company Limited;
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one 50%-owned joint venture: Linyi SDIC Zhonglu Fruit Juice Co., Ltd.
Each facility is described as having apple processing capacity of 40 tonnes per hour. Each can produce roughly 10,000–15,000 tonnes of AJC per year.
The company states that it aligns with the Ministry of Agriculture's "National R&D Center for Apple Processing" for new product development. It intends to:
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broaden into other value-added products;
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develop by-products from juice residues, such as animal feed, pectin and dietary fibre;
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in the future, extend into the health food sector.
Independent characterisation
| Revenue model component | Share of FY2026 revenue | Notes |
|---|---|---|
| Product sales | 100% | All revenue is recognised at a point in time |
| Services | 0% | None disclosed |
| Subscription | 0% | Not applicable |
| Licensing | 0% | Not applicable |
Zhongxin is best understood as a contract-style tolling and processing platform embedded in the SDICZL supply chain, rather than an independent juice marketer.
Revenue concentration. In FY2026:
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RMB182.96 million of RMB183.71 million revenue (99.6%) was sold to SDICZL and its group.
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100% of trade receivables were owed by SDICZL.
Value-chain position. The group sits in the primary-processing tier. It procures fresh apples and pears from farmers and suppliers in Shanxi during the harvest season (August–December, i.e., 1H of the fiscal year). It then evaporates and concentrates the juice, stores the concentrate, and sells it through the parent's export channel.
Financing intertwined with the parent.
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SDICZL pays partly in promissory notes. Zhongxin endorses these notes to banks to obtain trade financing.
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SDICZL also provides interest-bearing, on-demand working-capital advances.
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Zhongxin charges SDICZL interest (3.00–3.10% p.a. in FY2026) on overdue trade receivables.
Revenue model.
Customer types. Direct customer: the SDICZL group. End customers (via SDICZL): multinational beverage, cider, dairy and confectionery manufacturers. Pomace is sold locally.
End-markets served.
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Fruit juice and juice drinks
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Soft drinks
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Cider
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Yoghurt and dairy
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Confectionery
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Fructose for food and beverage formulation (a growing share since FY2024)
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Animal feed (pomace)
Seasonality. Raw materials are procured and juice is produced mainly in 1H of the fiscal year for full-year supply. The company says sales are not significantly seasonal. In practice, half-year revenue swings have been large; for example, 1H FY2025 revenue was about 138% higher than 2H FY2025.
Strategy
Stated strategy themes (AR2025 and FY2026 results commentary, paraphrased)
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Parent leverage. Use SDICZL's resources and network to strengthen the group's position in concentrated fruit juice and broaden into value-added products.
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Cost management and operational efficiency. Budget control, lean management and cost-reduction programmes.
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Technology upgrades. Membrane concentration, heat recovery and process automation projects, which the chairman says were completed on schedule and improved efficiency.
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Raw material security. Closer partnerships with farmers and suppliers, expanded procurement channels and planned purchasing.
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Workforce optimisation. Structural optimisation to reduce labour costs.
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Trade-risk management. Monitoring tariffs, adjusting the pace of sales and seizing shipping windows.
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Gradual market and product diversification (FY2026 commentary).
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Residue valorisation. Animal feed, pectin and dietary fibre; possible future entry into health foods (aspirational, no capex disclosed).
Initiatives in the last 24 months
| Initiative | Date | Scope | Quantified target or status |
|---|---|---|---|
| Membrane concentration and heat recovery upgrades; automation | FY2025 | Yuncheng production lines | Credited with lifting gross margin to 17.2% in FY2025 and partly cushioning lower ASPs in FY2026. No capex or savings target disclosed. |
| Yuncheng–Xuzhou amalgamation | Agreed after 30 Jun 2025 | Legal simplification; Xuzhou to become a branch | Ongoing as of 26 Aug 2026 |
| Xuzhou relocation compensation negotiation | Since 19 Jun 2024 | Land and buildings, carrying value RMB15.9m | Terms not finalised |
| Fructose scale-up | FY2024–FY2026 | Fructose output rose from 1,167 t (FY2023) to 8,212 t (FY2026) | Fructose 38.8% of FY2026 revenue |
| Sustainability reporting with reference to GRI and TCFD | FY2025 report due by 31 Oct 2025 | Group-wide | — |
Medium-term financial targets and guidance. Not publicly disclosed. The company states that it has issued no forecast or prospect statement.
