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Chinese producer of phosphate-based chemicals, including phosphoric acid and phosphate derivatives.
Chinese producer of phosphate-based chemicals, including phosphoric acid and phosphate derivatives.
Sells phosphate chemicals at prices that follow fertiliser and industrial markets, so profit depends on the gap between raw-material costs and product prices rather than on brand.
Moat: none (scale). Phosphate chemicals are commodity products tied to phosphate-rock supply and fertilizer demand.
Headquarters: Jiangsu, China · Employees: 2,182
Size Jiangsu Chengxing Phosph-Chemicals (600078.SS) is a China Materials company (Chemicals: Specialty) with a market value of $928M, the 2450th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.32 on 6 Nov 2026.
Performance Over six months the shares fell 29.4%, against -25.4% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 27.0% over the last twelve months (peer median +5.8%); the operating margin is 12.5% (peer median 5.5%).
Valuation It trades at 1.7× enterprise value to sales against a peer median of 3.2× (6th cheapest of 21).
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 +3%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 5.4 points above its cost of capital (7.8% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.53B | CN¥3.58B | CN¥3.35B | CN¥3.09B | CN¥4.52B |
| Revenue growth | — | +7% | +9% | -32% | — |
| Gross profit | CN¥1.02B | CN¥376M | CN¥193M | CN¥261M | CN¥951M |
| EBITDA | n/a | CN¥402M | CN¥188M | CN¥321M | CN¥1.20B |
| Net income | CN¥245M | CN¥8.47M | -CN¥199M | -CN¥60.8M | CN¥522M |
| Free cash flow | CN¥180M | CN¥300M | CN¥114M | CN¥468M | CN¥344M |
| Capital expenditure | CN¥134M | CN¥76.8M | CN¥154M | CN¥130M | CN¥146M |
| Total debt | CN¥2.37B | CN¥2.29B | CN¥2.01B | CN¥2.03B | CN¥2.06B |
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| Measure | 600078.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.5% | -12.6% | 6th highest of 21 |
| 6-month return | -29.4% | -25.4% | 8th lowest of 20 |
| Distance from 52-week high | -44.8% | -44.7% | 11th highest of 21 |
| Revenue growth (TTM) | +27.0% | +5.8% | 3rd highest of 21 |
| Operating margin | 12.5% | 5.5% | 6th highest of 21 |
| EV / Sales | 1.7× | 3.2× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 2.6% | 23.4% | 3rd least demanding of 13 |
| Growth delivered (Del g) | +2.9% | +3.9% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | -0.3 pp | +15.9 pp | 4th least demanding of 12 |
| ROIC minus cost of capital | +5.4 pp | -3.5 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Chengxing Phosph-Chemicals 600078.SS | China | $928M | -29% | +27% | 13% | 1.7× | 2.6% | +2.9% |
| Green Plains GPRE | United States | $927M | -27% | -22% | 7% | 0.7× | -1.0% | +1.8% |
| Quechen Silicon Chemical 605183.SS | China | $926M | -12% | +7% | 19% | 2.4× | 2.0% | +16.1% |
| Changzhou Tronly New Electronic Materials 300429.SZ | China | $923M | -37% | +14% | -14% | 6.3× | 56.6% | +5.0% |
| Rastar Environmental Protection Materials 300834.SZ | China | $933M | -9% | -23% | 1% | 5.9× | 43.9% | 0.0% |
| Guangzhou Human New Material Science & Technology 301683.SZ | China | $918M | -25% | +20% | 38% | 4.0× | 11.3% | n/a |
| Zhejiang Oceanking Development 603213.SS | China | $938M | +1% | -17% | 0% | 3.0× | 38.3% | +17.9% |
| Shenzhen Wote Advanced Materials 002886.SZ | China | $906M | -15% | +10% | 4% | 3.2× | 31.3% | +12.2% |
| Sichuan Xinjinlu 000510.SZ | China | $906M | -32% | -4% | -15% | 3.8× | n/a | n/a |
| Longkou Union Chemical 301209.SZ | China | $904M | -39% | -3% | 9% | 11.4× | 36.9% | +1.6% |
| Henan Jindan Lactic Acid Technology 300829.SZ | China | $900M | +52% | +5% | 3% | 3.8× | n/a | n/a |
| Boai NKY Medical 300109.SZ | China | $896M | -32% | -17% | 15% | 5.0× | 19.9% | +3.9% |
| Compass Minerals International CMP | United States | $962M | -18% | +5% | 8% | 1.3× | 8.1% | +2.8% |
| Guangdong Sinoplast Adv Matl 301686.SZ | China | $962M | n/a | +7% | 19% | 8.0× | n/a | n/a |
| Sudarshan Chemical Industries SUDARSCHEM.NS | India | $893M | +10% | +90% | 4% | 0.8× | 27.0% | +39.5% |
| TETRA Technologies TTI | United States | $891M | -39% | +6% | 7% | 1.5× | n/a | n/a |
| Lihuayi Weiyuan Chemical 600955.SS | China | $978M | -39% | +18% | -8% | 0.8× | n/a | n/a |
| Jiujiang Shanshui Technology 301190.SZ | China | $983M | +32% | +54% | 19% | 5.9× | n/a | n/a |
| Zhejiang Wansheng 603010.SS | China | $872M | -25% | +19% | -26% | 1.9× | n/a | n/a |
| Hangjin Technology 000818.SZ | China | $988M | -35% | -29% | -8% | 3.2× | 18.9% | +3.2% |
| Hanking Gold International 3788.HK | Hong Kong | $862M | -26% | -19% | 8% | 2.4× | n/a | n/a |