Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) Bundle
Tangshan Sanyou Chemical Industries' recent financial picture raises immediate questions for investors: 2024 revenue stood at CNY 21.36 billion (down 2.55% from CNY 21.92 billion), while TTM revenue as of Nov 2025 fell to CNY 19.45 billion - a 9.90% year-over-year decline; profitability has weakened sharply with first-half 2025 net income plunging 77.64% to CNY 73.25 million (EPS CNY 0.0355), trailing twelve-month net margin only 2.34% and operating margin near 0.04%, yet valuation metrics present contrasts - a TTM P/E of 50.82 vs. a forward P/E of 13.38, a low P/S of 0.49 and P/B of 0.74, enterprise value at CNY 15.73 billion against market cap CNY 11.15 billion, a debt-to-equity of 40.50% and an EV/EBITDA of 7.61 - and with R&D initiatives, a Circulose partnership and exports to 30+ markets, the balance of risk and opportunity is anything but straightforward, read on to unpack the numbers, ratios and strategic signals driving investment decisions.
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) - Revenue Analysis
Tangshan Sanyou Chemical Industries Co.,Ltd reported mixed top-line trends across 2023-2025 with declining sales year-over-year and a lower trailing twelve months (TTM) run rate as of November 2025. Key reported figures and segment/geography breakdowns are summarized below.
| Metric | Value | Notes / YoY Change |
|---|---|---|
| Revenue (2024) | CNY 21.36 billion | Down 2.55% from CNY 21.92 billion in 2023 |
| Revenue (TTM as of Nov 2025) | CNY 19.45 billion | Down 9.90% YoY |
| Revenue per share (TTM) | CNY 10.12 | Basis for P/S calculation |
| Price-to-Sales (P/S) | 0.49 | Relatively low valuation vs. sales |
| Sales (H1 2025) | CNY 9.35 billion | Down from CNY 10.55 billion in H1 2024 |
| Chemicals & Chemical Fibers Revenue (2023) | CNY 22.93 billion | Down 7.74% YoY |
| Domestic Revenue (2023) | CNY 19.17 billion | Majority of sales |
| Foreign Revenue (2023) | CNY 2.31 billion | Smaller contribution |
- Top-line trajectory: from CNY 21.92B (2023) to CNY 21.36B (2024) and down to a CNY 19.45B TTM as of Nov‑2025.
- Short‑term weakness: H1 2025 sales of CNY 9.35B vs CNY 10.55B in H1 2024, signaling continued pressure into 2025.
- Segment exposure: chemicals & chemical fibers remain core but showed a 7.74% decline in 2023 to CNY 22.93B.
- Geographic concentration: domestic market drives the bulk of revenues (CNY 19.17B in 2023) while exports are limited (CNY 2.31B).
- Valuation context: revenue per share TTM CNY 10.12 and P/S 0.49 point to a low sales multiple-useful when comparing peers and assessing downside/upside vs. recovery in volumes or prices.
For additional historical context and corporate background, see Tangshan Sanyou Chemical Industries Co.,Ltd: History, Ownership, Mission, How It Works & Makes Money
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) - Profitability Metrics
The profitability profile for Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) shows constrained margins and low returns relative to assets and equity. Recent reported figures highlight a sharp deterioration in earnings in the first half of 2025 versus 2024.- Net profit margin (TTM): 2.34% - modest profitability.
- Operating margin (TTM): 0.04% - minimal operational efficiency.
- Return on assets (ROA, TTM): 1.61% - low asset returns.
- Return on equity (ROE, TTM): 3.22% - low equity returns.
- Net income (H1 2025): CNY 73.25 million, down 77.64% from CNY 327.65 million in H1 2024.
- Basic EPS (H1 2025): CNY 0.0355, down 77.63% from CNY 0.1587 in H1 2024.
| Metric | Value (TTM or H1 2025) | Notes / Change |
|---|---|---|
| Net Profit Margin (TTM) | 2.34% | Modest margin level |
| Operating Margin (TTM) | 0.04% | Near breakeven operating performance |
| ROA (TTM) | 1.61% | Low return on assets |
| ROE (TTM) | 3.22% | Low return on equity |
| Net Income (H1 2025) | CNY 73.25 million | -77.64% vs H1 2024 (CNY 327.65M) |
| Basic EPS (H1 2025) | CNY 0.0355 | -77.63% vs H1 2024 (CNY 0.1587) |
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) - Debt vs. Equity Structure
Tangshan Sanyou Chemical's capital structure indicates a moderate reliance on debt financing with a number of valuation signals suggesting the market prices the company below its book value. Key aggregate metrics (latest available):
- Total debt-to-equity ratio: 40.50% - moderate leverage, debt is less than half of equity.
- Enterprise value (EV): CNY 15.73 billion (as of Dec 31, 2024).
- Market capitalization: CNY 11.15 billion (as of Dec 31, 2024); change - decreased 5.92% from Nov 2024 to Nov 2025.
- Price-to-book (P/B) ratio: 0.74 - stock trading below book value.
- EV / Revenue: 0.68 - EV equals 68% of annual revenue.
