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China's largest supplier of flavors and fragrances for cigarettes, plus fragrance ingredients for consumer products.
China's largest supplier of flavors and fragrances for cigarettes, plus fragrance ingredients for consumer products.
Supplies the flavouring that goes into cigarettes to the state-owned cigarette makers of China's tobacco monopoly, so a single buyer group sets volume and terms. Fragrance ingredients for consumer goods are a smaller business that widens the customer base.
In one line: China's International Flavors & Fragrances, tobacco-focused.
Moat: narrow (regulatory licence, customer qualification, IP / patents). Long-qualified supplier to China's tobacco monopoly with proprietary flavor formulations.
Headquarters: Shenzhen, China · Founded: 1996 · Employees: 4,011
Size Huabao International (0336.HK) is a Hong Kong Consumer Staples company (Food: Specialty/Candy) with a market value of $1.34B, the 518th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$3.27 on 6 Nov 2026.
Performance Over six months the shares fell 24.6%, against -16.9% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 13.5% over the last twelve months (peer median +5.3%); the operating margin is 2.9% (peer median 7.4%).
Valuation It trades at 25.3× forward earnings against a peer median of 18.4× (7th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is -3%, so the hurdle is +19 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 6.5 points below its cost of capital (7.4% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$4.18B | HK$3.78B | HK$3.66B | HK$3.66B | HK$4.45B |
| Revenue growth | — | +3% | 0% | -18% | — |
| Gross profit | HK$1.64B | HK$1.36B | HK$1.50B | HK$1.55B | HK$2.15B |
| EBITDA | HK$511M | HK$433M | HK$445M | HK$669M | HK$1.07B |
| Net income | -HK$436M | -HK$422M | -HK$418M | HK$258M | -HK$1.23B |
| Free cash flow | HK$554M | HK$844M | HK$477M | HK$655M | HK$442M |
| Capital expenditure | HK$323M | HK$179M | HK$324M | HK$510M | HK$571M |
| Total debt | n/a | HK$199M | HK$253M | HK$551M | HK$829M |
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 |
|---|---|---|---|---|---|---|
| Huabao International 0336.HK | $1.34B | -25% | +13% | 3% | 25.3× | 16.2% |
| International Flavors & Fragrances IFF | $20.7B | +2% | -17% | 11% | 23.4× | 17.9% |
| Givaudan GIVN.SW | $45.8B | +47% | -2% | 18% | 34.0× | 10.6% |
| Symrise SY1.DE | $15.1B | +30% | -1% | 12% | 24.8× | 8.1% |
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 | 0336.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.2% | +1.7% | 10th lowest of 21 |
| 6-month return | -24.6% | -16.9% | 6th lowest of 20 |
| Distance from 52-week high | -37.1% | -26.6% | 6th lowest of 21 |
| Revenue growth (TTM) | +13.5% | +5.3% | 7th highest of 21 |
| Operating margin | 2.9% | 7.4% | 4th lowest of 21 |
| Forward P/E | 25.3× | 18.4× | 7th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 16.2% | 3.1% | 5th most demanding of 13 |
| Growth delivered (Del g) | -2.7% | +9.4% | lowest of 13 |
| Hurdle (Req g minus delivered) | +18.9 pp | -7.7 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | -6.5 pp | +0.7 pp | lowest of 21 |
| EV / EBITDA | 11.3× | 9.7× | 4th most expensive of 13 |
| Net debt / EBITDA | -13.0× | 1.0× | least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Huabao International 0336.HK | Hong Kong | $1.34B | -25% | +13% | 3% | 25.3× | 16.2% | -2.7% |
| CCL Products (India) CCL.NS | India | $1.37B | -20% | +24% | 13% | 25.8× | 17.9% | +29.1% |
| Fufeng 0546.HK | Hong Kong | $1.31B | -37% | +1% | 4% | 7.4× | n/a | n/a |
| Manorama Industries MANORAMA.NS | India | $1.31B | +22% | +60% | 24% | 39.3× | 33.4% | +46.9% |
| Yantai China Pet Foods 002891.SZ | China | $1.39B | -15% | +21% | 4% | 32.6× | n/a | n/a |
| Morinaga & 2201.T | Japan | $1.28B | -8% | +3% | 9% | 12.3× | -5.7% | +7.1% |
| Flowers Foods FLO | United States | $1.42B | -20% | +2% | 6% | 8.8× | -7.6% | +3.7% |
| Bikaji Foods International BIKAJI.NS | India | $1.27B | -29% | +14% | 10% | 37.4× | 38.6% | +17.5% |
| Qianhe Condiment & Food 603027.SS | China | $1.43B | -21% | -6% | 14% | 23.9× | 3.1% | +8.8% |
| Shandong Bailong Chuangyuan Bio-Tech 605016.SS | China | $1.24B | -28% | +19% | 32% | 18.4× | 8.8% | +22.5% |
| Chacha Food 002557.SZ | China | $1.46B | -17% | +8% | 8% | 15.8× | n/a | n/a |
| Nisshin OilliO 2602.T | Japan | $1.22B | +13% | +8% | 3% | 18.0× | 3.1% | +10.5% |
| Italmobiliare ITM.MI | Italy | $1.20B | -8% | +8% | 14% | 12.0× | n/a | n/a |
| NIPPN 2001.T | Japan | $1.50B | +8% | +2% | 5% | 11.3× | n/a | n/a |
| Snowsky Salt Industry 600929.SS | China | $1.20B | -29% | +32% | 1% | 54.7× | n/a | n/a |
| Kagome 2811.T | Japan | $1.51B | +3% | +3% | 7% | 24.0× | 2.2% | +10.0% |
| Lotte 004990.KS | South Korea | $1.18B | -27% | +1% | 2% | 69.5× | n/a | n/a |
| Sanquan Foods 002216.SZ | China | $1.56B | -18% | +7% | 5% | 18.1× | 2.6% | -1.1% |
| Nomad Foods NOMD | United States | $1.64B | +24% | +3% | 13% | 7.3× | -4.1% | +3.6% |
| Jiangxi Qiyunshan Food 2797.HK | Hong Kong | $1.10B | n/a | -7% | 17% | n/a | n/a | n/a |
| Three Squirrels 300783.SZ | China | $1.66B | -12% | -13% | 2% | 21.5× | 19.5% | +0.8% |