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Chinese maker of copper foil used as the anode current collector in lithium-ion batteries and PCBs.
Chinese maker of copper foil used as the anode current collector in lithium-ion batteries and PCBs.
Prices follow the copper market plus a processing charge per tonne, so the processing charge is what it actually earns, and the copper price mostly passes through. Battery makers such as CATL and EVE order against qualification and annual volume agreements.
Moat: none (scale). Copper foil is a capital-intensive but increasingly commoditized battery material with thin margins.
Headquarters: Xining, Qinghai, China · Employees: 3,086
Size Nuode New Materials (600110.SS) is a China Industrials company (Electrical Products) with a market value of $2.21B, the 1153rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.43 on 6 Nov 2026.
Performance Over six months the shares fell 21.6%, against -20.7% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 19 in its peer set.
Growth Revenue grew 100.0% over the last twelve months (peer median +17.6%); the operating margin is 4.3% (peer median 8.4%).
Valuation It trades at 37.0× forward earnings against a peer median of 21.8× (4th most expensive of 16).
Capital Return on invested capital runs 4.6 points below its cost of capital (9.0% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥12.7B | CN¥7.33B | CN¥5.27B | CN¥4.57B | CN¥4.70B |
| Revenue growth | — | +39% | +15% | -3% | — |
| Gross profit | CN¥1.70B | CN¥649M | CN¥274M | CN¥418M | CN¥891M |
| EBITDA | n/a | CN¥595M | CN¥186M | CN¥337M | CN¥815M |
| Net income | CN¥42.1M | -CN¥299M | -CN¥352M | CN¥27.3M | CN¥352M |
| Free cash flow | -CN¥4.23B | -CN¥1.27B | -CN¥188M | -CN¥2.22B | -CN¥404M |
| Capital expenditure | CN¥805M | CN¥814M | CN¥807M | CN¥1.15B | CN¥1.23B |
| Total debt | CN¥12.2B | CN¥8.95B | CN¥6.58B | CN¥6.19B | CN¥5.43B |
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 | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Nuode New Materials 600110.SS | $2.21B | -22% | +100% | 4% | 37.0× | n/a |
| Nanjing Hanrui Cobalt 300618.SZ | $1.27B | -49% | +11% | 4% | 20.6× | n/a |
| Jiujiang Defu Technology 301511.SZ | $5.09B | -28% | +69% | 6% | 44.4× | n/a |
| Hubei Zhongyi Technology 301150.SZ | $1.38B | -40% | +48% | 3% | 34.7× | 14.6% |
| Solus Advanced Materials 336370.KS | $343M | -52% | +1% | -14% | 16.9× | n/a |
| Lotte Energy Materials 020150.KS | $1.21B | -53% | -12% | -13% | n/a | n/a |
| Mitsui Kinzoku 5706.T | $5.61B | -28% | +11% | 18% | 10.1× | 11.6% |
| Tongling Nonferrous Metals 000630.SZ | $9.83B | -20% | +46% | 6% | 10.5× | 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 | 600110.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -24.0% | -13.2% | 6th lowest of 21 |
| 6-month return | -21.6% | -20.7% | 10th highest of 19 |
| Distance from 52-week high | -54.2% | -45.7% | 9th lowest of 21 |
| Revenue growth (TTM) | +100.0% | +17.6% | 2nd highest of 21 |
| Operating margin | 4.3% | 8.4% | 4th lowest of 21 |
| Forward P/E | 37.0× | 21.8× | 4th most expensive of 16 |
| ROIC minus cost of capital | -4.6 pp | +1.9 pp | 4th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nuode New Materials 600110.SS | China | $2.21B | -22% | +100% | 4% | 37.0× | n/a | n/a |
| Rept Battero Energy 0666.HK | Hong Kong | $2.19B | -57% | +56% | 6% | 10.0× | n/a | n/a |
| NuScale Power SMR | United States | $2.18B | -60% | -81% | -6,854% | n/a | n/a | n/a |
| Shenzhen Honor Electronic 300870.SZ | China | $2.26B | -66% | +10% | 3% | 58.9× | n/a | n/a |
| RR Kabel RRKABEL.NS | India | $2.30B | 0% | +45% | 8% | 28.5× | n/a | n/a |
| Jonjee Hi-Tech Industrial and Commercial 600872.SS | China | $2.31B | -2% | +1% | 18% | 21.8× | 10.0% | -3.9% |
| Chengdu Jiachi Electronic Technology 688708.SS | China | $2.11B | -33% | -7% | 26% | n/a | n/a | n/a |
| Voltronic Power Technology 6409.TW | Taiwan | $2.10B | +1% | -13% | 20% | 21.5× | 6.2% | +8.5% |
| Diamond Power Infrastructure DIACABS.NS | India | $2.34B | +118% | +109% | 10% | 55.3× | n/a | n/a |
| Signify LIGHT.AS | Netherlands | $2.09B | -26% | -8% | 7% | 8.5× | -12.5% | -2.4% |
| Shenzhen Leadshine Technology 002979.SZ | China | $2.36B | +14% | +44% | 13% | 40.6× | n/a | n/a |
| Tianhai Auto Electronics 001365.SZ | China | $2.36B | n/a | +28% | 5% | n/a | 6.0% | +24.8% |
| Chung-Hsin Electric & Machinery Manufacturing 1513.TW | Taiwan | $2.07B | -10% | +4% | 19% | 14.7× | -2.2% | +12.3% |
| Ligent Technologies 9856.HK | Hong Kong | $2.07B | n/a | +33% | 12% | n/a | n/a | n/a |
| Shenzhen FRD Science & Technology 300602.SZ | China | $2.39B | -23% | +24% | 7% | 25.3× | n/a | n/a |
| Tongling Jingda Special Magnet Wire 600577.SS | China | $2.39B | -45% | +26% | 3% | 20.4× | 9.8% | +14.7% |
| Titan Wind Energy (Suzhou) 002531.SZ | China | $2.05B | -37% | -1% | 5% | 29.4× | n/a | n/a |
| Zhejiang E-P Equipment 603194.SS | China | $2.04B | -3% | +17% | 13% | 14.8× | n/a | n/a |
| AQ Group AB AQ.ST | Sweden | $2.04B | -5% | +11% | 9% | 24.7× | 12.4% | +13.5% |
| Hangzhou Cable 603618.SS | China | $2.40B | -18% | +18% | 7% | 10.6× | 15.2% | +9.8% |
| Delijia Transmission Technology (Jiangsu) 603092.SS | China | $2.41B | -45% | +45% | 17% | n/a | 7.2% | +20.3% |