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Nonferrous miner of zinc, lead, copper and pyrite concentrates and sulfuric acid, expanding into silver, molybdenum and lithium.
Nonferrous miner of zinc, lead, copper and pyrite concentrates and sulfuric acid, expanding into silver, molybdenum and lithium.
Sells mined zinc, lead, copper and pyrite concentrates, mostly from Inner Mongolia, to smelters, and turns pyrite into sulfuric acid sold to industry, so earnings swing with metal prices. Controlled by GuoCheng Group, it is adding silver and molybdenum assets and a lithium venture to widen the mix.
Moat: narrow (regulatory licence). Holds mining rights to zinc-lead and other ore bodies in Inner Mongolia and other regions.
Headquarters: Beijing, China · Employees: 3,190
Size GuoCheng Mining (000688.SZ) is a China Materials company (Other Metals/Minerals) with a market value of $3.57B, the 723rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.79 on 6 Nov 2026.
Performance Over six months the shares fell 59.6%, against -34.9% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 20 in its peer set.
Growth Revenue grew 193.1% over the last twelve months (peer median +27.9%); the operating margin is 50.2% (peer median 12.3%).
Valuation It trades at 11.2× forward earnings against a peer median of 21.6× (6th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +40%, so the hurdle is -36 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 15.9 points above its cost of capital (9.5% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.55B | CN¥4.78B | CN¥4.08B | CN¥1.19B | CN¥1.54B |
| Revenue growth | — | +17% | +244% | -23% | — |
| Gross profit | n/a | CN¥1.87B | CN¥1.92B | CN¥399M | CN¥528M |
| EBITDA | n/a | CN¥1.80B | CN¥1.72B | CN¥268M | CN¥370M |
| Net income | CN¥1.55B | CN¥1.08B | CN¥451M | CN¥62.7M | CN¥185M |
| Free cash flow | CN¥1.32B | CN¥209M | -CN¥360M | -CN¥147M | -CN¥392M |
| Capital expenditure | CN¥1.15B | CN¥888M | CN¥671M | CN¥575M | CN¥1.10B |
| Total debt | CN¥8.08B | CN¥5.50B | CN¥3.42B | CN¥2.59B | CN¥1.96B |
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 |
|---|---|---|---|---|---|---|
| GuoCheng Mining 000688.SZ | $3.57B | -60% | +193% | 50% | 11.2× | 3.3% |
| Zijin Mining 601899.SS | $109B | -15% | +16% | 30% | 9.6× | -10.2% |
| Western Mining 601168.SS | $9.85B | -7% | +18% | 17% | 8.2× | -5.6% |
| Yunnan Chihong Zinc & Germanium 600497.SS | $5.76B | -15% | +29% | 10% | 13.8× | 4.4% |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | $6.23B | -42% | +38% | 49% | 13.1× | 7.8% |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | $3.43B | -24% | +16% | 3% | 17.8× | n/a |
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 | 000688.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -16.8% | -16.9% | 11th highest of 21 |
| 6-month return | -59.6% | -34.9% | 2nd lowest of 20 |
| Distance from 52-week high | -60.6% | -56.4% | 9th lowest of 21 |
| Revenue growth (TTM) | +193.1% | +27.9% | highest of 20 |
| Operating margin | 50.2% | 12.3% | highest of 20 |
| Forward P/E | 11.2× | 21.6× | 6th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 3.3% | 0.4% | 4th most demanding of 8 |
| Growth delivered (Del g) | +39.6% | +19.9% | 2nd highest of 8 |
| Hurdle (Req g minus delivered) | -36.3 pp | -9.7 pp | 2nd least demanding of 8 |
| ROIC minus cost of capital | +15.9 pp | -0.3 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GuoCheng Mining 000688.SZ | China | $3.57B | -60% | +193% | 50% | 11.2× | 3.3% | +39.6% |
| Lygend Resources And Technology 001246.SZ | China | $3.48B | n/a | +28% | 19% | 8.9× | -5.9% | +39.8% |
| Suzhou Kematek 301611.SZ | China | $3.48B | -36% | +18% | 15% | 128.5× | n/a | n/a |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | China | $3.43B | -24% | +16% | 3% | 17.8× | n/a | n/a |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -358% | n/a | n/a | n/a |
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Wazam New Material 603186.SS | China | $3.33B | +79% | +60% | 14% | 58.0× | 24.9% | +13.9% |
| Chuangxin Industries 2788.HK | Hong Kong | $3.82B | -43% | +23% | 23% | 5.3× | -0.8% | +8.9% |
| Chengtun Mining 600711.SS | China | $3.84B | -39% | +28% | 12% | 7.4× | n/a | n/a |
| Hunan Silver 002716.SZ | China | $3.19B | -35% | +50% | 4% | n/a | n/a | n/a |
| Chongyi Zhangyuan Tungsten 002378.SZ | China | $3.18B | -48% | +105% | 12% | n/a | n/a | n/a |
| Sinomine Resource 002738.SZ | China | $4.06B | -59% | +18% | 31% | 11.1× | n/a | n/a |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 4% | 34.1× | n/a | n/a |
| Shenghe Resources 600392.SS | China | $4.09B | -40% | +34% | 8% | 16.2× | n/a | n/a |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 12% | 54.0× | n/a | n/a |
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 40% | 5.9× | 0.4% | +20.4% |
| Dazhong Mining 001203.SZ | China | $4.20B | -64% | +3% | 26% | 30.5× | n/a | n/a |
| Western Superconducting Technologies 688122.SS | China | $4.21B | -33% | -5% | 8% | 43.2× | 29.3% | +19.9% |
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 9% | n/a | -3.9% | +26.8% |
| Sichuan Hongda 600331.SS | China | $4.30B | -40% | 0% | -1% | 543.0× | n/a | n/a |
| Hindustan Copper HINDCOPPER.NS | India | $4.31B | -26% | +67% | 42% | 21.6× | 38.7% | +11.5% |