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China's largest carbon-black producer, supplying reinforcing filler for tires and industrial rubber products.
China's largest carbon-black producer, supplying reinforcing filler for tires and industrial rubber products.
Sells carbon black mostly to tire makers, priced off its main raw material, a heavy oil, so margins depend on the gap between the two rather than on volume alone. Tire-grade carries the volume, while higher-priced specialty grades are a smaller line.
In one line: A Chinese Cabot Corporation (carbon black).
Moat: narrow (scale, cost advantage). Largest domestic carbon-black scale gives feedstock and cost advantages over smaller mills.
Headquarters: Xinyu, Jiangxi, China · Employees: 4,259
Size Jiangxi Black Cat Carbon Black (002068.SZ) is a China Materials company (Industrial Specialties) with a market value of $795M, the 2778th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.39 on 6 Nov 2026.
Performance Over six months the shares fell 22.3%, against -29.2% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 0.7% over the last twelve months (peer median +6.3%); the operating margin is -3.8% (peer median 5.6%).
Valuation It trades at 2.14× book value against a peer median of 1.94× (10th most expensive of 21).
Price implies The share price implies a return on equity of about 27.6%; Jiangxi Black Cat Carbon Black delivers -16.0%, so the price asks more than the business earns today.
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.30B | CN¥8.68B | CN¥10.1B | CN¥9.44B | CN¥9.88B |
| Revenue growth | — | -14% | +7% | -4% | — |
| Gross profit | CN¥545M | CN¥82.5M | CN¥443M | CN¥198M | CN¥377M |
| EBITDA | n/a | -CN¥70.9M | CN¥471M | CN¥215M | CN¥417M |
| Net income | -CN¥413M | -CN¥463M | CN¥25.1M | -CN¥243M | CN¥8.98M |
| Free cash flow | -CN¥277M | -CN¥220M | -CN¥563M | CN¥62.8M | -CN¥251M |
| Capital expenditure | CN¥162M | CN¥238M | CN¥441M | CN¥433M | CN¥163M |
| Total debt | CN¥4.97B | CN¥4.18B | CN¥4.02B | CN¥3.63B | CN¥3.84B |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Jiangxi Black Cat Carbon Black 002068.SZ | $795M | -22% | +1% | -16% | 2.14× | 27.6% |
| Cabot CBT | $3.67B | -17% | +1% | 13% | 2.23× | 16.4% |
| Orion OEC | n/a | -48% | n/a | n/a | n/a | n/a |
| Longxing Technology 002442.SZ | $335M | -27% | +7% | 1% | 1.19× | 8.7% |
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 | 002068.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -18.3% | -7.3% | 8th lowest of 21 |
| 6-month return | -22.3% | -29.2% | 9th highest of 21 |
| Return on equity | -16.0% | 6.0% | 3rd lowest of 21 |
| Price / book | 2.14× | 1.94× | 10th most expensive of 21 |
| ROE the price implies | 27.6% | 19.4% | 7th most demanding of 21 |
| ROE delivered | -16.0% | 5.3% | 3rd lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Jiangxi Black Cat Carbon Black 002068.SZ | China | $795M | -22% | +1% | -16% | 2.14× | 27.6% | -16.0% |
| Jiangsu Favored Nanotechnology 688371.SS | China | $797M | -34% | -7% | -4% | 2.82× | 38.5% | -3.9% |
| SP Group A/S SPG.CO | Denmark | $788M | +17% | +18% | 19% | 2.85× | 12.1% | 18.5% |
| Shandong Jinjing Science & Technology 600586.SS | China | $806M | -35% | -23% | -17% | 1.15× | 10.1% | -17.3% |
| Hubei Huitian New Materials 300041.SZ | China | $820M | -13% | +15% | 8% | 1.67× | 19.0% | 8.2% |
| Jiangsu Canlon Building Materials 300715.SZ | China | $770M | -1% | +3% | -1% | 2.83× | 21.7% | -0.7% |
| Toyo Tanso 5310.T | Japan | $765M | -5% | -8% | 5% | 1.24× | 14.3% | 4.7% |
| Suzhou Xinguangyi Electronics 301687.SZ | China | $831M | -34% | +7% | 11% | 3.61× | 64.5% | n/a |
| Shenma Industry 600810.SS | China | $838M | -33% | -9% | -1% | 0.58× | 5.2% | -1.4% |
| ZETTA 002256.SZ | China | $843M | -40% | +25% | 2% | 4.02× | 42.4% | 1.9% |
| Chengdu Guibao Science and Technology 300019.SZ | China | $737M | -29% | +9% | 7% | 1.82× | 19.8% | 6.9% |
| TOCALO 3433.T | Japan | $864M | -26% | +6% | 16% | 2.06× | 20.2% | 15.9% |
| Sakata Inx 4633.T | Japan | $732M | +8% | +9% | 10% | 0.97× | 7.5% | 10.3% |
| Kama KAMAHOLD.NS | India | $725M | -19% | +13% | 12% | 0.86× | 11.8% | n/a |
| Shanghai Xinpeng Industry 002328.SZ | China | $723M | -39% | -23% | 9% | 1.42× | 11.6% | 9.4% |
| Mattr MATR.TO | Canada | $879M | +108% | +25% | 4% | 1.54× | 6.3% | 4.0% |
| Shandong Ruifeng Chemical 300243.SZ | China | $715M | -19% | +2% | 6% | 2.56× | 28.6% | 6.0% |
| Hainan Development Holdings Nanhai 002163.SZ | China | $892M | -44% | -9% | -28% | 11.10× | 83.5% | -27.5% |
| Shenzhen Cotran Industrial Material 300731.SZ | China | $707M | -47% | -1% | -1% | 7.96× | 116.6% | -0.9% |
| Shanghai Smith Adhesive New Material 603683.SS | China | $706M | -43% | +19% | 6% | 2.79× | 24.5% | 6.1% |
| Jiangxi Guotai 603977.SS | China | $914M | -29% | +15% | 6% | 1.74× | 10.6% | 6.3% |