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Chinese maker of fluorochemical and fine-chemical intermediates for agrochemical and other industrial uses.
Chinese maker of fluorochemical and fine-chemical intermediates for agrochemical and other industrial uses.
Moat: narrow (process know-how). Fluorination chemistry requires specialised process know-how and safety handling.
Headquarters: Shandong, China · Employees: 868
Size Shandong Kaisheng New Materials (301069.SZ) is a China Materials company (Chemicals: Specialty) with a market value of $1.28B, the 1868th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.85 on 6 Nov 2026.
Performance Over six months the shares fell 19.2%, against -22.3% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 20.1% over the last twelve months (peer median +5.3%); the operating margin is 12.9% (peer median 6.6%).
Valuation It trades at 47.0× forward earnings against a peer median of 15.5× (3rd most expensive of 15).
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 +10%, 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 2.3 points above its cost of capital (12.1% WACC).
Next results Next results expected around 12 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.21B | CN¥1.02B | CN¥924M | CN¥981M | CN¥1.00B |
| Revenue growth | — | +10% | -6% | -2% | — |
| Gross profit | CN¥372M | CN¥245M | CN¥185M | CN¥312M | CN¥381M |
| EBITDA | n/a | CN¥268M | CN¥172M | CN¥264M | CN¥304M |
| Net income | CN¥136M | CN¥128M | CN¥56.0M | CN¥158M | CN¥235M |
| Free cash flow | CN¥110M | CN¥93.5M | CN¥54.6M | -CN¥42.5M | -CN¥101M |
| Capital expenditure | CN¥3.39M | CN¥9.18M | CN¥6.46M | CN¥36.4M | CN¥119M |
| Total debt | CN¥73.3M | CN¥157M | CN¥537M | CN¥574M | CN¥0 |
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| Measure | 301069.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.6% | -11.7% | highest of 21 |
| 6-month return | -19.2% | -22.3% | 6th highest of 21 |
| Distance from 52-week high | -47.3% | -47.0% | 11th highest of 21 |
| Revenue growth (TTM) | +20.1% | +5.3% | 6th highest of 21 |
| Operating margin | 12.9% | 6.6% | 9th highest of 21 |
| Forward P/E | 47.0× | 15.5× | 3rd most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 29.2% | 2.6% | 3rd most demanding of 11 |
| Growth delivered (Del g) | +10.4% | +10.8% | 6th highest of 11 |
| Hurdle (Req g minus delivered) | +18.8 pp | -3.8 pp | most demanding of 11 |
| ROIC minus cost of capital | +2.3 pp | -2.0 pp | 4th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shandong Kaisheng New Materials 301069.SZ | China | $1.28B | -19% | +20% | 13% | 47.0× | 29.2% | +10.4% |
| Chengzhi 000990.SZ | China | $1.29B | -43% | -7% | 7% | 10.6× | -2.8% | +2.2% |
| Shiny Chemical Industrial 1773.TW | Taiwan | $1.29B | -20% | +20% | 22% | 15.1× | 5.5% | +8.1% |
| Beijing Haixin Energy Technology 300072.SZ | China | $1.30B | -20% | +61% | -9% | 121.7× | n/a | n/a |
| Industrie De Nora DNR.MI | Italy | $1.31B | -23% | -2% | 14% | 16.0× | n/a | n/a |
| REX American Resources REX | United States | $1.31B | -21% | +6% | 15% | 26.2× | -3.8% | +11.7% |
| Dawei Technology (Guangdong) 600589.SS | China | $1.32B | -38% | +29% | -10% | n/a | n/a | n/a |
| Global New Material International 6616.HK | Hong Kong | $1.32B | -3% | +165% | 0% | 14.1× | n/a | n/a |
| COFCO Biotechnology 000930.SZ | China | $1.32B | -21% | -9% | -2% | n/a | n/a | n/a |
| Guizhou Redstar Developing 600367.SS | China | $1.25B | +14% | +1% | 7% | n/a | 26.8% | +9.1% |
| Anhui Shenjian New Materials 002361.SZ | China | $1.25B | -54% | -4% | -3% | n/a | n/a | n/a |
| Shanghai Chlor-Alkali Chemical 600618.SS | China | $1.24B | -29% | +2% | 6% | n/a | -0.4% | +9.9% |
| Jiangyin Jianghua Micro-electronics Materials 603078.SS | China | $1.33B | -7% | +18% | 7% | 79.3× | 32.0% | +17.0% |
| Nan Pao Resins Chemical 4766.TW | Taiwan | $1.24B | -6% | +3% | 16% | 13.3× | -8.7% | +8.3% |
| Zhejiang Jiahua Energy Chemical Industry 600273.SS | China | $1.23B | -22% | +4% | 5% | 7.8× | -6.3% | +12.9% |
| Shanghai Skychem Technology 688603.SS | China | $1.22B | -29% | +38% | 19% | 44.6× | n/a | n/a |
| Wankai New Materials 301216.SZ | China | $1.35B | -48% | +5% | 4% | 8.3× | n/a | n/a |
| BASF India BASF.NS | India | $1.35B | -23% | +13% | 4% | 17.4× | n/a | n/a |
| Yunnan Energy Investment 002053.SZ | China | $1.21B | -24% | -24% | 20% | 11.6× | n/a | n/a |
| Tongyu Advanced Materials (Guangdong) 301630.SZ | China | $1.21B | -19% | +26% | 18% | n/a | 35.9% | +26.0% |
| GCH Technology 688625.SS | China | $1.38B | -32% | +8% | 18% | 19.2× | 27.6% | +16.3% |