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Chinese maker of large forged rings and flanges, likely serving wind-turbine and heavy-machinery manufacturers.
Chinese maker of large forged rings and flanges, likely serving wind-turbine and heavy-machinery manufacturers.
Forgings tend to be priced as the cost of steel plus a processing charge, so profit is the processing margin rather than a bet on steel. Wind-turbine flanges and rings tie sales to China's wind-power installation cycle.
Moat: narrow (process know-how). Large-forging metallurgy know-how versus smaller regional forge shops.
Headquarters: Jiangyin, China · Employees: 1,448
Size Jiangyin Hengrun Heavy Industries (603985.SS) is a China Industrials company (Industrial Machinery) with a market value of $942M, the 2422nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.24 on 6 Nov 2026.
Performance Over six months the shares fell 45.5%, against -11.2% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue fell 20.0% over the last twelve months (peer median +10.9%); the operating margin is 8.7% (peer median 6.5%).
Valuation It trades at 2.6× enterprise value to sales against a peer median of 2.5× (11th cheapest of 21).
Capital Return on invested capital runs 2.3 points below its cost of capital (10.0% WACC).
Next results Next results expected around 12 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.03B | CN¥3.96B | CN¥1.71B | CN¥1.84B | CN¥1.94B |
| Revenue growth | — | +131% | -7% | -5% | — |
| Gross profit | CN¥706M | CN¥327M | CN¥46.2M | CN¥122M | CN¥195M |
| EBITDA | n/a | CN¥401M | CN¥39.6M | CN¥22.9M | CN¥113M |
| Net income | CN¥127M | CN¥83.5M | -CN¥138M | -CN¥35.0M | CN¥94.8M |
| Free cash flow | -CN¥516M | -CN¥140M | -CN¥309M | -CN¥1.20B | -CN¥702M |
| Capital expenditure | CN¥67.5M | CN¥79.5M | CN¥204M | CN¥1.09B | CN¥545M |
| Total debt | CN¥1.94B | CN¥1.99B | CN¥1.02B | CN¥1.11B | CN¥550M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Jiangyin Hengrun Heavy Industries 603985.SS | $942M | -45% | -20% | 9% | 2.6× | n/a |
| Tongyu Heavy Industry 300185.SZ | $1.59B | -17% | +6% | 4% | 2.1× | 6.3% |
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 | 603985.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -13.9% | -4.7% | 7th lowest of 21 |
| 6-month return | -45.5% | -11.2% | 4th lowest of 20 |
| Distance from 52-week high | -51.9% | -38.6% | 7th lowest of 21 |
| Revenue growth (TTM) | -20.0% | +10.9% | 2nd lowest of 21 |
| Operating margin | 8.7% | 6.5% | 7th highest of 21 |
| EV / Sales | 2.6× | 2.5× | 11th cheapest of 21 |
| ROIC minus cost of capital | -2.3 pp | -2.8 pp | 10th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangyin Hengrun Heavy Industries 603985.SS | China | $942M | -45% | -20% | 9% | 2.6× | n/a | n/a |
| Shanghai Seer Intelligent Technology 6106.HK | Hong Kong | $940M | n/a | +30% | -12% | 13.3× | n/a | n/a |
| Shenzhen Dobot 2432.HK | Hong Kong | $937M | -50% | +67% | -33% | 6.8× | n/a | n/a |
| Zhejiang Jinggong Integration Technology 002006.SZ | China | $946M | -31% | -12% | 5% | 3.7× | 28.8% | +9.6% |
| Unimech Aerospace & Manufacturing UNIMECH.NS | India | $937M | +63% | +40% | 27% | 25.4× | n/a | n/a |
| Shanghai SK Automation Technology 688155.SS | China | $936M | -53% | +56% | 15% | 1.8× | 5.3% | +43.3% |
| SUSS MicroTec SMHN.DE | Germany | $948M | -53% | -15% | 9% | 1.8× | 24.2% | +14.8% |
| Zhejiang Taitan 003036.SZ | China | $953M | -10% | +14% | 2% | 3.9× | n/a | n/a |
| Galilei 6420.T | Japan | $925M | -3% | +4% | 13% | 0.7× | n/a | n/a |
| Mesnac 002073.SZ | China | $923M | -11% | +18% | 4% | 0.6× | -3.2% | +21.6% |
| Shanghai Shibei Hi-Tech 600604.SS | China | $960M | -13% | -26% | 4% | 8.6× | 15.1% | -1.7% |
| Dynamatic Technologies DYNAMATECH.NS | India | $922M | +3% | +17% | 7% | 5.2× | n/a | n/a |
| Qingdao Gaoce Technology 688556.SS | China | $922M | -45% | +5% | -17% | 2.0× | 8.8% | +37.4% |
| Chang Wah Electromaterials 8070.TW | Taiwan | $965M | -10% | +19% | 12% | 1.2× | -6.6% | +3.3% |
| Tianjin Motor Dies 002510.SZ | China | $918M | -10% | +5% | -1% | 2.8× | 33.8% | +12.2% |
| Graham GHM | United States | $916M | -21% | +21% | 7% | 3.4× | n/a | n/a |
| Truking Technology 300358.SZ | China | $968M | -8% | +6% | 6% | 1.0× | -1.7% | +10.1% |
| Yindu Kitchen Equipment 603277.SS | China | $969M | -17% | -4% | 19% | 2.2× | -4.3% | +11.1% |
| Kitz 6498.T | Japan | $915M | -21% | +8% | 8% | 0.9× | 4.3% | +9.5% |
| METAWATER 9551.T | Japan | $972M | +4% | +13% | 6% | 0.7× | 0.9% | +9.5% |
| Zhejiang Liju Thermal Energy Equipment 603391.SS | China | $973M | +18% | +9% | 18% | 5.7× | 12.0% | +5.0% |