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Large Chinese fluorochemicals and organic-silicone maker producing refrigerants, PTFE and silicone products, based in Shandong.
Large Chinese fluorochemicals and organic-silicone maker producing refrigerants, PTFE and silicone products, based in Shandong.
Spread across fluorine, silicone and chlor-alkali chemicals that follow different cycles, so one weak line does not set the whole result. Refrigerant output is limited by China's government quotas on HFCs, which links prices to the quota system. It also makes proton exchange membranes for hydrogen fuel cells, a small growth line.
Moat: narrow (scale, regulatory licence). Large integrated scale and China refrigerant production quotas create barriers to new entrants.
Headquarters: Zibo, China · Founded: 1987 · Employees: 6,377
Size Dongyue (0189.HK) is a Hong Kong Materials company (Chemicals: Specialty) with a market value of $2.04B, the 413th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$9.23 on 6 Nov 2026.
Performance Over six months the shares fell 28.3%, against -17.3% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 7.8% over the last twelve months (peer median +17.2%); the operating margin is 19.2% (peer median 8.0%).
Valuation It trades at 5.6× forward earnings against a peer median of 18.1× (cheapest of 17).
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 +7%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.7 points above its cost of capital (8.3% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$16.7B | HK$15.6B | HK$15.4B | HK$16.0B | HK$23.3B |
| Revenue growth | — | +1% | -4% | -31% | — |
| Gross profit | HK$5.88B | HK$4.80B | HK$3.32B | HK$2.88B | HK$7.58B |
| EBITDA | HK$4.74B | HK$3.94B | HK$2.58B | HK$1.73B | HK$5.42B |
| Net income | HK$2.12B | HK$1.78B | HK$879M | HK$782M | HK$4.48B |
| Free cash flow | HK$2.77B | HK$2.26B | HK$332M | -HK$632M | HK$1.44B |
| Capital expenditure | HK$2.06B | HK$1.81B | HK$1.95B | HK$2.26B | HK$4.56B |
| Total debt | n/a | HK$37.6M | HK$28.1M | HK$35.3M | HK$49.0M |
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 |
|---|---|---|---|---|---|---|
| Dongyue 0189.HK | $2.04B | -28% | +8% | 19% | 5.6× | -12.4% |
| Zhejiang Juhua 600160.SS | $13.1B | -12% | -5% | 20% | 18.2× | n/a |
| Zhejiang Sanmei Chemical Industry 603379.SS | $4.64B | -22% | +24% | 41% | 13.5× | 5.4% |
| Wacker Chemie WCH.DE | $4.42B | -24% | -5% | -1% | 33.0× | n/a |
| Daikin Industries 6367.T | $40.4B | -1% | +11% | 8% | 21.8× | 7.4% |
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 | 0189.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.6% | -8.6% | 6th lowest of 21 |
| 6-month return | -28.3% | -17.3% | 8th lowest of 20 |
| Distance from 52-week high | -61.1% | -38.2% | 4th lowest of 21 |
| Revenue growth (TTM) | +7.8% | +17.2% | 9th lowest of 20 |
| Operating margin | 19.2% | 8.0% | 2nd highest of 21 |
| Forward P/E | 5.6× | 18.1× | cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -12.4% | 11.1% | least demanding of 11 |
| Growth delivered (Del g) | +6.6% | +4.3% | 4th highest of 11 |
| Hurdle (Req g minus delivered) | -19.0 pp | +11.5 pp | least demanding of 11 |
| ROIC minus cost of capital | +2.7 pp | -2.3 pp | 4th highest of 21 |
| EV / EBITDA | 3.3× | 12.4× | cheapest of 9 |
| Net debt / EBITDA | -1.6× | 0.8× | 4th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dongyue 0189.HK | Hong Kong | $2.04B | -28% | +8% | 19% | 5.6× | -12.4% | +6.6% |
| Ningbo Ronbay New Energy Technology 688005.SS | China | $2.05B | -45% | +41% | 1% | 37.8× | n/a | n/a |
| Shaanxi Beiyuan Chemical Industry 601568.SS | China | $2.11B | -9% | -8% | -4% | 11.8× | 11.8% | -1.8% |
| SKC 011790.KS | South Korea | $2.14B | -46% | +24% | -9% | n/a | n/a | n/a |
| Ube 4208.T | Japan | $1.94B | +33% | +3% | 4% | 12.0× | n/a | n/a |
| Zhejiang Yonghe Refrigerant 605020.SS | China | $2.17B | +5% | +25% | 18% | 13.3× | n/a | n/a |
| Rogers ROG | United States | $2.17B | -13% | +7% | 10% | 26.2× | 10.3% | +0.2% |
| Chemours CC | United States | $1.92B | -45% | -1% | 3% | 8.2× | 16.1% | +3.2% |
| Guangdong Huate Gas 688268.SS | China | $1.92B | -47% | +27% | 13% | 56.1× | 35.6% | +7.2% |
| Minerals Technologies MTX | United States | $1.91B | -22% | +5% | 13% | 9.8× | 0.5% | +5.4% |
| Lily 603823.SS | China | $1.91B | +85% | +2% | 10% | 58.1× | 27.9% | +1.4% |
| Epoxy Base Electronic Material 603002.SS | China | $2.19B | -7% | +73% | 7% | 71.6× | n/a | n/a |
| Standard Nuclear STDN | United States | $1.90B | n/a | n/a | -288% | n/a | n/a | n/a |
| Lianhe Chemical Technology 002250.SZ | China | $1.90B | -16% | +28% | 13% | 19.7× | -3.4% | +6.1% |
| Deepak Nitrite DEEPAKNTR.NS | India | $2.22B | -17% | +25% | 14% | 16.5× | n/a | n/a |
| Garware Hi-Tech Films GRWRHITECH.NS | India | $1.88B | +40% | +15% | 21% | 37.7× | 38.8% | +16.6% |
| Tinergy Chemical 002145.SZ | China | $2.23B | -15% | +17% | 9% | n/a | n/a | n/a |
| Verbio VBK.DE | Germany | $1.88B | -37% | +19% | 5% | 13.2× | 1.1% | +12.8% |
| Inner Mongolia Shuangxin Environment-Friendly Material 001369.SZ | China | $1.87B | -28% | +3% | 15% | n/a | n/a | n/a |
| Zibo Qixiang Tengda Chemical 002408.SZ | China | $1.87B | -33% | +18% | -1% | 220.0× | 3.7% | -0.8% |
| Transfar Zhilian 002010.SZ | China | $1.87B | -21% | -30% | 5% | 16.1× | n/a | n/a |