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One of China's largest zinc smelters, producing refined zinc, lead and by-product metals under the Zhuye brand.
One of China's largest zinc smelters, producing refined zinc, lead and by-product metals under the Zhuye brand.
Buys zinc and lead concentrate, smelts it and sells refined metal; the margin is the processing charge on the concentrate plus sales of by-products such as indium and germanium recovered in the process. Metal sales are priced off Shanghai and London benchmarks.
Moat: narrow (scale, installed base). Large-scale integrated smelting complex with decades of Zhuye-brand customer relationships.
Headquarters: Zhuzhou, Hunan, China · Employees: 4,058
Size Zhuzhou Smelter (600961.SS) is a China Materials company (Other Metals/Minerals) with a market value of $2.85B, the 902nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.74 on 6 Nov 2026.
Performance Over six months the shares fell 33.0%, against -23.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue grew 23.5% over the last twelve months (peer median +29.1%); the operating margin is 12.4% (peer median 11.5%).
Valuation It trades at 6.7× forward earnings against a peer median of 15.8× (2nd cheapest of 14).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -10 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 23.5 points above its cost of capital (12.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥26.0B | CN¥22.2B | CN¥19.6B | CN¥19.3B | CN¥20.3B |
| Revenue growth | — | +13% | +2% | -5% | — |
| Gross profit | CN¥4.07B | CN¥2.48B | CN¥1.50B | CN¥1.46B | CN¥1.39B |
| EBITDA | CN¥3.54B | CN¥2.10B | CN¥1.33B | CN¥1.12B | CN¥1.17B |
| Net income | CN¥2.49B | CN¥1.13B | CN¥787M | CN¥611M | CN¥493M |
| Free cash flow | CN¥2.80B | CN¥1.67B | CN¥943M | CN¥370M | CN¥984M |
| Capital expenditure | CN¥189M | CN¥197M | CN¥214M | CN¥338M | CN¥396M |
| Total debt | CN¥1.34B | CN¥3.60B | CN¥4.68B | CN¥5.36B | CN¥6.54B |
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 |
|---|---|---|---|---|---|---|
| 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 |
| Yunnan Chihong Zinc & Germanium 600497.SS | $5.76B | -15% | +29% | 10% | 13.8× | 4.4% |
| Hunan Silver 002716.SZ | $3.19B | -35% | +50% | 4% | n/a | 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 | 600961.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.2% | -18.4% | 8th lowest of 21 |
| 6-month return | -33.0% | -23.7% | 7th lowest of 20 |
| Distance from 52-week high | -52.0% | -51.2% | 10th lowest of 21 |
| Revenue growth (TTM) | +23.5% | +29.1% | 8th lowest of 20 |
| Operating margin | 12.4% | 11.5% | 9th highest of 20 |
| Forward P/E | 6.7× | 15.8× | 2nd cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -1.6% | 21.1% | 2nd least demanding of 9 |
| Growth delivered (Del g) | +8.5% | +9.7% | 4th lowest of 9 |
| Hurdle (Req g minus delivered) | -10.2 pp | +17.4 pp | 3rd least demanding of 9 |
| ROIC minus cost of capital | +23.5 pp | -0.9 pp | highest of 20 |
| EV / EBITDA | 5.6× | 11.0× | 2nd cheapest of 6 |
| Net debt / EBITDA | 0.2× | 0.6× | 3rd least indebted of 6 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhuzhou Smelter 600961.SS | China | $2.85B | -33% | +23% | 12% | 6.7× | -1.6% | +8.5% |
| Chengxin Lithium 002240.SZ | China | $2.79B | -66% | +226% | 20% | 11.3× | n/a | n/a |
| Dowa 5714.T | Japan | $2.78B | -22% | +29% | 6% | 6.9× | n/a | n/a |
| Western Metal Materials 002149.SZ | China | $2.76B | -41% | +3% | 0% | 139.8× | 54.3% | +9.7% |
| North Copper 000737.SZ | China | $2.97B | -28% | +54% | 9% | n/a | -3.9% | +26.8% |
| Shengda Resources 000603.SZ | China | $2.75B | -27% | +25% | 47% | 15.8× | 12.8% | +8.5% |
| Ero Copper ERO.TO | Canada | $3.03B | +10% | +106% | 40% | 5.9× | 0.4% | +20.4% |
| Sanxiang Advanced Materials 603663.SS | China | $2.65B | -10% | +5% | 18% | 44.4× | 48.1% | +9.7% |
| Ningxia Orient Tantalum Industry 000962.SZ | China | $3.08B | -11% | +43% | 12% | 54.0× | n/a | n/a |
| China Rare Earth Nonferrous Metals 600259.SS | China | $3.13B | -33% | -43% | 4% | 34.1× | n/a | n/a |
| IGO IGO.AX | Australia | $2.60B | -45% | -12% | -31% | 8.9× | 17.2% | -6.5% |
| Changyu 603407.SS | China | $2.59B | n/a | +9% | 16% | n/a | 51.8% | +2.2% |
| Trekor Metals TKO.TO | Canada | $2.57B | -1% | +68% | 28% | 9.8× | n/a | n/a |
| Chongyi Zhangyuan Tungsten 002378.SZ | China | $3.18B | -48% | +105% | 12% | n/a | n/a | n/a |
| Hunan Silver 002716.SZ | China | $3.19B | -35% | +50% | 4% | n/a | n/a | n/a |
| Jinhui Mining 603132.SS | China | $2.53B | -11% | +38% | 51% | n/a | n/a | n/a |
| Zhejiang Wazam New Material 603186.SS | China | $3.33B | +79% | +60% | 14% | 58.0× | 24.9% | +13.9% |
| NGEx Minerals NGEX.TO | Canada | $3.37B | -15% | n/a | n/a | n/a | n/a | n/a |
| Uranium Energy UEC | United States | $3.43B | -54% | -44% | -358% | n/a | n/a | n/a |
| Shenzhen Zhongjin Lingnan Nonfemet 000060.SZ | China | $3.43B | -24% | +16% | 3% | 17.8× | n/a | n/a |
| Ningbo Jintian Copper (Group) 601609.SS | China | $2.36B | -11% | +25% | 1% | 15.3× | n/a | n/a |