Products & Services
The group sells industrial B2B ingredients, not consumer brands. No product brand names, specifications sheets or price lists are publicly disclosed. The catalogue below is built from the revenue disaggregation and volume disclosures. Average selling prices (ASPs) are per metric tonne, as disclosed.
Pricing model. No contract pricing terms are disclosed. Sales to SDICZL fall under a shareholder-approved interested person transaction (IPT) mandate, last renewed 29 Oct 2024. The mandate requires arm's-length terms.
Launch dates and product versions. Not publicly disclosed.
Product Portfolio
| Product | Description | Target customer / end-use | Recent volume and pricing (disclosed) | Latest status |
|---|---|---|---|---|
Concentrated apple juice (AJC) | Clarified apple juice evaporated to concentrate; the flagship product | Via SDICZL to multinational beverage, cider, dairy and confectionery makers | FY2026 sales 10,763 t (FY2025: 13,820 t). Fruit-juice ASP RMB10,314/t (FY2025: RMB11,069/t). Production 10,304 t. | Core product; 60.5% of FY2026 revenue |
Concentrated pear juice | Pear-based concentrate from the same processing lines | Beverage formulation | FY2026 sales 72 t (FY2025: 707 t); production 495 t | Minor; volatile |
Concentrated peach juice | Small-batch concentrate; FY2024 volume was from processed peach juice purchased (98 t) | Beverage formulation | FY2024 sales 98 t; FY2025 1 t; FY2026 nil | Opportunistic |
Fructose | Fruit-derived sugar syrup / fructose product | Food and beverage sweetening and formulation | FY2026 sales 6,341 t; ASP RMB11,231/t (FY2025: RMB11,762/t). Production 8,212 t (FY2025: 2,487 t). | Fastest-growing line; 38.8% of revenue |
Apple essence (aroma) | Volatile aroma recovered during evaporation | Flavour restoration for juice manufacturers | FY2025 sales 71 t at RMB10,831/t; FY2026 nil sales (27 t produced) | Paused in FY2026 |
Fruit pomace | Pressed apple and pear residue | Animal feed (historically dairy farms and feed makers) | FY2026 revenue RMB0.73m | By-product |
Processed garlic (discontinued) | Sorted and packaged garlic (Xuzhou) | Export importers | FY2021 sales 1,476 t at RMB6,043/t | Suspended since end-FY2021 |
Pectin, dietary fibre, health foods (pipeline) | Planned residue valorisation and diversification | — | No revenue disclosed | Aspirational only |
Financial Narrative
Basis: audited figures for FY2022–FY2025 as restated in subsequent filings; FY2026 figures are unaudited (results announcement of 26 Aug 2026).
Analyst definitions:
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Operating income = gross profit − distribution expenses − administrative expenses. It excludes other operating income (mainly interest), finance costs and the joint-venture (JV) share.
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EBITDA = operating income + total depreciation (including the portion absorbed into inventory) + right-of-use amortisation.
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Total debt = bank borrowings + interest-bearing payable to SDICZL + lease liabilities.
Income statement
Sources: S1, S2, S3, S4. The FY2024 JV share is shown as −969 in S2 and −968 in AR2025. FY2022 other income includes the RMB27.5m one-off settlement. FY2023 administrative expenses include RMB1.4m of one-off legal fees.
Comparison year FY2021 (for CAGR): revenue 130,835; gross profit 24,084; net loss −3,871; EPS −0.37 RMB cents.
Margins and growth (%)
Revenue CAGR:
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4-year (FY2022–FY2026): 6.7%
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5-year (FY2021–FY2026): 7.0%
Income statement commentary. Revenue is driven by volume and ASP cycles that the group does not control. Each year's driver, per the company's results announcements:
Quality of earnings. Three points stand out:
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Interest income is a material share of profit. Other operating income was RMB5.7m in FY2026, largely interest charged to SDICZL on overdue receivables (RMB5.59m). That equals 28% of FY2026 pre-tax profit.
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Low tax. The effective tax rate is minimal (7.8% in FY2026) because agricultural processing income is exempt. Tax is levied only on non-operating income.
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JV contribution. The JV contributed RMB2.5m, or 12.5% of FY2026 pre-tax profit.
Balance sheet
Sources: S1, S2, S3, S4. In FY2022 the SDICZL trade balance was presented as "receivable from immediate holding company".
Balance sheet commentary.
Equity growth: Equity has compounded from RMB81.4m (FY2021) to RMB185.2m (FY2026) through retained profits alone. Group accumulated losses narrowed from RMB199.3m to RMB99.5m.
