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Chinese EV battery maker supplying lithium-ion cells, historically a key battery partner for Mercedes-Benz.
Chinese EV battery maker supplying lithium-ion cells, historically a key battery partner for Mercedes-Benz.
Builds pouch-format (soft-pack) lithium-ion cells to automakers' specifications and sells them under supply agreements that start only after a vehicle program has qualified the cell, so volumes depend on a few programs. A smaller line sells cells for stationary energy storage.
Moat: none (customer qualification). OEM-qualified EV battery supplier, but faces intense competition from much larger CATL and BYD.
Headquarters: Ganzhou, Jiangxi, China · Founded: 2002 · Employees: 5,080
Size Farasis Energy (Gan Zhou) (688567.SS) is a China Industrials company (Electrical Products) with a market value of $1.82B, the 1376th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.94 on 6 Nov 2026.
Performance Over six months the shares fell 28.6%, against -21.1% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 7.5% over the last twelve months (peer median +4.8%); the operating margin is -10.3% (peer median 8.5%).
Valuation It trades at 1.7× enterprise value to sales against a peer median of 2.7× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +52%, so the hurdle is -53 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 14.7 points below its cost of capital (8.6% WACC).
Next results Next results expected around 5 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.38B | CN¥9.12B | CN¥11.7B | CN¥16.4B | CN¥11.6B |
| Revenue growth | — | -22% | -29% | +42% | — |
| Gross profit | CN¥355M | CN¥656M | CN¥1.12B | CN¥955M | CN¥723M |
| EBITDA | CN¥226M | CN¥321M | CN¥620M | -CN¥732M | -CN¥469M |
| Net income | -CN¥981M | -CN¥746M | -CN¥332M | -CN¥1.87B | -CN¥927M |
| Free cash flow | CN¥1.22B | CN¥1.27B | -CN¥649M | -CN¥333M | -CN¥3.61B |
| Capital expenditure | CN¥632M | CN¥479M | CN¥1.56B | CN¥1.07B | CN¥1.87B |
| Total debt | CN¥6.09B | CN¥7.41B | CN¥8.72B | CN¥10.8B | CN¥13.3B |
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 |
|---|---|---|---|---|---|---|
| Farasis Energy (Gan Zhou) 688567.SS | $1.82B | -29% | -8% | -10% | 1.7× | -0.9% |
| Contemporary Amperex Technology 300750.SZ | $179B | -42% | +51% | 14% | 2.0× | 1.6% |
| BYD 1211.HK | $98.9B | -26% | 0% | 4% | 1.0× | n/a |
| EVE Energy 300014.SZ | $17.0B | -28% | +51% | 6% | 1.6× | 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 | 688567.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +5.4% | -10.4% | highest of 21 |
| 6-month return | -28.6% | -21.1% | 7th lowest of 21 |
| Distance from 52-week high | -48.1% | -43.3% | 7th lowest of 21 |
| Revenue growth (TTM) | -7.5% | +4.8% | 4th lowest of 21 |
| Operating margin | -10.3% | 8.5% | 2nd lowest of 21 |
| EV / Sales | 1.7× | 2.7× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -0.9% | 8.9% | 3rd least demanding of 14 |
| Growth delivered (Del g) | +52.1% | +7.1% | highest of 14 |
| Hurdle (Req g minus delivered) | -53.0 pp | +2.4 pp | least demanding of 14 |
| ROIC minus cost of capital | -14.7 pp | -2.0 pp | 2nd lowest of 21 |
| Net debt / EBITDA | 7.9× | -1.5× | most indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Farasis Energy (Gan Zhou) 688567.SS | China | $1.82B | -29% | -8% | -10% | 1.7× | -0.9% | +52.1% |
| Advanced Energy Solution 6781.TW | Taiwan | $1.82B | -37% | +38% | 24% | 2.7× | 2.6% | +20.5% |
| Guangdong Mingyang Electric 301291.SZ | China | $1.81B | -34% | -17% | 5% | 1.8× | 15.6% | +32.9% |
| Pfeiffer Vacuum Technology PFV.DE | Germany | $1.79B | -3% | 0% | 9% | 2.0× | 8.9% | +6.6% |
| Wuxi Huaguang Environment & Energy 600475.SS | China | $1.79B | -24% | -8% | 7% | 2.4× | 8.0% | +3.0% |
| Hengdian Group Tospo Lighting 603303.SS | China | $1.86B | +44% | +5% | 1% | 2.8× | 35.6% | -0.8% |
| CETC Chips Technology 600877.SS | China | $1.87B | -36% | -2% | -3% | 12.6× | n/a | n/a |
| Finolex Cables FINCABLES.NS | India | $1.76B | 0% | +27% | 10% | 2.4× | n/a | n/a |
| Hangzhou Zhongheng Electric 002364.SZ | China | $1.89B | -40% | +17% | 4% | 5.0× | n/a | n/a |
| Jiangsu Leili Motor 300660.SZ | China | $1.90B | -33% | +16% | 5% | 2.9× | 29.1% | +11.6% |
| Jiangsu Cnano Technology 688116.SS | China | $1.90B | -19% | +8% | 19% | 8.3× | n/a | n/a |
| Simplo Technology 6121.TWO | Taiwan | $1.90B | -6% | +3% | 11% | 0.4× | -20.1% | -0.8% |
| SWCC 5805.T | Japan | $1.71B | +1% | +21% | 11% | 1.1× | 6.4% | +11.4% |
| Jiangxi Special Electric Motor 002176.SZ | China | $1.96B | -52% | -13% | -13% | 7.3× | 48.7% | +1.2% |
| Meidensha 6508.T | Japan | $1.96B | -20% | +12% | 10% | 0.9× | 5.1% | +7.1% |
| TD Power Systems TDPOWERSYS.NS | India | $1.96B | -7% | +54% | 17% | 8.7× | 40.6% | +25.6% |
| Jinlongyu 002882.SZ | China | $1.97B | -21% | -1% | 3% | 3.2× | n/a | n/a |
| Roshow Technology 002617.SZ | China | $1.68B | -24% | +4% | 8% | 3.6× | 17.9% | +5.2% |
| SMA Solar Technology S92.DE | Germany | $1.99B | -21% | +4% | -7% | 1.1× | -4.2% | +8.1% |
| Opple Lighting 603515.SS | China | $1.67B | -26% | +1% | 9% | 0.9× | n/a | n/a |
| Xian Sinofuse Electric 301031.SZ | China | $1.99B | -16% | +56% | 21% | 4.9× | n/a | n/a |