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Leading Chinese packaging and printing company serving tobacco, cosmetics, food and liquor brands.
Leading Chinese packaging and printing company serving tobacco, cosmetics, food and liquor brands.
Makes packaging to brand owners' specifications and is paid per order, so volumes follow its clients' production runs and design changes. It has also built a cross-border online selling business that advertises consumer goods on social media, a second and very different source of income.
In one line: A China-focused WestRock for premium consumer packaging.
Moat: narrow (customer qualification, scale). Long-term supply relationships with major tobacco/liquor/cosmetics brands for certified packaging.
Headquarters: Xiamen, Fujian, China · Employees: 4,757
Size Xiamen Jihong (002803.SZ) is a China Materials company (Containers/Packaging) with a market value of $956M, the 2392nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.71 on 6 Nov 2026.
Performance Over six months the shares fell 16.1%, against -10.5% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median +4.3%); the operating margin is 6.0% (peer median 6.6%).
Valuation It trades at 21.3× forward earnings against a peer median of 15.7× (5th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -2 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.5 points above its cost of capital (10.1% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.47B | CN¥6.71B | CN¥5.52B | CN¥6.69B | CN¥5.37B |
| Revenue growth | — | +22% | -17% | +25% | — |
| Gross profit | CN¥3.63B | CN¥3.12B | CN¥2.38B | CN¥3.10B | CN¥2.17B |
| EBITDA | n/a | CN¥495M | CN¥319M | CN¥488M | CN¥331M |
| Net income | CN¥262M | CN¥277M | CN¥182M | CN¥345M | CN¥184M |
| Free cash flow | CN¥250M | CN¥116M | CN¥262M | CN¥533M | CN¥236M |
| Capital expenditure | CN¥285M | CN¥167M | CN¥136M | CN¥202M | CN¥138M |
| Total debt | CN¥1.09B | CN¥713M | CN¥601M | CN¥486M | CN¥524M |
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 |
|---|---|---|---|---|---|---|
| Xiamen Jihong 002803.SZ | $956M | -16% | +12% | 6% | 21.3× | 6.4% |
| Shanghai Zijiang Enterprise 600210.SS | $1.54B | -3% | -18% | 10% | 11.3× | n/a |
| MYS 002303.SZ | $909M | +26% | +1% | 8% | 18.6× | 4.9% |
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 | 002803.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.2% | -7.1% | 8th lowest of 21 |
| 6-month return | -16.1% | -10.5% | 10th lowest of 21 |
| Distance from 52-week high | -40.3% | -37.0% | 9th lowest of 21 |
| Revenue growth (TTM) | +12.0% | +4.3% | 7th highest of 21 |
| Operating margin | 6.0% | 6.6% | 9th lowest of 21 |
| Forward P/E | 21.3× | 15.7× | 5th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 6.4% | 4.4% | 5th most demanding of 11 |
| Growth delivered (Del g) | +8.8% | +5.2% | 3rd highest of 11 |
| Hurdle (Req g minus delivered) | -2.4 pp | +2.0 pp | 5th least demanding of 11 |
| ROIC minus cost of capital | +6.5 pp | +0.1 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xiamen Jihong 002803.SZ | China | $956M | -16% | +12% | 6% | 21.3× | 6.4% | +8.8% |
| Zhejiang Zhongxin Environmental Protection Technology 603091.SS | China | $991M | -20% | +31% | 22% | 14.5× | 7.8% | +4.4% |
| Zhejiang Great Shengda Packing 603687.SS | China | $995M | -30% | +1% | 3% | 32.6× | n/a | n/a |
| MYS 002303.SZ | China | $909M | +26% | +1% | 8% | 18.6× | 4.9% | +3.4% |
| Elopak ELO.OL | Norway | $1.01B | -11% | 0% | 9% | 11.8× | -8.3% | +7.7% |
| Guangzhou Fangbang Electronics 688020.SS | China | $900M | -51% | -2% | -28% | n/a | n/a | n/a |
| Huangshan Novel 002014.SZ | China | $1.02B | +5% | +9% | 12% | 15.7× | n/a | n/a |
| Time Technoplast TIMETECHNO.NS | India | $891M | -9% | +16% | 11% | 11.0× | n/a | n/a |
| Zhejiang Great Southeast 002263.SZ | China | $871M | -23% | +5% | -1% | n/a | 31.7% | -4.0% |
| Taiwan Hon Chuan Enterprise 9939.TW | Taiwan | $1.07B | +7% | 0% | 15% | 10.2× | n/a | n/a |
| Quzhou DFP New Material 601515.SS | China | $843M | -36% | +13% | -21% | n/a | n/a | n/a |
| Suzhou Hycan 002787.SZ | China | $1.09B | -10% | 0% | 7% | 36.4× | n/a | n/a |
| O-I Glass OI | United States | $796M | -44% | -2% | 9% | 10.1× | n/a | n/a |
| Cascades CAS.TO | Canada | $1.15B | +49% | +1% | 5% | 9.2× | -1.9% | +3.1% |
| Cheng Loong 1904.TW | Taiwan | $788M | +34% | -3% | 6% | 61.8× | 3.9% | +1.4% |
| Shanghai Baosteel Packaging 601968.SS | China | $785M | -19% | +17% | 4% | 17.3× | n/a | n/a |
| Shantou Wanshun New Material 300057.SZ | China | $784M | -45% | +29% | 1% | 66.5× | n/a | n/a |
| Fuji Seal International 7864.T | Japan | $1.18B | +38% | +4% | 9% | 10.8× | -9.5% | +5.9% |
| Sunrise 002752.SZ | China | $766M | -29% | +8% | 6% | 11.1× | -5.7% | +17.2% |
| Gerresheimer GXI.DE | Germany | $1.21B | +24% | +9% | -4% | 18.0× | 55.8% | +10.3% |
| EPL EPL.NS | India | $752M | -6% | +17% | 12% | 15.7× | 16.0% | +8.8% |