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Hangzhou maker of organic pigments for inks, coatings and plastics, plus the intermediates and sodium metal it produces in-house.
Hangzhou maker of organic pigments for inks, coatings and plastics, plus the intermediates and sodium metal it produces in-house.
Earns its income selling colourants to ink, coating and plastics makers, with high-performance and traditional azo pigments as the two main groups. It makes its own intermediates and runs a sodium-metal side business through a subsidiary, so margins follow chemical input prices and pigment pricing.
Moat: narrow (scale, process know-how). Among China's top organic-pigment makers, with in-house intermediates and long-qualified colour grades.
Headquarters: Hangzhou, China · Employees: 1,884
Size Lily (603823.SS) is a China Materials company (Chemicals: Specialty) with a market value of $1.91B, the 1312th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥30.82 on 6 Nov 2026.
Performance Over six months the shares gained 84.5%, against -28.3% for the median peer and -16.4% for the China market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +18.1%); the operating margin is 10.4% (peer median 7.1%).
Valuation It trades at 58.1× forward earnings against a peer median of 14.7× (3rd most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 28% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +27 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 0.6 points above its cost of capital (10.1% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.28B | CN¥2.14B | CN¥2.39B | CN¥2.26B | CN¥2.46B |
| Revenue growth | — | -11% | +6% | -8% | — |
| Gross profit | CN¥584M | CN¥425M | CN¥462M | CN¥371M | CN¥461M |
| EBITDA | n/a | CN¥360M | CN¥404M | CN¥328M | CN¥374M |
| Net income | CN¥197M | CN¥167M | CN¥176M | CN¥120M | CN¥215M |
| Free cash flow | CN¥218M | CN¥103M | CN¥293M | CN¥245M | CN¥57.3M |
| Capital expenditure | CN¥73.1M | CN¥103M | CN¥38.3M | CN¥96.5M | CN¥113M |
| Total debt | CN¥166M | CN¥399M | CN¥476M | CN¥557M | CN¥629M |
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 |
|---|---|---|---|---|---|---|
| Lily 603823.SS | $1.91B | +85% | +2% | 10% | 58.1× | 27.9% |
| Guangdong Aofei Data Technology 300738.SZ | $2.44B | -34% | +24% | 23% | 42.6× | n/a |
| Sunlour Pigment 301036.SZ | n/a | -33% | n/a | n/a | n/a | n/a |
| DIC 4631.T | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% |
| artience 4634.T | $1.25B | +18% | +7% | 6% | 9.3× | -3.9% |
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 | 603823.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -33.9% | -11.1% | 2nd lowest of 21 |
| 6-month return | +84.5% | -28.3% | highest of 20 |
| Distance from 52-week high | -66.8% | -49.8% | lowest of 21 |
| Revenue growth (TTM) | +1.9% | +18.1% | 4th lowest of 20 |
| Operating margin | 10.4% | 7.1% | 8th highest of 21 |
| Forward P/E | 58.1× | 14.7× | 3rd most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 27.9% | 6.0% | 3rd most demanding of 11 |
| Growth delivered (Del g) | +1.4% | +6.4% | 3rd lowest of 11 |
| Hurdle (Req g minus delivered) | +26.5 pp | +0.0 pp | 2nd most demanding of 11 |
| ROIC minus cost of capital | +0.6 pp | -1.4 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lily 603823.SS | China | $1.91B | +85% | +2% | 10% | 58.1× | 27.9% | +1.4% |
| Minerals Technologies MTX | United States | $1.91B | -22% | +5% | 13% | 9.8× | 0.5% | +5.4% |
| Guangdong Huate Gas 688268.SS | China | $1.92B | -47% | +27% | 13% | 56.1× | 35.6% | +7.2% |
| Chemours CC | United States | $1.92B | -45% | -1% | 3% | 8.2× | 16.1% | +3.2% |
| Standard Nuclear STDN | United States | $1.90B | n/a | n/a | -288% | n/a | n/a | n/a |
| Lianhe Chemical Technology 002250.SZ | China | $1.90B | -16% | +28% | 13% | 19.7× | -3.4% | +6.1% |
| Garware Hi-Tech Films GRWRHITECH.NS | India | $1.88B | +40% | +15% | 21% | 37.7× | 38.8% | +16.6% |
| Ube 4208.T | Japan | $1.94B | +33% | +3% | 4% | 12.0× | n/a | n/a |
| Verbio VBK.DE | Germany | $1.88B | -37% | +19% | 5% | 13.2× | 1.1% | +12.8% |
| Inner Mongolia Shuangxin Environment-Friendly Material 001369.SZ | China | $1.87B | -28% | +3% | 15% | n/a | n/a | n/a |
| Zibo Qixiang Tengda Chemical 002408.SZ | China | $1.87B | -33% | +18% | -1% | 220.0× | 3.7% | -0.8% |
| Transfar Zhilian 002010.SZ | China | $1.87B | -21% | -30% | 5% | 16.1× | n/a | n/a |
| Ganzhou Teng Yuan Cobalt New Material 301219.SZ | China | $1.85B | -53% | +64% | 10% | 12.5× | n/a | n/a |
| Jiangsu Lopal Tech 603906.SS | China | $1.82B | -54% | +96% | 7% | 14.7× | n/a | n/a |
| Dongyue 0189.HK | Hong Kong | $2.04B | -28% | +8% | 19% | 5.6× | -12.4% | +6.6% |
| Fuso Chemical 4368.T | Japan | $1.79B | -19% | +17% | 26% | 13.1× | 8.4% | +12.8% |
| Ningbo Ronbay New Energy Technology 688005.SS | China | $2.05B | -45% | +41% | 1% | 37.8× | n/a | n/a |
| Crystal Clear Electronic Material 300655.SZ | China | $1.75B | -25% | +27% | 7% | 78.2× | n/a | n/a |
| Shaanxi Beiyuan Chemical Industry 601568.SS | China | $2.11B | -9% | -8% | -4% | 11.8× | 11.8% | -1.8% |
| Tangshan SunFar Silicon Industries 603938.SS | China | $1.72B | +6% | +30% | 8% | 42.8× | n/a | n/a |
| SKC 011790.KS | South Korea | $2.14B | -46% | +24% | -9% | n/a | n/a | n/a |