Report date: 2026-09-13 | Price data: 2026-09-11 close (Friday); technical indicators and capital flow data are synchronized as of that date, with a few reference values from early September snapshots (noted in the corresponding entries) | Sources: 30 | Report engine: v1 (v2 available)

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Latest market data

Close	16.13 (+1.07% on the day; -3.76% over 5 sessions; -4.61% over 20 sessions)
Market cap	CNY 9.84 billion
P/E (TTM)	37.46x (76th percentile over 5.2 years)
P/B (MRQ)	2.39x (27th percentile over 5.2 years)
P/S (TTM)	2.89x (19th percentile over 5.2 years)
52-week range	12.9 (2026-06-29) – 22.04 (2025-10-16)
Moving averages	MA5 16.22 / MA10 16.31 / MA20 16.41 / MA60 15.53
MACD (12,26,9)	DIF 0.042, DEA 0.141, histogram -0.198
RSI	RSI6 43.1 / RSI14 48.4
Bollinger bands (20,2)	Upper 17.1 / middle 16.41 / lower 15.72
Volume	0.65x the 20-day average
One-week range (about 68% coverage)	15.42 – 16.95 (-4.4% ~ +5.1%)
One-week range (about 95% coverage)	14.33 – 17.91 (-11.2% ~ +11.0%)

As of the 2026-09-30 close; calculated from daily price data (adjusted prices) and refreshed automatically each trading day. The one-week range reflects historical volatility only and is not a forecast. The report below was written on 2026-09-13; its prices and short-term scenarios reflect data at that time.

Xiamen Kingdomway Group Co., Ltd. (002626)

Equity Research Report | Industry: Food Manufacturing / Chemical APIs (Nutritional Ingredients + Consumer Health Supplements) | Report Date: September 13, 2026 | Close of 2026-09-11 (Friday); technical indicators and fund flow data sources are synchronized to that date, with certain reference values being early-September snapshots (noted in the corresponding entries)

This report is automatically compiled by AI based on public information and is for reference only. It does not constitute investment advice.

1. Core Summary

The most decision-relevant characteristic of Xiamen Kingdomway Group Co., Ltd. currently is "revenue maintaining growth while profit is clearly under pressure": in H1 2026, the company achieved operating revenue of RMB 1.773 billion, up 2.58% year-on-year; net profit attributable to parent was RMB 170 million, down 31.23% year-on-year; non-GAAP net profit attributable to parent declined 33.99%. TTM net profit attributable to parent was approximately RMB 263 million, down approximately 42.8% year-on-year, with ROE of approximately 6.0%. The profit decline is significantly larger than the revenue decline, primarily affected by the revenue decline in the vitamin A series, price pressure on coenzyme Q10, exchange losses, and increased interest expenses.

The company has formed a business structure of "nutritional ingredients + consumer health supplements." In H1 2026, nutritional health food revenue was RMB 1.039 billion, up 10.20% year-on-year, with gross margin improving to 40.04%; Doctor's Best mainland China sales grew over 60%; U.S. Vit-Best revenue and net profit grew 40.14% and 30.92% respectively; Zipfizz net profit grew 88.71%. However, coenzyme Q10 revenue declined 1.43%, despite volume growth of 15.14%, with unit price declining 14.39%; vitamin A series revenue declined 38.42%, and Kingdomway Vitamin net profit declined 99.43% year-on-year, with the ingredient business dragging down overall profitability.

Growth projects are mainly concentrated in algal oil Omega-3, overseas health supplement production capacity, and terminal brand expansion. The Inner Mongolia 10,000-ton oil project is 63.95% complete and is expected to be available by June 2028; the first phase of the 100,000-ton algal oil Omega-3 project with 25,000 tons of capacity is expected to be gradually released in Q1-Q2 2027. The U.S. KHS project will integrate the Arizona health supplement factory, and after the Vit-Best softgel production line is put into operation, annual capacity is expected to reach 3 billion capsules. Meanwhile, the company has changed the original allulose and inositol fundraising projects to the oil project and smart factory project, reflecting a reassessment of the industry supply-demand and pricing environment for the original projects.

As of September 11, 2026, the company's stock price was RMB 15.94, with a market capitalization of approximately RMB 9.722 billion. Short-term technicals are weak: the stock price is below the MA5, MA10, and MA20 range of RMB 16.55-16.63, MACD is in a death cross above the zero axis, and the average chip cost is approximately RMB 16.68; daily turnover was RMB 76.19 million with a turnover rate of 0.78%, and cumulative net outflow of main funds over the past 10 days was approximately RMB 18.40-19.16 million. Current market trading focus is on the support at RMB 15.8-16.0 and the resistance zone at RMB 16.5-16.7, as well as whether subsequent earnings can recover.

