Employees: 2,067
Size Jiangsu Xiuqiang Glasswork (300160.SZ) is a China Materials company (Industrial Specialties) with a market value of $478M, the 3955th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.21 on 6 Nov 2026.
Performance Over six months the shares fell 20.0%, against -21.5% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue fell 7.5% over the last twelve months (peer median +7.6%); the operating margin is 7.1% (peer median 4.0%).
Valuation It trades at 1.4× enterprise value to sales against a peer median of 2.4× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.4 points above its cost of capital (6.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.56B | CN¥1.66B | CN¥1.58B | CN¥1.43B | CN¥1.50B |
| Revenue growth | — | +5% | +10% | -5% | — |
| Gross profit | CN¥370M | CN¥405M | CN¥436M | CN¥413M | CN¥380M |
| EBITDA | n/a | CN¥280M | CN¥281M | CN¥284M | CN¥269M |
| Net income | CN¥104M | CN¥193M | CN¥219M | CN¥208M | CN¥184M |
| Free cash flow | CN¥73.9M | CN¥109M | CN¥219M | CN¥245M | CN¥71.8M |
| Capital expenditure | CN¥118M | CN¥147M | CN¥87.7M | CN¥92.4M | CN¥194M |
| Total debt | CN¥187M | CN¥307M | CN¥254M | CN¥342M | CN¥211M |
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| Measure | 300160.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -14.0% | 5th highest of 21 |
| 6-month return | -20.0% | -21.5% | 9th highest of 20 |
| Distance from 52-week high | -32.9% | -44.2% | 7th highest of 21 |
| Revenue growth (TTM) | -7.5% | +7.6% | 2nd lowest of 21 |
| Operating margin | 7.1% | 4.0% | 8th highest of 21 |
| EV / Sales | 1.4× | 2.4× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 1.7% | 21.4% | 3rd least demanding of 11 |
| Growth delivered (Del g) | +5.3% | +14.0% | 4th lowest of 11 |
| Hurdle (Req g minus delivered) | -3.7 pp | +9.7 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +1.4 pp | -3.8 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Xiuqiang Glasswork 300160.SZ | China | $478M | -20% | -8% | 7% | 1.4× | 1.7% | +5.3% |
| SANVO Fine Chemicals 0301.HK | Hong Kong | $476M | +269% | +3% | -3% | 3.5× | n/a | n/a |
| Sokan New Materials 688157.SS | China | $476M | -44% | -8% | -3% | 4.7× | n/a | n/a |
| Shanxi Huhua 003002.SZ | China | $482M | -52% | -4% | 6% | 2.2× | 12.0% | +18.8% |
| Shanghai Kinlita Chemical 300225.SZ | China | $472M | +7% | +20% | 2% | 3.2× | 48.9% | -2.0% |
| Hangzhou Heshun Technology 301237.SZ | China | $471M | -41% | +23% | -20% | 5.0× | n/a | n/a |
| Matsumoto Yushiseiyaku 4365.T | Japan | $467M | +10% | -1% | 20% | 0.5× | n/a | n/a |
| Beijing Comens New Materials 300200.SZ | China | $491M | -24% | +20% | 4% | 2.4× | n/a | n/a |
| Indigo Paints INDIGOPNTS.NS | India | $462M | -1% | +12% | 13% | 2.7× | 27.6% | +14.2% |
| Hubei Xiangyuan New Material Technology 300980.SZ | China | $461M | -52% | +15% | 5% | 4.3× | 21.6% | +13.8% |
| Kangda New Materials (Group) 002669.SZ | China | $498M | -18% | +23% | 3% | 1.2× | n/a | n/a |
| Sanlux 002224.SZ | China | $458M | -22% | +8% | -4% | 2.2× | n/a | n/a |
| NanJing Sanchao Advanced Materials 300554.SZ | China | $508M | -27% | +6% | -51% | 12.4× | n/a | n/a |
| Shenzhen King Explorer Science & Technology 002917.SZ | China | $509M | -25% | +1% | 11% | 2.2× | -1.1% | +22.8% |
| Dongguan Changlian New Materials Technology 301618.SZ | China | $519M | -21% | +23% | 4% | 5.0× | 48.7% | +3.2% |
| Changchun Gas 600333.SS | China | $520M | -1% | +15% | 4% | 2.4× | 21.2% | +9.6% |
| Shanghai Yongguan Adhesive Products 603681.SS | China | $520M | -20% | +7% | 1% | 0.8× | 28.1% | +22.6% |
| HankukCarbon 017960.KS | South Korea | $526M | -71% | +11% | 18% | 0.6× | -20.0% | +17.2% |
| Praise Victor Industrial 7768.TW | Taiwan | $434M | n/a | +3% | 16% | 6.2× | n/a | n/a |
| Essentra ESNT.L | United Kingdom | $430M | +37% | +7% | 8% | 1.3× | 18.7% | -19.6% |
| Hangzhou Toka Ink 688571.SS | China | $429M | -26% | +4% | 7% | 1.6× | n/a | n/a |