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Zhejiang maker of coated functional materials, including label stock, inkjet advertising media, electronic-grade films and adhesives.
Zhejiang maker of coated functional materials, including label stock, inkjet advertising media, electronic-grade films and adhesives.
Coats films and papers with adhesives and ink-receiving layers, selling them as inkjet advertising media, self-adhesive label stock and electronic-grade protective and base films, under its own brands to printers and converters. A newer flexible-sensing line is its stated move beyond traditional coated materials.
Moat: narrow (process know-how, brand). Own brands and coating know-how in niche materials; small specialised producer.
Headquarters: Jiaxing, China · Founded: 2009 · Employees: 1,833
Size Zhejiang Fulai New Material (605488.SS) is a China Materials company (Industrial Specialties) with a market value of $2.21B, the 1154th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥48.91 on 6 Nov 2026.
Performance Over six months the shares gained 47.4%, against -2.8% for the median peer and -16.4% for the China market (cap-weighted) — 2nd highest of 20 in its peer set.
Growth Revenue grew 18.6% over the last twelve months (peer median +11.4%); the operating margin is 2.0% (peer median 10.8%).
Valuation It trades at 134.6× forward earnings against a peer median of 26.2× (most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +18%, so the hurdle is +14 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 0.9 points below its cost of capital (5.0% WACC).
Next results Next results expected around 29 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.39B | CN¥2.85B | CN¥2.54B | CN¥2.13B | CN¥1.90B |
| Revenue growth | — | +12% | +19% | +12% | — |
| Gross profit | CN¥510M | CN¥351M | CN¥318M | CN¥269M | CN¥233M |
| EBITDA | n/a | CN¥199M | CN¥144M | CN¥89.3M | CN¥88.9M |
| Net income | CN¥68.8M | CN¥77.3M | CN¥139M | CN¥70.1M | CN¥75.5M |
| Free cash flow | CN¥43.2M | -CN¥49.0M | -CN¥711M | -CN¥589M | -CN¥344M |
| Capital expenditure | CN¥186M | CN¥322M | CN¥705M | CN¥679M | CN¥375M |
| Total debt | CN¥1.65B | CN¥1.67B | CN¥1.61B | CN¥1.28B | CN¥595M |
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 |
|---|---|---|---|---|---|---|
| Zhejiang Fulai New Material 605488.SS | $2.21B | +47% | +19% | 2% | 134.6× | 31.8% |
| Avery Dennison AVY | $14.1B | +14% | +7% | 13% | 17.4× | 1.9% |
| Lintec 7966.T | $1.87B | -14% | +3% | 8% | 12.2× | 1.5% |
| Nitto Denko 6988.T | $13.2B | +10% | +7% | 18% | 15.1× | 2.3% |
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 | 605488.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +73.1% | -15.1% | highest of 21 |
| 6-month return | +47.4% | -2.8% | 2nd highest of 20 |
| Distance from 52-week high | -6.1% | -37.4% | highest of 21 |
| Revenue growth (TTM) | +18.6% | +11.4% | 6th highest of 21 |
| Operating margin | 2.0% | 10.8% | 4th lowest of 21 |
| Forward P/E | 134.6× | 26.2× | most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 31.8% | 19.7% | 5th most demanding of 15 |
| Growth delivered (Del g) | +17.6% | +12.0% | 5th highest of 15 |
| Hurdle (Req g minus delivered) | +14.1 pp | +0.7 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | -0.9 pp | +0.0 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Fulai New Material 605488.SS | China | $2.21B | +47% | +19% | 2% | 134.6× | 31.8% | +17.6% |
| Jiangsu Shemar Electric 603530.SS | China | $2.23B | -44% | +17% | 29% | 26.2× | 23.4% | +21.1% |
| Grindwell Norton GRINDWELL.NS | India | $2.25B | +16% | +14% | 16% | 39.5× | 37.8% | +13.4% |
| Henan Huanghe Whirlwind 600172.SS | China | $2.27B | +29% | +13% | -30% | n/a | n/a | n/a |
| Carborundum Universal CARBORUNIV.NS | India | $2.10B | +4% | +12% | 7% | 44.5× | 43.4% | +14.6% |
| Zeon 4205.T | Japan | $2.34B | +6% | +4% | 11% | 9.1× | -1.5% | +6.4% |
| UFP Technologies UFPT | United States | $2.35B | +32% | +9% | 15% | 28.3× | 17.8% | +27.4% |
| Anhui Jiangnan Chemical Industry 002226.SZ | China | $2.07B | -3% | +13% | 11% | 16.8× | -3.0% | +20.5% |
| Pamica Technology 001359.SZ | China | $2.41B | -1% | +23% | 23% | 36.2× | 38.0% | +12.1% |
| Olin OLN | United States | $1.97B | -36% | -1% | 0% | n/a | 44.0% | +3.3% |
| Sichuan Yahua Industrial 002497.SZ | China | $2.48B | -56% | +69% | 18% | 6.2× | n/a | n/a |
| Quanzhou Jiadeli Electronic Materials 603435.SS | China | $2.49B | n/a | +4% | 38% | n/a | n/a | n/a |
| Shaanxi Huaqin Technology Industry 688281.SS | China | $2.50B | -18% | +31% | 15% | 34.7× | 27.5% | +24.7% |
| Xizang Gaozheng Civil Explosives 002827.SZ | China | $2.53B | +92% | -1% | 12% | 108.9× | n/a | n/a |
| KCC 002380.KS | South Korea | $1.91B | -34% | 0% | 6% | 2.1× | 3.8% | +5.0% |
| Shenzhen Leading Semiconductor Industry 603991.SS | China | $2.60B | +12% | +996% | 10% | n/a | 21.7% | +12.0% |
| Lintec 7966.T | Japan | $1.87B | -14% | +3% | 8% | 12.2× | 1.5% | +6.2% |
| Gansu Energy Chemical 000552.SZ | China | $1.86B | -19% | +11% | 3% | 33.4× | n/a | n/a |
| DIC 4631.T | Japan | $2.68B | +25% | +6% | 7% | 9.3× | -1.0% | +8.5% |
| H.B. Fuller FUL | United States | $2.68B | -19% | +1% | 11% | 9.5× | 3.5% | +4.5% |
| GCL Technology 3800.HK | Hong Kong | $2.71B | -30% | +25% | -22% | n/a | n/a | n/a |