2. Company Overview

2.1 Basic Information

Item	Content
Stock Code	002626
Listing Date	2011-10-28
Issue Price	RMB 35.00
Establishment Date	1997-11-24
Predecessor	Xiamen Kingdomway Vitamin Co., Ltd.
Registered/Office Address	No. 299 Yangguang West Road, Haicang Xinyang Industrial Zone, Xiamen, Fujian Province
Registered Capital	RMB 609.94 million
Number of Employees	2,184 (eastmoney F10 and investing.com sources consistent)
Actual Controller/Chairman/General Manager	Jiang Bin
Controlling Shareholder	Xiamen Kingdomway Investment Co., Ltd. (directly holds 34.71%)
Second Largest Shareholder	China Animal Husbandry Industry Co., Ltd. (holds 18.68%)
Third Largest Shareholder	Xiamen Ankong Real Estate Group Co., Ltd. (holds 4.88%)
Board Secretary	Announced as Hong Yan in November 2025; 2026 materials show Li Xiaofang (personnel change)
Industry Classification	East Money classification: "Food & Beverage - Food Processing - Health Supplements"; CSRC industry: "Manufacturing - Food Manufacturing"; hx168 page labels "Chemical APIs"; the company spans both nutritional ingredients and consumer health supplements, and it is recommended to note both classifications
Core Qualifications & Honors	National Enterprise Technology Center, National Technology Innovation Demonstration Enterprise, National Green Factory; core product coenzyme Q10 awarded the MIIT "Manufacturing Single Champion Product" title (awarded in 2019 and maintained)

2.2 Main Business and Product Layout

Nutritional health food (consumer brands, 2025 revenue RMB 1.92-1.962 billion, accounting for 58.30%, gross margin 34.57%)
Coenzyme Q10 series (2025 revenue RMB 693-700 million, accounting for 20.59%-20.6%, gross margin 54.36%, +6.16pct year-on-year)
Vitamin A series (including D3 and other minor products, 2025 revenue RMB 330 million, accounting for 9.86%-9.9%, gross margin approximately 23%, approximately -10pct year-on-year)
Other businesses (approximately 11% in 2025)
Pharmaceutical APIs (subsidiary Chengxin Pharmaceutical: praziquantel, alanyl-glutamine, oxiracetam)
Feed additives (vitamin A, vitamin D3, etc.)
Nutritional ingredient product portfolio: coenzyme Q10, algal oil Omega-3 (DHA/EPA), ARA, vitamin A, vitamin D3, vitamin K2, nattokinase, PQQ, NMN, astaxanthin, ergothioneine, inositol, etc.
Consumer brand matrix: Doctor's Best, Zipfizz, Viactiv, RxSugar, LeanBody, Labrada, ProSupps, Wukun, Jinlexin

2.3 Industry Chain Upstream/Downstream Position and Cost-Profit Structure

3. Financial Data and Valuation Analysis

3.1 Recent Operating Performance

Reporting Period	Operating Revenue	YoY	Net Profit Attributable to Parent	YoY
2026H1	RMB 1.7731 billion	+2.58%	RMB 170.1 million (attributable to parent)	-31.23%
2026Q2 Single Quarter	RMB 960 million	+6.49%	RMB 104 million (attributable to parent)	-16.82%
2025A	RMB 3.365 billion	+3.87%	RMB 340 million (attributable to parent)	-0.61%
2024A	RMB 3.240 billion	+4.43%	RMB 342 million (attributable to parent)	+23.59%
TTM (as of 2026-06-30)	Approximately RMB 3.410 billion	Approximately -1.0%	Approximately RMB 263 million	Approximately -42.8%

2026H1 data sources: East Money (2026-08-26), Stockstar (2026-08-26), Jiemian News (2026-08-26), China Fund News (2026-08-25), Pacific Securities research report (2026-09-08), Everbright Securities research report (2026-08-26); 2025 annual report disclosed on 2026-04-20, sources: China Securities Journal · CS.com.cn (2026-04-22), Gelonghui/Stockstar (2026-04-20), 10jqka (2026-04-20), etc.; 2024 annual report disclosed on 2025-04-10, sources: Jiemian News (2025-04-10), MarketScreener/S&P Capital IQ (2025-04-09); TTM data source: Sohu Securities 002626 individual stock page (as of 2026-06-30), net profit TTM is author's calculation (3.40-2.47+1.70=RMB 263 million), consistent with Sohu Securities. 2026H1 non-GAAP net profit attributable to parent was RMB 158.8 million, -33.99% year-on-year; net operating cash flow was RMB 261 million, -20.13% year-on-year; EPS (fully diluted) RMB 0.2788; comprehensive gross margin 39.78%, -0.67pct year-on-year; net margin attributable to parent 9.59%, -4.72pct year-on-year. 2026Q2 non-GAAP net profit attributable to parent was RMB 97.8 million, -19.9% year-on-year (Pacific/Caizhongshe figures consistent). 2025 basic earnings per share RMB 0.56, dividend plan of RMB 4 cash per 10 shares (tax included); completed coenzyme Q10 annual production capacity of 920 tons expansion project; media interpreted as revenue growth without profit growth, with goodwill impairment and exchange losses as main drags. 2024 gross margin 38.52% (+1.19pct), ROE 7.99%, diluted EPS RMB 0.56, net operating cash flow RMB 521 million (-20.88%). 2026H1 expense ratios: selling 11.13% (+1.23pct), administrative 10.94% (flat), R&D 1.83% (-0.54pct), financial 2.90% (+3.01pct, mainly due to exchange losses and increased interest expenses). 2026H1 revenue structure: nutritional health food RMB 1.039 billion (+10.20%), coenzyme Q10 series RMB 375 million (-1.43%, volume +15.14%, unit price -14.39%), vitamin A series RMB 121 million (-38.42%, volume -11.47%, unit price -30.43%); domestic RMB 515 million (+20.77%), overseas RMB 1.258 billion (-3.38%). Subsidiary profits: Kingdomway Holdings revenue/net profit +64.91%/+90.26%; U.S. Vit-Best revenue +40.14%, net profit +30.92%; Zipfizz net profit +88.71%; Kingdomway Pharmaceutical net profit -54.49%; Kingdomway Vitamin net profit -99.43%. TTM ROE 6.0%, ROIC 5.6%, gross margin 39.8%, net margin 10.6% (Sohu Securities).

