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Yiyang maker of carbon-carbon composite parts: thermal-field parts for solar-silicon crystal pullers, plus carbon-ceramic brake discs for cars.
Yiyang maker of carbon-carbon composite parts: thermal-field parts for solar-silicon crystal pullers, plus carbon-ceramic brake discs for cars.
Sells carbon-carbon composite parts that sit inside silicon crystal-pulling furnaces; the parts wear out and are replaced, so sales depend on solar wafer output and the prices wafer makers will pay. It is adding carbon-ceramic brake discs for cars as a second line, with one carmaker, GAC Aion, named as a customer.
Moat: narrow (process know-how, IP / patents). Early carbon-carbon thermal-field specialist with qualified wafer-maker customers; parts are repriced as the solar cycle turns.
Headquarters: Yiyang, China · Founded: 2005 · Employees: 598
Size KBC (688598.SS) is a China Industrials company (Electrical Products) with a market value of $842M, the 2639th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥27.05 on 6 Nov 2026.
Performance Over six months the shares gained 9.1%, against -39.8% for the median peer and -16.4% for the China market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 47.2% over the last twelve months (peer median +12.6%); the operating margin is -113.6% (peer median 6.8%).
Valuation It trades at 5.2× enterprise value to sales against a peer median of 2.1× (4th most expensive of 21).
Capital Return on invested capital runs 35.9 points below its cost of capital (14.3% WACC).
Next results Next results expected around 4 May 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.04B | CN¥803M | CN¥537M | CN¥1.06B | CN¥1.44B |
| Revenue growth | — | +50% | -49% | -27% | — |
| Gross profit | CN¥226M | -CN¥57.6M | -CN¥106M | CN¥249M | CN¥664M |
| EBITDA | n/a | -CN¥234M | -CN¥675M | CN¥99.9M | CN¥410M |
| Net income | -CN¥1.19B | -CN¥1.28B | -CN¥815M | CN¥202M | CN¥551M |
| Free cash flow | -CN¥347M | -CN¥471M | -CN¥600M | -CN¥1.10B | -CN¥710M |
| Capital expenditure | CN¥164M | CN¥331M | CN¥798M | CN¥1.31B | CN¥1.20B |
| Total debt | CN¥957M | CN¥884M | CN¥588M | CN¥638M | CN¥542M |
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 |
|---|---|---|---|---|---|---|
| KBC 688598.SS | $842M | +9% | +47% | -114% | 5.2× | n/a |
| Hunan Boyun New Materials 002297.SZ | $1.25B | -41% | +37% | 15% | 6.7× | n/a |
| SGL Carbon SGL.DE | $668M | +2% | -16% | 8% | 0.8× | 2.3% |
| Toyo Tanso 5310.T | $765M | -5% | -8% | 10% | 2.4× | 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 | 688598.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -9.7% | -13.2% | 9th highest of 21 |
| 6-month return | +9.1% | -39.8% | highest of 20 |
| Distance from 52-week high | -59.0% | -52.6% | 6th lowest of 21 |
| Revenue growth (TTM) | +47.2% | +12.6% | 2nd highest of 21 |
| Operating margin | -113.6% | 6.8% | lowest of 21 |
| EV / Sales | 5.2× | 2.1× | 4th most expensive of 21 |
| ROIC minus cost of capital | -35.9 pp | -2.6 pp | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| KBC 688598.SS | China | $842M | +9% | +47% | -114% | 5.2× | n/a | n/a |
| Shijiazhuang Kelin Electric 603050.SS | China | $844M | -36% | -11% | 2% | 1.7× | 23.2% | +20.2% |
| LS Eco Energy 229640.KS | South Korea | $848M | -56% | +31% | 7% | 0.9× | 5.4% | +10.6% |
| Kanohar Electricals KANOHAR.NS | India | $835M | n/a | +45% | 27% | 11.4× | 21.3% | +29.1% |
| Daejoo Electronic Materials 078600.KS | South Korea | $835M | -53% | +42% | 8% | 4.2× | n/a | n/a |
| Tellhow Sci-Tech 600590.SS | China | $852M | -56% | -11% | 5% | 2.7× | n/a | n/a |
| Guangzhou Baiyun Electric Equipment 603861.SS | China | $831M | -35% | +6% | 4% | 1.7× | n/a | n/a |
| Longwell 6290.TWO | Taiwan | $854M | -43% | +13% | 15% | 2.6× | 13.7% | +9.0% |
| Jiangsu New Vision Automotive Electronics 2632.HK | Hong Kong | $820M | -50% | +15% | -5% | 8.1× | n/a | n/a |
| Esab India ESABINDIA.NS | India | $816M | -29% | +13% | 17% | 4.7× | 18.3% | +17.2% |
| Jinlei Technology 300443.SZ | China | $876M | -40% | -14% | 13% | 2.1× | 5.6% | +11.1% |
| Taiwan Puritic 6826.TWO | Taiwan | $807M | -43% | +14% | 16% | 1.0× | -14.4% | +23.9% |
| Zhejiang Grandwall Electric Science & Technology 603897.SS | China | $803M | -50% | +15% | 3% | 0.6× | n/a | n/a |
| Hangzhou Weiguang Electronic 002801.SZ | China | $884M | -21% | +11% | 17% | 3.0× | 6.6% | +13.1% |
| Xinya Electronic 605277.SS | China | $794M | -28% | +12% | 7% | 1.5× | 7.9% | +31.5% |
| Beijing Jingwei Hirain Technologies 688326.SS | China | $896M | -40% | +2% | -5% | 1.1× | n/a | n/a |
| Honbridge 8137.HK | Hong Kong | $792M | 0% | +295% | -12% | 20.9× | n/a | n/a |
| R&S Group Holding AG Pref RSGN.SW | Switzerland | $899M | -22% | +2% | 18% | 2.1× | -7.0% | +2.3% |
| Dalian Insulator 002606.SZ | China | $788M | -17% | +36% | 22% | 2.4× | -4.8% | +15.5% |
| Shenzhen Center Power Tech 002733.SZ | China | $901M | -43% | +16% | 5% | 1.6× | 16.9% | +6.4% |
| Array Technologies ARRY | United States | $902M | -32% | -16% | 0% | 1.8× | 57.9% | +8.0% |