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Makes cylindrical lithium battery cells and LED chips, and still runs a metal-materials distribution business.
Makes cylindrical lithium battery cells and LED chips, and still runs a metal-materials distribution business.
Earns most of its income from cylindrical lithium battery cells sold to makers of power tools, cleaning appliances and e-mobility products, with LED chips and an older metal-materials distribution business as the other lines. Formerly Aoyang Shunchang, it grew the battery side and plans a cell plant in Malaysia.
Moat: narrow (scale, customer qualification). Battery cells need long customer approval; scale in cylindrical cells helps cost, but rivals are large.
Headquarters: Zhangjiagang, Jiangsu, China · Employees: 4,237
Size Jiangsu Azure (002245.SZ) is a China Industrials company (Wholesale Distributors) with a market value of $2.82B, the 908th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.01 on 6 Nov 2026.
Performance Over six months the shares fell 21.1%, against +0.1% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 27.2% over the last twelve months (peer median +7.9%); the operating margin is 12.2% (peer median 4.9%).
Valuation It trades at 14.6× forward earnings against a peer median of 13.1× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is +14%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points above its cost of capital (10.0% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.84B | CN¥8.09B | CN¥6.75B | CN¥5.20B | CN¥6.27B |
| Revenue growth | — | +20% | +30% | -17% | — |
| Gross profit | CN¥2.43B | CN¥1.56B | CN¥1.15B | CN¥611M | CN¥939M |
| EBITDA | n/a | CN¥1.36B | CN¥964M | CN¥448M | CN¥644M |
| Net income | CN¥1.04B | CN¥711M | CN¥488M | CN¥141M | CN¥378M |
| Free cash flow | CN¥279M | CN¥637M | CN¥422M | CN¥250M | -CN¥302M |
| Capital expenditure | CN¥1.01B | CN¥971M | CN¥748M | CN¥360M | CN¥809M |
| Total debt | CN¥4.01B | CN¥2.46B | CN¥2.46B | CN¥2.75B | CN¥2.98B |
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 |
|---|---|---|---|---|---|---|
| Jiangsu Azure 002245.SZ | $2.82B | -21% | +27% | 12% | 14.6× | 11.8% |
| EVE Energy 300014.SZ | $17.0B | -28% | +51% | 6% | 15.5× | n/a |
| LG Energy Solution 373220.KS | $58.2B | -27% | +25% | 1% | n/a | n/a |
| Samsung Sdi 006400.KS | $26.8B | -33% | +21% | 0% | 45.9× | n/a |
| Sanan Optoelectronics 600703.SS | $6.87B | -33% | -22% | -7% | n/a | 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 | 002245.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -32.7% | -5.0% | 2nd lowest of 21 |
| 6-month return | -21.1% | +0.1% | 3rd lowest of 21 |
| Distance from 52-week high | -52.6% | -20.7% | 2nd lowest of 21 |
| Revenue growth (TTM) | +27.2% | +7.9% | 4th highest of 21 |
| Operating margin | 12.2% | 4.9% | 5th highest of 21 |
| Forward P/E | 14.6× | 13.1× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 11.8% | 4.5% | 4th most demanding of 19 |
| Growth delivered (Del g) | +13.8% | +8.8% | 3rd highest of 19 |
| Hurdle (Req g minus delivered) | -1.9 pp | -3.5 pp | 9th most demanding of 19 |
| ROIC minus cost of capital | +0.5 pp | +0.6 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Azure 002245.SZ | China | $2.82B | -21% | +27% | 12% | 14.6× | 11.8% | +13.8% |
| Marco Polo 001386.SZ | China | $2.80B | -15% | -12% | 21% | n/a | -7.2% | -5.5% |
| Inchcape INCH.L | United Kingdom | $2.87B | -21% | +7% | 6% | 7.5× | -6.0% | +5.9% |
| IWATANI 8088.T | Japan | $2.73B | -4% | +5% | 5% | 7.6× | 4.3% | +10.1% |
| Nagase & 8012.T | Japan | $2.96B | -9% | +8% | 5% | 10.9× | 3.5% | +3.2% |
| Russel Metals RUS.TO | Canada | $2.98B | +36% | +18% | 5% | 14.4× | 8.7% | +11.5% |
| Xinhua Winshare Publishing & Media 0811.HK | Hong Kong | $2.60B | -15% | +1% | 7% | 6.6× | -10.6% | +4.7% |
| Workman 7564.T | Japan | $2.57B | -31% | +21% | 19% | 17.1× | 4.6% | +8.7% |
| Bufab BUFAB.ST | Sweden | $2.55B | +16% | +8% | 13% | 29.2× | 18.7% | +11.2% |
| Macnica 3132.T | Japan | $3.23B | +8% | +35% | 4% | 11.8× | n/a | n/a |
| Boise Cascade BCC | United States | $2.44B | -1% | +1% | 3% | 24.1× | 7.7% | +3.2% |
| DNOW DNOW | United States | $2.40B | +2% | +70% | -3% | 23.6× | 9.8% | +11.7% |
| OEM International OEM-B.ST | Sweden | $2.34B | +11% | +11% | 15% | 29.9× | 14.6% | +10.1% |
| Hanwa 8078.T | Japan | $2.29B | +7% | +6% | 2% | 7.8× | -4.2% | +8.8% |
| DXP Enterprises DXPE | United States | $2.18B | -10% | +11% | 9% | 20.7× | 6.6% | +14.9% |
| Farsoon Technologies 688433.SS | China | $3.76B | -24% | +52% | 5% | 234.8× | n/a | n/a |
| Wuchan Zhongda 600704.SS | China | $3.86B | 0% | +3% | 1% | 7.2× | -2.5% | +8.1% |
| Gibson Energy GEI.TO | Canada | $3.87B | +13% | +26% | 3% | 19.5× | 6.4% | +16.7% |
| Shanghai Xinhua Media 600825.SS | China | $2.03B | +118% | +1% | -1% | n/a | 44.5% | +2.3% |
| Currys CURY.L | United Kingdom | $1.97B | +16% | +6% | 2% | 10.4× | 4.3% | -2.2% |
| Rubis SCA RUI.PA | France | $4.10B | 0% | +11% | 7% | 10.3× | 3.1% | +10.9% |