Cuiwei Co., Ltd. (603123) Business Status and Stock Price Analysis

• Latest Price:
  14.12 yuan (closing on December 17, 2025)
• Recent Increases:
  Single-day +9.97%, 5-day +21.10%, YTD +69.30%[0]
• Active Trading:
  Volume 1.2894 million lots, far higher than the average of 0.1630 million lots[0]

• 52-week High: 17.68 yuan
• 52-week Low: 6.40 yuan
• The current price is at a relatively high level this year, but there is still room from the historical high[0]

• Profitability:
  Consecutive losses, EPS -0.85 yuan, P/E ratio -16.61x[0]
• Profit Margins:
  Net profit margin -27.57%, operating profit margin -23.55%[0]
• Shareholder Return:
  ROE is -31.08%, indicating damage to shareholder equity[0]

• Liquidity:
  Current ratio 0.91, quick ratio 0.87, indicating weak short-term debt repayment ability[0]
• Debt Risk:
  Financial analysis shows the company’s debt risk is classified as ‘high risk’[0]
• Free Cash Flow:
  The latest free cash flow is -358 million yuan, cash flow situation is tight[0]

The company mainly engages in commercial retail business and third-party payment business, owning three major brands: Cuiwei Department Store, Contemporary Mall, Ganjiakou Department Store, and Haike Rongtong third-party payment business[1]. It has high brand awareness and market influence in Beijing.

According to DCF valuation model analysis:

• Conservative Scenario:
  Intrinsic value 2.00 yuan (vs current price -85.8%)[0]
• Neutral Scenario:
  Intrinsic value 2.63 yuan (vs current price -81.4%)[0]
• Optimistic Scenario:
  Intrinsic value 6.52 yuan (vs current price -53.8%)[0]

• P/B Ratio:
  5.83x, relatively high
• WACC:
  5.9%, reflecting the company’s cost of capital
• Historical Performance:
  5-year CAGR of revenue is -14.1%, indicating a business contraction trend[0]

According to the company’s announcement, the cumulative deviation of closing price increases reached 20% over two consecutive trading days from December 16 to 17[2]. The company has issued a clarification announcement confirming:

• Production and operation activities are normal
• No major changes in daily operations
• No major changes in external market environment or industry policies
• Controlling shareholders and actual controllers have no other major information that should be disclosed but not disclosed[2]

1. Serious deviation between fundamentals and stock price: The company continues to lose money, but the stock price rises sharply
2. Overvaluation: DCF analysis shows current stock price is seriously overvalued
3. Liquidity risk: Weak short-term debt repayment ability and tight cash flow
4. Business transformation pressure: Traditional retail business faces challenges and needs transformation breakthroughs

Based on the current fundamental analysis, Cuiwei Co., Ltd.'s stock price performance is clearly detached from fundamental support. Although the company claims stable operations, the operational difficulties reflected in financial data and overvaluation issues cannot be ignored. Investors should be cautious about the current stock price fluctuations and avoid the risk of chasing high prices.

[0] Jinling API Data
[1] Sohu Securities - Cuiwei Co., Ltd. Company Profile
[2] Securities Times - Cuiwei Co., Ltd.: Production and operation activities are normal (https://www.stcn.com/article/detail/3545345.html)