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Fujian-based iron ore mining company operating the Makeng mine, supplying raw material to steelmakers.
Fujian-based iron ore mining company operating the Makeng mine, supplying raw material to steelmakers.
Sells iron ore concentrate to steelmakers at prices that follow China's steel market, so income is the gap between price and mining cost, with ore grade and output at one main mine setting volume. Depending on a single ore body leaves it exposed to anything that affects that site.
In one line: A small Chinese iron ore miner.
Moat: none. Commodity iron ore mining, price taker versus global seaborne ore benchmarks.
Headquarters: Sanming, China · Employees: 747
Size Fujian Makeng Mining (601123.SS) is a China Materials company (Steel) with a market value of $2.76B, the 929th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.90 on 6 Nov 2026.
Growth Revenue fell 2.8% over the last twelve months (peer median -0.5%); the operating margin is 40.7% (peer median 2.1%).
Valuation It trades at 8.3× enterprise value to sales against a peer median of 0.7× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is -1%, so the hurdle is +30 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.4 points above its cost of capital (18.5% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | n/a | CN¥1.97B | CN¥2.03B | CN¥1.94B | CN¥2.03B |
| Revenue growth | — | -3% | +5% | -5% | — |
| Gross profit | n/a | CN¥964M | CN¥1.11B | CN¥1.11B | CN¥1.13B |
| EBITDA | n/a | CN¥1.08B | CN¥1.19B | CN¥1.20B | CN¥1.22B |
| Net income | n/a | CN¥602M | CN¥664M | CN¥651M | CN¥659M |
| Free cash flow | n/a | CN¥757M | CN¥742M | CN¥790M | CN¥737M |
| Capital expenditure | n/a | CN¥204M | CN¥200M | CN¥210M | CN¥247M |
| Total debt | CN¥89.8M | CN¥3.00M | CN¥267M | CN¥981M | CN¥1.60B |
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 |
|---|---|---|---|---|---|---|
| Fujian Makeng Mining 601123.SS | $2.76B | n/a | -3% | 41% | 8.3× | 29.1% |
| Vale S.A. Sponsored ADR VALE | $45.4B | -30% | +11% | 25% | 1.4× | -14.0% |
| Rio Tinto RIO.L | $144B | -21% | +11% | 27% | 2.6× | 5.6% |
| Hainan Mining 601969.SS | $2.44B | -33% | +29% | 17% | 3.3× | 0.8% |
| Pangang Group Vanadium & Titanium Resources 000629.SZ | $3.83B | -24% | +6% | 4% | 2.6× | 27.2% |
| Fortescue FMG.AX | $32.4B | -33% | +4% | 32% | 1.9× | -5.7% |
| BHP BHP.AX | $203B | -6% | +9% | 39% | 3.6× | -1.0% |
| Champion Iron CIA.AX | $799M | -60% | -7% | 7% | 1.4× | 10.4% |
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 | 601123.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.6% | -5.8% | 6th lowest of 21 |
| Distance from 52-week high | -50.4% | -42.3% | 5th lowest of 21 |
| Revenue growth (TTM) | -2.8% | -0.5% | 10th lowest of 21 |
| Operating margin | 40.7% | 2.1% | highest of 21 |
| EV / Sales | 8.3× | 0.7× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 29.1% | 6.9% | most demanding of 17 |
| Growth delivered (Del g) | -1.0% | +6.6% | 2nd lowest of 17 |
| Hurdle (Req g minus delivered) | +30.2 pp | +1.3 pp | most demanding of 17 |
| ROIC minus cost of capital | +1.4 pp | -2.8 pp | 4th highest of 21 |
| EV / EBITDA | 15.1× | 7.9× | most expensive of 6 |
| Net debt / EBITDA | -1.9× | 1.8× | least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fujian Makeng Mining 601123.SS | China | $2.76B | n/a | -3% | 41% | 8.3× | 29.1% | -1.0% |
| Zhejiang Jiuli Hi-Tech Metals 002318.SZ | China | $2.75B | -37% | -38% | 4% | 2.3× | 15.4% | +19.5% |
| Shanxi Taigang Stainless Steel 000825.SZ | China | $2.78B | -24% | +1% | -1% | 0.4× | 7.4% | +6.1% |
| Hangzhou Iron & Steel 600126.SS | China | $2.73B | -38% | -58% | -1% | 0.6× | 19.3% | +9.8% |
| Hyundai Steel 004020.KS | South Korea | $2.73B | -34% | +2% | 1% | 0.2× | -1.2% | +4.8% |
| Yongxing Special Materials Technology 002756.SZ | China | $2.88B | -59% | +30% | 16% | 1.1× | -2.3% | +8.4% |
| Aperam APAM.AS | Netherlands | $2.63B | -32% | -4% | 2% | 0.6× | 12.9% | +10.9% |
| Sims SGM.AX | Australia | $2.62B | -11% | +7% | 4% | 0.6× | 14.6% | +6.2% |
| HBIS 000709.SZ | China | $2.96B | -16% | -6% | 5% | 1.5× | n/a | n/a |
| Angang Steel 000898.SZ | China | $2.50B | -15% | -6% | -7% | 0.5× | n/a | n/a |
| Hainan Mining 601969.SS | China | $2.44B | -33% | +29% | 17% | 3.3× | 0.8% | +9.9% |
| Alleima ALLEI.ST | Sweden | $2.32B | +9% | -5% | 7% | 1.2× | 12.9% | +0.4% |
| Maanshan Iron & Steel 600808.SS | China | $2.32B | -41% | -4% | 0% | 0.6× | 0.3% | -1.0% |
| Salzgitter SZG.DE | Germany | $3.29B | -14% | -6% | -1% | 0.5× | n/a | n/a |
| Daido Steel 5471.T | Japan | $2.29B | -4% | +8% | 7% | 0.9× | 8.8% | +7.0% |
| Advanced Technology & Materials 000969.SZ | China | $2.28B | -32% | +37% | 5% | 1.6× | 16.2% | +9.8% |
| TA Chen Stainless Pipe 2027.TW | Taiwan | $3.46B | +21% | +24% | 18% | 1.4× | -10.1% | +11.4% |
| Hunan Valin Steel 000932.SZ | China | $3.49B | -27% | -7% | 1% | 0.7× | 6.4% | +0.9% |
| Beijing Shougang 000959.SZ | China | $3.50B | -34% | -2% | 1% | 0.5× | -9.7% | +5.2% |
| KIOCL KIOCL.NS | India | $2.15B | -18% | +27% | -6% | 29.8× | n/a | n/a |
| Xinxing Ductile Iron Pipes 000778.SZ | China | $2.05B | -24% | +15% | 2% | 0.6× | -6.9% | -2.8% |