Suzhou Jinhong Gas Co.,Ltd. (688106.SS) Bundle
Dive into a data-driven look at Suzhou Jinhong Gas Co., Ltd. where H1 2025 operating revenue hit ¥1.314 billion (up 6.65% YoY) and Q3 2025 revenue rose to ¥1.607 billion (up 16.27% YoY), driving a TTM revenue of ¥2.70 billion as of Sept 30, 2025; profitability shows a Q1-Q3 2025 net profit attributable to shareholders of ¥245 million with a net margin of 8.31% (down 5.21 ppt YoY) and TTM EPS of ¥0.20 (P/E ~95.73), while the balance sheet reports 2024 total liabilities of ¥3.417 billion against assets of ¥6.767 billion (≈50% debt-to-assets) and a market cap of about ¥8.89 billion (EV ≈ ¥11.05 billion); valuation metrics-intrinsic value ~¥16.63 vs. market price ~¥18.55 (Nov 23, 2025), trailing P/E ~93.24, P/S 3.31 and P/B 2.65-sit alongside liquidity, margin compression, competitive and regulatory risks, and clear growth levers from international expansion and specialty gases, making the detailed chapters below essential for investors weighing risk, valuation and upside.
Suzhou Jinhong Gas Co.,Ltd. (688106.SS) Revenue Analysis
Suzhou Jinhong Gas Co.,Ltd. demonstrates steady top-line growth across 2024-2025, with accelerating quarterly performance through Q3 2025 and supportive per-employee productivity metrics.
- H1 2025 operating revenue: 1.314 billion yuan (+6.65% YoY).
- Revenues by Q3 2025: 1.607 billion yuan (+16.27% YoY).
- TTM (ending 2025-09-30) revenue: 2.70 billion yuan (+7.72% YoY).
- Full-year 2024 revenue: 2.53 billion yuan (+4.03% YoY).
- Revenue per employee: 1.0 million yuan (2,695 employees).
- Market capitalization (2025-11-28): 8.89 billion yuan.
| Reporting Period | Revenue (CNY) | Year-on-Year Change | Notes |
|---|---|---|---|
| H1 2025 | 1,314,000,000 | +6.65% | Operating revenue for first half of 2025 |
| Q1-Q3 2025 (through Sep 30) | 1,607,000,000 | +16.27% | Quarterly acceleration into Q3 |
| TTM ending 2025-09-30 | 2,700,000,000 | +7.72% | Trailing twelve months revenue |
| FY 2024 | 2,530,000,000 | +4.03% | Full-year 2024 reported revenue |
| Revenue per employee | 1,000,000 | - | 2,695 employees; productivity metric |
| Market capitalization (2025-11-28) | 8,890,000,000 | - | Market value on 2025-11-28 |
- Growth trajectory: sequential acceleration from H1 to Q3 2025 suggests improving demand or better pricing/mix in core gas-related services.
- Scale vs. valuation: 8.89 billion yuan market cap vs. TTM revenue of 2.70 billion implies a price-to-sales context (~3.29x P/S on market cap/TTM revenue basis).
- Operational efficiency: 1.0 million yuan revenue per employee indicates relatively high headcount productivity for the sector.
- Investor focus areas: sustaining the Q3 momentum into Q4, margin trends, capex and working capital management given revenue growth.
Additional corporate context and long-term positioning are noted in the company's governance and strategic materials: Mission Statement, Vision, & Core Values (2026) of Suzhou Jinhong Gas Co.,Ltd.
Suzhou Jinhong Gas Co.,Ltd. (688106.SS) - Profitability Metrics
Key profitability indicators for Suzhou Jinhong Gas Co.,Ltd. (688106.SS) across recent reporting periods show mixed signals: positive absolute profits but contracting margins and modest returns on capital.
- Net profit attributable to shareholders (first three quarters of 2025): 245 million yuan.