The company showed revenue growth without profit growth in H1 2026: revenue +2.58% year-on-year, but net profit attributable to parent -31.23% year-on-year, non-GAAP net profit attributable to parent -33.99% year-on-year, with profit decline significantly larger than revenue. Main drags include: vitamin A series revenue -38.42% year-on-year (volume -11.47%, unit price -30.43%), coenzyme Q10 series despite volume +15.14% but unit price -14.39% resulting in revenue slightly declining 1.43%, financial expense ratio significantly rising 3.01pct (exchange losses and increased interest expenses). The nutritional health food segment performed relatively well, with revenue of RMB 1.039 billion, +10.20% year-on-year, domestic revenue +20.77%, U.S. Vit-Best revenue +40.14%, net profit +30.92%, Zipfizz net profit +88.71%, but Kingdomway Pharmaceutical net profit -54.49% and Kingdomway Vitamin net profit -99.43% dragged down overall performance. 2026Q2 single-quarter revenue +6.49% year-on-year, net profit attributable to parent -16.82% year-on-year, with the profit decline narrowing compared to Q1 but still negative growth. Full year 2025 saw revenue growth without profit growth, revenue +3.87% but net profit attributable to parent -0.61%, with goodwill impairment and exchange losses as main drags. 2024 net profit attributable to parent +23.59% was the recent high, with profits entering a downward channel from 2025. On a TTM basis, revenue was approximately RMB 3.410 billion (-1.0% year-on-year), net profit approximately RMB 263 million (-42.8% year-on-year), non-GAAP net profit TTM approximately RMB 245 million (-45.6% year-on-year), ROE(TTM) only 6.0%, with profitability clearly under pressure.

3.2 Profit Forecast

3.3 Valuation Levels and Institutional Ratings

4. Recent News and Announcements

4.1 2026 Interim Report: Revenue Growth Without Profit Growth, Net Profit Attributable to Parent Down 31.23% Year-on-Year

The company disclosed its 2026 interim report on the evening of 2026-08-25 (published 8-26). During the reporting period, operating revenue was RMB 1.773 billion, +2.58% year-on-year; net profit attributable to parent was RMB 170 million, -31.23% year-on-year (a decrease of approximately RMB 77.2472 million); non-GAAP net profit attributable to parent was RMB 159 million, -33.99% year-on-year; basic EPS RMB 0.28, -31.71% year-on-year; weighted ROE 3.74%, -1.88pct year-on-year; net operating cash flow RMB 261 million, -20.13% year-on-year. Financial expenses were RMB 51.493 million (prior year period was net income of RMB -1.8897 million), which the company attributed to exchange gains/losses and increased interest expenses. The company plans no cash dividend, no bonus shares, no capital reserve conversion. By product: nutritional health food revenue RMB 1.039 billion, +10.20%, gross margin 40.04% (+5.69pct), Doctor's Best brand mainland China sales growth over 60%; coenzyme Q10 series revenue RMB 375 million, -1.43%, gross margin 48.90% (-7.05pct), production entity Kingdomway Pharmaceutical net profit RMB 59.257 million, -54.49%; vitamin A series revenue RMB 121 million, -38.42%, Kingdomway Vitamin net profit only RMB 275,300, -99.43%. Inventory: vitamin A inventory +42.62%, nutritional health food inventory +47.15%. R&D expenses RMB 32.4568 million, -20.68%. Note: H1 data is formally disclosed, not preliminary.

4.2 Fundraising Project Change: Allulose/Inositol Projects Changed to Inner Mongolia 10,000-Ton Oil Project and Nutritional Health Supplement Smart Factory Construction Project

The company's original "annual production of 30,000 tons allulose, annual production of 5,000 tons inositol construction project" was wholly changed to "Inner Mongolia 10,000-ton oil project" + "nutritional health supplement smart factory construction project," involving raised funds of RMB 453 million. The reason for the change was overcapacity in the allulose industry and inositol prices falling below RMB 40 per kilogram. The 10,000-ton oil project is 63.95% complete (expected to be available by June 2028), and the smart factory project is 7.20% complete.

