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Chinese materials company that pivoted from stainless steel into lithium carbonate production from lepidolite (mica) ore for EV batteries.
Chinese materials company that pivoted from stainless steel into lithium carbonate production from lepidolite (mica) ore for EV batteries.
Sells lithium carbonate by the tonne at prices that swing with the lithium market, so that line decides whether the company earns a lot or little, while the older stainless-steel business sells at steadier but lower margins. Its lithium comes from lepidolite mined near Yichun in Jiangxi.
In one line: A Chinese steel company turned lithium-chemicals producer.
Moat: narrow (scale, process know-how). Vertically integrated lepidolite-to-lithium-carbonate processing, though lithium prices are highly cyclical.
Headquarters: Chenzhou, China · Employees: 2,405
Size Yongxing Special Materials Technology (002756.SZ) is a China Materials company (Steel) with a market value of $2.88B, the 894th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥35.93 on 6 Nov 2026.
Performance Over six months the shares fell 58.8%, against -23.5% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 29.9% over the last twelve months (peer median -2.4%); the operating margin is 16.2% (peer median 2.0%).
Valuation It trades at 11.2× forward earnings against a peer median of 16.9× (6th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +8%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.1 points above its cost of capital (10.8% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥9.58B | CN¥7.40B | CN¥8.05B | CN¥12.1B | CN¥15.5B |
| Revenue growth | — | -8% | -34% | -22% | — |
| Gross profit | CN¥2.58B | CN¥1.12B | CN¥1.41B | CN¥4.42B | CN¥8.02B |
| EBITDA | n/a | CN¥844M | CN¥1.22B | CN¥4.11B | CN¥7.62B |
| Net income | CN¥1.51B | CN¥661M | CN¥1.04B | CN¥3.41B | CN¥6.32B |
| Free cash flow | CN¥1.06B | CN¥323M | CN¥552M | CN¥3.62B | CN¥6.19B |
| Capital expenditure | CN¥62.8M | CN¥204M | CN¥264M | CN¥369M | CN¥465M |
| Total debt | CN¥755M | CN¥656M | CN¥97.2M | CN¥176M | CN¥0 |
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 |
|---|---|---|---|---|---|---|
| Yongxing Special Materials Technology 002756.SZ | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% |
| Ganfeng Lithium 002460.SZ | $9.71B | -57% | +128% | 18% | 11.5× | 4.4% |
| Tianqi Lithium 002466.SZ | $8.97B | -54% | +104% | 57% | 9.0× | -1.2% |
| Sichuan Yahua Industrial 002497.SZ | $2.48B | -56% | +69% | 18% | 6.2× | 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 | 002756.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.9% | -7.7% | 11th highest of 21 |
| 6-month return | -58.8% | -23.5% | lowest of 20 |
| Distance from 52-week high | -60.0% | -42.3% | lowest of 21 |
| Revenue growth (TTM) | +29.9% | -2.4% | 2nd highest of 21 |
| Operating margin | 16.2% | 2.0% | 4th highest of 21 |
| Forward P/E | 11.2× | 16.9× | 6th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -2.3% | 10.8% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +8.4% | +6.2% | 7th highest of 17 |
| Hurdle (Req g minus delivered) | -10.8 pp | +1.9 pp | 3rd least demanding of 17 |
| ROIC minus cost of capital | +12.1 pp | -3.4 pp | highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 11.2× | -2.3% | +8.4% |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 12.2× | n/a | n/a |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 65.0× | 7.4% | +6.1% |
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | n/a | 29.1% | -1.0% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 25.9× | 15.4% | +19.5% |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | n/a | 19.3% | +9.8% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 74.3× | -1.2% | +4.8% |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 13.6× | 12.9% | +10.9% |
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 10.5× | 14.6% | +6.2% |
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 10.5× | n/a | n/a |
| Angang Steel 000898.SZ | China | $2.50B | -15% | -6% | -7% | n/a | n/a | n/a |
| Hainan Mining 601969.SS | China | $2.44B | -33% | +29% | 17% | 13.9× | 0.8% | +9.9% |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 8.0× | -10.1% | +11.4% |
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 20.0× | 6.4% | +0.9% |
| Beijing Shougang 000959.SZ | China | $3.50B | -34% | -2% | 1% | 27.4× | -9.7% | +5.2% |
| Alleima ALLEI.ST | Sweden | $2.32B | +9% | -5% | 7% | 21.5× | 12.9% | +0.4% |
| Maanshan Iron & Steel 600808.SS | China | $2.32B | -41% | -4% | 0% | 38.0× | 0.3% | -1.0% |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 10.8× | 8.8% | +7.0% |
| Advanced Technology & Materials 000969.SZ | China | $2.28B | -32% | +37% | 5% | 40.2× | 16.2% | +9.8% |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | n/a | n/a | n/a |
| Yamato Kogyo 5444.T | Japan | $3.88B | -13% | +1% | 2% | 10.3× | 24.2% | +3.4% |