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Chinese maker of wet chemicals and specialty materials used in semiconductor and display-panel manufacturing.
Chinese maker of wet chemicals and specialty materials used in semiconductor and display-panel manufacturing.
Sells chemicals by volume after a long approval process at each chip or panel plant, so once a product passes it tends to be reordered and revenue grows as more customers approve it. Switching chemicals mid-production is risky, which keeps approved suppliers in place.
Moat: narrow (customer qualification, process know-how). Semiconductor-grade chemicals need fab qualification, creating switching costs once approved.
Headquarters: Jiangsu, China · Employees: 246
Size Jiangsu Aisen Semiconductor Material (688720.SS) is a China Materials company (Chemicals: Specialty) with a market value of $817M, the 2707th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥44.99 on 6 Nov 2026.
Performance Over six months the shares fell 21.4%, against -13.2% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 28.6% over the last twelve months (peer median +4.6%); the operating margin is 5.2% (peer median 8.8%).
Valuation It trades at 40.2× forward earnings against a peer median of 20.2× (5th most expensive of 16).
Capital Return on invested capital runs 8.6 points below its cost of capital (13.2% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥719M | CN¥592M | CN¥432M | CN¥359M | CN¥324M |
| Revenue growth | — | +37% | +20% | +11% | — |
| Gross profit | CN¥229M | CN¥154M | CN¥104M | CN¥92.5M | CN¥70.8M |
| EBITDA | n/a | CN¥75.8M | CN¥38.3M | CN¥42.9M | CN¥23.4M |
| Net income | CN¥60.9M | CN¥51.2M | CN¥33.5M | CN¥32.7M | CN¥23.3M |
| Free cash flow | -CN¥39.1M | -CN¥59.3M | -CN¥107M | -CN¥144M | -CN¥135M |
| Capital expenditure | CN¥129M | CN¥145M | CN¥92.2M | CN¥62.5M | CN¥88.7M |
| Total debt | CN¥220M | CN¥256M | CN¥185M | CN¥149M | CN¥52.8M |
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| Measure | 688720.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -23.4% | -14.8% | 2nd lowest of 21 |
| 6-month return | -21.4% | -13.2% | 10th lowest of 21 |
| Distance from 52-week high | -62.5% | -43.2% | 2nd lowest of 21 |
| Revenue growth (TTM) | +28.6% | +4.6% | 2nd highest of 21 |
| Operating margin | 5.2% | 8.8% | 9th lowest of 21 |
| Forward P/E | 40.2× | 20.2× | 5th most expensive of 16 |
| ROIC minus cost of capital | -8.6 pp | -4.2 pp | 4th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jiangsu Aisen Semiconductor Material 688720.SS | China | $817M | -21% | +29% | 5% | 40.2× | n/a | n/a |
| Zhejiang Xinhua Chemical 603867.SS | China | $817M | -27% | +7% | 10% | 16.1× | 12.8% | +4.9% |
| Neo Performance Materials NEO.TO | Canada | $821M | -13% | +24% | 14% | 12.2× | n/a | n/a |
| Zhejiang Zhengguang Industrial 301092.SZ | China | $823M | -1% | -5% | 13% | 53.7× | n/a | n/a |
| Neogen Chemicals NEOGEN.NS | India | $809M | +47% | +27% | 14% | 109.3× | n/a | n/a |
| Shanxi Lu'an Chemical Technology 600691.SS | China | $827M | -31% | -14% | -8% | 232.0× | 27.2% | -11.2% |
| HuBei NengTer Technology 002102.SZ | China | $832M | -12% | -59% | -3% | 16.6× | n/a | n/a |
| China Petrochemical Development 1314.TW | Taiwan | $833M | -1% | -35% | -18% | n/a | n/a | n/a |
| Sinolong New Materials 301565.SZ | China | $799M | -27% | +20% | 1% | 23.9× | n/a | n/a |
| Hangzhou Greenda Electronic Materials 603931.SS | China | $797M | -31% | -4% | 20% | 39.7× | 21.4% | +1.4% |
| Fujian Yuanli Active Carbon 300174.SZ | China | $840M | -14% | +7% | 9% | 20.2× | 17.3% | +10.1% |
| Toyobo 3101.T | Japan | $793M | -1% | +2% | 7% | 13.6× | 2.0% | +4.6% |
| Pan Asian Microvent Tech (Jiangsu) 688386.SS | China | $792M | -40% | +37% | 18% | 40.7× | n/a | n/a |
| Zhejiang Jihua 603980.SS | China | $788M | +22% | +2% | 2% | n/a | 27.0% | -3.6% |
| Sinosteel New Materials 002057.SZ | China | $849M | -22% | +13% | 9% | 12.3× | 12.4% | +13.5% |
| Sichuan Lutianhua Company Limited By Shares 000912.SZ | China | $785M | -31% | -5% | -4% | n/a | n/a | n/a |
| Alkyl Amines Chemicals ALKYLAMINE.NS | India | $849M | -9% | +13% | 17% | 37.4× | 36.2% | +4.3% |
| Kingfa Science & Technology (India) KINGFA.NS | India | $849M | +20% | +24% | 14% | n/a | n/a | n/a |
| Shandong Head 002810.SZ | China | $855M | -38% | +16% | 21% | 14.2× | -1.6% | +7.9% |
| Daqo New Energy Corp Sponsored ADR DQ | United States | $856M | -32% | -21% | -70% | n/a | n/a | n/a |
| Kronos Worldwide KRO | United States | $859M | +46% | +3% | -1% | 11.9× | 17.6% | +2.6% |