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Chinese maker of surfactants and polyether chemicals used in detergents, coatings and industrial applications (name-derived; specifics not fully confirmed).
Chinese maker of surfactants and polyether chemicals used in detergents, coatings and industrial applications (name-derived; specifics not fully confirmed).
Moat: none
Headquarters: Shaoxing, China · Employees: 817
Size Zhejiang Huangma Technology (603181.SS) is a China Materials company (Chemicals: Major Diversified) with a market value of $935M, the 2437th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.59 on 6 Nov 2026.
Performance Over six months the shares fell 30.2%, against -25.3% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 7.1% over the last twelve months (peer median +1.2%); the operating margin is 17.1% (peer median 11.0%).
Valuation It trades at 14.5× forward earnings against a peer median of 22.6× (5th cheapest of 16).
Capital Return on invested capital runs 1.2 points above its cost of capital (9.8% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.59B | CN¥2.40B | CN¥2.32B | CN¥1.88B | CN¥2.17B |
| Revenue growth | — | +3% | +23% | -13% | — |
| Gross profit | CN¥769M | CN¥590M | CN¥537M | CN¥428M | CN¥478M |
| EBITDA | n/a | CN¥576M | CN¥538M | CN¥439M | CN¥418M |
| Net income | CN¥415M | CN¥437M | CN¥398M | CN¥325M | CN¥477M |
| Free cash flow | -CN¥126M | CN¥166M | -CN¥158M | CN¥128M | CN¥273M |
| Capital expenditure | CN¥493M | CN¥285M | CN¥252M | CN¥199M | CN¥216M |
| Total debt | CN¥614M | CN¥459M | CN¥406M | CN¥350M | CN¥419M |
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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 | 603181.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.5% | -12.8% | 11th highest of 21 |
| 6-month return | -30.2% | -25.3% | 8th lowest of 21 |
| Distance from 52-week high | -43.9% | -46.2% | 10th highest of 21 |
| Revenue growth (TTM) | +7.1% | +1.2% | 7th highest of 21 |
| Operating margin | 17.1% | 11.0% | 7th highest of 21 |
| Forward P/E | 14.5× | 22.6× | 5th cheapest of 16 |
| ROIC minus cost of capital | +1.2 pp | -2.1 pp | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Huangma Technology 603181.SS | China | $935M | -30% | +7% | 17% | 14.5× | n/a | n/a |
| Jubilant Ingrevia JUBLINGREA.NS | India | $966M | -24% | +15% | 10% | 21.1× | 27.3% | +44.9% |
| Jiangsu Zhengdan Chemical Industry 300641.SZ | China | $981M | -28% | -30% | 17% | n/a | 8.8% | +11.6% |
| Guangzhou Sanfu Newmaterials Technology 688359.SS | China | $870M | -41% | +8% | -7% | n/a | n/a | n/a |
| Suzhou Highfine Biotech 301393.SZ | China | $865M | -8% | +36% | 17% | 32.3× | n/a | n/a |
| Raghav Productivity Enhancers RPEL.NS | India | $864M | +133% | +38% | 28% | n/a | n/a | n/a |
| Caregen 214370.KS | South Korea | $1.01B | -73% | -8% | 24% | 22.6× | 35.2% | +3.8% |
| Victrex VCT.L | United Kingdom | $1.04B | +54% | -1% | 14% | 21.7× | 15.7% | +1.9% |
| Dalian Bio-Chem 603360.SS | China | $1.05B | -55% | 0% | 16% | 23.5× | 9.5% | +18.4% |
| Polyrocks Chemical 688669.SS | China | $831M | +40% | -8% | -6% | n/a | 35.9% | +15.2% |
| Sanyo Chemical Industries 4471.T | Japan | $823M | +24% | 0% | 10% | 10.5× | -5.1% | -2.5% |
| Jiangxi Hungpai New Material 605366.SS | China | $821M | -47% | +2% | -11% | 236.0× | n/a | n/a |
| Xinyaqiang Silicon Chemistry 603155.SS | China | $788M | -6% | +6% | 10% | 37.0× | 31.1% | +3.9% |
| Hubei Chaozhuo Aviation Technology 688237.SS | China | $776M | +6% | -1% | 1% | 41.5× | 45.3% | +26.0% |
| Daxin Materials 5234.TW | Taiwan | $767M | -42% | +10% | 19% | 25.7× | 17.7% | +1.5% |
| JCU 4975.T | Japan | $759M | -26% | +2% | 40% | 13.6× | 6.3% | +7.0% |
| Nippon Soda 4041.T | Japan | $1.19B | -5% | -1% | 10% | 11.1× | 3.5% | +1.8% |
| KH Neochem 4189.T | Japan | $732M | +20% | -11% | 12% | 12.3× | -5.7% | +8.3% |
| Hubei Jianghan New Materials 603281.SS | China | $1.20B | -30% | +8% | 17% | 20.5× | 4.8% | +6.3% |
| CNSIG Inner Mongolia Chemical Industry 600328.SS | China | $1.21B | -32% | -20% | -7% | n/a | n/a | n/a |
| Liaoning Oxiranchem,Inc 300082.SZ | China | $716M | -39% | +4% | 0% | 35.1× | n/a | n/a |