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Chinese fine-chemicals group making surfactants and specialty chemical products for detergent and industrial applications (name-derived; specifics not fully confirmed).
Chinese fine-chemicals group making surfactants and specialty chemical products for detergent and industrial applications (name-derived; specifics not fully confirmed).
Moat: none
Headquarters: Zibo, China · Employees: 3,765
Size Befar (601678.SS) is a China Materials company (Chemicals: Specialty) with a market value of $1.51B, the 1625th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.58 on 6 Nov 2026.
Performance Over six months the shares fell 14.4%, against -19.1% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 18.6% over the last twelve months (peer median +7.4%); the operating margin is 4.9% (peer median 8.8%).
Valuation It trades at 21.8× forward earnings against a peer median of 18.0× (6th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is -25 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points above its cost of capital (6.3% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥16.4B | CN¥14.8B | CN¥10.2B | CN¥7.28B | CN¥8.84B |
| Revenue growth | — | +45% | +40% | -18% | — |
| Gross profit | CN¥2.61B | CN¥1.41B | CN¥646M | CN¥1.16B | CN¥2.35B |
| EBITDA | n/a | CN¥1.86B | CN¥883M | CN¥1.11B | CN¥2.21B |
| Net income | CN¥391M | CN¥225M | CN¥219M | CN¥383M | CN¥1.18B |
| Free cash flow | CN¥2.33B | CN¥2.16B | -CN¥1.48B | -CN¥1.44B | CN¥244M |
| Capital expenditure | CN¥910M | CN¥829M | CN¥2.02B | CN¥2.40B | CN¥1.17B |
| Total debt | CN¥8.91B | CN¥9.46B | CN¥9.68B | CN¥7.79B | CN¥4.97B |
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| Measure | 601678.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.1% | -14.8% | 6th lowest of 21 |
| 6-month return | -14.4% | -19.1% | 9th highest of 21 |
| Distance from 52-week high | -41.6% | -40.5% | 8th lowest of 21 |
| Revenue growth (TTM) | +18.6% | +7.4% | 4th highest of 21 |
| Operating margin | 4.9% | 8.8% | 6th lowest of 21 |
| Forward P/E | 21.8× | 18.0× | 6th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | -6.4% | 14.9% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +18.2% | +2.9% | 2nd highest of 14 |
| Hurdle (Req g minus delivered) | -24.5 pp | +10.4 pp | least demanding of 14 |
| ROIC minus cost of capital | +0.4 pp | -1.9 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Befar 601678.SS | China | $1.51B | -14% | +19% | 5% | 21.8× | -6.4% | +18.2% |
| Denka 4061.T | Japan | $1.51B | -33% | -3% | 9% | 12.7× | n/a | n/a |
| Osaka Soda 4046.T | Japan | $1.52B | -2% | +8% | 19% | 13.5× | 5.1% | +0.5% |
| KumhoPetrochem 011780.KS | South Korea | $1.50B | -37% | 0% | 7% | 4.3× | -16.5% | +7.5% |
| Stepan SCL | United States | $1.52B | +26% | +10% | 4% | 19.0× | 14.9% | +4.5% |
| Anhui Wanwei Updated High-Tech Material Industry 600063.SS | China | $1.49B | -32% | +3% | 4% | 20.0× | n/a | n/a |
| Shaily Engineering Plastics SHAILY.NS | India | $1.48B | +14% | +18% | 24% | 56.7× | 35.8% | +22.8% |
| ADAMA 000553.SZ | China | $1.55B | -33% | -6% | 3% | 30.7× | -7.2% | +0.3% |
| Proto Labs PRLB | United States | $1.57B | -5% | +12% | 8% | 27.4× | 26.8% | +4.2% |
| Genesis Energy, L.P GEL | United States | $1.57B | -21% | -17% | 19% | n/a | 2.2% | -2.2% |
| LOTTE CHEMICAL 011170.KS | South Korea | $1.45B | -59% | +5% | -2% | n/a | n/a | n/a |
| Elementis ELM.L | United Kingdom | $1.45B | +34% | -12% | 20% | 16.9× | 16.9% | -4.8% |
| Jilin OLED Material Tech 688378.SS | China | $1.45B | -17% | +74% | 18% | 28.1× | 46.2% | +15.2% |
| Guangdong Orient Zirconic Industry Science & Technology 002167.SZ | China | $1.44B | +5% | +17% | 14% | 48.5× | 32.4% | +10.1% |
| Guangdong Dowstone Technology 300409.SZ | China | $1.59B | -50% | +34% | 6% | 14.0× | n/a | n/a |
| Anhui Guangxin Agrochemical 603599.SS | China | $1.43B | -29% | -13% | 18% | 13.1× | -3.8% | +0.6% |
| Tokuyama 4043.T | Japan | $1.63B | -11% | +7% | 9% | 5.8× | 1.1% | +2.9% |
| Shenzhen Rongda Photosensitive & Technology 300576.SZ | China | $1.40B | -31% | +14% | 10% | n/a | n/a | n/a |
| Chambal Fertilisers & Chemicals CHAMBLFERT.NS | India | $1.63B | -15% | +6% | 12% | 7.2× | n/a | n/a |
| Huabao Technology 300741.SZ | China | $1.63B | +7% | +17% | 1% | n/a | 45.3% | -8.5% |
| Shandong Dawn Polymer 002838.SZ | China | $1.40B | -35% | +31% | 6% | 19.3× | n/a | n/a |