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Chinese lithium-battery materials maker, one of the world's largest producers of anode (graphite) materials, plus cathode materials and polarizers.
Chinese lithium-battery materials maker, one of the world's largest producers of anode (graphite) materials, plus cathode materials and polarizers.
Sells battery anode material and polarizing film for LCD screens to cell and panel makers, whose volumes and prices drive its sales. Buying LG Chem's LCD polarizer business in 2021 made it a large polarizer producer, while the anode business grew with China's electric-vehicle build-out.
In one line: A Chinese battery-materials major with a large-scale anode business.
Moat: narrow (scale, process know-how). One of the largest global anode-material producers with integrated graphitization capacity, a capital-intensive scale advantage.
Headquarters: Ningbo, China · Employees: 6,413
Size Ningbo Shanshan (600884.SS) is a China Materials company (Chemicals: Specialty) with a market value of $3.71B, the 694th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥11.03 on 6 Nov 2026.
Performance Over six months the shares fell 33.8%, against -18.9% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 29.5% over the last twelve months (peer median +12.2%); the operating margin is 9.0% (peer median 13.3%).
Valuation It trades at 14.4× forward earnings against a peer median of 23.1× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 5% a year for seven years (Req g). Recent delivered growth is +21%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points below its cost of capital (8.9% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥26.1B | CN¥21.5B | CN¥18.6B | CN¥19.0B | CN¥21.7B |
| Revenue growth | — | +16% | -2% | -13% | — |
| Gross profit | CN¥6.68B | CN¥3.42B | CN¥2.32B | CN¥2.76B | CN¥5.01B |
| EBITDA | n/a | CN¥3.43B | CN¥2.17B | CN¥2.22B | CN¥4.41B |
| Net income | CN¥1.43B | CN¥458M | -CN¥367M | CN¥765M | CN¥2.69B |
| Free cash flow | CN¥749M | CN¥766M | -CN¥1.92B | -CN¥6.15B | -CN¥3.74B |
| Capital expenditure | CN¥685M | CN¥1.57B | CN¥3.83B | CN¥5.96B | CN¥4.30B |
| Total debt | CN¥16.8B | CN¥16.5B | CN¥17.5B | CN¥20.1B | CN¥14.0B |
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 |
|---|---|---|---|---|---|---|
| Ningbo Shanshan 600884.SS | $3.71B | -34% | +30% | 9% | 14.4× | 4.5% |
| Shanghai Putailai New Energy Technology 603659.SS | $6.87B | -41% | +44% | 14% | 14.2× | n/a |
| Hunan Zhongke Electric 300035.SZ | $1.22B | -42% | +46% | 5% | 20.6× | n/a |
| Posco Future M 003670.KS | $10.6B | -36% | -9% | 2% | 282.1× | n/a |
| Resonac 4004.T | $12.6B | -26% | +1% | 8% | 18.0× | 26.7% |
| Ningbo Ronbay New Energy Technology 688005.SS | $2.05B | -45% | +41% | 1% | 37.8× | 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 | 600884.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.1% | -5.1% | 8th lowest of 21 |
| 6-month return | -33.8% | -18.9% | 4th lowest of 20 |
| Distance from 52-week high | -39.0% | -39.1% | 11th highest of 21 |
| Revenue growth (TTM) | +29.5% | +12.2% | 4th highest of 21 |
| Operating margin | 9.0% | 13.3% | 5th lowest of 21 |
| Forward P/E | 14.4× | 23.1× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 4.5% | 8.1% | 7th least demanding of 15 |
| Growth delivered (Del g) | +21.3% | +8.4% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | -16.8 pp | -4.0 pp | 2nd least demanding of 15 |
| ROIC minus cost of capital | -1.3 pp | +2.7 pp | 7th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Shanshan 600884.SS | China | $3.71B | -34% | +30% | 9% | 14.4× | 4.5% | +21.3% |
| Novoray 688300.SS | China | $3.76B | -9% | +23% | 26% | 52.7× | 47.6% | +22.6% |
| Cabot CBT | United States | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% | +1.9% |
| Mitsubishi Gas Chemical 4182.T | Japan | $3.78B | -31% | +3% | 8% | 10.6× | n/a | n/a |
| Pangang Group Vanadium & Titanium Resources 000629.SZ | China | $3.83B | -24% | +6% | 4% | 68.8× | 27.2% | -3.4% |
| NOF 4403.T | Japan | $3.60B | -22% | +13% | 17% | 13.5× | -6.1% | +8.4% |
| Hangzhou Oxygen Plant 002430.SZ | China | $3.89B | -16% | +16% | 11% | 20.9× | 2.9% | +8.5% |
| IMEIK Technology Development 300896.SZ | China | $3.92B | -21% | -7% | 45% | 23.3× | 18.8% | +28.0% |
| Air Water 4088.T | Japan | $3.93B | +23% | +7% | 4% | 14.3× | 7.1% | +6.8% |
| Bluestar Adisseo 600299.SS | China | $3.97B | -35% | +15% | 13% | 11.8× | -8.6% | +7.7% |
| Do-Fluoride New Materials 002407.SZ | China | $4.06B | -36% | +69% | 7% | 38.0× | 19.2% | +17.5% |
| Guangzhou Guanggang Gases and Energy 688548.SS | China | $3.39B | -14% | +21% | 20% | 62.3× | n/a | n/a |
| Inner Mongolia Berun Chemical 000683.SZ | China | $3.36B | -32% | +11% | 13% | 13.8× | n/a | n/a |
| Hexpol HPOL-B.ST | Sweden | $3.30B | +28% | -1% | 14% | 15.6× | 3.1% | +7.6% |
| Cathay Biotech 688065.SS | China | $4.22B | -19% | +9% | 18% | 38.8× | n/a | n/a |
| Jiangsu Nata Opto-electronic Material 300346.SZ | China | $4.29B | -22% | +15% | 16% | 62.1× | 35.6% | +34.2% |
| Clariant CLN.SW | Switzerland | $4.32B | +46% | -7% | 10% | 16.0× | -3.4% | +0.3% |
| Guangxi Huaxi Nonferrous Metal 600301.SS | China | $4.33B | -15% | +24% | 32% | 22.9× | 9.2% | +44.9% |
| Red Avenue New Materials 9607.HK | Hong Kong | $4.35B | n/a | +30% | 9% | 26.9× | n/a | n/a |
| Levima Advanced Materials 003022.SZ | China | $3.17B | -34% | +66% | 10% | 30.1× | n/a | n/a |
| Hawkins HWKN | United States | $3.14B | -10% | +9% | 11% | 33.9× | 15.2% | +12.7% |