- EV / EBITDA: 7.61 - valuation relative to operating cash profits.
| Metric | Value | Interpretation |
|---|---|---|
| Total Debt-to-Equity | 40.50% | Moderate leverage; manageable debt burden relative to equity base |
| Enterprise Value (EV) | CNY 15.73 billion | Combined market value of equity and net debt |
| Market Capitalization | CNY 11.15 billion | Equity market value (Dec 31, 2024) |
| Market Cap Change (Nov 2024 → Nov 2025) | -5.92% | Modest decline in investor valuation over 12 months |
| Price-to-Book (P/B) | 0.74 | Trading below book value; potential value signal or balance-sheet risk |
| EV / Revenue | 0.68 | Low ratio indicating EV is 68% of annual revenue |
| EV / EBITDA | 7.61 | Valuation level vs. operating earnings |
Implications for investors:
- Balance-sheet strength - 40.50% debt-to-equity suggests room to absorb shocks without extreme financial stress, but investors should monitor interest coverage and maturities.
- Valuation gap - P/B of 0.74 and a lower EV/Revenue indicate the market may be pricing a discount vs. book and sales; confirm with asset quality and one-off items.
- Relative value - EV/EBITDA of 7.61 is moderate; compare with peers in chemicals to assess premium/discount.
- Market sentiment - a 5.92% market-cap decline year-over-year flags caution on sentiment or fundamentals; reconcile with operational KPIs and recent earnings.
For the company's guiding principles and strategic context relevant to capital structure decisions see: Mission Statement, Vision, & Core Values (2026) of Tangshan Sanyou Chemical Industries Co.,Ltd.
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) - Liquidity and Solvency
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) presents a mixed liquidity and solvency profile as of December 31, 2024. Key profitability and valuation metrics point to modest operating returns and a reasonable valuation multiple relative to earnings.
- Current and quick ratios: Not specified in the available data, limiting short-term liquidity assessment.
- Net profit margin (TTM): 2.34% - modest profitability on sales.
- Return on assets (ROA, TTM): 1.61% - low efficiency in using assets to generate profit.
- Return on equity (ROE, TTM): 3.22% - limited returns to shareholders.
- Enterprise value (EV): CNY 15.73 billion as of 2024-12-31.
- Market capitalization: CNY 11.15 billion as of 2024-12-31.
- Enterprise-to-revenue (EV/Revenue): 0.68 - EV equals 68% of annual revenue.
- Enterprise-to-EBITDA (EV/EBITDA): 7.61 - valuation relative to operating cash earnings.
| Metric | Value | Units / Notes |
|---|---|---|
| Net Profit Margin (TTM) | 2.34% | Profitability of sales |
| ROA (TTM) | 1.61% | Return on total assets |
| ROE (TTM) | 3.22% | Return on shareholders' equity |
| Enterprise Value (EV) | CNY 15.73 billion | EV as of 2024-12-31 |
| Market Capitalization | CNY 11.15 billion | Market cap as of 2024-12-31 |
| EV / Revenue | 0.68 | Enterprise value relative to annual revenue |
| EV / EBITDA | 7.61 | Valuation multiple vs EBITDA |
| Current Ratio | Not specified | Short-term liquidity unknown |
| Quick Ratio | Not specified | Short-term liquidity (ex-inventory) unknown |
For broader corporate context and history, see: Tangshan Sanyou Chemical Industries Co.,Ltd: History, Ownership, Mission, How It Works & Makes Money
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) - Valuation Analysis
Tangshan Sanyou Chemical Industries presents a mixed valuation profile: elevated trailing earnings multiple but materially lower multiples against sales, book value and enterprise measures - a signal of market expectations for near-term earnings improvement and relative asset backing.- Trailing twelve months (TTM) P/E: 50.82 - market currently prices past earnings at a high multiple.
- Forward P/E: 13.38 - analysts/market anticipate substantial earnings growth or recovery.
- Price-to-Sales (P/S): 0.49 - equity values below half a year's revenue per share, indicating low revenue-based valuation.
- Price-to-Book (P/B): 0.74 - stock trading below book value, implying potential margin of safety or balance-sheet discount.
- Enterprise-to-Revenue: 0.68 - enterprise value equals 68% of annual revenue, a conservative valuation on a revenue basis.
- EV/EBITDA: 7.61 - moderate valuation relative to operating cash-profit, often seen as reasonable for cyclicals.
| Metric | Value | Interpretation |
|---|---|---|
| TTM P/E | 50.82 | High historical earnings multiple - reflects weak recent EPS or premium expectations. |
| Forward P/E | 13.38 | Expectations of earnings improvement; large gap vs TTM implies forecasted recovery. |
| Price-to-Sales (P/S) | 0.49 | Low sales-based valuation; equity market caps under half annual revenues. |
| Price-to-Book (P/B) | 0.74 | Trading below book value - potential asset-backed upside or structural concerns priced in. |
| Enterprise-to-Revenue | 0.68 | EV is 68% of revenue - conservative relative to many peers in chemicals/manufacturing. |
| EV/EBITDA | 7.61 | Moderate multiple suggesting reasonable pricing vs operating cash profits. |
- Valuation disconnect: a high TTM P/E alongside low P/S and P/B suggests depressed recent profitability rather than an expensive revenue or asset base.