4.3 Share Buyback Continues: Cumulative Buyback of Approximately RMB 180 Million as of August 31, 2026, Representing 2.05% of Total Share Capital

The buyback plan was approved on 2026-05-06 at the 15th meeting of the 9th Board of Directors (announcement no. 2026-044/045), with total funds of RMB 200-400 million (inclusive), funded by own funds or special stock buyback loans (special loans not exceeding 90%), for the purpose of employee stock ownership plans/equity incentives and conversion of convertible bonds, with a term not exceeding 12 months from board approval. The initial announced price ceiling was RMB 25.00/share, later adjusted to RMB 24.60/share. In terms of progress: as of 2026-07-31, cumulative buyback of 11,363,000 shares, representing 1.86% of total share capital, with total transaction amount of RMB 161,830,639.43; as of 2026-08-31 (announcement no. 2026-077, disclosed 2026-09-01/09-02), cumulative buyback of 12,532,687 shares (approximately 12.5327 million shares), representing 2.05% of total share capital, with highest transaction price of RMB 17.05/share and lowest of RMB 12.91/share, total transaction amount of RMB 180,329,136.43 (approximately RMB 180 million, excluding fees). The announcement stated that directors, supervisors, and senior management have no reduction plans for the next 3/6 months; shareholders holding 5% or more have no clear reduction plans at present.

4.4 Investor Relations Activities (Disclosed 2026-09-08): Coenzyme Q10 Global Leadership, Algal Oil Expansion, U.S. KHS Capacity Integration and Other Operational Information

The company disclosed "Investor Relations Management Information 20260908," showing that during 2026-08-26 to 2026-09-08, it intensively received over 100 institutions (including Gaoyi Asset, DYMON ASIA, Auspice Investment Management L, multiple public funds and securities firms) through telephone/online conferences, brokerage strategy meetings, and other formats. Main content: coenzyme Q10 H1 2026 production and sales volume and market share are globally leading, with volume +15% or more year-on-year, revenue of RMB 375 million, but affected by rapid market supply growth, prices are under pressure; subsidiary Vit-Best is near full capacity, and after the under-construction softgel production line is put into operation, annual capacity can reach 3 billion capsules; KHS (Kingdomway Health Sciences LLC) was established as a joint venture by subsidiary KUC Holding in Arizona, USA in 2026, with the company holding 86.4%, purchasing a U.S. health supplement factory's real estate and related business assets with cash, and after upgrading old equipment, dosage forms will cover tablets/hard capsules/soft capsules/chewable candies/powders; Doctor's Best brand 80% of sales come from Amazon and iHerb, with customers covering 150+ countries, and nearly 20% of sales in mainland China (Tmall/Taobao/JD.com/Douyin); in terms of algal oil capacity, approximately 1/3 of the 10,000-ton oil project capacity has been trial-produced, with the remaining 2/3 to be completed gradually in Q4 2026, and the 100,000-ton algal oil Omega-3 project was established in April 2026, with the first phase of 25,000 tons of DHA algal oil capacity expected to be gradually released in Q1-Q2 2027. Note: "world's largest algal oil production scale" is the company's own description.

4.5 Convertible Bond (Jinwei Convertible Bond 127111) Related Developments

Jinwei Convertible Bond was issued in September 2025, with a scale of RMB 1.292 billion (this scale figure comes from Shenzhen Business Daily/Read Creative report, not the original announcement text; please refer to the announcement); it entered the conversion period on February 26, 2026, with cumulative conversion of only 1,261 shares during the interim report period; the conversion price was adjusted from RMB 19.59/share to RMB 19.19/share, effective date 2026-06-10. Recent related announcements include: convertible bond 2026 interest payment announcement, Q2 2026 convertible bond conversion status announcement, issuer and Jinwei Convertible Bond 2026 annual tracking rating report, convertible bond trustee management affairs report, suspension of Jinwei Convertible Bond conversion during equity distribution implementation.

4.6 Shareholder Developments: Small Pledge Release, Shareholder Count Slightly Declined

Regarding pledge release, Xiamen Kingdomway Investment Co., Ltd. released 3 million shares from pledge on 2026-06-29 (representing 1.42% of its holdings and 0.49% of total share capital), with remaining pledged shares of 74.47 million (original pledge start date 2023-04-27). Regarding shareholder count, as of 2026-06-30 it was 34,326, a decrease of 2,553 from 2026-03-31, -6.92% (slight concentration of chips); top ten shareholders held 377 million shares, representing 61.87% of total share capital. Note: Pledge/shareholder count data comes from third-party trading alert aggregation pages, not verbatim comparison with original announcements, and is of medium reliability; it is recommended to verify with Cninfo/exchange original disclosures; no recent announcements of active reduction by major shareholders were found.

4.7 2025 Annual Dividend Implementation: RMB 4 per 10 Shares (Tax Included)

The company's 2025 annual distribution plan was RMB 4 per 10 shares (tax included), with record date 2026-06-09 and ex-rights/ex-dividend date 2026-06-10.

4.8 Invention Patent Grant: A Preparation Method for (2S,5S)-5-Hydroxypiperidine-2-Carboxylic Acid

The company obtained an invention patent grant announcement on 2026-08-28, with the patent name "A Preparation Method for (2S,5S)-5-Hydroxypiperidine-2-Carboxylic Acid," patent number ZL 2023 1 0285213.2 (announcement no. 2026-076, disclosed 2026-08-31). The company stated that obtaining this patent will not have a material impact but will improve its intellectual property protection system. Year-to-date, 8 new patents have been granted, flat compared to the same period last year; 2026H1 R&D investment was RMB 32.4568 million, -20.68% year-on-year.

