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Yunnan zinc smelter that also recovers germanium, indium and other by-product metals from its zinc ore.
Yunnan zinc smelter that also recovers germanium, indium and other by-product metals from its zinc ore.
In one line: A regional zinc smelter with a germanium side business.
Moat: narrow (scale, process know-how). Zinc-germanium co-recovery process capturing byproduct metals most zinc smelters discard.
Headquarters: Qujing, Yunnan, China · Employees: 6,794
Size Yunnan Chihong Zinc & Germanium (600497.SS) is a China Materials company (Other Metals/Minerals) with a market value of $5.76B, the 432nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.62 on 6 Nov 2026.
Performance Over six months the shares fell 15.1%, against -21.0% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 29.1% over the last twelve months (peer median +30.5%); the operating margin is 10.0% (peer median 27.3%).
Valuation It trades at 13.8× forward earnings against a peer median of 12.5× (7th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.4 points above its cost of capital (9.6% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥27.3B | CN¥24.0B | CN¥18.7B | CN¥22.0B | CN¥21.6B |
| Revenue growth | — | +28% | -15% | +2% | — |
| Gross profit | CN¥6.61B | CN¥3.53B | CN¥3.05B | CN¥3.50B | CN¥3.05B |
| EBITDA | n/a | CN¥3.36B | CN¥3.23B | CN¥3.52B | CN¥3.59B |
| Net income | CN¥2.01B | CN¥1.04B | CN¥1.29B | CN¥1.51B | CN¥671M |
| Free cash flow | CN¥2.40B | CN¥2.53B | CN¥1.28B | CN¥2.68B | CN¥2.76B |
| Capital expenditure | CN¥1.31B | CN¥1.24B | CN¥1.08B | CN¥922M | CN¥671M |
| Total debt | CN¥2.02B | CN¥3.84B | CN¥5.20B | CN¥5.83B | CN¥5.84B |
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 |
|---|---|---|---|---|---|---|
| Yunnan Chihong Zinc & Germanium 600497.SS | $5.76B | -15% | +29% | 10% | 13.8× | 4.4% |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | $7.09B | +3% | +54% | 13% | 230.8× | n/a |
| Zijin Mining 601899.SS | $109B | -15% | +16% | 30% | 9.6× | -10.2% |
| Zhuzhou Smelter 600961.SS | $2.85B | -33% | +23% | 12% | 6.7× | -1.6% |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | $3.43B | -24% | +16% | 3% | 17.8× | n/a |
| Korea Zinc 010130.KS | $14.4B | -39% | +53% | 8% | 16.2× | n/a |
| Boliden BOL.ST | $14.6B | -4% | +23% | 16% | 11.3× | 0.6% |
| Glencore GLEN.L | $78.0B | -14% | +27% | 2% | 10.9× | 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 | 600497.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.4% | -13.9% | 10th highest of 21 |
| 6-month return | -15.1% | -21.0% | 8th highest of 21 |
| Distance from 52-week high | -43.6% | -46.4% | 9th highest of 21 |
| Revenue growth (TTM) | +29.1% | +30.5% | 10th lowest of 20 |
| Operating margin | 10.0% | 27.3% | 8th lowest of 20 |
| Forward P/E | 13.8× | 12.5× | 7th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 4.4% | 5.2% | 6th least demanding of 12 |
| Growth delivered (Del g) | +4.6% | +25.5% | 2nd lowest of 11 |
| Hurdle (Req g minus delivered) | -0.2 pp | -25.4 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | +3.4 pp | +5.7 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yunnan Chihong Zinc & Germanium 600497.SS | China | $5.76B | -15% | +29% | 10% | 13.8× | 4.4% | +4.6% |
| China Nonferrous Mining 1258.HK | Hong Kong | $5.73B | -19% | +11% | 28% | 7.4× | -14.6% | +5.8% |
| Xinjiang Daqo New Energy 688303.SS | China | $5.69B | -20% | -23% | -62% | n/a | n/a | n/a |
| Yunnan Tin 000960.SZ | China | $5.66B | -34% | +19% | 8% | 10.8× | 1.9% | -0.5% |
| Nanya New Material Technology 688519.SS | China | $5.90B | -5% | +104% | 17% | 55.2× | n/a | n/a |
| NexGen Energy NXE.TO | Canada | $5.57B | -31% | n/a | n/a | n/a | n/a | n/a |
| Capstone Copper CS.TO | Canada | $6.01B | -8% | +30% | 32% | 9.4× | 9.8% | +40.2% |
| Baiyin Nonferrous 601212.SS | China | $5.49B | -35% | 0% | 5% | n/a | n/a | n/a |
| Sandfire Resources SFR.AX | Australia | $6.20B | -4% | +32% | 32% | 13.3× | 9.2% | +25.8% |
| Inner Mongolia Xingye Silver and Tin Mining 000426.SZ | China | $6.23B | -42% | +38% | 49% | 13.1× | 7.8% | +42.6% |
| MP Materials MP | United States | $6.31B | -47% | +72% | -17% | 248.7× | n/a | n/a |
| PLS PLS.AX | Australia | $6.33B | -56% | +152% | 43% | 10.6× | 2.5% | +61.6% |
| Discovery Mining DSV.TO | Canada | $6.44B | +19% | +684% | 38% | 17.6× | 19.9% | n/a |
| Aura Minerals AUGO | United States | $6.52B | -5% | +89% | 53% | 10.6× | -6.0% | +25.2% |
| Asia-Potash International Investment (Guangzhou) 000893.SZ | China | $5.08B | -32% | +40% | 36% | 11.6× | -3.3% | +72.1% |
| NMDC NMDC.NS | India | $6.55B | -22% | +27% | 27% | 7.4× | 5.2% | +15.8% |
| Yunnan Copper 000878.SZ | China | $5.01B | -28% | +10% | 2% | 11.9× | n/a | n/a |
| Luoyang Shenglong Mining 001257.SZ | China | $5.00B | -19% | +22% | 34% | n/a | 13.4% | +22.4% |
| Aurubis NDA.DE | Germany | $6.73B | -35% | +23% | 6% | 15.1× | n/a | n/a |
| Grinm Advanced Materials 600206.SS | China | $4.85B | +40% | +23% | 2% | 72.2× | n/a | n/a |
| Yunnan Lincang Xinyuan Germanium Industry 002428.SZ | China | $7.09B | +3% | +54% | 13% | 230.8× | n/a | n/a |