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Henan smelter producing lead, gold, silver and other metals from mined ore and recycled lead-acid batteries.
Henan smelter producing lead, gold, silver and other metals from mined ore and recycled lead-acid batteries.
In one line: A Chinese lead/gold smelter.
Moat: none (scale). Commodity metals smelter competing on scale and cost rather than a differentiated product.
Headquarters: Jiyuan, Henan, China · Employees: 5,217
Size Henan Yuguang Gold & Lead (600531.SS) is a China Materials company (Precious Metals) with a market value of $1.83B, the 1371st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.09 on 6 Nov 2026.
Performance Over six months the shares fell 31.5%, against -15.8% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 19 in its peer set.
Growth Revenue grew 48.3% over the last twelve months (peer median +59.2%); the operating margin is 2.0% (peer median 35.3%).
Valuation It trades at 0.4× enterprise value to sales against a peer median of 3.1× (2nd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about 8% a year for seven years (Req g). Recent delivered growth is +20%, so the hurdle is -12 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.0 points below its cost of capital (7.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥67.0B | CN¥49.4B | CN¥39.3B | CN¥32.1B | CN¥27.1B |
| Revenue growth | — | +26% | +22% | +19% | — |
| Gross profit | CN¥3.77B | CN¥2.38B | CN¥2.21B | CN¥1.41B | CN¥585M |
| EBITDA | n/a | CN¥1.83B | CN¥1.61B | CN¥1.03B | CN¥302M |
| Net income | CN¥1.06B | CN¥860M | CN¥807M | CN¥581M | CN¥425M |
| Free cash flow | CN¥163M | CN¥105M | CN¥272M | -CN¥214M | -CN¥127M |
| Capital expenditure | CN¥443M | CN¥405M | CN¥470M | CN¥308M | CN¥379M |
| Total debt | CN¥13.9B | CN¥12.4B | CN¥9.80B | CN¥7.94B | CN¥7.33B |
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 |
|---|---|---|---|---|---|---|
| Henan Yuguang Gold & Lead 600531.SS | $1.83B | -32% | +48% | 2% | 0.4× | 7.9% |
| Zhuzhou Smelter 600961.SS | $2.85B | -33% | +23% | 12% | 0.8× | -1.6% |
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 | 600531.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.0% | -4.9% | 7th lowest of 21 |
| 6-month return | -31.5% | -15.8% | 4th lowest of 19 |
| Distance from 52-week high | -59.3% | -36.0% | 2nd lowest of 21 |
| Revenue growth (TTM) | +48.3% | +59.2% | 6th lowest of 16 |
| Operating margin | 2.0% | 35.3% | 4th lowest of 16 |
| EV / Sales | 0.4× | 3.1× | 2nd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | 7.9% | -1.2% | 4th most demanding of 12 |
| Growth delivered (Del g) | +19.6% | +19.0% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | -11.8 pp | -17.6 pp | 4th most demanding of 12 |
| ROIC minus cost of capital | -1.0 pp | +11.4 pp | 6th lowest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Henan Yuguang Gold & Lead 600531.SS | China | $1.83B | -32% | +48% | 2% | 0.4× | 7.9% | +19.6% |
| Resolute Mining RSG.AX | Australia | $1.81B | -12% | +5% | 35% | 1.6× | -7.2% | +8.9% |
| Sunshine Silver Mining & Refining SSMR | United States | $1.91B | n/a | +422% | -3,022% | 3,229.2× | n/a | n/a |
| Hycroft Mining HYMC | United States | $1.75B | -51% | n/a | n/a | n/a | n/a | n/a |
| Snowline Gold SGD.TO | Canada | $1.93B | -6% | n/a | n/a | n/a | n/a | n/a |
| Ora Banda Mining OBM.AX | Australia | $1.93B | +4% | +101% | 39% | 3.1× | 1.1% | +101.1% |
| Tongguan Gold 0340.HK | Hong Kong | $1.73B | -14% | +65% | 52% | 4.7× | -9.9% | +48.9% |
| Sinda SIND | United States | $1.95B | n/a | n/a | n/a | n/a | n/a | n/a |
| Silvercorp Metals SVM.TO | Canada | $1.99B | -31% | +59% | 56% | 3.9× | 4.7% | +19.0% |
| Mineros MSA.TO | Canada | $2.00B | +73% | +77% | 39% | 1.8× | -5.8% | +11.8% |
| DRDGOLD Ltd. Sponsored ADR DRD | United States | $2.00B | -16% | +53% | 51% | 2.8× | -16.4% | +14.1% |
| Southern Cross Gold Consolidated SXGC.TO | Canada | $1.65B | -9% | n/a | n/a | n/a | n/a | n/a |
| Beijing Xiaocheng Technology Stock 300139.SZ | China | $1.64B | -25% | +39% | 27% | 15.4× | 33.6% | +27.8% |
| Alkane Resources ALK.AX | Australia | $1.63B | +11% | +403% | 34% | 2.1× | -1.2% | +48.9% |
| Sino-Platinum Metals 600459.SS | China | $2.06B | -17% | -27% | 2% | 0.4× | n/a | n/a |
| Orezone Gold ORE.TO | Canada | $1.46B | +31% | +93% | 40% | 2.3× | -8.0% | +110.4% |
| Bellevue Gold BGL.AX | Australia | $1.46B | -16% | +14% | 5% | 3.9× | 41.2% | +13.9% |
| Endeavour Silver EDR.TO | Canada | $2.34B | -20% | +198% | 26% | 3.2× | n/a | n/a |
| Shandong Humon Smelting 002237.SZ | China | $2.44B | -32% | +25% | 1% | 0.2× | n/a | n/a |
| Perpetua Resources PPTA | United States | $2.44B | -35% | n/a | n/a | n/a | n/a | n/a |
| Sichuan Gold 001337.SZ | China | $2.52B | -25% | +57% | 56% | 11.4× | 17.7% | +13.6% |