- Forward P/E compression versus TTM P/E indicates market/analyst expectation of near-term EPS rebound - validate forecast drivers (volume, prices, cost reductions).
- EV/Revenue and EV/EBITDA indicate the enterprise is valued modestly versus peers; check balance-sheet items (debt, cash) that drive EV.
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) - Risk Factors
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) presents several material risk indicators that investors should weigh carefully. Recent operating performance shows meaningful deterioration: revenue declined 9.90% year-over-year and net income fell 77.64% in the first half of 2025. Profitability and capital efficiency metrics remain low, with a trailing twelve months (TTM) net profit margin of 2.34%, ROA (TTM) of 1.61%, and ROE (TTM) of 3.22%.- Declining top line: Revenue down 9.90% YoY, pressuring gross and operating margins.
- Severe net profit compression: Net income fell 77.64% in H1 2025, indicating one-off shocks or deteriorating core profitability.
- Thin margins: TTM net profit margin at 2.34% limits buffer for cyclical volatility and cost shocks.
- Low capital returns: ROA (TTM) 1.61% and ROE (TTM) 3.22% suggest limited efficiency in asset and equity deployment.
- Valuation vs. fundamentals: Enterprise value of CNY 15.73 billion vs. market cap of CNY 11.15 billion (Dec 31, 2024) implies leverage and/or minority claims; EV/Revenue 0.68 and EV/EBITDA 7.61 may partially reflect depressed earnings.
- Operational and market risks: Commodity cyclicality, input-cost volatility, and regulatory/environmental exposures typical for chemical producers.
| Metric | Value |
|---|---|
| Revenue change (YoY) | -9.90% |
| Net income change (H1 2025 YoY) | -77.64% |
| Net profit margin (TTM) | 2.34% |
| ROA (TTM) | 1.61% |
| ROE (TTM) | 3.22% |
| Enterprise Value (as of Dec 31, 2024) | CNY 15.73 billion |
| Market Capitalization (as of Dec 31, 2024) | CNY 11.15 billion |
| EV / Revenue | 0.68 |
| EV / EBITDA | 7.61 |
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) - Growth Opportunities
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) is positioning growth around innovation-driven textiles, cleaner energy-linked processes, and expanded international sales channels. Key strategic moves and measurable assets underpin multiple vectors for medium- and long-term expansion.- R&D strength: the company has achieved nearly 100 scientific research results, many reaching international and domestic advanced levels.
- Institutional recognition: the technical center is designated as a post-doctoral research workstation by the Ministry of Human Resources, supporting higher-level talent attraction and advanced project development.
- Circularity & partnerships: in April 2025 Tangshan Sanyou Chemical Fiber formed a strategic partnership with Circulose to drive textile circularity, accelerating recycled-fiber capability and access to circular textile value chains.
- Environmental-technology projects: developing and constructing alkali residue treatment, salt-mud pressure filtration, and comprehensive waste-management systems to reduce emissions and improve resource recovery.
- Product export footprint: products are exported to more than 30 countries and regions across Asia, Africa, Latin America, and Oceania, providing a platform for incremental international revenue growth.
- Commercialization pathway: outcomes from nearly 100 research results create pipelines for higher-value specialty fibers, chemical intermediates, and process technologies suitable for licensing or joint ventures.
| Growth Lever | Concrete Actions | Expected Outcome (near-mid term) |
|---|---|---|
| R&D & Talent | Post-doctoral workstation; ~100 research outcomes | Faster product development cycles; higher-margin specialty products |
| Textile Circularity | Partnership with Circulose (April 2025) | New recycled-fiber lines; access to circular supply chains; brand uplift |
| Environmental Projects | Alkali residue & salt-mud pressure filtration projects | Lower compliance costs; reduced waste disposal liabilities; improved ESG ratings |
| International Sales | Exports to >30 countries/regions | Revenue diversification; scale opportunities in emerging markets |
| Commercialization & Licensing | Convert research outputs to industrial applications | Recurring IP income; partnerships with downstream manufacturers |
Tangshan Sanyou Chemical Industries Co.,Ltd (600409.SS) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Disclaimer
All information, articles, and product details provided on this website are for general informational and educational purposes only. We do not claim any ownership over, nor do we intend to infringe upon, any trademarks, copyrights, logos, brand names, or other intellectual property mentioned or depicted on this site. Such intellectual property remains the property of its respective owners, and any references here are made solely for identification or informational purposes, without implying any affiliation, endorsement, or partnership.
We make no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of any content or products presented. Nothing on this website should be construed as legal, tax, investment, financial, medical, or other professional advice. In addition, no part of this site—including articles or product references—constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any securities, franchises, or other financial instruments, particularly in jurisdictions where such activity would be unlawful.
All content is of a general nature and may not address the specific circumstances of any individual or entity. It is not a substitute for professional advice or services. Any actions you take based on the information provided here are strictly at your own risk. You accept full responsibility for any decisions or outcomes arising from your use of this website and agree to release us from any liability in connection with your use of, or reliance upon, the content or products found herein.