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Chinese maker of modified plastics and polymer compounds used mainly in automotive interior and exterior parts.
Chinese maker of modified plastics and polymer compounds used mainly in automotive interior and exterior parts.
Buys base resins, blends them with fillers and additives, and sells compounds tailored to each automaker's specification, so revenue follows plastic-resin prices and its processing spread. Qualification takes time but then tends to run through a vehicle model's life. It also moulds parts for car interiors and exteriors.
Moat: narrow (customer qualification, process know-how). Auto-grade plastic compounds require OEM qualification, creating switching costs.
Headquarters: Ningbo, Zhejiang, China · Employees: 799
Size Ningbo Changhong Polymer Scientific & Technical (605008.SS) is a China Materials company (Chemicals: Specialty) with a market value of $1.04B, the 2231st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.72 on 6 Nov 2026.
Performance Over six months the shares fell 11.0%, against -21.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue fell 11.9% over the last twelve months (peer median +10.4%); the operating margin is -1.1% (peer median 10.9%).
Valuation It trades at 31.5× forward earnings against a peer median of 18.8× (3rd most expensive of 11).
Capital Return on invested capital runs 6.2 points below its cost of capital (5.7% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.58B | CN¥3.92B | CN¥3.63B | CN¥1.41B | CN¥2.36B |
| Revenue growth | — | +8% | +158% | -40% | — |
| Gross profit | CN¥169M | CN¥274M | CN¥320M | CN¥143M | CN¥373M |
| EBITDA | CN¥187M | CN¥266M | CN¥307M | CN¥177M | CN¥348M |
| Net income | -CN¥87.8M | -CN¥7.99M | CN¥94.2M | CN¥95.0M | CN¥180M |
| Free cash flow | -CN¥614M | -CN¥464M | -CN¥129M | -CN¥454M | -CN¥428M |
| Capital expenditure | CN¥529M | CN¥350M | CN¥477M | CN¥687M | CN¥502M |
| Total debt | CN¥3.81B | CN¥3.71B | CN¥2.67B | CN¥2.11B | CN¥1.43B |
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| Measure | 605008.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.7% | -10.6% | 5th lowest of 21 |
| 6-month return | -11.0% | -21.7% | 8th highest of 20 |
| Distance from 52-week high | -44.5% | -41.1% | 9th lowest of 21 |
| Revenue growth (TTM) | -11.9% | +10.4% | 3rd lowest of 21 |
| Operating margin | -1.1% | 10.9% | 5th lowest of 21 |
| Forward P/E | 31.5× | 18.8× | 3rd most expensive of 11 |
| ROIC minus cost of capital | -6.2 pp | -1.1 pp | 4th lowest of 21 |
| EV / EBITDA | 56.3× | 9.0× | most expensive of 10 |
| Net debt / EBITDA | 19.1× | -0.3× | most indebted of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Changhong Polymer Scientific & Technical 605008.SS | China | $1.04B | -11% | -12% | -1% | 31.5× | n/a | n/a |
| Anhui Guofeng New Materials 000859.SZ | China | $1.04B | -14% | +6% | -4% | n/a | n/a | n/a |
| Jiangsu Evergreen New Material Technology 603125.SS | China | $1.03B | -23% | +38% | 19% | n/a | n/a | n/a |
| Shinkong Synthetic Fibers 1409.TW | Taiwan | $1.03B | +23% | -7% | 14% | n/a | n/a | n/a |
| Shikoku Kasei 4099.T | Japan | $1.03B | -26% | +20% | 18% | 14.8× | 5.0% | +6.5% |
| Japan Material 6055.T | Japan | $1.06B | -9% | +11% | 27% | 13.5× | 9.4% | +10.5% |
| Kureha 4023.T | Japan | $1.02B | +7% | +7% | 10% | 22.6× | 4.1% | +2.3% |
| Guangzhou Lingwe Technology 301373.SZ | China | $1.01B | -37% | +15% | 26% | 48.0× | 35.6% | +7.4% |
| Yibin Tianyuan 002386.SZ | China | $1,000M | -27% | +14% | 3% | n/a | n/a | n/a |
| Hangjin Technology 000818.SZ | China | $988M | -35% | -29% | -8% | n/a | 18.9% | +3.2% |
| Hubei Heyuan Gas 002971.SZ | China | $1.09B | +9% | +12% | 7% | 138.4× | n/a | n/a |
| Jiujiang Shanshui Technology 301190.SZ | China | $983M | +32% | +54% | 19% | n/a | n/a | n/a |
| Lihuayi Weiyuan Chemical 600955.SS | China | $978M | -39% | +18% | -8% | 17.7× | n/a | n/a |
| Jiangsu Sopo Chemical 600746.SS | China | $1.12B | -23% | +6% | 5% | n/a | n/a | n/a |
| Guangdong Sinoplast Adv Matl 301686.SZ | China | $962M | n/a | +7% | 19% | n/a | n/a | n/a |
| Compass Minerals International CMP | United States | $962M | -18% | +5% | 8% | 20.0× | 8.1% | +2.8% |
| Anhui Hwasu 600935.SS | China | $1.13B | -22% | -10% | -8% | n/a | 28.1% | -1.0% |
| Vinati Organics VINATIORGA.NS | India | $1.14B | -26% | +11% | 20% | 23.8× | 24.0% | +18.2% |
| Ecovyst ECVT | United States | $1.15B | -26% | +20% | 12% | 14.1× | 8.0% | +7.8% |
| Shin-Etsu Polymer 7970.T | Japan | $1.15B | +5% | +10% | 13% | 13.2× | -2.9% | +8.4% |
| Zhejiang Oceanking Development 603213.SS | China | $938M | +1% | -17% | 0% | n/a | 38.3% | +17.9% |