This paper examines the value relevance of net income vs. impairment in Chinese listed agribusinesses. By linking valuation analysis with earnings time-series properties, we present additional evidence to support value relevance for listed agribusinesses: An earnings component is impounded in stock prices as long as it is persistent and no persistent impairment are value irrelevant. However, the time-series properties of earnings components are not fully priced by the market. The component items of net income, especially the impairments are found to be more effective in explaining the return and the stock price. The earnings response coefficients are larger for impairment than for net income, although impairment are less persistent and have lower predictive power. In discussing this pricing anomaly, we identify some unique institutional factors that may be responsible for the results.