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Fujian papermaker producing industrial and packaging paper, a smaller regional player that has faced financial restructuring.
Fujian papermaker producing industrial and packaging paper, a smaller regional player that has faced financial restructuring.
Moat: none (scale). Small regional paper mill with limited scale versus larger national producers.
Headquarters: Nanping, Fujian, China · Employees: 2,822
Size Fujian Qingshan Paper Industry (600103.SS) is a China Materials company (Pulp & Paper) with a market value of $930M, the 2444th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.90 on 6 Nov 2026.
Performance Over six months the shares fell 35.0%, against -14.7% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue grew 4.7% over the last twelve months (peer median 0.0%); the operating margin is 2.4% (peer median 1.4%).
Valuation It trades at 2.1× enterprise value to sales against a peer median of 1.1× (4th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 15% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +15 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 4.1 points below its cost of capital (8.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.47B | CN¥2.41B | CN¥2.58B | CN¥2.65B | CN¥2.90B |
| Revenue growth | — | -7% | -3% | -8% | — |
| Gross profit | CN¥560M | CN¥412M | CN¥382M | CN¥404M | CN¥571M |
| EBITDA | n/a | CN¥281M | CN¥260M | CN¥243M | CN¥367M |
| Net income | CN¥55.3M | CN¥54.7M | CN¥84.8M | CN¥122M | CN¥208M |
| Free cash flow | CN¥355M | CN¥61.2M | CN¥60.9M | -CN¥124M | CN¥289M |
| Capital expenditure | CN¥167M | CN¥116M | CN¥376M | CN¥779M | CN¥97.5M |
| Total debt | CN¥875M | CN¥1.02B | CN¥1.40B | CN¥1.35B | CN¥1.06B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Fujian Qingshan Paper Industry 600103.SS | $930M | -35% | +5% | 2% | 2.1× | 14.6% |
| Shanying International 600567.SS | $962M | -27% | +1% | -7% | 0.9× | -11.8% |
| Shandong Sunpaper 002078.SZ | $6.02B | -4% | +9% | 11% | 1.4× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 600103.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.7% | -7.4% | 4th lowest of 21 |
| 6-month return | -35.0% | -14.7% | 3rd lowest of 21 |
| Distance from 52-week high | -49.3% | -33.6% | 3rd lowest of 21 |
| Revenue growth (TTM) | +4.7% | 0.0% | 6th highest of 21 |
| Operating margin | 2.4% | 1.4% | 7th highest of 21 |
| EV / Sales | 2.1× | 1.1× | 4th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 14.6% | 3.6% | 5th most demanding of 13 |
| Growth delivered (Del g) | -0.5% | +3.4% | 2nd lowest of 13 |
| Hurdle (Req g minus delivered) | +15.1 pp | -1.5 pp | 3rd most demanding of 13 |
| ROIC minus cost of capital | -4.1 pp | -4.6 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fujian Qingshan Paper Industry 600103.SS | China | $930M | -35% | +5% | 2% | 2.1× | 14.6% | -0.5% |
| Nippon Paper Industries 3863.T | Japan | $899M | -6% | +2% | 2% | 0.7× | 15.4% | +3.4% |
| Shanying International 600567.SS | China | $962M | -27% | +1% | -7% | 0.9× | -11.8% | +2.9% |
| Wuzhou Special Paper 605007.SS | China | $882M | -22% | +17% | 5% | 1.5× | n/a | n/a |
| Japan Pulp and Paper 8032.T | Japan | $877M | +9% | +10% | 2% | 0.4× | 3.5% | +5.6% |
| Yueyang Forest & Paper 600963.SS | China | $1.02B | -14% | -10% | -5% | 2.0× | n/a | n/a |
| Shandong Bohui Paper Industry 600966.SS | China | $841M | -33% | -2% | 2% | 0.8× | -0.6% | +6.5% |
| Sichuan Jinshi Technology 002951.SZ | China | $840M | -7% | -52% | -102% | 20.2× | n/a | n/a |
| Daio Paper 3880.T | Japan | $1.03B | +3% | +1% | 4% | 0.7× | 3.7% | +3.4% |
| Hokuetsu 3865.T | Japan | $816M | -9% | -5% | 2% | 0.7× | n/a | n/a |
| Guangdong Guanhao High-Tech 600433.SS | China | $788M | -37% | -1% | -4% | 1.4× | 25.9% | +2.0% |
| Zhejiang Jingxing Paper Joint Stock 002067.SZ | China | $787M | -27% | +18% | 0% | 0.9× | n/a | n/a |
| JK Paper JKPAPER.NS | India | $707M | -1% | +12% | 8% | 1.1× | 19.8% | +20.7% |
| Metsa Board METSA.HE | Finland | $1.22B | -17% | -11% | -4% | 1.0× | 16.7% | -1.2% |
| Shandong Huatai Paper 600308.SS | China | $662M | -25% | -5% | -2% | 0.6× | n/a | n/a |
| Hangzhou Huawang New Material Technology 605377.SS | China | $655M | -20% | -13% | 8% | 1.1× | -7.9% | +14.8% |
| YFY 1907.TW | Taiwan | $1.40B | +18% | -2% | 0% | 1.1× | 7.1% | +0.1% |
| ENCE Energia y Celulosa ENC.MC | Spain | $608M | -9% | -1% | 1% | 1.5× | n/a | n/a |
| C&S Paper 002511.SZ | China | $1.44B | -8% | +2% | 7% | 1.1× | -2.1% | +2.3% |
| Xiamen Anne 002235.SZ | China | $593M | -38% | +1% | -9% | 8.6× | n/a | n/a |
| Zhongmin Energy 600163.SS | China | $1.49B | -15% | +18% | 49% | 7.1× | -9.8% | +5.0% |