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Chinese maker of electrolytic manganese dioxide, a key material in dry-cell and lithium battery cathodes.
Chinese maker of electrolytic manganese dioxide, a key material in dry-cell and lithium battery cathodes.
Moat: none (scale). Established manganese-processing scale, but battery materials remain a price-competitive commodity segment.
Headquarters: Xiangtan, Hunan, China · Employees: 936
Size Xiangtan Electrochemical Scientific (002125.SZ) is a China Industrials company (Electrical Products) with a market value of $1.08B, the 2165th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.40 on 6 Nov 2026.
Performance Over six months the shares fell 25.3%, against -33.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 0.6% over the last twelve months (peer median +21.3%); the operating margin is 9.3% (peer median 4.4%).
Valuation It trades at 4.1× enterprise value to sales against a peer median of 2.6× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +10 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 below its cost of capital (9.7% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.93B | CN¥1.91B | CN¥1.89B | CN¥2.15B | CN¥2.09B |
| Revenue growth | — | +1% | -12% | +3% | — |
| Gross profit | CN¥559M | CN¥380M | CN¥483M | CN¥439M | CN¥533M |
| EBITDA | n/a | CN¥381M | CN¥523M | CN¥497M | CN¥396M |
| Net income | CN¥410M | CN¥225M | CN¥315M | CN¥352M | CN¥394M |
| Free cash flow | CN¥208M | CN¥174M | CN¥307M | CN¥315M | CN¥55.5M |
| Capital expenditure | -CN¥76.4M | CN¥41.3M | CN¥120M | CN¥129M | CN¥185M |
| Total debt | CN¥1.25B | CN¥1.38B | CN¥1.35B | CN¥1.51B | CN¥1.76B |
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| Measure | 002125.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.9% | -14.2% | 9th highest of 21 |
| 6-month return | -25.3% | -33.7% | 8th highest of 20 |
| Distance from 52-week high | -45.4% | -50.1% | 9th highest of 21 |
| Revenue growth (TTM) | +0.6% | +21.3% | 4th lowest of 21 |
| Operating margin | 9.3% | 4.4% | 8th highest of 21 |
| EV / Sales | 4.1× | 2.6× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 19.4% | 21.1% | 6th least demanding of 11 |
| Growth delivered (Del g) | +9.2% | +6.9% | 5th highest of 10 |
| Hurdle (Req g minus delivered) | +10.2 pp | +10.4 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | -4.0 pp | -1.7 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xiangtan Electrochemical Scientific 002125.SZ | China | $1.08B | -25% | +1% | 9% | 4.1× | 19.4% | +9.2% |
| Shenzhen Highpower Technology 001283.SZ | China | $1.07B | 0% | +18% | 5% | 1.5× | n/a | n/a |
| Dynapack International Technology 3211.TWO | Taiwan | $1.08B | -36% | +19% | 11% | 2.5× | 4.3% | -7.3% |
| Ongoal Technology 301662.SZ | China | $1.06B | -51% | -3% | 3% | 3.2× | 51.7% | n/a |
| Windey Energy Technology 300772.SZ | China | $1.09B | -42% | +23% | -2% | 0.6× | n/a | n/a |
| Tokai Carbon Korea 064760.KS | South Korea | $1.10B | -53% | +23% | 28% | 4.0× | 8.8% | +5.7% |
| Shanghai QiFan Cable 605222.SS | China | $1.11B | -51% | +12% | 2% | 0.6× | n/a | n/a |
| Voltamp Transformers VOLTAMP.NS | India | $1.04B | +1% | +18% | 15% | 4.3× | 35.4% | +25.5% |
| Hunan Valin Wire & Cable 001208.SZ | China | $1.04B | -36% | +20% | 2% | 1.7× | 32.0% | +21.6% |
| Shanghai Cooltech Power 300153.SZ | China | $1.11B | -27% | +84% | 5% | 2.3× | 37.0% | +20.3% |
| Baosheng Science & Technology Innovation 600973.SS | China | $1.11B | -26% | +31% | 1% | 0.3× | 9.1% | +6.9% |
| Jiangsu Cai Qin Technology 688182.SS | China | $1.12B | -39% | +86% | 9% | 6.3× | n/a | n/a |
| Quality Power Electrical Equipments QPOWER.NS | India | $1.12B | +7% | +90% | 19% | 10.0× | n/a | n/a |
| Zhejiang Yankon 600261.SS | China | $1.03B | +52% | -2% | 4% | 2.0× | 10.2% | -11.1% |
| Guangzhou Zhiguang Electric 002169.SZ | China | $1.02B | -34% | +28% | 1% | 2.8× | n/a | n/a |
| American Superconductor AMSC | United States | $1.13B | -58% | +26% | 4% | 3.1× | 56.5% | +28.0% |
| Keli Motor 002892.SZ | China | $1.13B | -14% | +13% | -1% | 3.5× | n/a | n/a |
| Goldcup Electric Apparatus 002533.SZ | China | $1.14B | -21% | +23% | 3% | 0.6× | n/a | n/a |
| Shenzhen Senior Technology Material 6067.HK | Hong Kong | $1.02B | n/a | +53% | 10% | 3.3× | n/a | n/a |
| Topsec Technologies 002212.SZ | China | $1.01B | -18% | -9% | -14% | 3.3× | n/a | n/a |
| Sanyo Denki 6516.T | Japan | $1.01B | -39% | +20% | 12% | 1.1× | 9.0% | +6.7% |