What Toly Bread (桃李面包) Does & How It Makes Money (603866.SS)

Updated October 2026 · reflects Toly Bread's latest reported financials

Chinese bakery company making bread, pastries, and festive foods. The company makes packaged baked goods in its own facilities and earns revenue by selling them in China.

How Toly Bread makes money

The company makes packaged baked goods in its own facilities and earns revenue by selling them in China. Its everyday bread and pastry sales are supplemented by seasonal sales of mooncakes and sticky rice dumplings.

What Toly Bread does

Toly Bread Co., Ltd. and its subsidiaries produce, process, and sell baked goods in China. Its range covers everyday items like bread and pastries, plus seasonal holiday foods such as mooncakes and sticky rice dumplings. The company was founded in 1997 in Shenyang. It was originally called Shenyang Toly Bread Co., Ltd. and took its current name in March 2017. It is classified under Consumer Defensive, a sector tied to staple food demand, which tends to be steadier than spending on non-essentials.

Products & services

• Bread
• Pastries
• Mooncakes
• Sticky rice dumplings (zongzi)

桃李面包是做什么的？

桃李面包股份有限公司及其子公司在中国从事烘焙食品的生产、加工和销售，产品包括面包、糕点等日常食品，以及月饼、粽子等节令食品。 公司成立于1997年，总部位于沈阳，原名沈阳桃李面包股份有限公司，2017年3月更名为现名。公司属于必需消费品板块，业务与日常食品需求相关。

What is Toly Bread worth?

On an owner-earnings DCF, Toly Bread's most-likely value is about ¥4 versus a recent price near ¥4 (12% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥2) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.

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