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Qinghai salt-lake miner producing potash fertilizer and lithium carbonate, majority-owned by Zijin Mining.
Qinghai salt-lake miner producing potash fertilizer and lithium carbonate, majority-owned by Zijin Mining.
Pumps brine from Qinghai salt lakes and extracts potash first, with lithium recovered from the same brine, so one resource base supports two products. Potash is the longer-running business, selling into a market tied to China's import contract price, while lithium carbonate follows battery-grade spot prices.
In one line: A China salt-lake analogue to Albemarle's lithium-brine operations.
Moat: narrow (scale, installed base). Long-life Qinghai salt-lake brine resource and existing extraction infrastructure, though lithium/potash are priced commodities.
Headquarters: Golmud, China · Founded: 1999 · Employees: 1,733
Size Zangge Mining (000408.SZ) is a China Industrials company (Electrical Products) with a market value of $15.5B, the 148th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥66.38 on 6 Nov 2026.
Performance Over six months the shares fell 25.6%, against -26.0% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 35.0% over the last twelve months (peer median +21.6%); the operating margin is 50.9% (peer median 10.5%).
Valuation It trades at 12.5× forward earnings against a peer median of 19.3× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 22% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +9 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 4.0 points above its cost of capital (10.1% WACC).
Next results Next results expected around 5 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.49B | CN¥3.55B | CN¥3.22B | CN¥5.18B | CN¥8.11B |
| Revenue growth | — | +10% | -38% | -36% | — |
| Gross profit | CN¥3.20B | CN¥2.02B | CN¥1.34B | CN¥3.29B | CN¥6.58B |
| EBITDA | n/a | CN¥1.96B | CN¥1.28B | CN¥3.23B | CN¥6.35B |
| Net income | CN¥7.21B | CN¥3.85B | CN¥2.58B | CN¥3.42B | CN¥5.65B |
| Free cash flow | CN¥7.01B | CN¥3.57B | CN¥778M | CN¥3.12B | CN¥5.30B |
| Capital expenditure | CN¥151M | CN¥85.9M | CN¥151M | CN¥343M | CN¥134M |
| Total debt | CN¥352M | CN¥288M | CN¥35.1M | CN¥29.4M | CN¥15.3M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Zangge Mining 000408.SZ | $15.5B | -26% | +35% | 51% | 12.5× | 22.0% |
| Albemarle ALB | $11.7B | -51% | +18% | 14% | 11.3× | 10.9% |
| Sociedad Quimica y Minera de Chile S.A. Sponsored ADR Pfd Series B SQM | $16.0B | -37% | +59% | 39% | 7.3× | -4.8% |
| Tianqi Lithium 002466.SZ | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% |
| Ganfeng Lithium 002460.SZ | $9.71B | -57% | +128% | 18% | 11.5× | 4.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000408.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.5% | -6.4% | 9th lowest of 21 |
| 6-month return | -25.6% | -26.0% | 10th highest of 21 |
| Distance from 52-week high | -31.8% | -41.0% | 8th highest of 21 |
| Revenue growth (TTM) | +35.0% | +21.6% | 6th highest of 21 |
| Operating margin | 50.9% | 10.5% | highest of 20 |
| Forward P/E | 12.5× | 19.3× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 22.0% | 13.7% | 4th most demanding of 13 |
| Growth delivered (Del g) | +13.4% | +13.5% | 7th highest of 13 |
| Hurdle (Req g minus delivered) | +8.6 pp | -0.9 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | +4.0 pp | +2.8 pp | 9th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zangge Mining 000408.SZ | China | $15.5B | -26% | +35% | 51% | 12.5× | 22.0% | +13.4% |
| Bharat Heavy Electricals BHEL.NS | India | $15.4B | +3% | +29% | 9% | 41.2× | 44.1% | +14.6% |
| Ningbo Deye Technology 605117.SS | China | $15.3B | -26% | +71% | 27% | 17.3× | 7.9% | +32.1% |
| ABB India ABB.NS | India | $15.2B | -6% | +8% | 13% | 85.7× | 47.3% | +17.8% |
| Hengtong Optic-Electric 600487.SS | China | $14.9B | -38% | +21% | 9% | 11.8× | n/a | n/a |
| TBEA 600089.SS | China | $14.2B | -29% | +12% | 6% | 15.2× | n/a | n/a |
| EVE Energy 300014.SZ | China | $17.0B | -28% | +51% | 6% | 15.5× | n/a | n/a |
| Siemens SIEMENS.NS | India | $13.4B | -8% | -12% | 9% | 72.7× | n/a | n/a |
| Dongfang Electric 1072.HK | Hong Kong | $13.1B | -56% | +7% | 5% | 10.4× | n/a | n/a |
| CG Power & Industrial Solutions CGPOWER.NS | India | $12.9B | -10% | +24% | 12% | 72.3× | n/a | n/a |
| Ls Electric 010120.KS | South Korea | $12.8B | -58% | +32% | 10% | 31.6× | 21.9% | +15.6% |
| Polycab India POLYCAB.NS | India | $12.5B | -13% | +41% | 13% | 33.8× | n/a | n/a |
| Shanghai Electric 601727.SS | China | $12.3B | -24% | +16% | n/a | 64.2× | -5.7% | -1.6% |
| Kingboard Laminates 1888.HK | Hong Kong | $12.2B | -26% | +32% | 21% | 10.8× | n/a | n/a |
| Yangtze Optical Fibre & Cable Joint Stock 601869.SS | China | $19.8B | -32% | +68% | 34% | 23.8× | 15.7% | +11.6% |
| Nidec 6594.T | Japan | $11.7B | -33% | +4% | -22% | 11.5× | 8.4% | +10.9% |
| Jiangsu Zhongtian Technology 600522.SS | China | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% | +4.5% |
| Nordex NDX1.DE | Germany | $11.4B | -7% | +12% | 8% | 19.6× | 3.7% | +10.2% |
| Regal Rexnord RRX | United States | $11.3B | -21% | +5% | 12% | 14.0× | 14.0% | +15.3% |
| GE Vernova T&D India GVT&D.NS | India | $10.9B | -16% | +41% | 26% | 62.7× | 45.7% | +12.4% |
| Hyosung Heavy 298040.KS | South Korea | $10.8B | -60% | +13% | 13% | 18.9× | 13.5% | +14.9% |