Company-level losses block dividends: At company level (the Singapore holdco), accumulated losses are still RMB201.9m. This is why no dividend can be declared.
Related-party netting: The balance sheet is dominated by intra-group balances with SDICZL. At 30 June 2026:
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SDICZL owed the group RMB167.1m (trade receivables plus notes).
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The group owed SDICZL RMB63.2m.
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The net related-party receivable was therefore about RMB103.9m, roughly equal to reported net debt.
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Economically, the "net debt" largely funds receivables owed by the parent.
Notes and trade financing offset: The RMB30.8m trade financing is secured by SDICZL notes and matches the RMB31.0m notes receivable almost one-for-one.
Receivable ageing deteriorated: RMB65.5m of the SDICZL trade receivable was 91–270 days past due at 30 June 2026 (FY2025: RMB87.3m). No expected credit loss was booked because the parent's credit risk is considered low.
Cash flow
Sources: S1, S2, S3, S4. In FY2022, interest received (RMB3.44m) was classified in investing activities; from FY2023 it is in operating activities.
Cash flow commentary. Free cash flow is almost entirely a function of working capital timing, especially the parent's payment pattern. FY2025's record profit came with negative operating cash flow of RMB56.8m because SDICZL's receivable rose by RMB101.3m and notes by RMB60.0m. FY2026 reversed part of that, as notes receivable fell by RMB39.0m. Capex is minimal at roughly 0.6–1.9% of revenue. It reflects a maintenance-and-efficiency posture with no expansion programme.
Ratios
These are analyst computations from S1–S4. Invested capital = equity + net debt. DSO uses year-end SDICZL trade receivables and excludes notes. DPO uses third-party trade payables.
Ratio commentary. The cash conversion cycle of 270–440 days is extreme by food-processing standards. It is structural: a single annual harvest, year-round sales, and a parent customer that pays slowly but settles in notes and offsetting balances. Headline leverage of 5.2x net debt/EBITDA overstates risk once the parent receivable is netted. Read the other way, it understates concentration risk, because the group's solvency depends on one counterparty.
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Group Entities
| Entity | Location | Ownership | Status |
|---|---|---|---|
Zhongxin Fruit and Juice Limited | Singapore | Listed parent (investment holding) | Active |
Yuncheng Zhongxin Fruit & Juice Company Limited | Yuncheng city, Shanxi, PRC | 100% | Active producer; surviving entity in the pending amalgamation |
Xuzhou Zhongxin Fruit & Juice Company Limited | Xuzhou city, Jiangsu, PRC | 100% | Juice production suspended for several years; relocation notice received Jun 2024; to be struck off after amalgamation into Yuncheng (as a Xuzhou branch) |
Linyi SDIC Zhonglu Fruit Juice Co., Ltd. | Linyi county, Yuncheng city, Shanxi, PRC | 50% effective (equity-accounted joint venture). The group chart shows 10% and 40% holding lines. The other shareholder is SDICZL. | Active producer |
Segment Revenue
| Item | Fruit juice production | Garlic processing | Inter-segment eliminations | Group |
|---|---|---|---|---|
External revenue | 121,914 | 8,921 | 0 | 130,835 |
Inter-segment revenue | 0 | 5,280 | -5,280 | 0 |
Gross profit | 23,418 | 666 | 0 | 24,084 |
Impairment of PPE | 4,192 | 0 | 0 | 4,192 |
Results by Segment and Segment Margins & Growth (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Segment revenue (CNY K) | 141,849 | 114,533 | 135,281 | 238,683 | 183,705 |
Segment gross profit (CNY K) | 37,516 | 24,008 | 20,015 | 41,128 | 30,196 |
