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World's largest maker of lithium-ion battery separators, a key membrane component inside EV and consumer batteries.
World's largest maker of lithium-ion battery separators, a key membrane component inside EV and consumer batteries.
Sells separators, thin porous films that keep a battery's two electrodes apart, by the square metre to cell makers, so results follow EV battery production and the supply balance in the film market, where rapid industry capacity growth has made supply plentiful. A coating arm adds ceramic or polymer layers for higher safety and commands a premium.
In one line: China's Celgard/Asahi Kasei for battery separators.
Moat: narrow (scale, process know-how, customer qualification). Precision membrane-coating process know-how and top battery-maker qualification are hard to replicate.
Headquarters: Shanghai, China · Founded: 2003 · Employees: 10,664
Size Yunnan Energy New Material (Group) (002812.SZ) is a China Materials company (Containers/Packaging) with a market value of $7.55B, the 326th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥51.39 on 6 Nov 2026.
Performance Over six months the shares fell 38.0%, against +3.4% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 50.0% over the last twelve months (peer median +2.1%); the operating margin is 16.9% (peer median 9.1%).
Valuation It trades at 19.8× forward earnings against a peer median of 17.5× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +26%, so the hurdle is -18 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.7 points above its cost of capital (8.1% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥18.3B | CN¥13.6B | CN¥10.1B | CN¥12.0B | CN¥12.6B |
| Revenue growth | — | +34% | -16% | -4% | — |
| Gross profit | CN¥7.25B | CN¥2.31B | CN¥946M | CN¥4.38B | CN¥5.91B |
| EBITDA | n/a | CN¥2.76B | CN¥1.05B | CN¥4.56B | CN¥5.86B |
| Net income | CN¥2.02B | CN¥143M | -CN¥556M | CN¥2.53B | CN¥4.00B |
| Free cash flow | CN¥414M | -CN¥560M | -CN¥1.63B | -CN¥5.14B | -CN¥4.74B |
| Capital expenditure | CN¥1.90B | CN¥1.73B | CN¥2.86B | CN¥7.82B | CN¥5.26B |
| Total debt | CN¥17.0B | CN¥16.5B | CN¥16.9B | CN¥14.5B | CN¥15.9B |
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 |
|---|---|---|---|---|---|---|
| Yunnan Energy New Material (Group) 002812.SZ | $7.55B | -38% | +50% | 17% | 19.8× | 7.8% |
| Asahi Kasei 3407.T | $12.6B | -3% | +4% | 8% | 11.3× | 1.9% |
| Shenzhen Senior Technology Material 300568.SZ | $2.80B | -23% | +45% | 10% | 27.4× | n/a |
| Sinoma Science & Technology 002080.SZ | $8.76B | -40% | +18% | 9% | 19.5× | n/a |
| Toray Industries 3402.T | $11.1B | +6% | +6% | 6% | 16.6× | 5.5% |
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 | 002812.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +12.1% | +3.5% | 6th highest of 21 |
| 6-month return | -38.0% | +3.4% | lowest of 21 |
| Distance from 52-week high | -41.4% | -17.3% | 2nd lowest of 21 |
| Revenue growth (TTM) | +50.0% | +2.1% | highest of 21 |
| Operating margin | 16.9% | 9.1% | 2nd highest of 21 |
| Forward P/E | 19.8× | 17.5× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.8% | 2.5% | 5th most demanding of 19 |
| Growth delivered (Del g) | +26.1% | +6.1% | highest of 19 |
| Hurdle (Req g minus delivered) | -18.2 pp | -5.2 pp | 2nd least demanding of 19 |
| ROIC minus cost of capital | +0.7 pp | +2.0 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yunnan Energy New Material (Group) 002812.SZ | China | $7.55B | -38% | +50% | 17% | 19.8× | 7.8% | +26.1% |
| SIG SIGN.SW | Switzerland | $7.07B | +23% | -5% | 5% | 20.5× | 18.4% | +9.4% |
| Stora Enso STEAV.HE | Finland | $8.58B | 0% | -1% | -4% | 18.4× | n/a | n/a |
| AptarGroup ATR | United States | $9.03B | +18% | +9% | 12% | 23.4× | 4.3% | +5.2% |
| China International Marine Containers (Group) 000039.SZ | China | $6.19B | -23% | 0% | 4% | 18.7× | -9.2% | +10.7% |
| Owens Corning OC | United States | $9.59B | 0% | -11% | 14% | 15.3× | 3.6% | +7.4% |
| Jiangsu Sidike New Materials Science & Technology 300806.SZ | China | $5.33B | -17% | +12% | 4% | 154.7× | n/a | n/a |
| Shenzhen YUTO Packaging Technology 002831.SZ | China | $5.19B | 0% | +1% | 11% | 20.8× | -0.4% | +7.9% |
| Sonoco Products SON | United States | $4.99B | -2% | +4% | 10% | 9.0× | -1.9% | +7.5% |
| CCL Industries CCL-B.TO | Canada | $11.8B | +17% | +5% | 15% | 18.7× | 1.3% | +7.9% |
| Mondi MNDI.L | United Kingdom | $4.69B | +5% | +5% | 4% | 36.1× | 15.4% | +2.1% |
| Crown CCK | United States | $13.1B | +20% | +14% | 12% | 13.9× | -4.7% | +5.7% |
| Silgan SLGN | United States | $4.34B | +2% | +4% | 10% | 10.2× | -5.8% | +5.7% |
| Oji 3861.T | Japan | $4.31B | -3% | 0% | 2% | 20.6× | 20.4% | +6.5% |
| Greif GEF | United States | $3.95B | +7% | -2% | 8% | 16.1× | 7.9% | -4.7% |
| Toyo Seikan 5901.T | Japan | $3.69B | +34% | +6% | 6% | 20.4× | -2.7% | +5.2% |
| Vidrala VID.MC | Spain | $3.63B | +18% | -3% | 21% | 14.6× | 5.8% | +8.2% |
| Ball BALL | United States | $17.2B | +13% | +21% | 11% | 15.3× | 6.4% | +2.3% |
| Graphic Packaging GPK | United States | $3.31B | +5% | 0% | 6% | 12.3× | 5.0% | +5.6% |
| Huhtamaki HUH1V.HE | Finland | $3.12B | -1% | -2% | 9% | 11.0× | -6.3% | +3.7% |
| Viscofan VIS.MC | Spain | $2.86B | -5% | +3% | 15% | 16.6× | -3.4% | +6.5% |