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Chinese lithium-battery cathode-materials maker, producing NCM and other cathode materials for EV and consumer batteries.
Chinese lithium-battery cathode-materials maker, producing NCM and other cathode materials for EV and consumer batteries.
Sells cathode materials by weight to battery makers, with prices following metal costs plus a processing margin. Qualification with each cell maker takes years, so sales follow a few large customers. It is a majority-owned subsidiary of Xiamen Tungsten and also serves consumer-electronics batteries.
In one line: A Chinese cathode-materials supplier akin to Umicore's battery-materials unit.
Moat: narrow (customer qualification, process know-how). Cathode-material qualification with major battery makers takes years, creating switching costs.
Headquarters: Xiamen, China · Employees: 3,972
Size XTC New Energy Materials (Xiamen) (688778.SS) is a China Materials company (Chemicals: Specialty) with a market value of $3.01B, the 856th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥39.81 on 6 Nov 2026.
Performance Over six months the shares fell 51.8%, against -13.4% for the median peer and -16.4% for the China market (cap-weighted) — lowest of 21 in its peer set.
Growth Revenue grew 78.1% over the last twelve months (peer median +8.8%); the operating margin is 4.2% (peer median 13.3%).
Valuation It trades at 19.2× forward earnings against a peer median of 17.9× (10th most expensive of 21).
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 +20%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 3.0 points below its cost of capital (9.2% WACC).
Next results Next results expected around 16 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥29.3B | CN¥19.8B | CN¥13.5B | CN¥17.3B | CN¥28.8B |
| Revenue growth | — | +46% | -22% | -40% | — |
| Gross profit | CN¥2.86B | CN¥1.86B | CN¥1.30B | CN¥1.33B | CN¥2.43B |
| EBITDA | n/a | CN¥1.35B | CN¥925M | CN¥935M | CN¥1.55B |
| Net income | CN¥948M | CN¥755M | CN¥532M | CN¥527M | CN¥1.12B |
| Free cash flow | CN¥7.59M | CN¥428M | CN¥826M | CN¥1.44B | -CN¥2.21B |
| Capital expenditure | CN¥792M | CN¥805M | CN¥972M | CN¥1.15B | CN¥651M |
| Total debt | CN¥11.6B | CN¥6.51B | CN¥3.20B | CN¥2.16B | CN¥4.65B |
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 |
|---|---|---|---|---|---|---|
| XTC New Energy Materials (Xiamen) 688778.SS | $3.01B | -52% | +78% | 4% | 19.2× | 16.0% |
| Ningbo Ronbay New Energy Technology 688005.SS | $2.05B | -45% | +41% | 1% | 37.8× | n/a |
| Beijing Easpring Material Technology 300073.SZ | $2.86B | -45% | +116% | 5% | 18.8× | n/a |
| Ningbo Shanshan 600884.SS | $3.71B | -34% | +30% | 9% | 14.4× | 4.5% |
| Ecopro BM 247540.KS | $6.53B | -60% | -4% | 6% | 965.8× | n/a |
| L&F 066970.KS | $2.15B | -62% | +81% | 8% | n/a | n/a |
| Posco Future M 003670.KS | $10.6B | -36% | -9% | 2% | 282.1× | n/a |
| Sumitomo Metal Mining 5713.T | $13.2B | -19% | +22% | 14% | 8.1× | 8.5% |
| Hunan Yuneng New Energy Battery Material 301358.SZ | $6.46B | -50% | +130% | 9% | 7.8× | 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 | 688778.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.0% | -5.5% | 5th lowest of 21 |
| 6-month return | -51.8% | -13.4% | lowest of 21 |
| Distance from 52-week high | -61.2% | -36.1% | lowest of 21 |
| Revenue growth (TTM) | +78.1% | +8.8% | 2nd highest of 21 |
| Operating margin | 4.2% | 13.3% | 3rd lowest of 21 |
| Forward P/E | 19.2× | 17.9× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 16.0% | 3.9% | 4th most demanding of 12 |
| Growth delivered (Del g) | +20.0% | +8.4% | 3rd highest of 12 |
| Hurdle (Req g minus delivered) | -3.9 pp | -3.2 pp | 6th least demanding of 12 |
| ROIC minus cost of capital | -3.0 pp | +2.1 pp | 6th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| XTC New Energy Materials (Xiamen) 688778.SS | China | $3.01B | -52% | +78% | 4% | 19.2× | 16.0% | +20.0% |
| Shanghai Haoyuan Chemexpress 688131.SS | China | $3.11B | +30% | +28% | 13% | 59.6× | 32.0% | +35.2% |
| Luxi Chemical 000830.SZ | China | $3.13B | -36% | -1% | 4% | 12.1× | -1.4% | +10.6% |
| Qingdao Gon Technology 2768.HK | Hong Kong | $2.88B | +13% | +20% | 7% | 10.3× | n/a | n/a |
| Sichuan Qiaoyuan Gas 301286.SZ | China | $2.88B | -4% | +8% | 26% | 73.4× | 31.8% | +8.0% |
| Hawkins HWKN | United States | $3.14B | -10% | +9% | 11% | 33.9× | 15.2% | +12.7% |
| Beijing Easpring Material Technology 300073.SZ | China | $2.86B | -45% | +116% | 5% | 18.8× | n/a | n/a |
| Levima Advanced Materials 003022.SZ | China | $3.17B | -34% | +66% | 10% | 30.1× | n/a | n/a |
| Shanghai Bairun Investment 002568.SZ | China | $2.82B | -8% | +8% | 28% | 24.2× | 14.5% | +8.8% |
| PI Industries PIIND.NS | India | $2.79B | -44% | -15% | 13% | 22.7× | n/a | n/a |
| Hexpol HPOL-B.ST | Sweden | $3.30B | +28% | -1% | 14% | 15.6× | 3.1% | +7.6% |
| Inner Mongolia Berun Chemical 000683.SZ | China | $3.36B | -32% | +11% | 13% | 13.8× | n/a | n/a |
| K+s SDF.DE | Germany | $2.68B | -13% | +6% | 34% | 11.7× | n/a | n/a |
| Guangzhou Guanggang Gases and Energy 688548.SS | China | $3.39B | -14% | +21% | 20% | 62.3× | n/a | n/a |
| Guizhou Chanhen Chemical 002895.SZ | China | $2.64B | -20% | +15% | 18% | 12.9× | 2.4% | +36.1% |
| Nifco 7988.T | Japan | $2.62B | +6% | +4% | 14% | 11.7× | -3.5% | +6.6% |
| China Petroleum Engineering 600339.SS | China | $2.60B | -24% | +8% | 1% | 26.7× | n/a | n/a |
| Quaker Houghton KWR | United States | $2.58B | +2% | +9% | 9% | 16.9× | 16.3% | +5.9% |
| Hubei Zhenhua Chemical 603067.SS | China | $2.56B | -35% | +31% | 11% | 23.6× | n/a | n/a |
| Kemira KEMIRA.HE | Finland | $2.55B | -8% | -3% | 8% | 16.0× | 3.9% | +2.6% |
| NOF 4403.T | Japan | $3.60B | -22% | +13% | 17% | 13.5× | -6.1% | +8.4% |