Anhui Yingjia Distillery Co (SHSE:603198) Operating Income: ¥2,513 Mil (TTM As of Jun. 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

SHSE:603198 Anhui Yingjia Distillery Co Ltd SHSE:603198
100 GF Score
Price ¥38.90
GF Value ¥47.68
Valuation Modestly Undervalued
! 2 Warning Signs
View Full Analysis

What is Anhui Yingjia Distillery Co Operating Income?

Anhui Yingjia Distillery Co SHSE:603198 +0.34% 100 Operating Income is ¥2,513 Mil as of Jun. 2026. GuruFocus rates SHSE:603198 with a GF Score™ of 100/100 and a GF Value™ of ¥47.68 (Modestly Undervalued). The stock has 2 warning signs investors should review.

Anhui Yingjia Distillery Co's Operating Income for the three months ended in Jun. 2026 was ¥398 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 was ¥2,513 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Anhui Yingjia Distillery Co's Operating Income for the three months ended in Jun. 2026 was ¥398 Mil. Anhui Yingjia Distillery Co's Revenue for the three months ended in Jun. 2026 was ¥1,186 Mil. Therefore, Anhui Yingjia Distillery Co's Operating Margin % for the quarter that ended in Jun. 2026 was 33.59%.

Good Sign:

Anhui Yingjia Distillery Co Ltd operating margin is expanding. Margin expansion is usually a good sign.

Anhui Yingjia Distillery Co's 5-Year average Growth Rate for Operating Margin % was 4.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Anhui Yingjia Distillery Co's annualized ROC % for the quarter that ended in Jun. 2026 was 13.77%. Anhui Yingjia Distillery Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 was 24.24%.


Anhui Yingjia Distillery Co  (SHSE:603198) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Anhui Yingjia Distillery Co's annualized ROC % for the quarter that ended in Jun. 2026 is calculated as:

ROC % (Q: Jun. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2026 ) + Invested Capital (Q: Jun. 2026 ))/ count )
=1593.29912424 * ( 1 - 25.284% )/( (8342.83079514 + 8950.37476891)/ 2 )
=1190.4493736672/8646.602782025
=13.77 %

where

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=14629.72001484 - 1175.59620593 - ( 5111.29301377 - max(0, 2438.97176105 - 10434.86991795+5111.29301377))
=8342.83079514

Invested Capital(Q: Jun. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=13391.17147427 - 749.06154778 - ( 3691.73515758 - max(0, 2019.57219927 - 9136.32681846+3691.73515758))
=8950.37476891

Note: The Operating Income data used here is four times the quarterly (Jun. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Anhui Yingjia Distillery Co's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2026  Q: Jun. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1750.21160124/( ( (3631.391889 + max(3356.2266477, 0)) + (3695.72928796 + max(3757.60645432, 0)) )/ 2 )
=1750.21160124/( ( 6987.6185367 + 7453.33574228 )/ 2 )
=1750.21160124/7220.47713949
=24.24 %

where Working Capital is:

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(58.86240663 + 5142.91787715 + 109.27688212) - (1175.59620593 + 532.18512328 + 247.04918899)
=3356.2266477

Working Capital(Q: Jun. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(55.90366833 + 5265.89621508 + 18.82923539) - (749.06154778 + 420.38685484 + 413.57426186)
=3757.60645432

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2026) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Anhui Yingjia Distillery Co's Operating Margin % for the quarter that ended in Jun. 2026 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2026 )/Revenue (Q: Jun. 2026 )
=398.32478106/1185.86910514
=33.59 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Anhui Yingjia Distillery Co Operating Income Related Terms


Anhui Yingjia Distillery Co Operating Income Historical Data

* Premium members only.

The historical data trend for Anhui Yingjia Distillery Co's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Anhui Yingjia Distillery Co Operating Income Chart

Anhui Yingjia Distillery Co Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 1,704.43 2,163.52 2,906.99 3,346.53 2,451.79

Anhui Yingjia Distillery Co Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 361.93 483.76 558.81 1,071.65 398.32
SHSE:603198
100GF Score
Anhui Yingjia Distillery Co Ltd SHSE:603198
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Anhui Yingjia Distillery Co Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Jun. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was ¥2,513 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of ¥2,513 Mil mean?
Anhui Yingjia Distillery Co (SHSE:603198) has a Operating Income of ¥2,513 Mil as of Jun. 2026. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Anhui Yingjia Distillery Co and its competitors.
Is Anhui Yingjia Distillery Co's Operating Income too high?
Anhui Yingjia Distillery Co's current Operating Income is ¥2,513 Mil. Overall, Anhui Yingjia Distillery Co has a GF Score™ of 100/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Anhui Yingjia Distillery Co's Operating Income compare to BF.B?
Anhui Yingjia Distillery Co's Operating Income of ¥2,513 Mil can be compared against companies in the Beverages - Alcoholic industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Beverages - Alcoholic company?
A good Operating Income depends on the Beverages - Alcoholic industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Anhui Yingjia Distillery Co and its competitors. Anhui Yingjia Distillery Co's current Operating Income is ¥2,513 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Anhui Yingjia Distillery Co stock overvalued right now?
Based on GuruFocus' analysis, Anhui Yingjia Distillery Co (SHSE:603198) is currently considered Modestly Undervalued. The stock's GF Value™ is ¥47.68, compared to a current price of ¥38.90 — trading 18.4% below its estimated fair value. The current Operating Income is ¥2,513 Mil. Anhui Yingjia Distillery Co's overall GF Score™ is 100/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Anhui Yingjia Distillery Co (SHSE:603198), the current Operating Income is ¥2,513 Mil as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Anhui Yingjia Distillery Co (SHSE:603198) Overvalued in 2026?

Based on GuruFocus' analysis, Anhui Yingjia Distillery Co stock appears to be undervalued. The current stock price of ¥38.90 is trading 18.4% below its estimated GF Value™ of ¥47.68. GuruFocus considers Anhui Yingjia Distillery Co to be Modestly Undervalued.

Key valuation signals for SHSE:603198:

  • Operating Income: ¥2,513 Mil
  • GF Value™: ¥47.68 vs. price of ¥38.90 (18.4% below fair value)
  • GF Score™: 100/100 with 2 warning signs

No single metric tells the full story. See the SHSE:603198 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Anhui Yingjia Distillery Co Business Description

Address Foziling Town, Huoshan County, Anhui Province, Lu\'an, CHN, 237271
Anhui Yingjia Distillery Co Ltd is a Chinese producer of baijiu, a traditional distilled spirit, headquartered in Lu'an, Anhui province. The company focuses on rich-flavored (nongxiang) baijiu and ranks among the leading distillers in Anhui by sales revenue. Its product portfolio spans several price tiers, with the Dongcang Yearly series serving as its flagship line and a major contributor to sales, alongside other brands such as Yingjia Meijiu and niche offerings. Yingjia sells primarily in Anhui and neighboring provinces, including Jiangsu, Shanghai, and Zhejiang, through distributors, wholesalers, and retail channels, while also expanding into national markets. Revenue comes mainly from the sale of bottled baijiu, with the mid-to-high-end segment driving profitability. The company is controlled by Anhui Yingjia Group, which holds a majority stake following a management buyout in 1997, with ownership largely comprising management and core employees.
100GF Score

Get the complete analysis for SHSE:603198

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

¥38.90
Price
¥47.68
GF Value