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Foshan-based polymer-materials maker, controlled by Guangxin group, that bought Hebei Jinli in 2026 to become a lithium-battery separator supplier.
Foshan-based polymer-materials maker, controlled by Guangxin group, that bought Hebei Jinli in 2026 to become a lithium-battery separator supplier.
Controlled by Guangdong Guangxin Holdings, it made polymer films and materials until a restructuring brought in Hebei Jinli, a lithium-battery separator maker consolidated from February 2026. Separators, thin plastic membranes that keep a cell's electrodes apart, now carry the growth, while the older polymer-film business continues alongside.
Moat: narrow (scale, process know-how). Separator manufacturing know-how and capacity added through Jinli; backed by a provincial state group.
Headquarters: Foshan, China · Employees: 2,888
Size FSPG Hi-Tech (000973.SZ) is a China Materials company (Industrial Specialties) with a market value of $4.07B, the 628th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.03 on 6 Nov 2026.
Performance Over six months the shares fell 47.5%, against -15.3% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 204.9% over the last twelve months (peer median +11.9%); the operating margin is 17.3% (peer median 11.1%).
Valuation It trades at 16.5× forward earnings against a peer median of 31.9× (2nd cheapest of 18).
Capital Return on invested capital runs 2.1 points above its cost of capital (5.0% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.87B | CN¥2.23B | CN¥2.22B | CN¥2.21B | CN¥2.63B |
| Revenue growth | — | 0% | +1% | -16% | — |
| Gross profit | CN¥2.68B | CN¥416M | CN¥476M | CN¥468M | CN¥525M |
| EBITDA | n/a | CN¥217M | CN¥275M | CN¥254M | CN¥306M |
| Net income | CN¥1.31B | CN¥108M | CN¥120M | CN¥214M | CN¥136M |
| Free cash flow | -CN¥627M | -CN¥171M | CN¥28.4M | CN¥41.7M | CN¥133M |
| Capital expenditure | CN¥1.58B | CN¥361M | CN¥208M | CN¥299M | CN¥75.0M |
| Total debt | CN¥9.25B | CN¥1.12B | CN¥724M | CN¥604M | CN¥836M |
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 |
|---|---|---|---|---|---|---|
| FSPG Hi-Tech 000973.SZ | $4.07B | -47% | +205% | 17% | 16.5× | n/a |
| Yunnan Energy New Material (Group) 002812.SZ | $7.55B | -38% | +50% | 17% | 19.8× | 7.8% |
| Shenzhen Senior Technology Material 300568.SZ | $2.80B | -23% | +45% | 10% | 27.4× | n/a |
| Sinoma Science & Technology 002080.SZ | $8.76B | -40% | +18% | 9% | 19.5× | n/a |
| Cangzhou Mingzhu Plastic 002108.SZ | $1.10B | -28% | +14% | 5% | n/a | n/a |
| Farasis Energy (Gan Zhou) 688567.SS | $1.82B | -29% | -8% | -10% | n/a | -0.9% |
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 | 000973.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.1% | -4.8% | 9th lowest of 20 |
| 6-month return | -47.5% | -15.3% | lowest of 20 |
| Distance from 52-week high | -50.4% | -36.9% | 7th lowest of 20 |
| Revenue growth (TTM) | +204.9% | +11.9% | highest of 21 |
| Operating margin | 17.3% | 11.1% | 5th highest of 21 |
| Forward P/E | 16.5× | 31.9× | 2nd cheapest of 18 |
| ROIC minus cost of capital | +2.1 pp | -1.1 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FSPG Hi-Tech 000973.SZ | China | $4.07B | -47% | +205% | 17% | 16.5× | n/a | n/a |
| Beijing Oriental Yuhong Waterproof Technology 002271.SZ | China | $3.92B | -27% | +10% | 1% | 18.8× | 10.6% | +5.0% |
| AZZ AZZ | United States | $3.76B | -15% | +10% | 17% | 16.9× | 9.8% | +14.5% |
| CSW Industrials CSW | United States | $4.43B | 0% | +30% | 18% | 20.8× | 13.5% | +20.9% |
| SICC 2631.HK | Hong Kong | $4.61B | -41% | +27% | -5% | 93.0× | n/a | n/a |
| Shanghai Sinyang Semiconductor Materials 300236.SZ | China | $3.58B | -20% | +33% | 15% | 54.8× | n/a | n/a |
| Sunresin New Materials 300487.SZ | China | $4.77B | -2% | +17% | 36% | 31.2× | 19.0% | +24.7% |
| Sichuan EM Technology 601208.SS | China | $4.88B | -15% | +23% | 7% | 51.1× | 44.5% | +22.5% |
| China Hainan Rubber Industry 601118.SS | China | $3.36B | -27% | -37% | -3% | 104.6× | 2.9% | +22.2% |
| Crown New Materials Techn Co L 001381.SZ | China | $3.33B | n/a | +8% | 10% | n/a | n/a | n/a |
| Taiwan Glass Industry 1802.TW | Taiwan | $5.08B | -21% | +12% | 12% | 16.7× | n/a | n/a |
| Kansai Paint 4613.T | Japan | $3.23B | +29% | +3% | 8% | 19.1× | 2.3% | +10.1% |
| SKSHU Paint 603737.SS | China | $3.14B | -33% | 0% | 4% | 29.5× | 27.7% | +8.9% |
| Kinik 1560.TW | Taiwan | $3.04B | +17% | +19% | 19% | 35.7× | 34.8% | +9.6% |
| Himadri Speciality Chemical HSCL.NS | India | $3.04B | -8% | +25% | 20% | 31.9× | n/a | n/a |
| Flat Glass 601865.SS | China | $3.03B | -30% | -23% | -2% | n/a | 8.2% | +20.0% |
| WD-40 WDFC | United States | $2.97B | +6% | +11% | 16% | 33.9× | 2.2% | +7.1% |
| Fuchs FPE.DE | Germany | $5.87B | +21% | +12% | 13% | 13.8× | -4.4% | +8.4% |
| Berger Paints India BERGEPAINT.NS | India | $5.90B | -2% | +5% | 12% | 41.5× | 38.5% | +11.8% |
| Jiangsu Pacific Quartz 603688.SS | China | $2.78B | -38% | +15% | 10% | 82.1× | n/a | n/a |
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -22% | n/a | n/a | n/a |