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Chinese chemical materials producer supplying inputs to the textile/apparel industry; specific products uncertain.
Chinese chemical materials producer supplying inputs to the textile/apparel industry; specific products uncertain.
Moat: none
Headquarters: Shanghai, China · Employees: 1,929
Size Shanghai Puyuan Chemical Materials (603196.SS) is a China Consumer Discretionary company (Apparel/Footwear) with a market value of $964M, the 2363rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.49 on 6 Nov 2026.
Performance Over six months the shares fell 46.0%, against -5.6% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 77.7% over the last twelve months (peer median +3.4%); the operating margin is 11.9% (peer median 7.2%).
Valuation It trades at 19.9× forward earnings against a peer median of 29.6× (5th cheapest of 17).
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 0%, so the hurdle is +16 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 0.5 points below its cost of capital (8.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.46B | CN¥809M | CN¥862M | CN¥1.02B | CN¥948M |
| Revenue growth | — | -6% | -16% | +8% | — |
| Gross profit | CN¥767M | CN¥420M | CN¥412M | CN¥510M | CN¥455M |
| EBITDA | n/a | CN¥64.8M | -CN¥8.87M | CN¥84.2M | CN¥84.2M |
| Net income | CN¥90.7M | CN¥18.0M | -CN¥159M | CN¥17.1M | CN¥16.6M |
| Free cash flow | CN¥194M | CN¥144M | CN¥78.5M | CN¥103M | -CN¥22.8M |
| Capital expenditure | CN¥122M | CN¥19.0M | CN¥21.8M | CN¥38.8M | CN¥20.9M |
| Total debt | CN¥283M | CN¥294M | CN¥179M | CN¥138M | CN¥207M |
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| Measure | 603196.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.2% | -2.1% | 7th lowest of 21 |
| 6-month return | -46.0% | -5.6% | lowest of 21 |
| Distance from 52-week high | -56.2% | -39.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | +77.7% | +3.4% | highest of 21 |
| Operating margin | 11.9% | 7.2% | 4th highest of 21 |
| Forward P/E | 19.9× | 29.6× | 5th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 16.2% | 6.6% | 6th most demanding of 17 |
| Growth delivered (Del g) | -0.2% | +2.1% | 7th lowest of 16 |
| Hurdle (Req g minus delivered) | +16.5 pp | +6.6 pp | 5th most demanding of 16 |
| ROIC minus cost of capital | -0.5 pp | -3.1 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Puyuan Chemical Materials 603196.SS | China | $964M | -46% | +78% | 12% | 19.9× | 16.2% | -0.2% |
| JOEONE 601566.SS | China | $975M | +4% | +1% | 6% | 52.6× | -2.9% | +2.1% |
| Zhonghong Pulin Medical Products 300981.SZ | China | $990M | +5% | +11% | 9% | n/a | -1.7% | -13.1% |
| Dazzle Fashion 603587.SS | China | $1.03B | +10% | +7% | 16% | 22.1× | -9.2% | -3.5% |
| Topscore Fashion 603608.SS | China | $1.05B | +28% | +9% | 4% | n/a | 51.6% | -9.4% |
| Jiangsu Hongdou Industrial 600400.SS | China | $1.06B | +11% | +22% | -9% | 102.3× | 13.7% | -1.3% |
| Fujian Septwolves Industry 002029.SZ | China | $873M | -20% | +1% | -3% | 20.2× | 4.5% | -2.0% |
| Bata India BATAINDIA.NS | India | $868M | -12% | +5% | 9% | 39.2× | 28.9% | +15.5% |
| Canada Goose GOOS.TO | Canada | $850M | -23% | +12% | 10% | 13.3× | 5.5% | +11.0% |
| Human Made 456A.T | Japan | $1.10B | +39% | +27% | 30% | 45.5× | 7.7% | n/a |
| Jihua 601718.SS | China | $1.10B | -43% | -22% | -10% | n/a | n/a | n/a |
| Ningbo Peacebird Fashion 603877.SS | China | $839M | -15% | -2% | 4% | 26.6× | -13.1% | -7.5% |
| Lai Yih Footwear 6890.TW | Taiwan | $1.11B | -7% | -11% | 8% | 12.0× | n/a | n/a |
| Guangdong Golden Dragon Development 000712.SZ | China | $1.12B | -20% | -3% | -20% | n/a | n/a | n/a |
| Dr. Martens DOCS.L | United Kingdom | $824M | +3% | -3% | 10% | 13.0× | -3.7% | -0.2% |
| Lancy 002612.SZ | China | $1.19B | +11% | +9% | 10% | 22.4× | -1.2% | +15.9% |
| Toread 300005.SZ | China | $1.21B | -45% | +22% | -1% | 60.7× | n/a | n/a |
| Relaxo Footwears RELAXO.NS | India | $768M | -4% | +2% | 8% | 32.5× | 33.5% | +2.8% |
| Wacoal 3591.T | Japan | $1.21B | -21% | +2% | -1% | 36.5× | 35.7% | +2.4% |
| Salvatore Ferragamo SFER.MI | Italy | $1.22B | -19% | -2% | 3% | 202.8× | 22.5% | +2.2% |
| Logistea LOGI-B.ST | Sweden | $759M | +6% | +18% | 83% | 12.9× | 14.2% | +40.4% |