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Ningbo maker of copper-alloy strip and wire, which has also diversified into N-type solar cell manufacturing.
Ningbo maker of copper-alloy strip and wire, which has also diversified into N-type solar cell manufacturing.
Prices alloy strip and wire as copper cost plus a processing fee, so the fee is what it earns, while its solar business sells at market prices that follow a different cycle. Connectors and EVs drive the alloys, and power projects drive solar.
Moat: narrow (process know-how). Specialty alloy formulations for connectors plus newer solar-cell capacity.
Headquarters: Ningbo, China · Employees: 6,104
Size Ningbo Boway Alloy Material (601137.SS) is a China Materials company (Other Metals/Minerals) with a market value of $2.26B, the 1129th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.41 on 6 Nov 2026.
Performance Over six months the shares fell 6.3%, against -22.1% for the median peer and -16.4% for the China market (cap-weighted) — 5th highest of 20 in its peer set.
Growth Revenue grew 30.8% over the last twelve months (peer median +33.4%); the operating margin is -0.3% (peer median 10.7%).
Valuation It trades at 1.51× book value against a peer median of 3.88× (2nd cheapest of 21).
Price implies The share price implies a return on equity of about 17.7%; Ningbo Boway Alloy Material delivers -1.7%, so the price asks more than the business earns today.
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥25.5B | CN¥20.7B | CN¥18.6B | CN¥17.7B | CN¥13.4B |
| Revenue growth | — | +11% | +5% | +32% | — |
| Gross profit | CN¥2.91B | CN¥2.64B | CN¥3.29B | CN¥2.99B | CN¥1.69B |
| EBITDA | n/a | CN¥1.55B | CN¥2.21B | CN¥2.19B | CN¥1.18B |
| Net income | -CN¥156M | CN¥125M | CN¥1.35B | CN¥1.12B | CN¥537M |
| Free cash flow | -CN¥1.96B | -CN¥2.51B | -CN¥409M | CN¥585M | -CN¥409M |
| Capital expenditure | CN¥1.38B | CN¥1.62B | CN¥1.67B | CN¥883M | CN¥940M |
| Total debt | CN¥9.48B | CN¥8.41B | CN¥6.10B | CN¥6.98B | CN¥5.42B |
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 | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Ningbo Boway Alloy Material 601137.SS | $2.26B | -6% | +31% | -2% | 1.51× | 17.7% |
| Ningbo Jintian Copper (Group) 601609.SS | $2.36B | -11% | +25% | 8% | 1.41× | 14.6% |
| Zhejiang Hailiang 002203.SZ | $4.53B | -23% | +10% | 7% | 1.80× | 15.8% |
| Poongsan 103140.KS | $1.05B | -47% | +20% | 7% | 0.62× | 5.5% |
| Kobe Steel 5406.T | $4.83B | 0% | -3% | 6% | 0.60× | 5.6% |
| Mitsubishi Materials 5711.T | $3.21B | -24% | +7% | 13% | 0.65× | 8.3% |
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 | 601137.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.9% | -18.9% | 7th highest of 21 |
| 6-month return | -6.3% | -22.1% | 5th highest of 20 |
| Return on equity | -1.6% | 9.5% | 2nd lowest of 21 |
| Price / book | 1.51× | 3.88× | 2nd cheapest of 21 |
| ROE the price implies | 17.7% | 35.0% | 5th least demanding of 21 |
| ROE delivered | -1.7% | 8.4% | 2nd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Ningbo Boway Alloy Material 601137.SS | China | $2.26B | -6% | +31% | -2% | 1.51× | 17.7% | -1.7% |
| Co-tech Development 8358.TWO | Taiwan | $2.24B | -30% | +31% | 21% | 8.23× | 108.2% | 21.4% |
| Paladin Energy PDN.AX | Australia | $2.32B | -33% | +64% | 1% | 2.01× | 28.3% | 0.5% |
| Almonty Industries ALM | United States | $2.34B | -59% | +208% | 40% | 6.02× | 60.1% | 39.6% |
| Ningbo Jintian Copper (Group) 601609.SS | China | $2.36B | -11% | +25% | 8% | 1.41× | 14.6% | 8.4% |
| Altius Minerals ALS.TO | Canada | $2.16B | -2% | +68% | 31% | 2.15× | 9.8% | 31.3% |
| 5N Plus VNP.TO | Canada | $2.15B | -10% | +32% | 26% | 8.50× | 79.1% | 25.6% |
| Centrus Energy LEU | United States | $2.14B | -50% | +8% | 8% | 2.47× | 25.0% | 8.1% |
| Guangdong Jia Yuan Technology Shares 688388.SS | China | $2.12B | -38% | +81% | 7% | 1.63× | 23.2% | 7.4% |
| Jiaxin International Resources Investment 3858.HK | Hong Kong | $2.08B | -56% | +2,782% | 118% | 5.17× | 41.2% | 118.1% |
| Anhui Jingcheng Copper Share 002171.SZ | China | $2.07B | -22% | +35% | 5% | 1.54× | 17.2% | 5.0% |
| Henan Liliang Diamond 301071.SZ | China | $2.03B | -2% | +73% | 5% | 2.50× | 28.9% | 4.6% |
| Lianyou Metals 7610.TW | Taiwan | $2.03B | +89% | +238% | 86% | 21.52× | 296.6% | 86.3% |
| CGN Mining 1164.HK | Hong Kong | $2.03B | -47% | +15% | 11% | 3.54× | 18.4% | 10.5% |
| Jinhui Mining 603132.SS | China | $2.53B | -11% | +38% | 26% | 5.11× | 41.8% | 26.1% |
| Denison Mines DML.TO | Canada | $2.00B | -39% | -9% | -67% | 9.68× | 95.2% | -66.8% |
| Trekor Metals TKO.TO | Canada | $2.57B | -1% | +68% | 2% | 4.21× | 49.9% | 2.2% |
| Changyu 603407.SS | China | $2.59B | n/a | +9% | 18% | 7.62× | 135.2% | n/a |
| IGO IGO.AX | Australia | $2.60B | -45% | -12% | 7% | 1.67× | 16.7% | 6.7% |
| Sanxiang Advanced Materials 603663.SS | China | $2.65B | -10% | +5% | 11% | 12.24× | 146.8% | 10.5% |
| Beijing Zhong Ke San Huan High-Tech 000970.SZ | China | $1.87B | -16% | +11% | 1% | 1.87× | 22.1% | 1.2% |