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One of China's largest tire manufacturers, selling passenger and truck tires under brands including Chao Yang and Westlake.
One of China's largest tire manufacturers, selling passenger and truck tires under brands including Chao Yang and Westlake.
Sells mostly into the replacement market through dealers and distributors, with factory fitment for automakers adding volume, and exports under the Westlake and Goodride brands. Natural and synthetic rubber and carbon black are its main costs, so swings in those prices move margins.
In one line: A Chinese Goodyear-scale tire maker.
Moat: narrow (scale, brand). Among the largest domestic tire producers by volume with established export brands.
Headquarters: Hangzhou, Zhejiang, China · Founded: 1958 · Employees: 19,881
Size Zhongce Rubber Group Co., Ltd. A (603049.SS) is a China Consumer Discretionary company (Automotive Aftermarket) with a market value of $2.70B, the 956th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥39.59 on 6 Nov 2026.
Performance Over six months the shares fell 19.1%, against -3.1% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 14.4% over the last twelve months (peer median +4.1%); the operating margin is 8.4% (peer median 8.2%).
Valuation It trades at 9.7× forward earnings against a peer median of 17.4× (5th cheapest of 19).
Capital Return on invested capital runs 6.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥47.4B | CN¥44.9B | CN¥39.3B | CN¥35.3B | CN¥31.9B |
| Revenue growth | — | +14% | +11% | +11% | — |
| Gross profit | CN¥9.96B | CN¥8.24B | CN¥7.08B | CN¥6.27B | CN¥4.31B |
| EBITDA | n/a | CN¥6.86B | CN¥5.51B | CN¥4.62B | CN¥2.92B |
| Net income | CN¥3.49B | CN¥4.15B | CN¥3.79B | CN¥2.64B | CN¥1.22B |
| Free cash flow | -CN¥1.17B | -CN¥1.60B | CN¥698M | CN¥996M | -CN¥2.10B |
| Capital expenditure | CN¥2.91B | CN¥3.51B | CN¥2.34B | CN¥1.61B | CN¥2.94B |
| Total debt | CN¥17.6B | CN¥15.7B | CN¥15.3B | CN¥13.9B | CN¥13.6B |
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 |
|---|---|---|---|---|---|---|
| Zhongce Rubber Group Co., Ltd. A 603049.SS | $2.70B | -19% | +14% | 8% | 9.7× | n/a |
| Shandong Linglong Tyre 601966.SS | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% |
| Triangle Tyre 601163.SS | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% |
| Sailun 601058.SS | $5.92B | -10% | +12% | 12% | 10.4× | 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 | 603049.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.8% | +0.7% | 4th lowest of 21 |
| 6-month return | -19.1% | -3.1% | 6th lowest of 21 |
| Distance from 52-week high | -36.1% | -25.1% | 6th lowest of 21 |
| Revenue growth (TTM) | +14.4% | +4.1% | 5th highest of 21 |
| Operating margin | 8.4% | 8.2% | 10th highest of 21 |
| Forward P/E | 9.7× | 17.4× | 5th cheapest of 19 |
| ROIC minus cost of capital | +6.5 pp | -0.5 pp | 3rd highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhongce Rubber Group Co., Ltd. A 603049.SS | China | $2.70B | -19% | +14% | 8% | 9.7× | n/a | n/a |
| Qingdao Sentury Tire 002984.SZ | China | $2.62B | -25% | +2% | 8% | 16.7× | 3.4% | +12.8% |
| Apollo Tyres APOLLOTYRE.NS | India | $2.80B | +1% | +14% | 8% | 16.6× | 15.6% | +10.7% |
| Cheng Shin Rubber Ind 2105.TW | Taiwan | $2.95B | -3% | -1% | 9% | 20.3× | -9.3% | -1.2% |
| Shandong Linglong Tyre 601966.SS | China | $2.32B | -19% | +8% | 3% | 50.3× | -0.4% | +6.0% |
| Toyo Tire 5105.T | Japan | $3.17B | +6% | +4% | 15% | 8.2× | -7.3% | +11.6% |
| Nokian Renkaat TYRES.HE | Finland | $2.21B | +37% | +5% | 6% | 27.4× | 19.4% | +0.9% |
| Sumitomo Rubber Industries 5110.T | Japan | $3.40B | +1% | +5% | 8% | 9.8× | -3.3% | +8.8% |
| Haian Rubber 001233.SZ | China | $1.82B | +9% | -4% | 23% | 25.6× | 1.8% | +13.7% |
| Dorman Products DORM | United States | $4.03B | +10% | +2% | 16% | 15.8× | 4.3% | +14.3% |
| CEAT CEATLTD.NS | India | $1.52B | +6% | +24% | 7% | 31.0× | 24.9% | +15.5% |
| Balkrishna Industries BALKRISIND.NS | India | $4.93B | +7% | +20% | 15% | 30.5× | n/a | n/a |
| Qingdao Doublestar 000599.SZ | China | $1.45B | -34% | +390% | 8% | n/a | -2.9% | +1.0% |
| LKQ LKQ | United States | $5.06B | -31% | -3% | 7% | 9.3× | 0.0% | +3.3% |
| Triangle Tyre 601163.SS | China | $1.38B | -21% | +2% | 5% | 18.2× | -7.2% | +2.9% |
| Hankook Tire & Technology 161390.KS | South Korea | $5.56B | +5% | +43% | 10% | 6.1× | -13.2% | +26.9% |
| MRF MRF.NS | India | $5.62B | -4% | +11% | 10% | 25.7× | 20.7% | +14.0% |
| Goodyear Tire & Rubber GT | United States | $1.26B | -33% | -4% | 3% | n/a | 5.9% | +8.2% |
| TS Tech 7313.T | Japan | $1.25B | -3% | 0% | 2% | 23.3× | n/a | n/a |
| Sailun 601058.SS | China | $5.92B | -10% | +12% | 12% | 10.4× | n/a | n/a |
| Kumhotire 073240.KS | South Korea | $1.12B | -9% | +2% | 12% | 4.2× | n/a | n/a |