Segment pre-tax income (CNY K) | 47,879 | 6,790 | 3,154 | 30,333 | 20,063 |
Gross margin (%) | 26.4 | 21.0 | 14.8 | 17.2 | 16.4 |
Revenue YoY growth (%) | 8.4 | -19.3 | 18.1 | 76.4 | -23.0 |
Share of group revenue (%) | 100 | 100 | 100 | 100 | 100 |
Products
| Product | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Concentrated apple juice (CNY K) | 129,804 | 85,968 | 88,250 | 153,811 | 111,096 |
Concentrated pear juice (CNY K) | 0 | 10,936 | 7,015 | 6,991 | 666 |
Concentrated peach juice (CNY K) | 0 | 0 | 1,206 | 9 | 0 |
Apple essence (CNY K) | 2,027 | 1,362 | 794 | 767 | 0 |
Fructose (CNY K) | 9,236 | 15,908 | 37,202 | 76,524 | 71,213 |
Fruit pomace (CNY K) | 0 | 359 | 814 | 581 | 730 |
Sales of component parts (CNY K) | 782 | 0 | 0 | 0 | 0 |
Total revenue (CNY K) | 141,849 | 114,533 | 135,281 | 238,683 | 183,705 |
Products — Concentrated apple juice share
| Product | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Concentrated apple juice share (%) | 91.5 | 75.1 | 65.2 | 64.4 | 60.5 |
Fructose share (%) | 6.5 | 13.9 | 27.5 | 32.1 | 38.8 |
Pear and peach juice share (%) | 0.0 | 9.5 | 6.1 | 2.9 | 0.4 |
Essence, pomace and other share (%) | 2.0 | 1.5 | 1.2 | 0.6 | 0.4 |
Revenue by Segment
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
1H revenue (CNY K) | 80,631 | 52,753 | 58,442 | 168,145 | 94,702 |
2H revenue (CNY K) | 61,218 | 61,780 | 76,839 | 70,538 | 89,003 |
1H profit after tax (CNY K) | 34,152 | 1,664 | 2,890 | 21,756 | 13,543 |
2H profit after tax (CNY K) | 13,261 | 4,303 | -630 | 7,918 | 4,951 |
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View Subscription PlansIncome Statement and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue (CNY K) | 141,849 | 114,533 | 135,281 | 238,683 | 183,705 |
Cost of sales (CNY K) | -104,333 | -90,525 | -115,266 | -197,555 | -153,509 |
Gross profit (CNY K) | 37,516 | 24,008 | 20,015 | 41,128 | 30,196 |
Other operating income (CNY K) | 31,168 | 4,494 | 1,884 | 5,180 | 5,714 |
Distribution expenses (CNY K) | -11,681 | -6,880 | -7,675 | -8,268 | -7,405 |
Administrative expenses (CNY K) | -8,650 | -10,003 | -7,501 | -6,920 | -7,413 |
Operating income, analyst-defined (CNY K) | 17,185 | 7,125 | 4,839 | 25,940 | 15,378 |
Finance costs (CNY K) | -3,904 | -3,228 | -2,600 | -3,854 | -3,537 |
Share of JV profit/(loss) (CNY K) | 3,430 | -1,601 | -969 | 3,067 | 2,508 |
Pre-tax income (CNY K) | 47,879 | 6,790 | 3,154 | 30,333 | 20,063 |
Income tax (CNY K) | -466 | -823 | -894 | -659 | -1,569 |
Net income (CNY K) | 47,413 | 5,967 | 2,260 | 29,674 | 18,494 |
EPS basic (MYR Bn cents) | 4.49 | 0.57 | 0.21 | 2.81 | 1.75 |
EPS diluted (MYR Bn cents) | 4.49 | 0.57 | 0.21 | 2.81 | 1.75 |
Dividends per share (MYR Bn cents) | 0 | 0 | 0 | 0 | 0 |
EBITDA, analyst-defined (CNY K) | 22,071 | 11,812 | 9,125 | 30,526 | 19,686 |
Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Gross margin (%) | 26.4 | 21.0 | 14.8 | 17.2 | 16.4 |
Operating margin (%) | 12.1 | 6.2 | 3.6 | 10.9 | 8.4 |
EBITDA margin (%) | 15.6 | 10.3 | 6.7 | 12.8 | 10.7 |
Pre-tax margin (%) | 33.8 | 5.9 | 2.3 | 12.7 | 10.9 |
Net margin (%) | 33.4 | 5.2 | 1.7 | 12.4 | 10.1 |
Revenue growth YoY (%) | 8.4 | -19.3 | 18.1 | 76.4 | -23.0 |
Revenue History
| Year | Revenue driver | Margin driver |
|---|---|---|
FY2022 | Volume (sales 21,093 t) at flat ASPs (fruit juice RMB6,593/t) | Gross margin reached 26% on cheap raw materials and cost control |
FY2023 | Heatwave-driven raw material shortage halved volume. ASPs rose 49% to RMB9,788/t, which only partly offset the shortage. | — |
FY2024 | Revenue recovered on ASPs (+13% fruit juice, +14% fructose) | Gross margin compressed to 14.8% on high procurement and production costs |
FY2025 | Customer inventory-building, which the company links to supply-chain stabilisation amid US tariff changes, lifted revenue 76.4% | Gross margin recovered to 17.2% on membrane-concentration and heat-recovery upgrades |
