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Chinese maker of functional non-woven fiber materials used in battery separators and filtration products.
Chinese maker of functional non-woven fiber materials used in battery separators and filtration products.
Moat: none
Headquarters: Chongqing, China · Employees: 1,120
Size Chongqing Zaisheng Technology (603601.SS) is a China Industrials company (Industrial Machinery) with a market value of $1.35B, the 1789th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.91 on 6 Nov 2026.
Performance Over six months the shares fell 50.1%, against -25.4% for the median peer and -16.4% for the China market (cap-weighted) — 5th lowest of 19 in its peer set.
Growth Revenue fell 6.1% over the last twelve months (peer median +22.3%); the operating margin is 1.1% (peer median 10.4%).
Valuation It trades at 158.2× forward earnings against a peer median of 23.4× (most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 40% a year for seven years (Req g). Recent delivered growth is -7%, so the hurdle is +47 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 5.3 points below its cost of capital (10.2% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.28B | CN¥1.27B | CN¥1.47B | CN¥1.64B | CN¥1.60B |
| Revenue growth | — | -14% | -10% | +2% | — |
| Gross profit | CN¥297M | CN¥191M | CN¥301M | CN¥305M | CN¥356M |
| EBITDA | n/a | CN¥165M | CN¥217M | CN¥193M | CN¥250M |
| Net income | CN¥41.1M | CN¥56.1M | CN¥90.8M | CN¥38.1M | CN¥151M |
| Free cash flow | CN¥143M | CN¥340M | CN¥185M | -CN¥52.3M | CN¥171M |
| Capital expenditure | CN¥26.5M | CN¥49.9M | CN¥94.9M | CN¥59.6M | CN¥96.4M |
| Total debt | CN¥4.22M | CN¥350M | CN¥627M | CN¥511M | CN¥790M |
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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 | 603601.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.4% | -15.4% | 9th lowest of 20 |
| 6-month return | -50.1% | -25.4% | 5th lowest of 19 |
| Distance from 52-week high | -66.4% | -55.0% | 4th lowest of 20 |
| Revenue growth (TTM) | -6.1% | +22.3% | 2nd lowest of 20 |
| Operating margin | 1.1% | 10.4% | 3rd lowest of 20 |
| Forward P/E | 158.2× | 23.4× | most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 39.7% | 14.1% | most demanding of 9 |
| Growth delivered (Del g) | -7.5% | +11.1% | lowest of 9 |
| Hurdle (Req g minus delivered) | +47.1 pp | +0.5 pp | most demanding of 9 |
| ROIC minus cost of capital | -5.3 pp | +0.5 pp | 7th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chongqing Zaisheng Technology 603601.SS | China | $1.35B | -50% | -6% | 1% | 158.2× | 39.7% | -7.5% |
| Kirloskar Brothers KIRLOSBROS.NS | India | $1.37B | -8% | +11% | 9% | n/a | 33.9% | +10.8% |
| PowerTECH 301369.SZ | China | $1.34B | -26% | +56% | 3% | n/a | n/a | n/a |
| Suzhou Veichi Electric 688698.SS | China | $1.37B | -38% | +20% | 7% | 36.4× | n/a | n/a |
| Topoint Technology 8021.TW | Taiwan | $1.37B | -28% | +49% | 21% | 27.2× | n/a | n/a |
| Jiangsu Guomao Reducer 603915.SS | China | $1.37B | -11% | +11% | 9% | 28.4× | 16.3% | +4.0% |
| Bonfiglioli Transmissions BONFIG.NS | India | $1.33B | n/a | +9% | 16% | n/a | n/a | n/a |
| Sunrise Energy Metals SRL.AX | Australia | $1.38B | -16% | n/a | n/a | n/a | n/a | n/a |
| GKG Precision Machine 301338.SZ | China | $1.32B | -57% | +38% | 17% | 24.8× | n/a | n/a |
| Ableprint Technology 7734.TWO | Taiwan | $1.31B | -58% | +48% | 50% | 20.7× | 18.8% | +10.1% |
| Sprint Precision Technologies 688605.SS | China | $1.31B | -3% | +16% | 10% | 61.2× | n/a | n/a |
| Wafer Works 6182.TWO | Taiwan | $1.30B | +42% | +9% | 4% | 36.0× | n/a | n/a |
| Guangdong Huicheng Vacuum Technology 301392.SZ | China | $1.41B | -25% | +48% | 7% | n/a | n/a | n/a |
| Hymson Laser Technology 688559.SS | China | $1.41B | -34% | +78% | 1% | 22.0× | 11.9% | +26.3% |
| Yizumi 300415.SZ | China | $1.29B | -25% | +13% | 11% | 11.9× | 9.6% | +17.4% |
| Wasion 3393.HK | Hong Kong | $1.43B | -59% | +22% | 16% | 8.0× | -11.3% | +19.7% |
| Shenzhen Creality 3D Technology 3388.HK | Hong Kong | $1.28B | n/a | +468% | 1% | n/a | n/a | n/a |
| Test Research 3030.TW | Taiwan | $1.44B | -51% | +32% | 40% | n/a | -2.5% | +11.3% |
| Zhuzhou Huarui Precision Cutting Tools 688059.SS | China | $1.44B | -33% | +23% | 36% | 18.1× | n/a | n/a |
| SanFeng Intelligent Equipment 300276.SZ | China | $1.27B | -8% | +6% | -10% | n/a | 18.5% | +8.7% |
| Hangzhou Honghua Digital Technology Stock 688789.SS | China | $1.27B | -22% | -7% | 18% | 18.2× | n/a | n/a |