4.9 Fund Flow/Market Reference (Auxiliary Information, Non-Core)

On 2026-09-11, main funds net sold RMB 3.2442 million. On 2026-09-08, closing price was RMB 17.03 (+0.89%); on 2026-09-01, closing price was approximately in the RMB 16.91-16.70 range; circulating market capitalization approximately RMB 9.721 billion, total market capitalization approximately RMB 9.722 billion (source page date not marked, use with caution).

4.10 Regulatory/Policy/M&A Status Description

Regarding M&A/capacity integration, the main activity is overseas capacity integration — KHS joint venture (86.4% stake) acquiring a U.S. Arizona health supplement factory; domestically, it is the fundraising project change (allulose/inositol changed to 10,000-ton oil + smart factory). No recent major equity M&A or restructuring announcements were found. Regarding industry policy, the 2026H1 report states that "the current nutrition and health industry is in a stage of parallel policy regulation and consumption upgrading" (relatively general, no specific new policy documents). No regulatory inquiries, penalties, or investigations targeting the company itself were found (within this search scope).

4.11 Uncertainty and Limitations Statement

1) Search limitations: Due to tool call round limits, shareholder pledges/reductions, convertible bond interest payment details, and latest industry policy documents could not be further multi-source deeply explored, based only on aggregation pages and some announcements; it is recommended to verify with Cninfo/Shenzhen Stock Exchange original announcements. 2) Convertible bond scale of RMB 1.292 billion comes from media reports (Shenzhen Business Daily · Read Creative), not verbatim confirmation from announcements, and is a single source. 3) Shareholder count and pledge data come from third-party trading alert pages, not verbatim comparison with original announcements, and are of medium reliability. 4) Some market/market cap data sources do not mark the specific "as of" date, may be lagging, and are for reference only. 5) No company release of 2026 Q3 earnings forecast/preliminary increase or decrease was found (as of search time); nor were there new private placements, major contracts, or litigation announcements. 6) All dates are based on announcement disclosure dates/event occurrence dates. Data is as of around September 11, 2026; the most recent retrievable announcement date is 2026-09-08, and the latest market/fund flow article is 2026-09-11.

5. Stock Price Trend and Technical Analysis

5.1 Price Overview

Indicator	Value
Closing Price	RMB 15.94
Change	-RMB 0.56 / -3.39%
Open / Previous Close	16.50 / 16.50
High / Low	16.51 / 15.85
Average Price	16.00
Limit Up / Limit Down Price	18.15 / 14.85
Amplitude	4.00%
Volume	47,620 lots
Turnover	RMB 76.1915 million
Turnover Rate	0.78%
Volume Ratio	1.02
Inner / Outer Volume	26,940 lots / 20,680 lots (inner volume greater than outer volume, selling pressure slightly dominant)
Total Market Cap / Circulating Market Cap	RMB 9.722 billion / RMB 9.721 billion
Total Shares / Circulating Shares	Both approximately 610 million shares (essentially fully circulating)
Dynamic P/E	28.58 (based on 2026H1 EPS annualized; TTM basis approximately 37.8-39.0, the two bases should not be mixed)
P/B	2.36
52-Week Range	RMB 12.90 ~ 22.44 (consistent across multiple sources; specific dates of 52-week high/low not verified)

