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One of the world's largest makers of monocrystalline silicon wafers for solar cells.
One of the world's largest makers of monocrystalline silicon wafers for solar cells.
Buys polysilicon and turns it into ingots and wafers, a commodity step in the solar chain, so profit rides the gap between polysilicon cost and wafer price, which swings sharply with industry-wide capacity. Customers are cell and module makers.
Moat: narrow (scale, cost advantage). Large-scale ingot pulling and wafer-cutting capacity keeps unit costs competitive against smaller rivals.
Headquarters: Baotou, China · Founded: 2011 · Employees: 5,692
Size Hongyuan Green Energy (603185.SS) is a China Industrials company (Industrial Machinery) with a market value of $1.46B, the 1668th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.31 on 6 Nov 2026.
Performance Over six months the shares fell 34.1%, against -25.8% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 13.9% over the last twelve months (peer median +22.3%); the operating margin is -14.6% (peer median 10.0%).
Valuation It trades at 51.1× forward earnings against a peer median of 22.8× (2nd most expensive of 13).
Capital Return on invested capital runs 8.3 points below its cost of capital (6.6% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.72B | CN¥7.41B | CN¥7.30B | CN¥11.8B | CN¥21.9B |
| Revenue growth | — | +1% | -38% | -46% | — |
| Gross profit | CN¥962M | CN¥638M | -CN¥696M | CN¥1.76B | CN¥4.58B |
| EBITDA | n/a | CN¥1.18B | -CN¥1.01B | CN¥923M | CN¥3.36B |
| Net income | -CN¥1.11B | CN¥187M | -CN¥2.70B | CN¥741M | CN¥3.03B |
| Free cash flow | -CN¥687M | -CN¥316M | -CN¥2.59B | -CN¥3.14B | CN¥2.09B |
| Capital expenditure | CN¥1.03B | CN¥655M | CN¥1.69B | CN¥3.67B | CN¥956M |
| Total debt | CN¥9.85B | CN¥9.21B | CN¥11.0B | CN¥11.4B | CN¥5.52B |
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 |
|---|---|---|---|---|---|---|
| Hongyuan Green Energy 603185.SS | $1.46B | -34% | +14% | -15% | 51.1× | n/a |
| LONGi Green Energy Technology 601012.SS | $14.1B | -25% | -16% | -12% | n/a | n/a |
| TCL Zhonghuan Renewable Energy Technology 002129.SZ | $5.68B | +9% | +13% | -27% | n/a | 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 | 603185.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.8% | -13.8% | 7th highest of 21 |
| 6-month return | -34.1% | -25.8% | 8th lowest of 20 |
| Distance from 52-week high | -62.8% | -50.9% | 4th lowest of 21 |
| Revenue growth (TTM) | +13.9% | +22.3% | 10th lowest of 20 |
| Operating margin | -14.6% | 10.0% | lowest of 20 |
| Forward P/E | 51.1× | 22.8× | 2nd most expensive of 13 |
| ROIC minus cost of capital | -8.3 pp | -0.6 pp | 3rd lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hongyuan Green Energy 603185.SS | China | $1.46B | -34% | +14% | -15% | 51.1× | n/a | n/a |
| Shenzhen Qiangrui Precision Technology 301128.SZ | China | $1.46B | -47% | +56% | 10% | n/a | n/a | n/a |
| Qinchuan Machine Tool & Tool Group Share 000837.SZ | China | $1.46B | -14% | +8% | -4% | 105.7× | n/a | n/a |
| Goodwin GDWN.L | United Kingdom | $1.46B | +16% | +2% | 13% | n/a | 47.7% | -12.1% |
| LU-VE LUVE.MI | Italy | $1.47B | -13% | +8% | 10% | 25.0× | 14.5% | +8.6% |
| Crompton Greaves Consumer Electricals CROMPTON.NS | India | $1.47B | -26% | +12% | 8% | 23.6× | 20.5% | +11.0% |
| Interroll INRN.SW | Switzerland | $1.47B | -11% | +2% | 13% | 20.6× | 1.4% | -0.6% |
| Zhuzhou Huarui Precision Cutting Tools 688059.SS | China | $1.44B | -33% | +23% | 36% | 18.1× | n/a | n/a |
| Test Research 3030.TW | Taiwan | $1.44B | -51% | +32% | 40% | n/a | -2.5% | +11.3% |
| Wasion 3393.HK | Hong Kong | $1.43B | -59% | +22% | 16% | 8.0× | -11.3% | +19.7% |
| Ningbo Donly 002164.SZ | China | $1.49B | +49% | +5% | 5% | n/a | n/a | n/a |
| Hymson Laser Technology 688559.SS | China | $1.41B | -34% | +78% | 1% | 22.0× | 11.9% | +26.3% |
| Guangdong Huicheng Vacuum Technology 301392.SZ | China | $1.41B | -25% | +48% | 7% | n/a | n/a | n/a |
| Changzheng Engineering Technology 603698.SS | China | $1.51B | -57% | -4% | 7% | 33.0× | n/a | n/a |
| Jiangsu Huahong Technology Stock 002645.SZ | China | $1.52B | -38% | +57% | 5% | 20.6× | n/a | n/a |
| Rokae (Shandong) Robotics 3752.HK | Hong Kong | $1.52B | n/a | +105% | -5% | n/a | n/a | n/a |
| Jirfine Intelligent Equipment 301603.SZ | China | $1.53B | -12% | +43% | 15% | n/a | 28.5% | +26.7% |
| CKD 6407.T | Japan | $1.54B | -40% | +11% | 14% | 10.8× | 12.4% | +8.1% |
| Sunrise Energy Metals SRL.AX | Australia | $1.38B | -16% | n/a | n/a | n/a | n/a | n/a |
| Jiangsu Guomao Reducer 603915.SS | China | $1.37B | -11% | +11% | 9% | 28.4× | 16.3% | +4.0% |
| Topoint Technology 8021.TW | Taiwan | $1.37B | -28% | +49% | 21% | 27.2× | n/a | n/a |