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Chemicals group tied to Tsinghua University: clean-energy chemicals and industrial gases from coal, liquid-crystal display materials, and life-science units.
Chemicals group tied to Tsinghua University: clean-energy chemicals and industrial gases from coal, liquid-crystal display materials, and life-science units.
Most income comes from the Nanjing chemical-park site, which turns methanol into olefins (plastics feedstock) and makes butadiene and octanol, alongside industrial gases. Liquid-crystal materials, made at its Shijiazhuang unit under its own patents, are the smaller, higher-value line. A holding company linked to Tsinghua University controls it.
Moat: narrow (IP / patents, scale). Liquid-crystal patent portfolio and gas-supply position in Nanjing chemical park; chemicals are cyclical commodities.
Headquarters: Nanchang, China · Employees: 4,462
Size Chengzhi (000990.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $1.29B, the 1861st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.16 on 6 Nov 2026.
Performance Over six months the shares fell 42.7%, against -21.6% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 6.7% over the last twelve months (peer median +6.8%); the operating margin is 6.5% (peer median 7.0%).
Valuation It trades at 10.6× forward earnings against a peer median of 16.7× (3rd cheapest of 15).
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 +2%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.2 points below its cost of capital (6.3% WACC).
Next results Next results expected around 21 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥10.7B | CN¥10.8B | CN¥11.0B | CN¥12.4B | CN¥11.7B |
| Revenue growth | — | -2% | -11% | +6% | — |
| Gross profit | CN¥2.30B | CN¥1.28B | CN¥1.57B | CN¥1.53B | CN¥1.16B |
| EBITDA | n/a | CN¥1.15B | CN¥1.41B | CN¥1.42B | CN¥992M |
| Net income | CN¥77.0M | -CN¥78.1M | CN¥231M | CN¥177M | CN¥50.9M |
| Free cash flow | CN¥721M | CN¥268M | CN¥200M | CN¥513M | CN¥950M |
| Capital expenditure | CN¥635M | CN¥827M | CN¥1.20B | CN¥899M | CN¥406M |
| Total debt | CN¥6.19B | CN¥6.70B | CN¥6.43B | CN¥5.33B | CN¥4.35B |
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 |
|---|---|---|---|---|---|---|
| Chengzhi 000990.SZ | $1.29B | -43% | -7% | 7% | 10.6× | -2.8% |
| Hangzhou Oxygen Plant 002430.SZ | $3.89B | -16% | +16% | 11% | 20.9× | 2.9% |
| Valiant 002643.SZ | $1.66B | -28% | +3% | 10% | 25.6× | 17.4% |
| Beijing Bayi Space LCD Technology 688181.SS | $609M | -14% | +12% | 11% | 31.5× | 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 | 000990.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.7% | -10.1% | 5th lowest of 21 |
| 6-month return | -42.7% | -21.6% | 3rd lowest of 21 |
| Distance from 52-week high | -46.2% | -47.6% | 10th highest of 21 |
| Revenue growth (TTM) | -6.7% | +6.8% | 3rd lowest of 21 |
| Operating margin | 6.5% | 7.0% | 10th lowest of 21 |
| Forward P/E | 10.6× | 16.7× | 3rd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -2.8% | 16.2% | 4th least demanding of 11 |
| Growth delivered (Del g) | +2.2% | +11.1% | lowest of 11 |
| Hurdle (Req g minus delivered) | -5.0 pp | +3.7 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | -2.2 pp | -1.8 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chengzhi 000990.SZ | China | $1.29B | -43% | -7% | 7% | 10.6× | -2.8% | +2.2% |
| Shandong Kaisheng New Materials 301069.SZ | China | $1.28B | -19% | +20% | 13% | 47.0× | 29.2% | +10.4% |
| Shiny Chemical Industrial 1773.TW | Taiwan | $1.29B | -20% | +20% | 22% | 15.1× | 5.5% | +8.1% |
| Beijing Haixin Energy Technology 300072.SZ | China | $1.30B | -20% | +61% | -9% | 121.7× | n/a | n/a |
| Industrie De Nora DNR.MI | Italy | $1.31B | -23% | -2% | 14% | 16.0× | n/a | n/a |
| REX American Resources REX | United States | $1.31B | -21% | +6% | 15% | 26.2× | -3.8% | +11.7% |
| Dawei Technology (Guangdong) 600589.SS | China | $1.32B | -38% | +29% | -10% | n/a | n/a | n/a |
| Global New Material International 6616.HK | Hong Kong | $1.32B | -3% | +165% | 0% | 14.1× | n/a | n/a |
| COFCO Biotechnology 000930.SZ | China | $1.32B | -21% | -9% | -2% | n/a | n/a | n/a |
| Jiangyin Jianghua Micro-electronics Materials 603078.SS | China | $1.33B | -7% | +18% | 7% | 79.3× | 32.0% | +17.0% |
| Guizhou Redstar Developing 600367.SS | China | $1.25B | +14% | +1% | 7% | n/a | 26.8% | +9.1% |
| Anhui Shenjian New Materials 002361.SZ | China | $1.25B | -54% | -4% | -3% | n/a | n/a | n/a |
| Shanghai Chlor-Alkali Chemical 600618.SS | China | $1.24B | -29% | +2% | 6% | n/a | -0.4% | +9.9% |
| Nan Pao Resins Chemical 4766.TW | Taiwan | $1.24B | -6% | +3% | 16% | 13.3× | -8.7% | +8.3% |
| Wankai New Materials 301216.SZ | China | $1.35B | -48% | +5% | 4% | 8.3× | n/a | n/a |
| Zhejiang Jiahua Energy Chemical Industry 600273.SS | China | $1.23B | -22% | +4% | 5% | 7.8× | -6.3% | +12.9% |
| BASF India BASF.NS | India | $1.35B | -23% | +13% | 4% | 17.4× | n/a | n/a |
| Shanghai Skychem Technology 688603.SS | China | $1.22B | -29% | +38% | 19% | 44.6× | n/a | n/a |
| Yunnan Energy Investment 002053.SZ | China | $1.21B | -24% | -24% | 20% | 11.6× | n/a | n/a |
| Tongyu Advanced Materials (Guangdong) 301630.SZ | China | $1.21B | -19% | +26% | 18% | n/a | 35.9% | +26.0% |
| GCH Technology 688625.SS | China | $1.38B | -32% | +8% | 18% | 19.2× | 27.6% | +16.3% |