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Rare-earth mining and processing company, supplying rare-earth materials used in magnets, electronics and EV motors.
Rare-earth mining and processing company, supplying rare-earth materials used in magnets, electronics and EV motors.
Sells rare-earth concentrates and separated oxides to magnet and materials makers, and also trades the materials, earning a margin between producers and buyers. It has been buying stakes in overseas rare-earth projects to secure supply beyond China's quota-controlled domestic output.
In one line: A Chinese MP Materials for rare earths.
Moat: narrow (regulatory licence, scale). Licensed rare-earth quota holder amid China's tightly controlled, dominant rare-earth supply chain.
Headquarters: Chengdu, Sichuan, China · Founded: 1997 · Employees: 2,903
Size Shenghe Resources (600392.SS) is a China Materials company (Other Metals/Minerals) with a market value of $4.09B, the 625th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.57 on 6 Nov 2026.
Performance Over six months the shares fell 40.2%, against -33.2% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 34.2% over the last twelve months (peer median +22.8%); the operating margin is 7.5% (peer median 15.4%).
Valuation It trades at 16.2× forward earnings against a peer median of 19.7× (8th cheapest of 17).
Capital Return on invested capital runs 6.7 points below its cost of capital (13.3% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥18.2B | CN¥15.0B | CN¥11.3B | CN¥17.9B | CN¥16.7B |
| Revenue growth | — | +32% | -37% | +7% | — |
| Gross profit | CN¥2.26B | CN¥1.50B | CN¥523M | CN¥734M | CN¥2.74B |
| EBITDA | n/a | CN¥1.22B | CN¥458M | CN¥477M | CN¥1.90B |
| Net income | CN¥1.18B | CN¥839M | CN¥207M | CN¥333M | CN¥1.59B |
| Free cash flow | -CN¥717M | CN¥514M | -CN¥619M | -CN¥166M | CN¥158M |
| Capital expenditure | CN¥474M | CN¥303M | CN¥726M | CN¥617M | CN¥372M |
| Total debt | CN¥7.43B | CN¥5.30B | CN¥4.47B | CN¥3.96B | CN¥3.61B |
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 |
|---|---|---|---|---|---|---|
| Shenghe Resources 600392.SS | $4.09B | -40% | +34% | 8% | 16.2× | n/a |
| MP Materials MP | $6.31B | -47% | +72% | -17% | 248.7× | n/a |
| China Northern Rare Earth (Group) High-Tech 600111.SS | $19.6B | -31% | +29% | 11% | 28.5× | 24.6% |
| Lynas Rare Earths LYC.AX | $8.58B | -38% | +76% | 25% | 26.7× | 34.3% |
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 | 600392.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.0% | -13.3% | 4th lowest of 21 |
| 6-month return | -40.2% | -33.2% | 6th lowest of 20 |
| Distance from 52-week high | -55.0% | -54.3% | 11th highest of 21 |
| Revenue growth (TTM) | +34.2% | +22.8% | 7th highest of 20 |
| Operating margin | 7.5% | 15.4% | 7th lowest of 20 |
| Forward P/E | 16.2× | 19.7× | 8th cheapest of 17 |
| ROIC minus cost of capital | -6.7 pp | +1.4 pp | 4th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenghe Resources 600392.SS | China | $4.09B | -40% | +34% | 8% | 16.2× | n/a | n/a |
| Sinomine Resource 002738.SZ | China | $4.06B | -59% | +18% | 31% | 11.1× | n/a | n/a |
| Dazhong Mining 001203.SZ | China | $4.20B | -64% | +3% | 26% | 30.5× | n/a | n/a |
| Western Superconducting Technologies 688122.SS | China | $4.21B | -33% | -5% | 8% | 43.2× | 29.3% | +19.9% |
| Sichuan Hongda 600331.SS | China | $4.30B | -40% | 0% | -1% | 543.0× | n/a | n/a |
| Hindustan Copper HINDCOPPER.NS | India | $4.31B | -26% | +67% | 42% | 21.6× | 38.7% | +11.5% |
| Chengtun Mining 600711.SS | China | $3.84B | -39% | +28% | 12% | 7.4× | n/a | n/a |
| Zhejiang Rongtai Electric Material 603119.SS | China | $4.36B | -3% | +46% | 20% | 81.0× | 42.2% | +30.2% |
| Chuangxin Industries 2788.HK | Hong Kong | $3.82B | -43% | +23% | 23% | 5.3× | -0.8% | +8.9% |
| GuoCheng Mining 000688.SZ | China | $3.57B | -60% | +193% | 50% | 11.2× | 3.3% | +39.6% |
| Lygend Resources And Technology 001246.SZ | China | $3.48B | n/a | +28% | 19% | 8.9× | -5.9% | +39.8% |
| Suzhou Kematek 301611.SZ | China | $3.48B | -36% | +18% | 15% | 128.5× | n/a | n/a |
| Grinm Advanced Materials 600206.SS | China | $4.85B | +40% | +23% | 2% | 72.2× | n/a | n/a |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | China | $3.43B | -24% | +16% | 3% | 17.8× | n/a | n/a |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -358% | n/a | n/a | n/a |
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | n/a | n/a | n/a | n/a |
| Luoyang Shenglong Mining 001257.SZ | China | $5.00B | -19% | +22% | 34% | n/a | 13.4% | +22.4% |
| Yunnan Copper 000878.SZ | China | $5.01B | -28% | +10% | 2% | 11.9× | n/a | n/a |
| Zhejiang Wazam New Material 603186.SS | China | $3.33B | +79% | +60% | 14% | 58.0× | 24.9% | +13.9% |
| Asia-Potash International Investment (Guangzhou) 000893.SZ | China | $5.08B | -32% | +40% | 36% | 11.6× | -3.3% | +72.1% |
| Hunan Silver 002716.SZ | China | $3.19B | -35% | +50% | 4% | n/a | n/a | n/a |