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Chinese group combining aquaculture feed production with one of the world's largest polysilicon and solar-cell businesses.
Chinese group combining aquaculture feed production with one of the world's largest polysilicon and solar-cell businesses.
Two cyclical commodity businesses under one roof: feed, with thin margins and steady volumes, and solar, where polysilicon and cell prices rise and fall with industry capacity. Controlled by the Liu family's Tongwei Group.
In one line: A hybrid of Cargill Animal Nutrition and a top-3 polysilicon/solar maker.
Moat: narrow (scale, cost advantage). Top-tier scale in both polysilicon and feed, but both are cyclical commodity businesses.
Headquarters: Chengdu, China · Founded: 1995 · Employees: 44,798
Size Tongwei (600438.SS) is a China Consumer Staples company (Agricultural Commodities/Milling) with a market value of $8.27B, the 304th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.25 on 6 Nov 2026.
Performance Over six months the shares fell 29.5%, against -13.8% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue fell 11.8% over the last twelve months (peer median +9.1%); the operating margin is -15.1% (peer median 5.0%).
Valuation It trades at 1.9× enterprise value to sales against a peer median of 1.0× (4th most expensive of 21).
Capital Return on invested capital runs 6.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥77.9B | CN¥84.1B | CN¥91.9B | CN¥139B | CN¥142B |
| Revenue growth | — | -9% | -34% | -2% | — |
| Gross profit | CN¥9.26B | CN¥1.14B | CN¥4.68B | CN¥35.4B | CN¥53.0B |
| EBITDA | n/a | CN¥5.33B | CN¥2.65B | CN¥33.5B | CN¥47.7B |
| Net income | -CN¥11.0B | -CN¥9.55B | -CN¥7.04B | CN¥13.6B | CN¥25.7B |
| Free cash flow | -CN¥8.69B | -CN¥11.3B | -CN¥26.8B | -CN¥5.37B | CN¥28.7B |
| Capital expenditure | CN¥9.87B | CN¥13.1B | CN¥28.4B | CN¥36.5B | CN¥15.2B |
| Total debt | CN¥107B | CN¥110B | CN¥100B | CN¥56.0B | CN¥40.6B |
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 |
|---|---|---|---|---|---|---|
| Tongwei 600438.SS | $8.27B | -29% | -12% | -15% | 1.9× | n/a |
| GCL Technology 3800.HK | $2.71B | -30% | +25% | -22% | 1.9× | n/a |
| Daqo New Energy Corp Sponsored ADR DQ | $856M | -32% | -21% | -70% | 1.0× | n/a |
| New Hope Liuhe 000876.SZ | $4.71B | -19% | +7% | -3% | 0.9× | n/a |
| LONGi Green Energy Technology 601012.SS | $14.1B | -25% | -16% | -12% | 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 | 600438.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.1% | +0.8% | 7th highest of 21 |
| 6-month return | -29.5% | -13.8% | 2nd lowest of 21 |
| Distance from 52-week high | -55.9% | -26.3% | lowest of 21 |
| Revenue growth (TTM) | -11.8% | +9.1% | 2nd lowest of 21 |
| Operating margin | -15.1% | 5.0% | lowest of 21 |
| EV / Sales | 1.9× | 1.0× | 4th most expensive of 21 |
| ROIC minus cost of capital | -6.1 pp | +1.1 pp | 2nd lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tongwei 600438.SS | China | $8.27B | -29% | -12% | -15% | 1.9× | n/a | n/a |
| SalMar SALM.OL | Norway | $8.35B | +5% | +14% | 19% | 3.2× | 3.5% | +16.3% |
| Pilgrim's Pride PPC | United States | $6.79B | -2% | 0% | 5% | 0.5× | -4.8% | +8.9% |
| Guangdong Haid 002311.SZ | China | $12.1B | -1% | +8% | 3% | 0.7× | -1.1% | +16.3% |
| Patanjali Foods PATANJALI.NS | India | $4.75B | -11% | +19% | 4% | 1.1× | n/a | n/a |
| Wilmar International F34.SI | Singapore | $14.5B | -19% | +6% | 3% | 0.6× | n/a | n/a |
| New Hope Liuhe 000876.SZ | China | $4.71B | -19% | +7% | -3% | 0.9× | n/a | n/a |
| Ldc LOUP.PA | France | $4.35B | -6% | +15% | 6% | 0.5× | -7.7% | +10.5% |
| Wen's Foodstuff 300498.SZ | China | $16.7B | +2% | -5% | -4% | 1.4× | n/a | n/a |
| Jiangxi Zhengbang Technology 002157.SZ | China | $3.97B | -17% | +15% | -10% | 1.6× | n/a | n/a |
| Nisshin Seifun 2002.T | Japan | $3.94B | +14% | +3% | 5% | 0.7× | -1.1% | +4.9% |
| Cofco Sugar 600737.SS | China | $3.94B | -18% | -29% | 6% | 1.4× | n/a | n/a |
| Fujian Wanchen Food 300972.SZ | China | $3.86B | -43% | +46% | 7% | 0.3× | -18.7% | +157.9% |
| Heilongjiang Agriculture 600598.SS | China | $3.66B | -18% | -12% | 24% | 4.6× | n/a | n/a |
| Bunge Global BG | United States | $19.0B | -20% | +55% | 4% | 0.4× | n/a | n/a |
| Nichirei 2871.T | Japan | $3.42B | +13% | +10% | 5% | 0.8× | 2.4% | +4.6% |
| Godrej Industries GODREJIND.NS | India | $3.41B | -22% | +17% | 8% | 1.4× | n/a | n/a |
| Seaboard SEB | United States | $3.38B | -22% | +7% | 3% | 0.4× | n/a | n/a |
| Fujian Sunner Development 002299.SZ | China | $3.28B | -7% | +13% | 5% | 1.3× | -1.0% | +7.9% |
| First Resources Ltd. (Singapore) EB5.SI | Singapore | $3.27B | -26% | +51% | 30% | 2.1× | -7.1% | +19.0% |
| Ebro Foods EBRO.MC | Spain | $3.12B | +1% | -4% | 10% | 1.1× | -7.7% | +4.4% |