FY2026 | Demand normalised; revenue fell 23.0% | ASPs fell; gross margin slipped to 16.4%, with 2H at 13.5% vs 19.2% in 1H |
Balance Sheet and Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total assets (CNY K) | 193,774 | 232,883 | 238,561 | 309,791 | 295,387 |
Cash and cash equivalents (CNY K) | 3,474 | 14,403 | 31,362 | 11,610 | 2,503 |
Notes receivable from SDICZL (CNY K) | 0 | 24,800 | 10,000 | 70,000 | 31,000 |
Trade receivables from SDICZL (CNY K) | 94,387 | 91,934 | 32,156 | 133,427 | 136,098 |
Inventories (CNY K) | 28,123 | 39,094 | 105,120 | 36,064 | 66,936 |
Property, plant and equipment (CNY K) | 45,491 | 41,872 | 39,715 | 37,855 | 34,846 |
Right-of-use assets (CNY K) | 6,506 | 6,319 | 6,133 | 5,947 | 5,954 |
Investment in JV (CNY K) | 13,935 | 12,334 | 11,371 | 14,433 | 16,946 |
Goodwill and intangibles (CNY K) | 0 | 0 | 0 | 0 | 0 |
Bank borrowings, short-term (CNY K) | 9,891 | 34,385 | 39,056 | 78,941 | 40,532 |
Payable to SDICZL, interest-bearing, on demand (CNY K) | 48,203 | 53,419 | 56,341 | 59,856 | 63,165 |
Lease liabilities (CNY K) | 0 | 0 | 0 | 0 | 173 |
Total debt (CNY K) | 58,094 | 87,804 | 95,397 | 138,797 | 103,870 |
Short-term debt (CNY K) | 58,094 | 87,804 | 95,397 | 138,797 | 103,751 |
Long-term debt (CNY K) | 0 | 0 | 0 | 0 | 119 |
Net debt (CNY K) | 54,620 | 73,401 | 64,035 | 127,187 | 101,367 |
Total equity (CNY K) | 128,799 | 134,766 | 137,061 | 166,730 | 185,229 |
Current assets (CNY K) | 127,842 | 172,358 | 181,342 | 251,556 | 237,641 |
Current liabilities (CNY K) | 64,769 | 97,911 | 101,300 | 142,867 | 109,851 |
Working capital (CNY K) | 63,073 | 74,447 | 80,042 | 108,689 | 127,790 |
NAV per share (MYR Bn cents) | 12.20 | 12.77 | 12.99 | 15.80 | 17.55 |
Cash Flow
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Operating cash flow before working capital (CNY K) | 46,920 | 8,711 | 6,283 | 27,064 | 16,284 |
Net operating cash flow (CNY K) | 50,358 | -14,713 | 13,886 | -56,798 | 30,561 |
Capex, PPE purchases (CNY K) | -1,257 | -897 | -2,002 | -2,526 | -1,086 |
Free cash flow (CNY K) | 49,101 | -15,610 | 11,884 | -59,324 | 29,475 |
Dividends paid (CNY K) | 0 | 0 | 0 | 0 | 0 |
Share buybacks (CNY K) | 0 | 0 | 0 | 0 | 0 |
Net change in cash (CNY K) | -1,259 | 10,929 | 16,959 | -19,752 | -9,107 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
ROE on average equity (%) | 45.1 | 4.5 | 1.7 | 19.5 | 10.5 |
ROA on average assets (%) | 24.4 | 2.8 | 1.0 | 10.8 | 6.1 |
Pre-tax ROIC, operating income / year-end invested capital (%) | 9.4 | 3.4 | 2.4 | 8.8 | 5.4 |
Current ratio (x) | 1.97 | 1.76 | 1.79 | 1.76 | 2.16 |
Debt to equity (x) | 0.45 | 0.65 | 0.70 | 0.83 | 0.56 |
Net debt to EBITDA (x) | 2.47 | 6.21 | 7.02 | 4.17 | 5.15 |
Interest coverage, operating income / finance costs (x) | 4.40 | 2.21 | 1.86 | 6.73 | 4.35 |
Asset turnover (x) | 0.73 | 0.54 | 0.57 | 0.87 | 0.61 |
Days sales outstanding (days) | 242.9 | 293.0 | 86.8 | 204.0 | 270.4 |
Days inventory outstanding (days) | 98.4 | 157.6 | 332.9 | 66.6 | 159.2 |
Days payables outstanding (days) | 5.9 | 9.3 | 3.4 | 0.7 | 4.1 |
Cash conversion cycle (days) | 335.4 | 441.3 | 416.3 | 269.9 | 425.5 |
Revenue by Region and Revenue by Region (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Revenue to PRC-domiciled customers, as reported (CNY K) | 141,849 | 114,533 | 135,281 | 238,683 | 183,705 |
Of which sales to SDICZL group (CNY K) | 137,890 | 103,836 | 128,979 | 238,082 | 182,960 |
SDICZL share of revenue (%) | 97.2 | 90.7 | 95.3 | 99.7 | 99.6 |
Revenue growth YoY (%) | 8.4 | -19.3 | 18.1 | 76.4 | -23.0 |
Capital Markets
| Item | Value | Source / basis |
|---|---|---|
Last verified close | S$0.025 (18 Aug 2026) | S13 |
1-year price change | -39.0% (to 18 Aug 2026) | S13 |
