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China's largest chemicals maker, the world's biggest producer of MDI/TDI polyurethane materials plus petrochemicals.
China's largest chemicals maker, the world's biggest producer of MDI/TDI polyurethane materials plus petrochemicals.
Sells MDI and TDI, the chemicals reacted into polyurethane foams and coatings, at prices that follow supply and demand, so profit depends on the margin over raw materials. It runs plants in China and Hungary, where it bought Borsodchem in 2011, and has extended from polyurethanes into petrochemicals and battery materials.
In one line: China's Covestro/BASF for polyurethanes.
Moat: wide (scale, cost advantage, process know-how). World's largest integrated MDI producer with proprietary process technology and scale cost advantage.
Headquarters: Yantai, Shandong, China · Founded: 1998 · Employees: 30,772
Size Wanhua Chemical (600309.SS) is a China Materials company (Industrial Specialties) with a market value of $34.1B, the 52nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥72.65 on 6 Nov 2026.
Performance Over six months the shares fell 18.9%, against +10.6% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 11 in its peer set.
Growth Revenue grew 37.0% over the last twelve months (peer median +9.7%); the operating margin is 10.9% (peer median 15.2%).
Valuation It trades at 11.3× forward earnings against a peer median of 16.7× (cheapest of 11).
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 +23%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.1 points above its cost of capital (6.6% WACC).
Next results Next results expected around 23 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥245B | CN¥203B | CN¥182B | CN¥174B | CN¥165B |
| Revenue growth | — | +12% | +4% | +6% | — |
| Gross profit | CN¥50.7B | CN¥25.0B | CN¥27.2B | CN¥26.8B | CN¥25.6B |
| EBITDA | n/a | CN¥33.9B | CN¥32.3B | CN¥31.8B | CN¥29.2B |
| Net income | CN¥19.0B | CN¥12.5B | CN¥13.0B | CN¥16.8B | CN¥16.2B |
| Free cash flow | CN¥16.8B | CN¥2.91B | -CN¥5.48B | -CN¥16.0B | CN¥3.83B |
| Capital expenditure | CN¥20.8B | CN¥30.7B | CN¥35.8B | CN¥43.1B | CN¥32.7B |
| Total debt | CN¥182B | CN¥163B | CN¥149B | CN¥130B | CN¥93.3B |
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 |
|---|---|---|---|---|---|---|
| Wanhua Chemical 600309.SS | $34.1B | -19% | +37% | 11% | 11.3× | -2.6% |
| Covestro 1COV.DE | $14.0B | 0% | -9% | -3% | 200.3× | n/a |
| Basf BAS.DE | $52.6B | +2% | -4% | 7% | 16.8× | 5.7% |
| Huntsman HUN | $1.66B | -37% | +6% | 0% | 353.8× | n/a |
| Dow DOW | $22.7B | -14% | +4% | 5% | 14.8× | 4.3% |
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 | 600309.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +4.1% | +7.3% | 4th lowest of 11 |
| 6-month return | -18.9% | +10.6% | 2nd lowest of 11 |
| Distance from 52-week high | -25.1% | -8.0% | 2nd lowest of 11 |
| Revenue growth (TTM) | +37.0% | +9.7% | 2nd highest of 11 |
| Operating margin | 10.9% | 15.2% | 2nd lowest of 11 |
| Forward P/E | 11.3× | 16.7× | cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -2.6% | 10.7% | least demanding of 10 |
| Growth delivered (Del g) | +22.7% | +5.2% | highest of 10 |
| Hurdle (Req g minus delivered) | -25.3 pp | +4.5 pp | least demanding of 10 |
| ROIC minus cost of capital | +4.1 pp | +4.0 pp | 6th highest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Wanhua Chemical 600309.SS | China | $34.1B | -19% | +37% | 11% | 11.3× | -2.6% | +22.7% |
| Henkel AG & Co. KGaA HEN.DE | Germany | $35.4B | +25% | -3% | 15% | 13.6× | -1.9% | +1.3% |
| PPG Industries PPG | United States | $27.0B | +12% | +6% | 13% | 14.6× | 7.1% | +2.8% |
| Asian Paints ASIANPAINT.NS | India | $25.9B | +1% | +12% | 16% | 47.5× | 37.3% | +10.6% |
| Nippon Paint 4612.T | Japan | $20.4B | +40% | +16% | 15% | 16.6× | 1.9% | +18.1% |
| Solar Industries India SOLARINDS.NS | India | $17.8B | +17% | +53% | 25% | 64.6× | n/a | n/a |
| Pidilite Industries PIDILITIND.NS | India | $17.0B | +9% | +17% | 21% | 56.8× | 40.3% | +14.9% |
| China Jushi 600176.SS | China | $16.6B | -20% | +27% | 34% | 13.5× | 14.6% | +10.1% |
| Sherwin-Williams SHW | United States | $83.1B | +9% | +7% | 16% | 26.8× | 14.9% | +5.1% |
| RPM International RPM | United States | $13.2B | +2% | +6% | 13% | 16.9× | 7.5% | +5.2% |
| Akzo Nobel AKZA.AS | Netherlands | $12.1B | +26% | -5% | 6% | 16.1× | 10.7% | +3.6% |