- Net profit margin (first three quarters of 2025): ~8.31% (down 5.21 percentage points year-on-year).
- Comprehensive gross profit margin (2024): 32.15% (down 5.58 percentage points from 2023).
- Operating income (TTM ending 2025-03-31): 267.45 million yuan; operating margin: 9.83%.
- Return on assets (TTM): 2.41%.
- Return on equity (TTM): 5.18%.
- Earnings per share (EPS, TTM ending 2025-12-12): 0.20 yuan; P/E ratio: 95.73.
| Metric | Value | Period / Note | Change (YoY) |
|---|---|---|---|
| Net profit attributable to shareholders | 245 million yuan | First three quarters 2025 | - |
| Net profit margin | 8.31% | First three quarters 2025 | -5.21 ppt YoY |
| Comprehensive gross profit margin | 32.15% | Full year 2024 | -5.58 ppt YoY |
| Operating income (TTM) | 267.45 million yuan | TTM ending 2025-03-31 | - |
| Operating margin | 9.83% | TTM ending 2025-03-31 | - |
| Return on assets (ROA, TTM) | 2.41% | TTM | - |
| Return on equity (ROE, TTM) | 5.18% | TTM | - |
| EPS (TTM) | 0.20 yuan | TTM ending 2025-12-12 | - |
| P/E ratio | 95.73 | Based on EPS 0.20 yuan | - |
Readers seeking broader investor context can review further company profile and shareholder dynamics here: Exploring Suzhou Jinhong Gas Co.,Ltd. Investor Profile: Who's Buying and Why?
Suzhou Jinhong Gas Co.,Ltd. (688106.SS) - Debt vs. Equity Structure
Suzhou Jinhong Gas Co.,Ltd. (688106.SS) entered the last reported fiscal year (2024) with a capital structure that reflects a roughly equal split between liabilities and equity. Key headline figures are presented below and are useful for investors assessing leverage, solvency and valuation.| Metric | Value | Date / Notes |
|---|---|---|
| Total assets | 6.767 billion CNY | FY2024 |
| Total liabilities | 3.417 billion CNY | FY2024 |
| Total equity | 3.350 billion CNY | Implied (Assets - Liabilities) |
| Debt-to-assets ratio | ~50% | 3.417 / 6.767 |
| Equity-to-assets ratio | ~50% | 3.350 / 6.767 |
| Debt-to-equity (inferred) | ~1.02 | 3.417 / 3.350 (moderate) |
| Market capitalization | 8.89 billion CNY | As of 2025-11-28 |
| Enterprise value (EV) | 11.05 billion CNY | Includes net debt + market cap |
| Shares outstanding | 477.15 million | As of 2025-12-12 |
| Share price | 19.21 CNY | As of 2025-12-12 |
- Balanced capitalization: liabilities (~3.417 bn) and equity (~3.350 bn) split assets almost evenly (~50/50), limiting extreme financial risk from overleverage.
- Moderate leverage: inferred debt-to-equity ≈ 1.02 suggests the company finances operations with a roughly equal mix of debt and shareholders' funds.
- Enterprise value vs. market cap: EV (11.05 bn) exceeds market cap (8.89 bn), indicating meaningful net debt and/or minority interests are priced into total value.
- Market equity perspective: 477.15M shares at 19.21 CNY imply the stated market cap and enable per-share comparisons with book equity metrics.