52-week range | S$0.003–S$0.050 per aggregator. The low appears anomalous; S$0.050 was the 28 Aug 2025 close. | S13, S11 |
Notable moves | +126.7% on 21 Jan 2025 (to S$0.034); +19.0% on 28 Aug 2025 (to S$0.050) | S12, S11 |
Market capitalisation | S$26.4m (about RMB147m at S$1 = RMB5.57) | Analyst computation |
P/E (FY2026 EPS) | About 7.9x | Analyst computation |
P/B (30 Jun 2026 NAV) | About 0.79x | Analyst computation |
EV (market cap + net debt MYR Bn101.4m) | About RMB248m | Analyst computation |
EV/EBITDA (FY2026, analyst-defined) | About 12.6x | Analyst computation |
EV/Sales (FY2026) | About 1.35x | Analyst computation |
EV net of SDICZL receivables and notes (MYR Bn167.1m) | About RMB81m, or about 4.1x EBITDA | Analytical adjustment, non-standard |
Analyst consensus | None; zero analysts cover the stock | S21 |
Credit ratings (Moody's / S&P / Fitch) | None; unrated | — |
Per-Share Data
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Dividend per share (MYR Bn cents) | 0 | 0 | 0 | 0 | 0 |
Dividends paid (CNY K) | 0 | 0 | 0 | 0 | 0 |
Share buybacks (CNY K) | 0 | 0 | 0 | 0 | 0 |
NAV per share (MYR Bn cents) | 12.20 | 12.77 | 12.99 | 15.80 | 17.55 |
Capital Instruments
| Instrument | Amount (CNY K) | Rate | Security | Maturity |
|---|---|---|---|---|
Trade financing | 30,840 | 1.10–1.70% | Endorsed SDICZL notes | Within 12 months |
Short-term bank loan | 9,692 | 2.11% | Unsecured | 1 year from Jun 2026 |
Payable to SDICZL | 63,165 | 3.00–3.10% | Unsecured | On demand |
Lease liabilities | 173 | — | — | 54 current; 119 non-current |
Total | 103,870 | — | — | 99.9% current |
Analyst Conclusions
Management guidance
The company issues no numerical guidance. Its FY2026 commentary expects:
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an uncertain environment shaped by trade policy and tariffs, logistics costs, demand fluctuations, competition and climate effects;
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a continued focus on cost management, operational efficiency and gradual diversification, leveraging SDICZL.
Consensus growth expectations. None; the stock has no analyst coverage.
Bull case
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Valuation floor. The stock trades at about 0.79x book and about 7.9x trailing earnings. The parent owes the group RMB167m, against a market cap of about RMB147m. On an EV net of SDICZL receivables, the stock trades near 4x EBITDA.
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Structural margin support. Process upgrades and the fructose mix held gross margin at 16.4% in a falling-ASP year, versus 14.8% in FY2024. Profitability has held through four consecutive years.
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Latent asset value and corporate action. Xuzhou compensation, simplification through the amalgamation, and the parent's strategic shift could catalyse an asset transfer, privatisation or other value-crystallising event. This is speculative and nothing has been announced.
Bear case
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Customer and credit concentration. One state-linked counterparty accounts for all trade receivables, and RMB65.5m was 91–270 days past due. The parent's 1H2026 profit collapse (guided down about 93–95%) raises the risk of slower settlement.
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Cyclical revenue reversal. FY2025's tariff-driven inventory build has unwound. 2H FY2026 gross margin fell to 13.5% as ASPs declined, and US tariffs remain.
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No path to shareholder returns. Company-level accumulated losses of RMB201.9m prevent dividends. Liquidity is negligible and the share price is down 39% in one year. The parent's capital and management attention are moving to semiconductor engineering services.
