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Chinese maker of civil explosives (blasting materials) for mining and construction, with military-linked ownership.
Chinese maker of civil explosives (blasting materials) for mining and construction, with military-linked ownership.
Besides selling explosives by volume, it increasingly contracts to carry out the whole blasting job at a mine or construction site, which adds service income. Production and sales need state licences, and the industry has been pushed into a few large groups.
Moat: narrow (regulatory licence). Civil explosives production requires government safety licences that limit new entrants.
Headquarters: Anhui, China · Employees: 12,882
Size Anhui Jiangnan Chemical Industry (002226.SZ) is a China Materials company (Industrial Specialties) with a market value of $2.07B, the 1216th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.22 on 6 Nov 2026.
Performance Over six months the shares fell 2.8%, against -1.2% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 20 in its peer set.
Growth Revenue grew 13.2% over the last twelve months (peer median +11.4%); the operating margin is 10.7% (peer median 11.3%).
Valuation It trades at 16.8× forward earnings against a peer median of 28.3× (8th cheapest of 18).
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 +21%, so the hurdle is -24 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.0 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¥10.9B | CN¥9.94B | CN¥9.92B | CN¥8.82B | CN¥7.75B |
| Revenue growth | — | 0% | +12% | +14% | — |
| Gross profit | CN¥3.59B | CN¥2.89B | CN¥2.85B | CN¥2.47B | CN¥2.05B |
| EBITDA | n/a | CN¥2.21B | CN¥2.14B | CN¥2.09B | CN¥1.76B |
| Net income | CN¥462M | CN¥758M | CN¥924M | CN¥773M | CN¥479M |
| Free cash flow | CN¥393M | CN¥691M | CN¥626M | CN¥405M | CN¥917M |
| Capital expenditure | CN¥645M | CN¥504M | CN¥523M | CN¥753M | CN¥619M |
| Total debt | CN¥7.76B | CN¥7.18B | CN¥5.18B | CN¥4.74B | CN¥4.24B |
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 |
|---|---|---|---|---|---|---|
| Anhui Jiangnan Chemical Industry 002226.SZ | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% |
| Xizang Gaozheng Civil Explosives 002827.SZ | $2.53B | +92% | -1% | 12% | 108.9× | n/a |
| Guangdong Hongda 002683.SZ | $3.86B | -7% | +15% | 10% | 23.7× | 4.9% |
| Explosive 002096.SZ | $1.74B | -14% | -3% | 9% | 12.8× | -2.5% |
| Sichuan Yahua Industrial 002497.SZ | $2.48B | -56% | +69% | 18% | 6.2× | n/a |
| Orica ORI.AX | $7.23B | +1% | +2% | 11% | 18.2× | 6.9% |
| Dyno Nobel DNL.AX | $4.64B | +6% | -17% | 15% | 21.1× | 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 | 002226.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.3% | -16.3% | 5th highest of 21 |
| 6-month return | -2.8% | -1.2% | 10th lowest of 20 |
| Distance from 52-week high | -24.7% | -38.7% | 8th highest of 21 |
| Revenue growth (TTM) | +13.2% | +11.4% | 8th highest of 21 |
| Operating margin | 10.7% | 11.3% | 10th lowest of 21 |
| Forward P/E | 16.8× | 28.3× | 8th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -3.0% | 21.3% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +20.5% | +12.1% | 5th highest of 16 |
| Hurdle (Req g minus delivered) | -23.5 pp | +2.3 pp | 2nd least demanding of 16 |
| ROIC minus cost of capital | +2.0 pp | +0.3 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Anhui Jiangnan Chemical Industry 002226.SZ | China | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% | +20.5% |
| Carborundum Universal CARBORUNIV.NS | India | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% | +14.6% |
| Olin OLN | United States | $1.97B | -36% | -1% | 0% | n/a | 44.0% | +3.3% |
| Zhejiang Fulai New Material 605488.SS | China | $2.21B | +47% | +19% | 2% | 134.6× | 31.8% | +17.6% |
| Jiangsu Shemar Electric 603530.SS | China | $2.23B | -44% | +17% | 29% | 26.2× | 23.4% | +21.1% |
| Grindwell Norton GRINDWELL.NS | India | $2.25B | +16% | +14% | 16% | 39.5× | 37.8% | +13.4% |
| KCC 002380.KS | South Korea | $1.91B | -34% | 0% | 6% | 2.1× | 3.8% | +5.0% |
| Henan Huanghe Whirlwind 600172.SS | China | $2.27B | +29% | +13% | -30% | n/a | n/a | n/a |
| Lintec 7966.T | Japan | $1.87B | -14% | +3% | 8% | 12.2× | 1.5% | +6.2% |
| Gansu Energy Chemical 000552.SZ | China | $1.86B | -19% | +11% | 3% | 33.4× | n/a | n/a |
| Zeon 4205.T | Japan | $2.34B | +6% | +4% | 11% | 9.1× | -1.5% | +6.4% |
| UFP Technologies UFPT | United States | $2.35B | +32% | +9% | 15% | 28.3× | 17.8% | +27.4% |
| Pamica Technology 001359.SZ | China | $2.41B | -1% | +23% | 23% | 36.2× | 38.0% | +12.1% |
| Zhejiang Runtu 002440.SZ | China | $1.77B | -1% | +23% | 17% | 8.5× | -5.5% | +2.0% |
| Triumph Science & Technology 600552.SS | China | $1.76B | -20% | +12% | 5% | 65.5× | 21.3% | +3.1% |
| Explosive 002096.SZ | China | $1.74B | -14% | -3% | 9% | 12.8× | -2.5% | +37.7% |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 18% | 6.2× | n/a | n/a |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 38% | n/a | n/a | n/a |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 15% | 34.7× | 27.5% | +24.7% |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 12% | 108.9× | n/a | n/a |
| Aica Kogyo 4206.T | Japan | $1.68B | +19% | +5% | 12% | 12.6× | -7.0% | +7.6% |