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Maker of rubber additives (anti-oxidants, accelerators) for tires, now expanding into semiconductor photoresist materials.
Maker of rubber additives (anti-oxidants, accelerators) for tires, now expanding into semiconductor photoresist materials.
In one line: A rubber-chemicals maker diversifying into semiconductor materials.
Moat: narrow (scale, process know-how). Scale in a consolidating rubber-chemicals industry, with an early-stage bet on photoresist materials.
Headquarters: Shanghai, China · Founded: 1998 · Employees: 1,297
Size Red Avenue New Materials (603650.SS) is a China Materials company (Chemicals: Specialty) with a market value of $4.70B, the 542nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥47.36 on 6 Nov 2026.
Performance Over six months the shares fell 12.2%, against -17.1% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 23.8% over the last twelve months (peer median +10.3%); the operating margin is 9.4% (peer median 11.9%).
Valuation It trades at 40.7× forward earnings against a peer median of 15.9× (5th most expensive of 21).
Capital Return on invested capital runs 5.7 points below its cost of capital (11.1% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.17B | CN¥3.42B | CN¥3.26B | CN¥2.94B | CN¥2.50B |
| Revenue growth | — | +5% | +11% | +18% | — |
| Gross profit | CN¥1.07B | CN¥742M | CN¥733M | CN¥623M | CN¥541M |
| EBITDA | n/a | CN¥486M | CN¥454M | CN¥377M | CN¥312M |
| Net income | CN¥591M | CN¥563M | CN¥517M | CN¥407M | CN¥298M |
| Free cash flow | -CN¥146M | CN¥147M | CN¥79.0M | CN¥70.3M | -CN¥225M |
| Capital expenditure | CN¥478M | CN¥313M | CN¥256M | CN¥170M | CN¥363M |
| Total debt | CN¥4.19B | CN¥3.94B | CN¥4.02B | CN¥2.95B | CN¥2.83B |
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 |
|---|---|---|---|---|---|---|
| Red Avenue New Materials 603650.SS | $4.70B | -12% | +24% | 9% | 40.7× | n/a |
| Lanxess LXS.DE | $1.27B | -30% | -10% | -1% | n/a | 17.9% |
| Shandong Yanggu Huatai Chemical 300121.SZ | $648M | -20% | +11% | 8% | 16.1× | 3.2% |
| KumhoPetrochem 011780.KS | $1.50B | -37% | 0% | 7% | 4.3× | -16.5% |
| Tokyo Ohka Kogyo 4186.T | $5.03B | -30% | +22% | 21% | 17.8× | 19.9% |
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 | 603650.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.8% | +1.2% | 4th lowest of 21 |
| 6-month return | -12.2% | -17.1% | 10th highest of 21 |
| Distance from 52-week high | -53.7% | -34.3% | 5th lowest of 21 |
| Revenue growth (TTM) | +23.8% | +10.3% | 6th highest of 21 |
| Operating margin | 9.4% | 11.9% | 9th lowest of 21 |
| Forward P/E | 40.7× | 15.9× | 5th most expensive of 21 |
| ROIC minus cost of capital | -5.7 pp | -0.6 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Red Avenue New Materials 603650.SS | China | $4.70B | -12% | +24% | 9% | 40.7× | n/a | n/a |
| Dottikon ES DESN.SW | Switzerland | $4.72B | -24% | +11% | 27% | 37.6× | 12.6% | +14.4% |
| Tosoh 4042.T | Japan | $4.69B | -4% | -1% | 11% | 11.4× | -1.5% | +6.8% |
| Zhejiang Sanmei Chemical Industry 603379.SS | China | $4.64B | -22% | +24% | 41% | 13.5× | 5.4% | +16.5% |
| Navin Fluorine International NAVINFLUOR.NS | India | $4.89B | +27% | +46% | 30% | 45.6× | 34.0% | +22.7% |
| Far Eastern New Century 1402.TW | Taiwan | $4.49B | +8% | 0% | 6% | 11.8× | 5.3% | +4.2% |
| Sumitomo Chemical 4005.T | Japan | $4.93B | -7% | -2% | 5% | 6.9× | 1.1% | +0.4% |
| GEM 002340.SZ | China | $4.43B | -36% | +2% | 7% | 15.7× | 4.2% | +24.4% |
| Guangxi Huaxi Nonferrous Metal 600301.SS | China | $4.33B | -15% | +24% | 32% | 22.9× | 9.2% | +44.9% |
| Celanese CE | United States | $5.10B | -19% | +1% | 9% | 7.6× | 5.3% | +11.0% |
| Clariant CLN.SW | Switzerland | $4.32B | +46% | -7% | 10% | 16.0× | -3.4% | +0.3% |
| Jiangsu Nata Opto-electronic Material 300346.SZ | China | $4.29B | -22% | +15% | 16% | 62.1× | 35.6% | +34.2% |
| Methanex MX.TO | Canada | $5.18B | +12% | +31% | 23% | 6.9× | -9.4% | +7.1% |
| Cathay Biotech 688065.SS | China | $4.22B | -19% | +9% | 18% | 38.8× | n/a | n/a |
| Hoshine Silicon Industry 603260.SS | China | $5.32B | -33% | -7% | -6% | 41.7× | 22.5% | +18.5% |
| Gujarat Fluorochemicals FLUOROCHEM.NS | India | $5.42B | +23% | +20% | 17% | 53.0× | n/a | n/a |
| Do-Fluoride New Materials 002407.SZ | China | $4.06B | -36% | +69% | 7% | 38.0× | 19.2% | +17.5% |
| Bluestar Adisseo 600299.SS | China | $3.97B | -35% | +15% | 13% | 11.8× | -8.6% | +7.7% |
| LB Group Co., Ltd. Class A 002601.SZ | China | $5.58B | -8% | +7% | 7% | 22.4× | 5.0% | +12.9% |
| Canmax Technologies 300390.SZ | China | $5.62B | -64% | +98% | 27% | 7.3× | n/a | n/a |
| Air Water 4088.T | Japan | $3.93B | +23% | +7% | 4% | 14.3× | 7.1% | +6.8% |