Loading…
Major Chinese producer of PTA and polyester filament, a key raw material for textiles.
Major Chinese producer of PTA and polyester filament, a key raw material for textiles.
Earns the spread between polyester filament prices and the cost of PTA and the oil-based inputs behind it, so profit swings with that spread and with textile demand. It makes much of its own PTA, avoiding buying it at market prices. Private Tongkun Group is the controlling shareholder.
In one line: A Chinese Indorama Ventures for polyester feedstock.
Moat: narrow (scale, cost advantage). Large integrated PTA-to-polyester capacity gives cost scale in a commoditized feedstock market.
Headquarters: Tongxiang, China · Founded: 1994 · Employees: 33,639
Size Tongkun (601233.SS) is a China Consumer Discretionary company (Textiles) with a market value of $8.35B, the 299th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥23.37 on 6 Nov 2026.
Performance Over six months the shares fell 3.5%, against -24.1% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 11 in its peer set.
Growth Revenue grew 20.8% over the last twelve months (peer median +12.3%); the operating margin is 5.0% (peer median 9.3%).
Valuation It trades at 6.8× forward earnings against a peer median of 15.3× (2nd cheapest of 11).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -17 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.7 points above its cost of capital (6.8% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥112B | CN¥93.8B | CN¥101B | CN¥82.3B | CN¥61.8B |
| Revenue growth | — | -7% | +23% | +33% | — |
| Gross profit | CN¥13.7B | CN¥4.89B | CN¥4.46B | CN¥3.68B | CN¥1.66B |
| EBITDA | n/a | CN¥6.78B | CN¥6.10B | CN¥4.38B | CN¥1.45B |
| Net income | CN¥7.39B | CN¥2.03B | CN¥1.20B | CN¥797M | CN¥125M |
| Free cash flow | CN¥4.31B | -CN¥4.40B | CN¥794M | -CN¥8.21B | -CN¥14.0B |
| Capital expenditure | CN¥6.11B | CN¥10.8B | CN¥8.99B | CN¥11.4B | CN¥15.0B |
| Total debt | CN¥60.5B | CN¥60.9B | CN¥54.8B | CN¥53.1B | CN¥42.9B |
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 |
|---|---|---|---|---|---|---|
| Tongkun 601233.SS | $8.35B | -3% | +21% | 5% | 6.8× | -1.4% |
| Hengyi Petrochemical 000703.SZ | $7.21B | -30% | +21% | 9% | 5.0× | -6.6% |
| Rongsheng Petrochemical 002493.SZ | $17.9B | -14% | -11% | 8% | 12.2× | -4.4% |
| Hengli Petrochemical 600346.SS | $17.5B | -25% | -8% | 8% | 9.2× | -8.0% |
| Xinfengming 603225.SS | $4.54B | -2% | +22% | 4% | 9.7× | -3.9% |
| Jiangsu Sanfame Polyester Material 600370.SS | $857M | -44% | -13% | -3% | n/a | n/a |
| Sinopec Shanghai Petrochemical 600688.SS | $3.75B | -5% | -4% | 0% | 59.0× | 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 | 601233.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | -14.8% | 3rd highest of 11 |
| 6-month return | -3.5% | -24.1% | 4th highest of 11 |
| Distance from 52-week high | -16.8% | -36.1% | 3rd highest of 11 |
| Revenue growth (TTM) | +20.8% | +12.3% | 3rd highest of 11 |
| Operating margin | 5.0% | 9.3% | 3rd lowest of 11 |
| Forward P/E | 6.8× | 15.3× | 2nd cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | -1.4% | -0.3% | 4th least demanding of 8 |
| Growth delivered (Del g) | +15.4% | +6.5% | 2nd highest of 8 |
| Hurdle (Req g minus delivered) | -16.8 pp | -10.8 pp | 2nd least demanding of 8 |
| ROIC minus cost of capital | +1.7 pp | +0.7 pp | 6th highest of 11 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tongkun 601233.SS | China | $8.35B | -3% | +21% | 5% | 6.8× | -1.4% | +15.4% |
| Sinoma Science & Technology 002080.SZ | China | $8.76B | -40% | +18% | 9% | 19.5× | n/a | n/a |
| Hengyi Petrochemical 000703.SZ | China | $7.21B | -30% | +21% | 9% | 5.0× | -6.6% | +5.6% |
| Huafon Chemical 002064.SZ | China | $7.15B | -18% | +13% | 14% | 12.0× | -0.3% | +10.5% |
| Grace Fabric Technology 603256.SS | China | $10.6B | -36% | +115% | 44% | 57.2× | n/a | n/a |
| Toray Industries 3402.T | Japan | $11.1B | +6% | +6% | 6% | 16.6× | 5.5% | +6.5% |
| Inner Mongolia ERDOS Resources 600295.SS | China | $5.49B | -5% | +2% | 9% | 14.1× | -9.2% | +2.2% |
| Xinfengming 603225.SS | China | $4.54B | -2% | +22% | 4% | 9.7× | -3.9% | +14.1% |
| Nitto Boseki 3110.T | Japan | $2.85B | -58% | +12% | 20% | 19.3× | n/a | n/a |
| HMT (Xiamen) New Technical Materials 603306.SS | China | $2.18B | -56% | -1% | 0% | 57.4× | 50.6% | +21.4% |
| Coats COA.L | United Kingdom | $2.14B | +2% | +5% | 15% | 11.2× | 11.6% | +4.1% |