Shui On Land Limited (SOLLF)
NEUTRAL基本面
48
价格
$0.41
市值
$3.24B
第一部分 · 这家公司值多少
概览
Shui On Land develops and manages large-scale urban regeneration projects in mainland China, anchored by its Xintiandi and Lakeville brands in central Shanghai. The company builds residential, office and retail properties on redeveloped land, then either sells the residential units or keeps the commercial space to lease and manage long term. As of the end of 2025 its investment property portfolio was valued at RMB57.6 billion, spanning about 1,258,000 square metres of gross floor area.
盈利方式
Shui On Land earns money two ways: selling newly built apartments and offices under presale contracts, with revenue recognized when units are delivered to buyers, and collecting rent from tenants of the retail and office space it keeps and operates itself, mainly under the Xintiandi brand. In 2025 it recorded RMB7,916 million in contracted property sales — bookings for future delivery — and RMB3,625 million in rental and related income, up 2% from the prior year.
需求驱动因素
周期性Property development in China has been cyclical and, more recently, in a prolonged downturn: nationwide sales volume and value fell 8.7% and 12.6% year-on-year during the period covered by Shui On Land's 2025 results, and the company describes industry-wide liquidity as likely to remain tight. Its rental income from completed, leased commercial space is comparatively steadier, growing even as development sales softened.
看多理由
Buyers argue that Shui On Land's shift toward rental income and asset-light partnerships is cushioning it against the broader Chinese property downturn, that its Xintiandi commercial portfolio in central Shanghai commands premium rents, and that a RMB57.6 billion investment-property base provides a tangible asset backing for the shares.
看空理由
Sellers fear that the company still depends on selling new residential units in a Chinese property market where nationwide volumes and prices keep falling, that it reported a net loss for 2025 driven by non-cash fair-value adjustments and impairments, and that tight sector-wide liquidity could pressure its ability to fund new projects.
Written by the editors, published on 2026年8月18日
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资产负债表与流动性
营收
$4.09B
截至最近已公布季度的最近12个月 — 根据每股指标估算
净利润
$-1.78B
截至最近已公布季度的最近12个月 — 根据每股指标估算
自由现金流
$7.52B
股东权益合计
$42.45B
负债合计
$33.56B
流动比率
1.10
利息覆盖率
-
债务/EBITDA
26.68
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$11.28
当前价格
$0.41
安全边际
+96.4%
公允价值区间
$7.33 - $15.22
估算方法
估值指标
市盈率（P/E）
-
ROE
-4.3%
市净率（P/B）
0.09
P/FCF
0.43
毛利率
51.7%
ROIC
0.5%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
0.5%
WACC
0.8%
ROIC − WACC
-0.3 pp
ROIC is roughly in line with the cost of capital — the company is barely covering its capital cost.
基本面分析标准
通过（9）
- Gross Margin 51.7%
- P/FCF 0.43
- P/B Ratio 0.09
- Debt/Equity ratio
- Operating Margin 10.1%
- Positive Free Cash Flow
- Current Ratio
- DCF valuation (Undervalued)
- Earnings Surprise avg 35.5%
未通过（9）
- Price CAGR -12.53%
- ROIC 0.5%
- CapEx intensity
- Debt/EBITDA
- ROE -4.8%
- Revenue Growth 5Y -2.3%
- Analyst Consensus 0% Buy
- Earnings Quality (OCF/NI) 0.47
- Piotroski F-Score 1/9
不可用（9）
- EPS data insufficient
- Dividend Payout NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Share Dilution (missing shares data)
- Net Margin Trend (invalid data)
Piotroski F-评分
存在严重财务隐患
盈利质量
低质量：需深入审查会计处理
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Dr. Hong Sui Lo GBS, J.P. | Executive Chairman | 77 |
| Ms. Jessica Ying Wang | CEO & Executive Director | 51 |
| Ms. B. Y. Lo | Executive Vice Chairman | 43 |
| Mr. He Hau Sung | CFO, Chief Investment Officer & Executive Director | 58 |
| Mr. Kim Lun Uy LL.B, P.C. L.L | Director of Legal Affairs & Company Secretary | 62 |
| Mr. K. M. Lee | Director of Human Resources | 68 |
| Mr. Pit Kwong Wong | Chief Economist & Director of Development Research | 69 |
| Mr. Kain Bon Chan | Chief Sustainability Officer and Director of Planning & Development. | 51 |
| Mr. Allan B. Zhang | Chief Executive Officer of Shui On Xintiandi Limited | 46 |
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for SOLLF, sourced from Markets Gazette.