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Employees: 4,578
Size FuJian Nox Bellcow (300132.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $459M, the 4070th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥5.92 on 6 Nov 2026.
Performance Over six months the shares fell 37.3%, against -16.3% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 21 in its peer set.
Growth Revenue grew 18.4% over the last twelve months (peer median +8.6%); the operating margin is 7.3% (peer median 1.7%).
Valuation It trades at 17.9× forward earnings against a peer median of 8.0× (3rd most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is -10%, so the hurdle is +14 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 6.4 points above its cost of capital (8.3% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.39B | CN¥2.21B | CN¥1.93B | CN¥1.96B | CN¥2.91B |
| Revenue growth | — | +14% | -2% | -33% | — |
| Gross profit | CN¥578M | CN¥410M | CN¥295M | CN¥191M | CN¥115M |
| EBITDA | n/a | CN¥322M | CN¥234M | CN¥155M | -CN¥5.92M |
| Net income | CN¥182M | CN¥153M | CN¥54.7M | -CN¥68.3M | -CN¥742M |
| Free cash flow | CN¥277M | CN¥286M | CN¥134M | CN¥139M | CN¥273M |
| Capital expenditure | CN¥81.6M | CN¥52.9M | CN¥44.8M | CN¥40.9M | CN¥70.3M |
| Total debt | CN¥234M | CN¥218M | CN¥361M | CN¥581M | CN¥1.22B |
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| Measure | 300132.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -2.3% | -9.8% | 6th highest of 21 |
| 6-month return | -37.3% | -16.3% | 5th lowest of 21 |
| Distance from 52-week high | -40.1% | -39.2% | 11th highest of 21 |
| Revenue growth (TTM) | +18.4% | +8.6% | 6th highest of 21 |
| Operating margin | 7.3% | 1.7% | 6th highest of 21 |
| Forward P/E | 17.9× | 8.0× | 3rd most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 3.1% | 16.0% | 7th least demanding of 15 |
| Growth delivered (Del g) | -10.5% | +6.4% | lowest of 15 |
| Hurdle (Req g minus delivered) | +13.5 pp | -7.6 pp | 6th most demanding of 15 |
| ROIC minus cost of capital | +6.4 pp | -3.7 pp | 2nd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| FuJian Nox Bellcow 300132.SZ | China | $459M | -37% | +18% | 7% | 17.9× | 3.1% | -10.5% |
| Ho Tung Chemical 1714.TW | Taiwan | $459M | +67% | +36% | 10% | n/a | -17.3% | -1.5% |
| Braskem S.A. Sponsored ADR Pfd BAK | United States | $457M | -70% | -1% | 1% | 1.0× | n/a | n/a |
| Valhi VHI | United States | $456M | +11% | +3% | 1% | 4.6× | 32.2% | +2.3% |
| JSP 7942.T | Japan | $462M | +29% | +14% | 8% | 9.9× | -4.0% | +7.2% |
| Advansix ASIX | United States | $454M | -17% | +8% | -1% | 90.9× | 55.3% | +5.6% |
| Nantong Jiangtian Chemical 300927.SZ | China | $463M | -29% | +51% | 5% | n/a | 18.0% | +29.0% |
| Lee & Man Chemical 0746.HK | Hong Kong | $465M | -9% | +3% | 18% | 6.1× | -8.5% | +3.9% |
| Dymatic Chemicals 002054.SZ | China | $465M | -25% | +21% | 8% | n/a | -0.8% | +12.9% |
| Kente Catalysts 603120.SS | China | $465M | +6% | +9% | 12% | n/a | 18.3% | -8.9% |
| Changhua Chemical Technology 301518.SZ | China | $452M | -45% | +17% | -2% | n/a | n/a | n/a |
| Renxin New Material 301395.SZ | China | $445M | -10% | +1% | -6% | n/a | n/a | n/a |
| UPC Technology 1313.TW | Taiwan | $445M | +4% | -1% | -23% | n/a | -2.6% | +2.5% |
| Shaanxi Xinghua Chemistry 002109.SZ | China | $473M | -39% | +20% | -1% | n/a | 2.0% | +13.0% |
| Shenyang Chemical Industry 000698.SZ | China | $445M | -6% | +18% | 1% | n/a | n/a | n/a |
| Zhejiang Hisun Biomaterials 688203.SS | China | $473M | +16% | +47% | 4% | 56.0× | 16.5% | +26.6% |
| Qingdao Copton Technology 603798.SS | China | $443M | -36% | -12% | 5% | n/a | 28.5% | +0.9% |
| Gujarat Alkalies & Chemicals GUJALKALI.NS | India | $476M | -23% | +7% | 2% | n/a | 39.8% | +12.5% |
| Shanghai Huide Science & Technology 603192.SS | China | $476M | -15% | +2% | 3% | n/a | 15.5% | +10.5% |
| Tian Jin Bohai Chemical 600800.SS | China | $479M | -37% | -24% | -20% | n/a | n/a | n/a |
| Soulbrain 036830.KS | South Korea | $480M | -55% | +16% | -3% | n/a | n/a | n/a |