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Maker of graphite anode materials for lithium-ion batteries, also producing separator coating and battery equipment.
Maker of graphite anode materials for lithium-ion batteries, also producing separator coating and battery equipment.
Sells graphite anode material, the carbon part of a lithium-ion battery that stores charge, to cell makers by volume, with CATL a major customer, so results follow EV battery output. It has built its own graphitization capacity, the high-temperature step that turns carbon into battery-grade graphite, to control cost and quality. Separator coating and battery equipment are smaller lines.
In one line: China's a battery-anode materials specialist.
Moat: narrow (scale, process know-how). Scale and graphitization process know-how support cost position versus smaller anode makers.
Headquarters: Shanghai, China · Founded: 2003 · Employees: 13,775
Size Shanghai Putailai New Energy Technology (603659.SS) is a China Industrials company (Electrical Products) with a market value of $6.87B, the 359th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥21.49 on 6 Nov 2026.
Performance Over six months the shares fell 40.8%, against -19.6% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 43.6% over the last twelve months (peer median +22.5%); the operating margin is 14.3% (peer median 13.8%).
Valuation It trades at 14.2× forward earnings against a peer median of 19.7× (7th cheapest of 20).
Capital Return on invested capital runs 0.0 points above its cost of capital (9.3% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥20.7B | CN¥15.7B | CN¥13.4B | CN¥15.3B | CN¥15.4B |
| Revenue growth | — | +17% | -12% | 0% | — |
| Gross profit | CN¥6.34B | CN¥4.78B | CN¥3.53B | CN¥4.88B | CN¥5.34B |
| EBITDA | n/a | CN¥3.89B | CN¥2.36B | CN¥2.92B | CN¥4.10B |
| Net income | CN¥2.93B | CN¥2.36B | CN¥1.19B | CN¥1.91B | CN¥3.10B |
| Free cash flow | -CN¥943M | CN¥1.19B | -CN¥879M | -CN¥2.85B | -CN¥1.61B |
| Capital expenditure | CN¥4.42B | CN¥1.52B | CN¥3.26B | CN¥3.97B | CN¥2.83B |
| Total debt | CN¥21.4B | CN¥13.4B | CN¥12.8B | CN¥14.1B | CN¥10.1B |
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 |
|---|---|---|---|---|---|---|
| Shanghai Putailai New Energy Technology 603659.SS | $6.87B | -41% | +44% | 14% | 14.2× | n/a |
| Ningbo Shanshan 600884.SS | $3.71B | -34% | +30% | 9% | 14.4× | 4.5% |
| Hunan Zhongke Electric 300035.SZ | $1.22B | -42% | +46% | 5% | 20.6× | n/a |
| Shijiazhuang Shangtai Technology 001301.SZ | $2.80B | -16% | +34% | 13% | 16.6× | n/a |
| Posco Future M 003670.KS | $10.6B | -36% | -9% | 2% | 282.1× | 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 | 603659.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.7% | -6.8% | 8th highest of 21 |
| 6-month return | -40.8% | -19.6% | 6th lowest of 21 |
| Distance from 52-week high | -42.9% | -46.2% | 9th highest of 21 |
| Revenue growth (TTM) | +43.6% | +22.5% | 6th highest of 21 |
| Operating margin | 14.3% | 13.8% | 9th highest of 21 |
| Forward P/E | 14.2× | 19.7× | 7th cheapest of 20 |
| ROIC minus cost of capital | +0.0 pp | +1.1 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Putailai New Energy Technology 603659.SS | China | $6.87B | -41% | +44% | 14% | 14.2× | n/a | n/a |
| Nkt A/s NKT.CO | Denmark | $6.73B | -15% | +2% | 7% | 26.4× | n/a | n/a |
| Anji Microelectronics Technology (Shanghai) 688019.SS | China | $7.05B | +7% | +35% | 32% | 31.6× | 28.1% | +42.8% |
| Goldenmax International 002636.SZ | China | $7.20B | +47% | +79% | 30% | n/a | 24.4% | +4.4% |
| Shenzhen Megmeet Electrical 002851.SZ | China | $6.55B | -38% | +29% | 1% | 60.9× | n/a | n/a |
| Ecopro BM 247540.KS | South Korea | $6.53B | -60% | -4% | 6% | 965.8× | n/a | n/a |
| Hunan Yuneng New Energy Battery Material 301358.SZ | China | $6.46B | -50% | +130% | 9% | 7.8× | n/a | n/a |
| Gotion High-tech 002074.SZ | China | $6.45B | -32% | +54% | 3% | 25.6× | n/a | n/a |
| Ngk 5333.T | Japan | $7.43B | -13% | +10% | 16% | 13.1× | 4.4% | +8.2% |
| Shenzhen Kedali Industry 002850.SZ | China | $7.46B | -9% | +40% | 12% | 22.2× | n/a | n/a |
| Havells India HAVELLS.NS | India | $7.47B | -11% | +16% | 7% | 44.0× | 39.8% | +16.6% |
| Jiangsu Yoke Technology 002409.SZ | China | $6.12B | +1% | +7% | 15% | 32.1× | 26.4% | +30.6% |
| Nexans NEX.PA | France | $6.06B | -26% | -13% | 6% | 17.2× | 5.6% | +5.5% |
| Zhuzhou CRRC Times Electric 688187.SS | China | $7.80B | -3% | +12% | 14% | 14.6× | n/a | n/a |
| Gates Industrial GTES | United States | $6.05B | -8% | +4% | 16% | 12.8× | 9.7% | +4.3% |
| Hongfa Technology 600885.SS | China | $7.81B | +8% | +34% | 14% | 22.9× | 9.0% | +17.2% |
| Forgent Power Solutions FPS | United States | $5.93B | -52% | +89% | 14% | 14.4× | n/a | n/a |
| Zhejiang Chint Electrics 601877.SS | China | $7.97B | -24% | +4% | 14% | 10.1× | -8.3% | +12.1% |
| Bizlink 3665.TW | Taiwan | $8.00B | -54% | +33% | 17% | 14.2× | 5.3% | +25.9% |
| Yaskawa Electric 6506.T | Japan | $5.71B | -38% | +6% | 8% | 19.7× | 24.8% | +6.8% |
| Sigenergy Technology 6656.HK | Hong Kong | $8.31B | -51% | +577% | 36% | 11.0× | n/a | n/a |