5.2 Technical Indicators

Indicator	Value	Brief Interpretation
MA5 / MA10 / MA20	16.63 / 16.59 / 16.55	The three lines are narrowly converged in the 16.55-16.63 range and all above the current price of 15.94, forming short-term bearish alignment pressure; recalculated from daily closing prices, MA5≈16.628, MA10≈16.59, consistent with source, high reliability
MACD (Histogram / DIF / DEA)	Histogram -0.26 / DIF 0.33 / DEA 0.46	DIF and DEA are both above the zero axis, but DIF-DEA is negative, representing a "death cross above the zero axis," with the death cross occurring on September 2; currently a strong adjustment, key is whether the two lines can stabilize above the zero axis
RSI	9fzt only provides qualitative description: death cross appeared on September 9 and short-term RSI crossed below 50; exact value for 9-11 not obtained	Direction is weak but lacks precise reading for the day; Investing.com RSI(14)=44.45 (9-02), 34.81 (9-03) are expired data and cannot be used as 9-11 RSI
Bollinger Bands (BOLL)	Exact upper/middle/lower band values for 9-11 not obtained; middle band proxy value ≈ 20-day moving average ≈ RMB 16.5-16.6 (not BOLL actual value)	Data gap, upper/lower bands not extrapolated; East Money Qian Gu Qian Ping only states "BOLL shows no obvious signal"
East Money Qian Gu Qian Ping Composite Signal	MACD/KDJ/RSI/BOLL all "show no obvious signal," BIAS no significant deviation, WR no signal; composite score 61.39 (ranked 10th among 27 in industry)	Technicals overall in a neutral-to-weak, direction-unclear state; notes "main funds showing outflow signs, short-term showing consolidation trend"
Pattern/Support Signals (9fzt)	August 7 "one yang line crossing 5 lines" (can watch if not breaking below RMB 13.73); July 1 "bullish engulfing" support at RMB 13.03; August 25 "tweezers bottom" support at RMB 16.22 (already broken, now resistance reference)	Medium-term bullish signals still present, but short-term support at RMB 16.22 has been lost; average chip cost RMB 16.68, latest price below it, with trapped chip pressure above
Trend Status (9fzt)	Strength trend recently "crossed down from holding zone to watch zone," has turned short-term bearish; 60-minute level at bear point, daily line showed bull point on August 7	Short-cycle bearish, daily level still has medium-term support signals, multi-cycle signals inconsistent
Moving Average/Pivot Reference (Investing.com, September 2-3 snapshot, expired)	MA50≈16.66-16.68, MA100≈16.30-16.48, MA200≈15.21-15.31	Background reference only, data slightly lagging, cannot be used as 9-11 actual values
Recent K-Line Sequence (Closing Prices)	8/28 16.96 → 8/31 16.44 (-3.07%) → 9/1 16.91 (+2.86%) → 9/2 16.45 (-2.72%) → 9/3 16.23 (-1.34%) → 9/4 16.70 (+2.90%) → 9/7 16.88 (+1.08%) → 9/8 17.03 (+0.89%) → 9/9 16.79 (-1.41%) → 9/10 16.50 (-1.73%) → 9/11 15.94 (-3.39%)	Early September saw wide-range consolidation in the RMB 16.2-17.1 range; after two volume-expanded declines on 8/31 and 9/2 (main funds single-day net outflow near RMB 10 million), rebound occurred; after recent high of RMB 17.03 on September 8, three consecutive days of decline, with volume-expanded drop on September 11, closing near the day's second-lowest level

As of the close on 2026-09-11, Kingdomway closed at RMB 15.94, down 3.39% for the day, with turnover of RMB 76.19 million and turnover rate of 0.78%; inner volume greater than outer volume indicates selling pressure slightly dominant. Technicals show a short-term bearish pattern: MA5/MA10/MA20 narrowly converged in the 16.55-16.63 range and all above the current price, forming upward moving average pressure; MACD is in a "death cross above the zero axis" state (death cross occurred on September 2), with DIF and DEA still above the zero axis but the difference turning negative; RSI showed a death cross on September 9 and crossed below 50 (exact value for that day not obtained). Average chip cost of RMB 16.68 is above the current price, with trapped chips above forming pressure; the August 25 "tweezers bottom" support at RMB 16.22 has been broken and turned into resistance reference; strength trend crossed down from holding zone to watch zone, having turned short-term bearish. East Money Qian Gu Qian Ping judges MACD/KDJ/RSI/BOLL all as "no obvious signal," with composite score of 61.39 (ranked 10th among 27 in industry), and notes main funds showing outflow signs with short-term consolidation trend. On the fund flow side, September 11 main funds net outflow was approximately RMB 3.24-3.68 million (different source calibers); cumulative net outflow of main funds over the past 10 days was approximately RMB 18.40-19.16 million; institutional participation rate 14.30% (light control); margin trading balance of RMB 294 million, representing 2.92% of circulating shares, below the market average of 4.37%. Two data limitations should be noted: exact Bollinger upper/lower band values were not obtained this time, and the report does not substitute estimates; top ten shareholder composition, shareholder count, and public fund/social security/QFII institutional holdings details were not verified, making it impossible to determine whether shareholder concentration is "institutional" or "controlling family/PE" type.

5.3 Short-Term Outlook (Next Week, Scenario Analysis, For Reference Only)

⚠️ Risk Warning: The following content is solely subjective scenario analysis based on 2026-09-11 closing data, historical prices, and public technical indicators, where weights are empirical judgments rather than statistical probabilities. It does not constitute investment advice, nor any buy, sell, or holding instruction.

① Key Technical Levels

Level	Range	Description
Short-Term Resistance	RMB 16.5-16.7	Based on MA5 16.63/MA10 16.59/MA20 16.55 convergence zone and average chip cost of RMB 16.68; effective break above with volume, next target at RMB 17.0-17.1
Second Resistance	RMB 17.0-17.1	Based on September 4 intraday high of RMB 17.10 and September 8 close of RMB 17.03; breakout would confirm end of short-term adjustment, looking toward RMB 17.8-18.0 range (upper bound of August range, needs further verification)
First Support	RMB 15.8-16.0	Based on September 11 low of RMB 15.85, daily average price of RMB 16.00, and near-1-day main cost of RMB 16.00; effective break below would open space to test RMB 15.2-15.5
Strong Support	RMB 15.2-15.5	Based on MA200 (approximately RMB 15.21-15.31, from early September snapshot, slightly lagging) and the neckline level where the stock has operated multiple times during the year; effective break below would turn medium-term bearish, with downside looking at RMB 13.73 (8/7 "one yang line crossing 5 lines" support) → RMB 13.03 (7/1 combination support) → 52-week low of RMB 12.90

② Next Week Scenarios (Subjective Weights, Not Statistical Probabilities)

