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Makes conductive silver paste for solar-cell metallization, plus electronic pastes for semiconductor/display uses.
Makes conductive silver paste for solar-cell metallization, plus electronic pastes for semiconductor/display uses.
Prices silver paste as the silver it contains plus a processing margin, so revenue moves with the silver price while profit comes from the processing margin per kilogram. Cell makers qualify each paste for their cell design, and switching is slow.
In one line: A Chinese conductive-paste maker, in DuPont/Heraeus's solar paste niche.
Moat: narrow (process know-how, customer qualification). Conductive paste formulations are qualified per cell design; a competitive, commodity-adjacent materials business.
Headquarters: Changzhou, China · Founded: 2015 · Employees: 729
Size Changzhou Fusion New Material (688503.SS) is a China Information Technology company (Semiconductors) with a market value of $1.71B, the 1461st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥48.36 on 6 Nov 2026.
Performance Over six months the shares fell 53.0%, against -19.0% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 41.3% over the last twelve months (peer median +23.7%); the operating margin is 1.9% (peer median 7.5%).
Valuation It trades at 37.6× forward earnings against a peer median of 24.3× (6th most expensive of 15).
Capital Return on invested capital runs 7.2 points below its cost of capital (9.8% WACC).
Next results Next results expected around 4 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥18.8B | CN¥14.6B | CN¥12.5B | CN¥10.3B | CN¥6.50B |
| Revenue growth | — | +17% | +21% | +58% | — |
| Gross profit | CN¥989M | CN¥1.00B | CN¥1.02B | CN¥954M | CN¥717M |
| EBITDA | n/a | CN¥603M | CN¥669M | CN¥589M | CN¥464M |
| Net income | CN¥193M | CN¥420M | CN¥418M | CN¥442M | CN¥391M |
| Free cash flow | -CN¥4.51B | -CN¥3.32B | -CN¥1.12B | -CN¥2.76B | -CN¥1.37B |
| Capital expenditure | CN¥247M | CN¥256M | CN¥223M | CN¥101M | CN¥159M |
| Total debt | CN¥8.58B | CN¥6.28B | CN¥3.09B | CN¥2.35B | CN¥999M |
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 |
|---|---|---|---|---|---|---|
| Changzhou Fusion New Material 688503.SS | $1.71B | -53% | +41% | 2% | 37.6× | n/a |
| Wuxi DK Electronic Materials 300842.SZ | $1.03B | -48% | +36% | 4% | 34.2× | n/a |
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 | 688503.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.3% | -19.0% | 6th lowest of 21 |
| 6-month return | -53.0% | -19.0% | lowest of 21 |
| Distance from 52-week high | -64.4% | -47.2% | 3rd lowest of 21 |
| Revenue growth (TTM) | +41.3% | +23.7% | 9th highest of 21 |
| Operating margin | 1.9% | 7.5% | 9th lowest of 21 |
| Forward P/E | 37.6× | 24.3× | 6th most expensive of 15 |
| ROIC minus cost of capital | -7.2 pp | -6.3 pp | 10th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Changzhou Fusion New Material 688503.SS | China | $1.71B | -53% | +41% | 2% | 37.6× | n/a | n/a |
| Risen Energy 300118.SZ | China | $1.71B | -42% | -52% | -39% | n/a | 38.4% | -4.7% |
| Shoals Technologies SHLS | United States | $1.70B | +14% | +49% | 11% | 18.3× | n/a | n/a |
| Greatek Electronics 2441.TW | Taiwan | $1.68B | +4% | +24% | 21% | 13.2× | 1.6% | +2.7% |
| Shanghai Anlogic Infotech 688107.SS | China | $1.67B | -26% | +70% | -25% | n/a | n/a | n/a |
| Shanghai New Vision Microelectronics 688593.SS | China | $1.76B | -22% | +7% | -4% | 643.2× | n/a | n/a |
| ams-OSRAM AMS.SW | Switzerland | $1.78B | -16% | -3% | 8% | n/a | n/a | n/a |
| Shenzhen Injoinic Technology 688209.SS | China | $1.64B | +5% | +13% | 11% | n/a | n/a | n/a |
| Aerospace Nanhu Electronic Information Technology 688552.SS | China | $1.64B | -19% | +19% | -6% | 231.3× | 35.8% | +1.0% |
| Tekscend Photomask 429A.T | Japan | $1.64B | -36% | +10% | 22% | 9.9× | 6.4% | +8.7% |
| Elite Semiconductor Microelectronics Technology 3006.TW | Taiwan | $1.79B | +14% | +273% | 49% | 1.6× | n/a | n/a |
| Thinkon Semiconductor Jinzhou 688233.SS | China | $1.62B | -11% | +12% | 18% | 59.7× | 44.7% | +18.0% |
| BOE HC SemiTek 300323.SZ | China | $1.81B | -38% | +23% | -8% | 53.6× | n/a | n/a |
| Shanghai V-Test Semiconductor Tech 688372.SS | China | $1.82B | -53% | +53% | 18% | 29.2× | n/a | n/a |
| NSING Technologies 300077.SZ | China | $1.61B | -32% | +47% | 1% | n/a | n/a | n/a |
| Cohu COHU | United States | $1.82B | -22% | +34% | -2% | 19.3× | 21.5% | -6.6% |
| ISC 095340.KS | South Korea | $1.82B | -50% | +61% | 30% | 29.8× | 10.5% | +12.6% |
| Taiwan Surface Mounting Technology 6278.TW | Taiwan | $1.60B | -2% | +5% | 7% | 16.1× | 6.5% | +3.8% |
| Wonik 030530.KS | South Korea | $1.59B | -14% | -14% | 1% | n/a | n/a | n/a |
| Emmvee Photovoltaic Power EMMVEE.NS | India | $1.84B | -5% | +116% | 29% | 11.4× | n/a | n/a |
| Jiangsu HHCK Advanced Materials 688535.SS | China | $1.58B | -19% | +154% | 7% | 134.5× | n/a | n/a |