Key catalysts and monitorables (next 12 months)
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Outcome of SDICZL's SSE and CSRC process for the CEEDI acquisition, and any subsequent statement on the juice assets, including Zhongxin.
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Xuzhou relocation compensation terms and completion of the amalgamation.
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The 2026 harvest (procurement volumes and costs) and the 1H FY2027 results, due around February 2027.
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US tariff developments affecting Chinese AJC.
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Trend in SDICZL receivable ageing and the notes balance.
Analyst verdict
Zhongxin Fruit and Juice is a small, profitable but structurally captive juice-concentrate processor. Its fortunes depend less on its own execution than on two external forces: the global AJC demand cycle and the strategic priorities of its controlling shareholder.
On the numbers, the business has improved. Equity has more than doubled since FY2021 to RMB185.2m. The company has been profitable for four straight years. Fructose has turned a single-product apple-juice exposure into a two-product operation. Process upgrades have kept gross margin above 16% despite falling prices.
On valuation, the shares look optically cheap at about 0.8x book and under 8x earnings. They also trade below the value of receivables owed by the parent.
Yet the discount is rational. All revenue and all trade receivables sit with SDICZL. Cash conversion runs to more than 400 days. The company cannot pay dividends because of legacy holding-company losses. Free float and liquidity are minimal.
The FY2026 results show that FY2025's record year was a tariff-driven pull-forward, not a new earnings base. 2H FY2026 margins of 13.5% point to a softer FY2027 unless the 2026 harvest is cheap and export demand recovers.
The pivotal uncertainty is SDICZL's transformation into an electronics engineering services group through the RMB6.03bn CEEDI acquisition. The parent has said it will retain juice. However, the juice business receives no new capital, and Zhongxin's minority shareholders have no visibility on any future restructuring.
For institutional investors, Zhongxin is effectively uninvestable at scale because of liquidity. For special-situations capital, it is a speculative asset-backed option on parent-level corporate action and Xuzhou compensation, with downside limited mainly by book value and the parent's credit.
Rating framework: Neutral / Special-situation. Fundamental value is supported by book and receivables. A re-rating requires a corporate-action catalyst that has not been announced.
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View Subscription PlansExecutive Leadership
Board of Directors
| Name | Title | Age | First appointed | Last re-elected | Committees | Background (summary) |
|---|---|---|---|---|---|---|
Liu Yu | Chairman; Non-Executive Non-Independent Director | 44 | 30 Mar 2022 | 28 Oct 2022 (re-election sought at 28 Oct 2025 AGM) | AC, NC and RC member | Finance Director of SDICZL since Jan 2022. Previously Finance Director and Vice Director of Risk Control at Macrolink Holding Group Finance Co. (2013–2021); Finance Director roles at Tonghua Grape Wine and Huaxia Runshi Equity Investment Fund Management. Master's in accounting; ACCA, CIMA, CICPA; PRC senior accountant title. Director and legal representative of both subsidiaries and the JV. |
Cai Huixin | Non-Executive Non-Independent Director | 50 | 29 Jan 2024 | 29 Oct 2024 | — | Vice President of SDICZL. Company GM from Mar 2023 and Executive Director from Jan 2024; redesignated non-executive 31 May 2025. Former GM of Yunnan SDIC Zhonglu (2018–2023) and Shanxi SDIC Zhonglu (2012–2018). In concentrated juice since 2004. Business management degree, Zhong Nan University. |
Liu Xiaoyan | Lead Independent Director | 56 | 30 Oct 2023 | 29 Oct 2024 | AC Chair; RC Chair; NC member | General Manager of Lance Capital Pte Ltd; Independent Non-Executive Director of Sinostar PEC Holdings. Previously at Morgan Stanley Bank Asia (consultant, 2019–2021), Haitong International Securities Singapore (2017–2018), Zana Capital and Asia Petroleum Technology; adviser for the agri-food industry to Temasek's Singbridge Group. Bachelor's from Nankai University; further study at Peking University School of Economics. |