Scenario One: Consolidation (relatively higher weight, approximately 50% (subjective empirical weight, not statistical probability)): Price roughly maintained in the RMB 15.8-16.7 range. Trigger conditions: turnover continues at a low level of RMB 60-80 million, no new news catalyst; MA5/MA10/MA20 convergence zone at RMB 16.55-16.63 forms upward pressure, RMB 15.85-16.00 forms downward support, main funds continue small net outflow but not amplified.
Scenario Two: Bearish Downside (medium weight (subjective empirical weight, not statistical probability)): If closing effectively breaks below RMB 15.8 with turnover expanding to over RMB 100 million, will test RMB 15.2-15.5 (MA200 area). Trigger conditions: main funds single-day net outflow expands to RMB 10 million level (reference 8/31 -RMB 9.53 million, 9/2 -RMB 9.32 million), RSI continues below 50, MACD death cross above zero axis fails to repair and approaches zero axis downward, food processing sector weakens in tandem.
Scenario Three: Rebound Strengthening (lower weight (subjective empirical weight, not statistical probability)): If volume recovers RMB 16.5-16.7, could rebound to RMB 17.0-17.1. Trigger conditions: requires turnover expansion, main funds turning to net inflow, and sector sentiment recovering in tandem; if volume insufficient, rebound sustainability is limited.

③ Fund Flow and Liquidity Background

Liquidity (data as of 2026-09-11): daily turnover rate 0.78%, turnover RMB 76.19 million; recent monthly turnover rate roughly in the 0.5%-0.9% range, turnover approximately RMB 59-89 million (9-09 turnover 0.58%/turnover RMB 59.53 million; 8-14 intraday turnover 0.89%/turnover RMB 88.36 million). MarketWatch data shows 9-11 volume of 4.76 million shares, approximately 78% of the 65-day average volume of 6.08 million shares. On the fund flow side, September 11 main funds net outflow of RMB 3.2442 million (Stockstar caliber, representing 4.26% of total turnover; same day hot money net inflow of RMB 4.3123 million, retail net outflow of RMB 1.0681 million); Sina caliber shows main funds net inflow of -RMB 3.6766 million, full-day net inflow of -RMB 19.537 million, net inflow rate -25.79% — the two sources' "main net outflow" magnitudes are close (RMB 3.24 million vs RMB 3.68 million), but retail/total calibers differ significantly. Cumulative net outflow of main funds over the past 10 days was approximately RMB 18.40-19.16 million (9fzt -RMB 18.4046 million matches my recalculation of approximately -RMB 19.16 million from East Money daily data, difference less than 5%). Institutional participation rate 14.30% (light control, East Money algorithm caliber, not holdings details); main cost near 1 day RMB 16.00, near 20 days RMB 16.53. Margin trading: as of 2026-09-10, margin trading balance RMB 294 million, representing 2.92% of circulating shares, below market average of 4.37%, down 0.29% from previous trading day. According to 9fzt, northbound funds latest increased holdings by 167,400 shares, with total holdings of 7.7505 million shares, but no specific date is marked, so citation should be cautious. Overall, with turnover rate below 1% and daily turnover below RMB 100 million, the order book of this small-cap stock is relatively thin (9-11 sell one at RMB 15.94 only 253 lots, buy one at RMB 15.91 only 6 lots), large single trades are prone to slippage, and the margin balance of RMB 294 million provides some absorption. Important data gap: this time unable to verify top ten shareholder composition, shareholder count, and public fund/social security/QFII institutional holdings, cannot determine whether shareholder concentration is "institutional" or "controlling family/PE" type, this item is left blank, not filled in by impression; also note that shareholder-type data typically has a disclosure lag of more than one quarter, and the actual structure may have changed.

Observe whether turnover can effectively expand: if single-day turnover continues to expand to over RMB 100 million (clearly above the recent monthly normal range of approximately RMB 59-89 million), it can be viewed as a signal of fund entry; if turnover continues to shrink below RMB 60 million, a narrow consolidation pattern is likely to persist.

④ Key Points to Watch (Observation Ideas Only, Not Operational Instructions)

Watch the gain/loss of the first support at RMB 15.8-16.0 and the moving average convergence pressure zone at RMB 16.5-16.7, and whether breakout/breakdown is accompanied by volume (observation ideas only, not operational instructions).
Watch the repair situation after MACD death cross above the zero axis (DIF 0.33, DEA 0.46) and whether RSI can return above 50, as a reference for whether short-term momentum improves (observation ideas, not operational instructions).
Watch whether main funds single-day net outflow expands to the RMB 10 million level, and whether turnover expands to over RMB 100 million or shrinks below RMB 60 million (observation ideas, not operational instructions).
Watch the digestion of trapped positions around the average chip cost of RMB 16.68, and the effectiveness of strong support at RMB 15.2-15.5 (MA200 area) below (observation ideas, not operational instructions).

The above scenario analysis is based on 2026-09-11 closing data and historical prices, technical indicator calculations. Short-term stock prices will also be affected by multiple factors including news, fund flows, and overall market environment. Technical indicators themselves have lag and limitations, do not constitute a guarantee of future actual trends, and do not constitute buy/sell advice. Please combine with the latest market information to make independent judgments and bear investment risks yourself.

