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Chinese producer of barium salts (barium carbonate) and manganese chemicals used in electronics, ceramics and batteries.
Chinese producer of barium salts (barium carbonate) and manganese chemicals used in electronics, ceramics and batteries.
Earns by processing barite ore into barium salts and manganese chemicals; the products are bought in bulk by industry, so results follow the gap between ore costs and chemical prices.
Moat: narrow (scale, process know-how). One of China's larger barium-salt producers with integrated ore-to-chemical processing.
Headquarters: Zunyi, Guizhou, China · Employees: 2,554
Size Guizhou Redstar Developing (600367.SS) is a China Materials company (Chemicals: Specialty) with a market value of $1.25B, the 1913th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥26.78 on 6 Nov 2026.
Performance Over six months the shares gained 14.1%, against -21.6% for the median peer and -16.4% for the China market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 0.9% over the last twelve months (peer median +3.3%); the operating margin is 6.6% (peer median 10.8%).
Valuation It trades at 3.5× enterprise value to sales against a peer median of 2.7× (9th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 27% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is +18 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 2.1 points below its cost of capital (11.1% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.21B | CN¥2.13B | CN¥2.19B | CN¥2.19B | CN¥2.84B |
| Revenue growth | — | -3% | 0% | -23% | — |
| Gross profit | CN¥648M | CN¥469M | CN¥367M | CN¥256M | CN¥526M |
| EBITDA | n/a | CN¥329M | CN¥254M | CN¥169M | CN¥425M |
| Net income | CN¥138M | CN¥92.8M | CN¥89.1M | CN¥26.5M | CN¥215M |
| Free cash flow | CN¥93.5M | -CN¥36.1M | CN¥31.9M | CN¥123M | CN¥161M |
| Capital expenditure | CN¥157M | CN¥223M | CN¥175M | CN¥82.2M | CN¥124M |
| Total debt | CN¥25.4M | CN¥76.4M | CN¥59.5M | CN¥128M | CN¥261M |
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| Measure | 600367.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -17.9% | -7.8% | 5th lowest of 21 |
| 6-month return | +14.1% | -21.6% | highest of 21 |
| Distance from 52-week high | -59.7% | -44.5% | 3rd lowest of 21 |
| Revenue growth (TTM) | +0.9% | +3.3% | 8th lowest of 21 |
| Operating margin | 6.6% | 10.8% | 10th lowest of 21 |
| EV / Sales | 3.5× | 2.7× | 9th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 26.8% | -0.6% | 3rd most demanding of 11 |
| Growth delivered (Del g) | +9.1% | +10.1% | 5th lowest of 11 |
| Hurdle (Req g minus delivered) | +17.7 pp | -6.8 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | -2.1 pp | -1.8 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guizhou Redstar Developing 600367.SS | China | $1.25B | +14% | +1% | 7% | 3.5× | 26.8% | +9.1% |
| Anhui Shenjian New Materials 002361.SZ | China | $1.25B | -54% | -4% | -3% | 4.1× | n/a | n/a |
| Shanghai Chlor-Alkali Chemical 600618.SS | China | $1.24B | -29% | +2% | 6% | 1.2× | -0.4% | +9.9% |
| Nan Pao Resins Chemical 4766.TW | Taiwan | $1.24B | -6% | +3% | 16% | 1.7× | -8.7% | +8.3% |
| Zhejiang Jiahua Energy Chemical Industry 600273.SS | China | $1.23B | -22% | +4% | 5% | 1.0× | -6.3% | +12.9% |
| Shanghai Skychem Technology 688603.SS | China | $1.22B | -29% | +38% | 19% | 12.4× | n/a | n/a |
| Yunnan Energy Investment 002053.SZ | China | $1.21B | -24% | -24% | 20% | 6.8× | n/a | n/a |
| Tongyu Advanced Materials (Guangdong) 301630.SZ | China | $1.21B | -19% | +26% | 18% | 5.0× | 35.9% | +26.0% |
| Shandong Kaisheng New Materials 301069.SZ | China | $1.28B | -19% | +20% | 13% | 6.2× | 29.2% | +10.4% |
| Chengzhi 000990.SZ | China | $1.29B | -43% | -7% | 7% | 1.1× | -2.8% | +2.2% |
| Shiny Chemical Industrial 1773.TW | Taiwan | $1.29B | -20% | +20% | 22% | 3.4× | 5.5% | +8.1% |
| Beijing Haixin Energy Technology 300072.SZ | China | $1.30B | -20% | +61% | -9% | 2.1× | n/a | n/a |
| ISE Chemicals 4107.T | Japan | $1.20B | -30% | 0% | 22% | 4.6× | 18.6% | +18.4% |
| Industrie De Nora DNR.MI | Italy | $1.31B | -23% | -2% | 14% | 1.4× | n/a | n/a |
| REX American Resources REX | United States | $1.31B | -21% | +6% | 15% | 1.5× | -3.8% | +11.7% |
| Toagosei 4045.T | Japan | $1.19B | +3% | +2% | 9% | 1.2× | n/a | n/a |
| Chemtrade Logistics Income Fund CHE-UN.TO | Canada | $1.19B | -17% | +12% | 12% | 1.4× | -0.8% | +7.7% |
| Dawei Technology (Guangdong) 600589.SS | China | $1.32B | -38% | +29% | -10% | 22.0× | n/a | n/a |
| Global New Material International 6616.HK | Hong Kong | $1.32B | -3% | +165% | 0% | 3.3× | n/a | n/a |
| COFCO Biotechnology 000930.SZ | China | $1.32B | -21% | -9% | -2% | 0.7× | n/a | n/a |
| Hunan Kaimeite Gases 002549.SZ | China | $1.18B | -43% | -7% | -5% | 12.9× | n/a | n/a |