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Chinese maker of charge-discharge testing and formation equipment for lithium-ion battery manufacturers.
Chinese maker of charge-discharge testing and formation equipment for lithium-ion battery manufacturers.
Sells formation equipment, which charges a new battery cell for the first time, and test machines as capital orders, so income arrives in lumps as lines are installed and accepted. Sales rise and fall with battery makers' decisions to build or pause factories.
In one line: A smaller, China-based Chroma ATE for battery test equipment.
Moat: narrow (process know-how, customer qualification). Precision test-equipment know-how qualified into battery makers' production lines.
Headquarters: Hangzhou, China · Employees: 4,466
Size Zhejiang HangKe Technology (688006.SS) is a China Information Technology company (Electronic Equipment/Instruments) with a market value of $1.64B, the 1508th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥18.11 on 6 Nov 2026.
Performance Over six months the shares fell 43.2%, against -15.7% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 12.0% over the last twelve months (peer median +2.8%); the operating margin is 3.3% (peer median 7.6%).
Valuation It trades at 24.0× forward earnings against a peer median of 19.7× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 16% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is +1 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 7.4 points below its cost of capital (11.8% WACC).
Next results Next results expected around 9 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.38B | CN¥2.98B | CN¥2.95B | CN¥3.91B | CN¥3.45B |
| Revenue growth | — | +1% | -24% | +13% | — |
| Gross profit | CN¥999M | CN¥787M | CN¥860M | CN¥1.39B | CN¥1.10B |
| EBITDA | n/a | CN¥295M | CN¥335M | CN¥766M | CN¥476M |
| Net income | CN¥144M | CN¥368M | CN¥326M | CN¥809M | CN¥491M |
| Free cash flow | CN¥1.42B | CN¥1.08B | CN¥63.3M | -CN¥197M | CN¥279M |
| Capital expenditure | CN¥153M | CN¥116M | CN¥106M | CN¥412M | CN¥417M |
| Total debt | CN¥2.26B | CN¥944M | CN¥900M | CN¥1.07B | CN¥1.35B |
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 HangKe Technology 688006.SS | $1.64B | -43% | +12% | 3% | 24.0× | 16.0% |
| Chroma Ate 2360.TW | $15.4B | -46% | +101% | 39% | 18.5× | 19.3% |
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 | 688006.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -11.1% | -3.4% | 7th lowest of 21 |
| 6-month return | -43.2% | -15.7% | 2nd lowest of 21 |
| Distance from 52-week high | -57.5% | -41.4% | 3rd lowest of 21 |
| Revenue growth (TTM) | +12.0% | +2.8% | 7th highest of 21 |
| Operating margin | 3.3% | 7.6% | 8th lowest of 21 |
| Forward P/E | 24.0× | 19.7× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 16.0% | 11.3% | 6th most demanding of 12 |
| Growth delivered (Del g) | +14.9% | +9.3% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | +1.1 pp | -7.3 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | -7.4 pp | -0.7 pp | 5th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang HangKe Technology 688006.SS | China | $1.64B | -43% | +12% | 3% | 24.0× | 16.0% | +14.9% |
| Shenzhen VMAX New Energy (Group) 688612.SS | China | $1.63B | -21% | -6% | 9% | 17.5× | 18.8% | +57.4% |
| Suzhou TZTEK Technology 688003.SS | China | $1.67B | -19% | +33% | 5% | 64.3× | 42.0% | +13.2% |
| Hexing Electrical 603556.SS | China | $1.61B | -23% | +6% | 9% | 14.2× | 0.1% | +11.3% |
| Jiangsu Linyang Energy 601222.SS | China | $1.74B | -6% | +35% | 8% | 15.4× | n/a | n/a |
| Glory 6457.T | Japan | $1.53B | +16% | -8% | 9% | 12.2× | -8.1% | +9.3% |
| TAIFLEX Scientific 8039.TW | Taiwan | $1.51B | +36% | +3% | 6% | n/a | 28.3% | +3.9% |
| Suzhou Hengmingda Electronic Technology 002947.SZ | China | $1.78B | -43% | +13% | 18% | 15.6× | 9.4% | +34.8% |
| Hangzhou Kelin Electric 688611.SS | China | $1.51B | +4% | -58% | -32% | 48.1× | n/a | n/a |
| Oxford Instruments OXIG.L | United Kingdom | $1.79B | -16% | -15% | 15% | 21.9× | 20.1% | +5.8% |
| Hanwei Electronics 300007.SZ | China | $1.79B | -15% | -3% | 2% | 65.2× | 40.9% | +4.6% |
| Amano 6436.T | Japan | $1.50B | -4% | +1% | 11% | 13.7× | -7.6% | +9.2% |
| Beijing Aerospace Shenzhou Intelligent Equipment Technology 300455.SZ | China | $1.81B | -36% | -29% | -4% | n/a | n/a | n/a |
| Shenzhen Topband 002139.SZ | China | $1.81B | -8% | +9% | 3% | 37.7× | n/a | n/a |
| Shanghai Feilo Acoustics 600651.SS | China | $1.82B | -30% | -11% | -3% | n/a | n/a | n/a |
| Zhejiang Dali Technology 002214.SZ | China | $1.45B | -15% | +1% | -68% | n/a | n/a | n/a |
| Kinco Automation Shanghai 688160.SS | China | $1.45B | -2% | +46% | 9% | 90.3× | n/a | n/a |
| Chongqing Chuanyi Automation 603100.SS | China | $1.44B | -4% | +3% | 7% | 14.5× | 2.6% | +9.9% |
| Gl Tech 300480.SZ | China | $1.44B | -28% | +43% | 13% | 57.6× | n/a | n/a |
| Anritsu 6754.T | Japan | $1.87B | -45% | +21% | 15% | 16.3× | 11.3% | +2.1% |
| Shanghai Liangxin Electrical Co 002706.SZ | China | $1.42B | -26% | +6% | 3% | 30.5× | n/a | n/a |