6. Industry Landscape and Competitor Analysis

7. Risk Warnings

Profit Decline Risk: In H1 2026, net profit attributable to parent declined 31.23% year-on-year, non-GAAP net profit attributable to parent declined 33.99%, TTM net profit attributable to parent was approximately RMB 263 million, down approximately 42.8% year-on-year; if profit decline continues to exceed revenue growth, the company's earnings quality and valuation carrying capacity may continue to be under pressure.
Vitamin A Business Price and Inventory Risk: In H1 2026, vitamin A series revenue declined 38.42% year-on-year, volume declined 11.47%, unit price declined 30.43%, while vitamin A inventory increased 42.62%; if price and inventory digestion do not improve, the pressure of Kingdomway Vitamin net profit already near zero may continue.
Coenzyme Q10 Price Downside Risk: Coenzyme Q10 H1 volume grew 15.14% year-on-year, but revenue declined 1.43%, unit price declined 14.39%, gross margin declined 7.05 percentage points to 48.90%; the company also disclosed rapid market supply growth and price pressure, and volume expansion may not be able to simultaneously translate into profit growth.
Exchange Rate and Financing Cost Risk: In H1 2026, financial expenses were RMB 51.493 million, while the prior year period was net income of RMB 1.8897 million; the expense ratio increase was mainly due to exchange losses and increased interest expenses; the company has a large overseas revenue scale, and overseas business and funding arrangements such as convertible bonds and buyback special loans may cause financial expenses to continue fluctuating.
Overseas Operations Integration Risk: The company acquired an Arizona health supplement factory through a U.S. KHS joint venture in which it holds 86.4%, and plans old equipment upgrades and multi-dosage form capacity integration; the project involves cross-border operations, equipment renovation, and capacity ramp-up; if integration progress or capacity utilization falls short of expectations, it may affect investment returns.
Algal Oil Project Construction and Delivery Risk: The Inner Mongolia 10,000-ton oil project is expected to be available by June 2028, and the first phase of 25,000 tons of the 100,000-ton algal oil Omega-3 project is expected to be released in Q1-Q2 2027; the projects are still in the construction and capacity release stage, with risks of progress, production ramp-up, and market volume falling short of expectations.
Fundraising Project Change Risk: The company changed the original annual production of 30,000 tons allulose and 5,000 tons inositol projects to the Inner Mongolia 10,000-ton oil project and nutritional health supplement smart factory project, involving raised funds of RMB 453 million; the original projects were adjusted due to industry overcapacity and product price declines, and the new projects still need to validate market demand, investment returns, and construction efficiency.
Brand and Channel Concentration Risk: Approximately 80% of Doctor's Best sales come from Amazon and iHerb, with brand customers covering over 150 countries; high dependence on overseas platforms and cross-border channels may subject the terminal business to platform policies, channel changes, and overseas operating environment fluctuations.
Short-Term Stock Price and Liquidity Risk: On September 11, 2026, the stock closed at RMB 15.94, below the moving average convergence zone of RMB 16.55-16.63 and the average chip cost of approximately RMB 16.68; cumulative net outflow of main funds over the past 10 days was approximately RMB 18.40-19.16 million; meanwhile, turnover rate was 0.78% and turnover was RMB 76.19 million, with relatively thin order book liquidity, and the stock price may experience notable volatility and price slippage.

8. Conclusion and Outlook

Kingdomway's long-term growth logic lies in the growth of its consumer health supplement business, its global leadership in coenzyme Q10, and the expansion of algal oil Omega-3 capacity. In H1 2026, the nutritional health food segment has shown strong resilience, with domestic revenue growing 20.77% year-on-year, and U.S. brands and OEM capacity also expanding; if the algal oil project is put into production as planned and achieves volume, it may provide a new growth source for the company's nutritional ingredient business. The company's buyback had accumulated approximately RMB 180 million as of August 31, representing 2.05% of total share capital, while also advancing U.S. factory integration and smart factory construction, reflecting continuous investment in business capabilities and capital structure.

However, the company is still in a transition stage where growth projects have not yet fully delivered and traditional ingredient profitability is under pressure. Vitamin A revenue and profit have declined significantly, and coenzyme Q10 volume growth has not yet translated into revenue growth, indicating that price factors have a large impact on the ingredient business; in H1 2026, financial expenses turned from net income in the prior year period to RMB 51.493 million, with exchange losses and interest expenses further suppressing profits. Going forward, key observations include whether nutritional health food growth can offset ingredient business fluctuations, whether coenzyme Q10 prices and gross margins can stabilize, and the progress of algal oil project construction and capacity release.

From a valuation and trading status perspective, the stock price corresponds to a dynamic P/E of approximately 28.58x based on 2026H1 annualized EPS, and approximately 37.8-39.0x on a TTM basis, while profits are still in a downward phase; technicals show a combination of short-term bearishness and medium-term support. Therefore, the company's subsequent performance will depend on the verifiable degree of profit recovery, not just revenue growth or capacity planning.

Data Sources

Reports are generated by AI from public online information and may contain errors or outdated information. They are for research only, not investment advice. Verify material facts against company filings and authoritative sources.