Loading…
Chinese battery-materials recycler and precursor maker, recovering cobalt, nickel and other metals from e-waste and spent batteries to supply EV battery cathode makers.
Chinese battery-materials recycler and precursor maker, recovering cobalt, nickel and other metals from e-waste and spent batteries to supply EV battery cathode makers.
Sells battery materials priced on their cobalt and nickel content plus a processing fee, so revenue moves with metal prices while profit depends on how cheaply it sources feedstock through recycling instead of buying ore. Cathode makers are its core customers, and its recycling chains cover spent batteries and electronic waste.
In one line: A Chinese Li-Cycle/Redwood Materials for battery recycling, at much larger scale.
Moat: narrow (scale, process know-how, customer qualification). Large-scale, qualified recycling/refining capacity that is costly and slow for new entrants to replicate.
Headquarters: Shenzhen, China · Employees: 9,684
Size GEM (002340.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $4.43B, the 581st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.81 on 6 Nov 2026.
Performance Over six months the shares fell 36.4%, against -18.7% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 2.3% over the last twelve months (peer median +10.3%); the operating margin is 6.8% (peer median 10.6%).
Valuation It trades at 15.7× forward earnings against a peer median of 18.4× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +24%, so the hurdle is -20 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.5 points below its cost of capital (6.3% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥36.6B | CN¥37.1B | CN¥33.2B | CN¥30.4B | CN¥29.3B |
| Revenue growth | — | +12% | +9% | +4% | — |
| Gross profit | CN¥7.41B | CN¥4.95B | CN¥4.59B | CN¥3.27B | CN¥3.89B |
| EBITDA | n/a | CN¥5.62B | CN¥4.76B | CN¥2.06B | CN¥3.01B |
| Net income | CN¥1.68B | CN¥1.58B | CN¥1.02B | CN¥934M | CN¥1.30B |
| Free cash flow | CN¥240M | -CN¥5.41B | -CN¥8.88B | -CN¥3.25B | -CN¥4.17B |
| Capital expenditure | CN¥2.51B | CN¥9.17B | CN¥11.9B | CN¥5.40B | CN¥4.13B |
| Total debt | CN¥38.8B | CN¥38.5B | CN¥33.0B | CN¥24.2B | CN¥19.0B |
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 |
|---|---|---|---|---|---|---|
| GEM 002340.SZ | $4.43B | -36% | +2% | 7% | 15.7× | 4.2% |
| Zhejiang Huayou Cobalt 603799.SS | $9.30B | -50% | +38% | 12% | 9.3× | n/a |
| CNGR Advanced Material 300919.SZ | $4.72B | -48% | +46% | 7% | 12.6× | n/a |
| Ningbo Ronbay New Energy Technology 688005.SS | $2.05B | -45% | +41% | 1% | 37.8× | n/a |
| Ecopro BM 247540.KS | $6.53B | -60% | -4% | 6% | 965.8× | 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 | 002340.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.3% | -1.2% | 7th lowest of 21 |
| 6-month return | -36.4% | -18.7% | lowest of 20 |
| Distance from 52-week high | -42.9% | -32.0% | 6th lowest of 21 |
| Revenue growth (TTM) | +2.3% | +10.3% | 7th lowest of 21 |
| Operating margin | 6.8% | 10.6% | 6th lowest of 21 |
| Forward P/E | 15.7× | 18.4× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 4.2% | 5.4% | 7th least demanding of 18 |
| Growth delivered (Del g) | +24.4% | +8.5% | 4th highest of 18 |
| Hurdle (Req g minus delivered) | -20.2 pp | -3.6 pp | 2nd least demanding of 18 |
| ROIC minus cost of capital | -0.5 pp | +1.6 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| GEM 002340.SZ | China | $4.43B | -36% | +2% | 7% | 15.7× | 4.2% | +24.4% |
| Far Eastern New Century 1402.TW | Taiwan | $4.49B | +8% | 0% | 6% | 11.8× | 5.3% | +4.2% |
| Red Avenue New Materials 9607.HK | Hong Kong | $4.35B | n/a | +30% | 9% | 26.9× | n/a | n/a |
| Guangxi Huaxi Nonferrous Metal 600301.SS | China | $4.33B | -15% | +24% | 32% | 22.9× | 9.2% | +44.9% |
| Clariant CLN.SW | Switzerland | $4.32B | +46% | -7% | 10% | 16.0× | -3.4% | +0.3% |
| Jiangsu Nata Opto-electronic Material 300346.SZ | China | $4.29B | -22% | +15% | 16% | 62.1× | 35.6% | +34.2% |
| Zhejiang Sanmei Chemical Industry 603379.SS | China | $4.64B | -22% | +24% | 41% | 13.5× | 5.4% | +16.5% |
| Cathay Biotech 688065.SS | China | $4.22B | -19% | +9% | 18% | 38.8× | n/a | n/a |
| Tosoh 4042.T | Japan | $4.69B | -4% | -1% | 11% | 11.4× | -1.5% | +6.8% |
| Dottikon ES DESN.SW | Switzerland | $4.72B | -24% | +11% | 27% | 37.6× | 12.6% | +14.4% |
| Do-Fluoride New Materials 002407.SZ | China | $4.06B | -36% | +69% | 7% | 38.0× | 19.2% | +17.5% |
| Navin Fluorine International NAVINFLUOR.NS | India | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% | +22.7% |
| Sumitomo Chemical 4005.T | Japan | $4.93B | -7% | -2% | 5% | 6.9× | 1.1% | +0.4% |
| Bluestar Adisseo 600299.SS | China | $3.97B | -35% | +15% | 13% | 11.8× | -8.6% | +7.7% |
| Air Water 4088.T | Japan | $3.93B | +23% | +7% | 4% | 14.3× | 7.1% | +6.8% |
| IMEIK Technology Development 300896.SZ | China | $3.92B | -21% | -7% | 45% | 23.3× | 18.8% | +28.0% |
| Hangzhou Oxygen Plant 002430.SZ | China | $3.89B | -16% | +16% | 11% | 20.9× | 2.9% | +8.5% |
| Celanese CE | United States | $5.10B | -19% | +1% | 9% | 7.6× | 5.3% | +11.0% |
| Pangang Group Vanadium & Titanium Resources 000629.SZ | China | $3.83B | -24% | +6% | 4% | 68.8× | 27.2% | -3.4% |
| Methanex MX.TO | Canada | $5.18B | +12% | +31% | 23% | 6.9× | -9.4% | +7.1% |
| Mitsubishi Gas Chemical 4182.T | Japan | $3.78B | -31% | +3% | 8% | 10.6× | n/a | n/a |