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Shandong specialty-paper maker producing heat-transfer, tobacco and food-packaging papers sold to printers and packagers.
Shandong specialty-paper maker producing heat-transfer, tobacco and food-packaging papers sold to printers and packagers.
In one line: A Chinese specialty-paper mill.
Moat: narrow (process know-how, scale). Leading domestic scale in niche specialty papers requiring specific coating know-how.
Headquarters: Yanzhou, Shandong, China · Employees: 7,071
Size Xianhe (603733.SS) is a China Materials company (Pulp & Paper) with a market value of $1.94B, the 1298th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.86 on 6 Nov 2026.
Performance Over six months the shares fell 28.0%, against -7.7% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 8.5% over the last twelve months (peer median -0.1%); the operating margin is 9.7% (peer median 2.1%).
Valuation It trades at 10.9× forward earnings against a peer median of 15.6× (3rd cheapest of 17).
Capital Return on invested capital runs 3.0 points below its cost of capital (7.3% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥12.7B | CN¥12.3B | CN¥10.2B | CN¥8.53B | CN¥7.72B |
| Revenue growth | — | +20% | +20% | +10% | — |
| Gross profit | CN¥2.49B | CN¥1.58B | CN¥1.50B | CN¥914M | CN¥835M |
| EBITDA | n/a | CN¥2.05B | CN¥1.62B | CN¥1.05B | CN¥941M |
| Net income | CN¥1.08B | CN¥1.01B | CN¥1.00B | CN¥664M | CN¥710M |
| Free cash flow | -CN¥210M | -CN¥926M | -CN¥3.42B | -CN¥4.08B | -CN¥735M |
| Capital expenditure | CN¥1.36B | CN¥1.86B | CN¥3.91B | CN¥4.33B | CN¥969M |
| Total debt | CN¥13.3B | CN¥12.8B | CN¥11.4B | CN¥8.53B | CN¥4.47B |
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 |
|---|---|---|---|---|---|---|
| Xianhe 603733.SS | $1.94B | -28% | +9% | 10% | 10.9× | n/a |
| Shanying International 600567.SS | $962M | -27% | +1% | -7% | n/a | -11.8% |
| Shandong Sunpaper 002078.SZ | $6.02B | -4% | +9% | 11% | 10.4× | 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 | 603733.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.6% | -4.6% | 6th lowest of 21 |
| 6-month return | -28.0% | -7.7% | 4th lowest of 21 |
| Distance from 52-week high | -46.8% | -29.9% | 3rd lowest of 21 |
| Revenue growth (TTM) | +8.5% | -0.1% | 5th highest of 21 |
| Operating margin | 9.7% | 2.1% | 2nd highest of 21 |
| Forward P/E | 10.9× | 15.6× | 3rd cheapest of 17 |
| ROIC minus cost of capital | -3.0 pp | -3.2 pp | 11th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Xianhe 603733.SS | China | $1.94B | -28% | +9% | 10% | 10.9× | n/a | n/a |
| Lee & Man Paper Manufacturing 2314.HK | Hong Kong | $1.77B | -4% | +14% | 9% | 5.5× | 1.0% | +0.6% |
| Billerud BILL.ST | Sweden | $2.24B | +35% | -9% | -1% | 70.1× | 24.9% | +11.2% |
| Rengo 3941.T | Japan | $2.29B | +18% | +4% | 4% | 11.0× | n/a | n/a |
| Sylvamo SLVM | United States | $1.57B | -4% | -7% | 6% | 9.6× | n/a | n/a |
| Zhongmin Energy 600163.SS | China | $1.49B | -15% | +18% | 49% | 15.5× | -9.8% | +5.0% |
| C&S Paper 002511.SZ | China | $1.44B | -8% | +2% | 7% | 21.7× | -2.1% | +2.3% |
| YFY 1907.TW | Taiwan | $1.40B | +18% | -2% | 0% | 23.1× | 7.1% | +0.1% |
| Metsa Board METSA.HE | Finland | $1.22B | -17% | -11% | -4% | n/a | 16.7% | -1.2% |
| Daio Paper 3880.T | Japan | $1.03B | +3% | +1% | 4% | 15.6× | 3.7% | +3.4% |
| Yueyang Forest & Paper 600963.SS | China | $1.02B | -14% | -10% | -5% | 19.9× | n/a | n/a |
| Shanying International 600567.SS | China | $962M | -27% | +1% | -7% | n/a | -11.8% | +2.9% |
| Fujian Qingshan Paper Industry 600103.SS | China | $930M | -35% | +5% | 2% | n/a | 14.6% | -0.5% |
| Nippon Paper Industries 3863.T | Japan | $899M | -6% | +2% | 2% | 11.8× | 15.4% | +3.4% |
| Wuzhou Special Paper 605007.SS | China | $882M | -22% | +17% | 5% | 12.1× | n/a | n/a |
| Japan Pulp and Paper 8032.T | Japan | $877M | +9% | +10% | 2% | 15.3× | 3.5% | +5.6% |
| Shandong Bohui Paper Industry 600966.SS | China | $841M | -33% | -2% | 2% | 38.0× | -0.6% | +6.5% |
| Sichuan Jinshi Technology 002951.SZ | China | $840M | -7% | -52% | -102% | n/a | n/a | n/a |
| Hokuetsu 3865.T | Japan | $816M | -9% | -5% | 2% | 17.2× | n/a | n/a |
| Holmen HOLM-A.ST | Sweden | $4.73B | -1% | -5% | 9% | 22.2× | 7.7% | +6.2% |
| Guangdong Guanhao High-Tech 600433.SS | China | $788M | -37% | -1% | -4% | 11.7× | 25.9% | +2.0% |