Wang Ming | Independent Director | 53 | 30 Oct 2023 | 29 Oct 2024 | NC Chair; AC and RC member | PRC CPA, Certified Public Valuer and Certified Tax Agent. Manager of the Audit Department at Zhongxingcai Guanghua CPAs; executive director of Baicheng Tax Agents. Former partner at Zhongxinghua CPA (2018–2024) and Ruihua (2013–2018). Hebei University of Economics and Business. |
Executive Leadership Team
| Name | Title | Tenure | Background |
|---|---|---|---|
Liu Zhenzhe | General Manager (sole key management position) | GM since 31 May 2025; Deputy GM (Finance) since 26 Oct 2012 | Former Finance Manager of Shanxi SDIC Zhonglu (2005–2006) and Linyi SDIC Zhonglu (2006–2012). Born 1966 per an aggregator. |
Directors' Remuneration
| Director / executive | Fees (SGD) | Salary (SGD) | Bonus (SGD) | Other (SGD) | Total (SGD) |
|---|---|---|---|---|---|
Liu Yu | 0 | 0 | 0 | 0 | 0 |
Cai Huixin | 0 | 31,040 | 18,111 | 0 | 49,151 |
Liu Xiaoyan | 33,000 | 0 | 0 | 0 | 33,000 |
Wang Ming | 10,969 | 0 | 0 | 0 | 10,969 |
Liu Zhenzhe (GM) | — | 71% of total | 29% of total | — | Below S$250,000 (band only) |
Board & Management Changes
| Date | Change |
|---|---|
Mar 2022 | Liu Yu appointed Chairman |
Oct 2023 | Liu Xiaoyan and Wang Ming appointed independent directors. Previous directors Tham Mun Chee, Zhang Chuning and Liu Xiuwen were in office at the 25 Oct 2023 AGM. |
Jan 2024 | Cai Huixin appointed Executive Director; Liu Yu redesignated non-executive |
May 2025 | Liu Zhenzhe appointed GM; Cai Huixin redesignated non-executive |
Major Shareholders
| Holder | Shares | Stake (%) | Type | Source |
|---|---|---|---|---|
SDIC Zhonglu Fruit Juice Co., Ltd. | 560,598,425 | 53.11 | Controlling shareholder (PRC listed SOE subsidiary) | S4, S21 |
Go Twan Heng | 283,922,296 | 26.90 | Individual | S21 (aggregator, Apr 2025) |
Go Wei Ho | 34,212,000 | 3.24 | Individual | S21 |
Shanxi Boding Industry & Trade Co Ltd | — | 2.75 | Private company | S21 |
Directors' interests | 0 | 0.00 | No director holds shares | S4 |
Competitive Landscape
Key Competitors
| Competitor | Home market | Segment overlap | Latest revenue (as disclosed or reported) | Relative positioning | Source |
|---|---|---|---|---|---|
Yantai North Andre Juice Co. (Andre; HKEX 02218 / SSE 605198) | China (Shandong, Shaanxi, Shanxi) | AJC, NFC apple juice | RMB1.68bn in 2025 (+18.3%); net profit RMB330m | Co-leader of the Chinese duopoly; 10 production bases; higher margins than SDICZL | S18, S17 |
SDIC Zhonglu Fruit Juice (parent; SSE 600962) | China and Poland (Appol) | AJC, pear juice, other concentrates | RMB1.987bn in 2024; 2025 net profit RMB40.9m | Largest Chinese producer by revenue; Zhongxin is part of its supply base | S27, S20 |
China Haisheng Juice / Shaanxi Haisheng | China | AJC | — | Reported to have exited the market | S17 |
Shaanxi Hengtong Fruit Juice | China | AJC | — | Reported to have exited the market | S17 |
Döhler Group | Germany (global) | Juice concentrates, ingredients | Not publicly disclosed (private) | Global integrated ingredients major | — |
AGRANA / Austria Juice | Austria, Poland, Hungary and others | AJC, berry concentrates | — | European AJC leader | — |
SVZ (Royal Cosun) | Netherlands, Poland, Spain | Fruit and vegetable concentrates and purees | — | European ingredients player | — |
Tree Top Inc. | United States | Apple juice and ingredients (cooperative) | — | US domestic processor; benefits from tariffs on Chinese AJC | — |
Göknur Gıda | Turkey | Fruit concentrates | — | Turkish exporter competing in EU and US | — |
Polish independent processors | Poland | AJC | — | Poland is the leading competing AJC origin to China for EU and US supply | — |
Peer Comparison FY2026
| Metric | Zhongxin (FY2026, Jun) | SDICZL (CY2024) | Andre (CY2024) | Andre (CY2025) |
|---|---|---|---|---|
Revenue (CNY Mn) | 183.7 | 1,987 | 1,418 | 1,680 |
Revenue growth (%) | -23.0 | 33.65 | 61.85 | 18.3 |
Gross margin (%) | 16.4 | 15.53 | 24.79 | — |
Net margin (%) | 10.1 | 1.89 | 18.39 | ~19.6 (derived) |
