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Employees: 946
Size Shanghai Sunglow Packaging Technology (603499.SS) is a China Materials company (Containers/Packaging) with a market value of $669M, the 3170th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.57 on 6 Nov 2026.
Performance Over six months the shares fell 28.9%, against -8.0% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 9.1% over the last twelve months (peer median +3.3%); the operating margin is 10.4% (peer median 6.3%).
Valuation It trades at 4.1× enterprise value to sales against a peer median of 1.4× (2nd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 24% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +8 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 1.1 points below its cost of capital (11.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.13B | CN¥1.03B | CN¥883M | CN¥692M | CN¥661M |
| Revenue growth | — | +17% | +28% | +5% | — |
| Gross profit | CN¥336M | CN¥261M | CN¥210M | CN¥127M | CN¥101M |
| EBITDA | n/a | CN¥215M | CN¥154M | CN¥92.5M | CN¥74.3M |
| Net income | CN¥139M | CN¥116M | CN¥65.7M | CN¥7.69M | CN¥13.7M |
| Free cash flow | CN¥154M | CN¥165M | CN¥63.8M | -CN¥7.59M | CN¥5.95M |
| Capital expenditure | CN¥66.8M | CN¥87.6M | CN¥98.0M | CN¥83.1M | CN¥108M |
| Total debt | CN¥272M | CN¥348M | CN¥429M | CN¥337M | CN¥351M |
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| Measure | 603499.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.1% | -6.9% | 6th lowest of 21 |
| 6-month return | -28.9% | -8.0% | 6th lowest of 21 |
| Distance from 52-week high | -42.2% | -33.3% | 9th lowest of 21 |
| Revenue growth (TTM) | +9.1% | +3.3% | 7th highest of 21 |
| Operating margin | 10.4% | 6.3% | 6th highest of 21 |
| EV / Sales | 4.1× | 1.4× | 2nd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 24.1% | 1.0% | most demanding of 12 |
| Growth delivered (Del g) | +16.4% | +8.4% | 2nd highest of 12 |
| Hurdle (Req g minus delivered) | +7.7 pp | -0.0 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | -1.1 pp | +1.1 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Sunglow Packaging Technology 603499.SS | China | $669M | -29% | +9% | 10% | 4.1× | 24.1% | +16.4% |
| Karat Packaging KRT | United States | $669M | +19% | +12% | 13% | 1.4× | -2.4% | +9.6% |
| Ton Yi Industrial 9907.TW | Taiwan | $678M | -19% | -11% | 4% | 0.5× | -6.3% | +8.8% |
| Zhejiang Zhongcheng Packing Material 002522.SZ | China | $658M | -24% | +4% | 5% | 2.6× | 14.5% | +2.1% |
| Okamoto Industries 5122.T | Japan | $648M | +6% | 0% | 6% | 0.7× | n/a | n/a |
| Pum-tech Korea 251970.KS | South Korea | $642M | +70% | +3% | 15% | 2.1× | -4.2% | +13.6% |
| Kohsoku 7504.T | Japan | $629M | +75% | +8% | 4% | 0.7× | n/a | n/a |
| Zignago Vetro ZV.MI | Italy | $628M | -10% | 0% | 8% | 1.6× | 12.7% | +7.7% |
| Oeneo SBT.PA | France | $617M | -1% | -10% | 14% | 2.2× | 1.0% | +0.2% |
| Ningbo Exciton Technology 300566.SZ | China | $730M | -2% | -2% | 9% | 2.4× | 8.4% | +8.4% |
| Planetree International Development 0613.HK | Hong Kong | $733M | +151% | -62% | 1,735% | 225.1× | n/a | n/a |
| Ningbo Homelink Eco-iTech 301193.SZ | China | $602M | -38% | +44% | -4% | 1.9× | n/a | n/a |
| EPL EPL.NS | India | $752M | -6% | +17% | 12% | 1.4× | 16.0% | +8.8% |
| GuangDong Leary New Material Technology 688683.SS | China | $586M | -45% | +83% | 5% | 2.9× | n/a | n/a |
| Sunrise 002752.SZ | China | $766M | -29% | +8% | 6% | 0.9× | -5.7% | +17.2% |
| Shantou Wanshun New Material 300057.SZ | China | $784M | -45% | +29% | 1% | 1.1× | n/a | n/a |
| Shanghai Baosteel Packaging 601968.SS | China | $785M | -19% | +17% | 4% | 0.9× | n/a | n/a |
| Cheng Loong 1904.TW | Taiwan | $788M | +34% | -3% | 6% | 1.1× | 3.9% | +1.4% |
| O-I Glass OI | United States | $796M | -44% | -2% | 9% | 0.9× | n/a | n/a |
| Pack 3950.T | Japan | $550M | +13% | +4% | 7% | 0.6× | -8.4% | +5.6% |
| Guangdong Taili Technology 301595.SZ | China | $536M | -12% | +2% | 3% | 2.6× | n/a | n/a |