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Employees: 940
Size Apple Flavor & Fragrance (603020.SS) is a China Consumer Staples company (Food: Specialty/Candy) with a market value of $570M, the 3548th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.11 on 6 Nov 2026.
Performance Over six months the shares fell 7.0%, against -11.4% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 3.1% over the last twelve months (peer median +5.7%); the operating margin is 4.0% (peer median 6.7%).
Valuation It trades at 0.9× enterprise value to sales against a peer median of 1.2× (7th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +18 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 4.3 points below its cost of capital (8.2% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.54B | CN¥2.47B | CN¥2.67B | CN¥2.77B | CN¥3.19B |
| Revenue growth | — | -8% | -4% | -13% | — |
| Gross profit | CN¥352M | CN¥343M | CN¥406M | CN¥374M | CN¥425M |
| EBITDA | CN¥173M | CN¥160M | CN¥225M | CN¥160M | CN¥197M |
| Net income | CN¥63.3M | CN¥86.7M | CN¥159M | CN¥90.8M | CN¥110M |
| Free cash flow | CN¥46.4M | CN¥44.2M | CN¥151M | CN¥92.9M | -CN¥80.6M |
| Capital expenditure | CN¥33.5M | CN¥36.9M | CN¥88.8M | CN¥151M | CN¥201M |
| Total debt | CN¥92.6M | CN¥13.9M | CN¥13.4M | CN¥116M | CN¥94.9M |
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.
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 | 603020.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.7% | -0.7% | 2nd lowest of 21 |
| 6-month return | -7.0% | -11.4% | 10th highest of 21 |
| Distance from 52-week high | -33.3% | -25.0% | 8th lowest of 21 |
| Revenue growth (TTM) | +3.1% | +5.7% | 8th lowest of 21 |
| Operating margin | 4.0% | 6.7% | 5th lowest of 21 |
| EV / Sales | 0.9× | 1.2× | 7th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.4% | 3.9% | 5th most demanding of 17 |
| Growth delivered (Del g) | -1.5% | +6.2% | 2nd lowest of 17 |
| Hurdle (Req g minus delivered) | +18.0 pp | -6.6 pp | 3rd most demanding of 17 |
| ROIC minus cost of capital | -4.3 pp | +1.3 pp | 3rd lowest of 21 |
| EV / EBITDA | 13.9× | 12.0× | 6th most expensive of 13 |
| Net debt / EBITDA | -8.8× | 0.0× | 2nd least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Apple Flavor & Fragrance 603020.SS | China | $570M | -7% | +3% | 4% | 0.9× | 16.4% | -1.5% |
| Zhongjing Food 300908.SZ | China | $579M | -31% | +6% | 19% | 3.2× | 6.9% | +8.3% |
| Haoxiangni Health Food 002582.SZ | China | $558M | -21% | -17% | -11% | 2.9× | n/a | n/a |
| Ganyuan Foods 002991.SZ | China | $552M | -22% | 0% | 10% | 1.4× | 4.8% | +12.4% |
| Vadilal Industries VADILALIND.NS | India | $541M | +53% | +31% | 16% | 3.0× | 17.3% | +26.5% |
| Ligao Foods 300973.SZ | China | $604M | -19% | +5% | 7% | 1.0× | n/a | n/a |
| Kameda Seika 2220.T | Japan | $525M | -8% | +17% | 6% | 0.8× | 0.3% | +6.0% |
| Jiahe Foods Industry 605300.SS | China | $623M | -17% | -7% | 1% | 1.1× | 18.9% | +3.7% |
| YouYou Foods 603697.SS | China | $627M | -7% | +30% | 11% | 1.8× | 2.5% | +7.8% |
| Riken Vitamin 4526.T | Japan | $516M | +29% | +3% | 7% | 0.7× | -3.9% | +4.4% |
| Gift 9279.T | Japan | $635M | +31% | +24% | 11% | 2.5× | n/a | n/a |
| John B. Sanfilippo & Son JBSS | United States | $643M | -29% | +3% | 7% | 0.7× | -8.2% | +6.5% |
| Baolingbao Biology 002286.SZ | China | $500M | -15% | +9% | 6% | 1.2× | 10.0% | +6.0% |
| Mrs. Bector's Food Specialities BECTORFOOD.NS | India | $681M | +3% | +12% | 8% | 2.9× | 38.4% | +18.5% |
| Nitto Fuji Flour Milling 2003.T | Japan | $472M | +14% | 0% | 6% | 1.0× | 3.0% | +5.2% |
| Guilin Layn Natural Ingredients 002166.SZ | China | $691M | -29% | +7% | 10% | 2.7× | 8.4% | +21.1% |
| Shanghai Laiyifen 603777.SS | China | $693M | -15% | +5% | -6% | 1.0× | 27.2% | -0.9% |
| Ganso 603886.SS | China | $464M | +1% | +5% | 6% | 0.8× | -11.0% | -1.9% |
| Hindustan Foods HNDFDS.NS | India | $704M | 0% | +18% | 6% | 1.5× | n/a | n/a |
| Daesang 001680.KS | South Korea | $459M | -16% | +2% | 4% | 0.4× | -5.6% | +7.2% |
| Bourbon 2208.T | Japan | $451M | +3% | +7% | 6% | 0.5× | -12.1% | +0.3% |