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Tianjin-based steel-pipe maker, one of China's largest producers of welded steel pipe for construction and industry.
Tianjin-based steel-pipe maker, one of China's largest producers of welded steel pipe for construction and industry.
Buys steel coil and converts it into pipe, so profit is the processing spread over coil cost and swings with construction demand more than with steel prices alone. Its Tianjin plants sit close to northern China's market and port.
In one line: A Chinese steel-pipe maker, akin to a small Tenaris.
Moat: narrow (scale). Large-scale welded-pipe capacity gives some cost advantage in a fragmented market.
Headquarters: Tianjin, China · Employees: 11,395
Size Tianjin You Fa Steel Pipe Group Stock (601686.SS) is a China Materials company (Steel) with a market value of $1.03B, the 2249th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.72 on 6 Nov 2026.
Performance Over six months the shares fell 15.3%, against -22.2% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue fell 1.9% over the last twelve months (peer median +2.3%); the operating margin is 0.8% (peer median 3.4%).
Valuation It trades at 9.8× forward earnings against a peer median of 27.5× (cheapest of 12).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +3 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 1.1 points below its cost of capital (5.0% WACC).
Next results Next results expected around 5 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥51.8B | CN¥50.6B | CN¥54.8B | CN¥60.9B | CN¥67.2B |
| Revenue growth | — | -8% | -10% | -9% | — |
| Gross profit | CN¥1.78B | CN¥1.53B | CN¥1.53B | CN¥1.66B | CN¥1.12B |
| EBITDA | n/a | CN¥1.37B | CN¥1.30B | CN¥1.39B | CN¥927M |
| Net income | CN¥375M | CN¥680M | CN¥425M | CN¥570M | CN¥297M |
| Free cash flow | CN¥64.1M | CN¥569M | CN¥990M | CN¥28.1M | -CN¥650M |
| Capital expenditure | CN¥1.24B | CN¥583M | CN¥424M | CN¥413M | CN¥1.47B |
| Total debt | CN¥21.3B | CN¥15.1B | CN¥17.0B | CN¥8.89B | CN¥8.05B |
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 |
|---|---|---|---|---|---|---|
| Tianjin You Fa Steel Pipe Group Stock 601686.SS | $1.03B | -15% | -2% | 1% | 9.8× | 4.0% |
| Jiangsu Changbao Steel Tube 002478.SZ | $847M | -40% | +2% | 6% | 17.5× | -4.8% |
| Baoshan Iron & Steel 600019.SS | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% |
| Zhejiang Jingu 002488.SZ | $939M | -45% | +11% | 5% | 40.0× | 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 | 601686.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.0% | -6.3% | 10th highest of 21 |
| 6-month return | -15.3% | -22.2% | 8th highest of 20 |
| Distance from 52-week high | -36.8% | -35.7% | 11th highest of 21 |
| Revenue growth (TTM) | -1.9% | +2.3% | 7th lowest of 19 |
| Operating margin | 0.8% | 3.4% | 7th lowest of 19 |
| Forward P/E | 9.8× | 27.5× | cheapest of 12 |
| Growth the price implies (Req g, 7 yrs) | 4.0% | 8.8% | 4th least demanding of 9 |
| Growth delivered (Del g) | +0.9% | +11.3% | 3rd lowest of 9 |
| Hurdle (Req g minus delivered) | +3.1 pp | -0.6 pp | 5th least demanding of 9 |
| ROIC minus cost of capital | -1.1 pp | -3.6 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianjin You Fa Steel Pipe Group Stock 601686.SS | China | $1.03B | -15% | -2% | 1% | 9.8× | 4.0% | +0.9% |
| Hengong Precision Equipment 301261.SZ | China | $1.04B | -9% | +34% | 5% | 41.5× | 26.1% | +15.8% |
| Sansteel MinGuang Co., Ltd., Fujian 002110.SZ | China | $993M | -20% | -7% | -2% | 27.5× | 9.7% | -2.4% |
| Companhia Siderurgica Nacional Sponsored ADR SID | United States | $984M | -38% | +9% | 10% | n/a | n/a | n/a |
| Labrador Iron Ore Royalty LIF.TO | Canada | $981M | -23% | -15% | 75% | 15.4× | 0.6% | -3.9% |
| Hanza HANZA.ST | Sweden | $978M | -11% | +72% | 8% | 18.8× | 10.4% | +22.8% |
| Xining Special Steel 600117.SS | China | $976M | -23% | 0% | -21% | n/a | n/a | n/a |
| ZhongHe Shangda Aeronautic Materials 301522.SZ | China | $1.09B | -39% | +5% | 2% | n/a | n/a | n/a |
| BCI Minerals BCI.AX | Australia | $1.09B | +45% | n/a | n/a | n/a | n/a | n/a |
| Aichi Steel 5482.T | Japan | $970M | -17% | +4% | 5% | 14.2× | 1.6% | +8.5% |
| Jiangsu Shagang 002075.SZ | China | $1.09B | -25% | -4% | 1% | n/a | n/a | n/a |
| TSP Wind Power 300129.SZ | China | $1.10B | -42% | -26% | 1% | 35.8× | n/a | n/a |
| Feng Hsin Steel 2015.TW | Taiwan | $1.11B | +4% | -12% | 0% | 14.5× | 9.2% | +1.2% |
| Vedanta Iron And Steel VISL.NS | India | $1.11B | n/a | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Jingu 002488.SZ | China | $939M | -45% | +11% | 5% | 40.0× | n/a | n/a |
| Jayaswal Neco Industries JAYNECOIND.NS | India | $920M | -22% | +18% | 15% | n/a | 8.4% | +14.0% |
| Jiangsu Longda Superalloy 688231.SS | China | $919M | -34% | +54% | 6% | 35.0× | n/a | n/a |
| Tokyo Steel Manufacturing 5423.T | Japan | $1.17B | -1% | -1% | -1% | 53.7× | n/a | n/a |
| Zhongnanhong Culture 002445.SZ | China | $1.17B | -7% | -1% | 1% | n/a | n/a | n/a |
| RongFa Nuclear Equipment 002366.SZ | China | $898M | -29% | -15% | -18% | n/a | n/a | n/a |
| BRC Asia BEC.SI | Singapore | $894M | -9% | +23% | 8% | 10.5× | -14.8% | +20.5% |