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Chinese maker of color masterbatch and plastic-compound additives for plastics processors.
Chinese maker of color masterbatch and plastic-compound additives for plastics processors.
Moat: none (scale). Masterbatch is a fragmented, price-competitive segment of the plastics-additive industry.
Headquarters: Suzhou, Jiangsu, China · Employees: 674
Size Poly Plastic Masterbatch (SuZhou) (300905.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $758M, the 2875th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥28.04 on 6 Nov 2026.
Performance Over six months the shares fell 58.8%, against -24.0% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 20 in its peer set.
Growth Revenue grew 10.2% over the last twelve months (peer median +4.6%); the operating margin is 11.1% (peer median 9.7%).
Valuation It trades at 3.1× enterprise value to sales against a peer median of 2.1× (8th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is +12 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 5.5 points below its cost of capital (15.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.54B | CN¥1.48B | CN¥1.36B | CN¥1.19B | CN¥789M |
| Revenue growth | — | +9% | +14% | +51% | — |
| Gross profit | CN¥349M | CN¥285M | CN¥232M | CN¥182M | CN¥91.9M |
| EBITDA | n/a | CN¥251M | CN¥188M | CN¥157M | CN¥73.9M |
| Net income | CN¥151M | CN¥151M | CN¥114M | CN¥99.5M | CN¥46.9M |
| Free cash flow | CN¥45.3M | CN¥34.8M | CN¥68.8M | -CN¥15.5M | -CN¥152M |
| Capital expenditure | CN¥33.2M | CN¥66.3M | CN¥101M | CN¥67.2M | CN¥123M |
| Total debt | CN¥184M | CN¥188M | CN¥138M | CN¥82.0M | CN¥46.7M |
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| Measure | 300905.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.0% | -12.0% | lowest of 21 |
| 6-month return | -58.8% | -24.0% | lowest of 20 |
| Distance from 52-week high | -66.2% | -42.1% | lowest of 21 |
| Revenue growth (TTM) | +10.2% | +4.6% | 7th highest of 21 |
| Operating margin | 11.1% | 9.7% | 8th highest of 20 |
| EV / Sales | 3.1× | 2.1× | 8th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 29.1% | 24.2% | 5th most demanding of 11 |
| Growth delivered (Del g) | +17.2% | +8.0% | 2nd highest of 10 |
| Hurdle (Req g minus delivered) | +11.8 pp | +18.7 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | -5.5 pp | -2.1 pp | 5th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Poly Plastic Masterbatch (SuZhou) 300905.SZ | China | $758M | -59% | +10% | 11% | 3.1× | 29.1% | +17.2% |
| Nanjing COSMOS Chemical 300856.SZ | China | $757M | -24% | +12% | 12% | 3.0× | 3.3% | +8.0% |
| Clean Science & Technology CLEAN.NS | India | $753M | -24% | +5% | 26% | 6.5× | 31.8% | +13.2% |
| Shandong Longhua New Material 301149.SZ | China | $751M | -39% | +33% | 2% | 0.8× | n/a | n/a |
| Westlake Chemical Partners LP WLKP | United States | $747M | -9% | +9% | 29% | 1.1× | n/a | n/a |
| Riken Technos 4220.T | Japan | $771M | +46% | +6% | 11% | 0.9× | -4.8% | +8.3% |
| Hebei Cangzhou Dahua 600230.SS | China | $738M | -36% | -1% | 4% | 1.1× | -0.4% | +22.6% |
| Sino-High (China) 301076.SZ | China | $736M | -24% | +4% | 14% | 9.3× | 43.8% | +9.1% |
| Sichuan Lutianhua Company Limited By Shares 000912.SZ | China | $785M | -31% | -5% | -4% | 1.3× | n/a | n/a |
| Zhejiang Jihua 603980.SS | China | $788M | +22% | +2% | 2% | 2.1× | 27.0% | -3.6% |
| Pan Asian Microvent Tech (Jiangsu) 688386.SS | China | $792M | -40% | +37% | 18% | 7.2× | n/a | n/a |
| Cybrid Technologies 603212.SS | China | $725M | -19% | -9% | -7% | 2.2× | n/a | n/a |
| Toyobo 3101.T | Japan | $793M | -1% | +2% | 7% | 0.9× | 2.0% | +4.6% |
| Kornit Digital KRNT | United States | $724M | +4% | +4% | -17% | 1.4× | 36.2% | +0.9% |
| Shanghai Allied Industrial 301419.SZ | China | $723M | +10% | +19% | 14% | 9.0× | n/a | n/a |
| Hangzhou Greenda Electronic Materials 603931.SS | China | $797M | -31% | -4% | 20% | 7.5× | 21.4% | +1.4% |
| Malion New Materials 300586.SZ | China | $720M | -42% | +4% | -4% | 3.6× | n/a | n/a |
| Yuanli Chemical 603217.SS | China | $720M | -25% | +8% | 10% | 1.9× | n/a | n/a |
| Hangzhou Grascent 301688.SZ | China | $720M | n/a | +12% | n/a | 4.2× | 47.1% | n/a |
| Sinolong New Materials 301565.SZ | China | $799M | -27% | +20% | 1% | 2.4× | n/a | n/a |
| DL 000210.KS | South Korea | $718M | -37% | +5% | 10% | 0.2× | n/a | n/a |