Suzhou Jinhong Gas Co.,Ltd. (688106.SS) Liquidity and Solvency
Liquidity and solvency metrics for Suzhou Jinhong Gas show mixed signals: some core ratios are unavailable, while profitability and efficiency measures point to moderate stress versus prior periods.Key figures:
| Metric | Value | Period / Notes |
|---|---|---|
| Current Ratio | Not disclosed | Not explicitly detailed in available sources |
| Quick Ratio | Not disclosed | Not explicitly detailed in available sources |
| Operating Income (TTM) | 267.45 million RMB | TTM ending 2025-03-31 |
| Operating Margin | 9.83% | TTM ending 2025-03-31 |
| Comprehensive Gross Profit Margin | 32.15% | Full year 2024 (down 5.58 pp YoY) |
| Net Profit Margin | 8.31% | First three quarters of 2025 (down 5.21 pp YoY) |
| Return on Assets (ROA, TTM) | 2.41% | TTM |
| Return on Equity (ROE, TTM) | 5.18% | TTM |
| Earnings Per Share (EPS, TTM) | 0.20 RMB | TTM ending 2025-12-12 |
| Price-to-Earnings (P/E) | 95.73 | Based on EPS above |
- The absence of published current and quick ratios limits direct short-term liquidity assessment; working capital adequacy should be verified from balance-sheet detail.
- Profitability has softened: gross margin contraction in 2024 (down 5.58 pp) and a 5.21 pp decline in net margin through Q3 2025 indicate margin pressure.
- Operating margin of 9.83% on 267.45M RMB TTM revenue suggests operations remain profitable but with tighter conversion to net income (net margin 8.31% for Q1-Q3 2025).
- Modest ROA (2.41%) and ROE (5.18%) reflect moderate efficiency in asset and equity use; investors should weigh capital intensity and leverage.
- A high P/E of 95.73 on EPS of 0.20 RMB implies market expectations for future growth or limited near-term earnings visibility-valuation sensitivity is elevated.
For additional context on shareholder composition and investor activity, see: Exploring Suzhou Jinhong Gas Co.,Ltd. Investor Profile: Who's Buying and Why?
Suzhou Jinhong Gas Co.,Ltd. (688106.SS) - Valuation Analysis
- Intrinsic value (11/23/2025): 16.63 yuan/share - implies the 18.55 yuan market price that day was ~10.40% over intrinsic value.
- Trailing P/E: 93.24; Forward P/E: 28.90 - high multiples indicating strong growth expectations or limited near-term earnings.
- Market-based multiples: P/S 3.31; P/B 2.65.
- Enterprise multiples: EV/Revenue 3.98; EV/EBITDA 18.06.
- Market capitalization (12/12/2025): 8.93 billion yuan; Enterprise value (12/12/2025): 11.05 billion yuan.
- Shares outstanding: 477.15 million; Share price (12/12/2025): 19.21 yuan.
| Metric | Value | Date | Notes |
|---|---|---|---|
| Intrinsic Value (per share) | 16.63 yuan | 2025-11-23 | Model-derived fair value |
| Market Price (comparison) | 18.55 yuan | 2025-11-23 | ~10.40% above intrinsic value |
| Share Price | 19.21 yuan | 2025-12-12 | Used for market-cap calc |
| Shares Outstanding | 477.15 million | 2025-12-12 | |
| Market Capitalization | 8.93 billion yuan | 2025-12-12 | Share price × shares outstanding |
| Enterprise Value (EV) | 11.05 billion yuan | 2025-12-12 | Market cap + net debt |
| Trailing P/E | 93.24 | - | High trailing multiple |
| Forward P/E | 28.90 | - | Reflects analyst earnings growth expectations |
| Price-to-Sales (P/S) | 3.31 | - | Valuation vs revenue |
| Price-to-Book (P/B) | 2.65 | - | Valuation vs equity book value |
| EV/Revenue | 3.98 | - | Enterprise valuation relative to sales |
| EV/EBITDA | 18.06 | - | Enterprise valuation relative to operating earnings |
- High trailing P/E (93.24) vs materially lower forward P/E (28.90) suggests expectations of near-term earnings improvement or recent earnings volatility.
- EV/EBITDA of 18.06 indicates the market is pricing a premium for operating cash-flow generation compared with lower-multiple peers in more mature utility/energy segments.
- P/S of 3.31 and P/B of 2.65 point to modest premium over sales and book value; combined with EV metrics, investors should weigh growth assumptions embedded in price.
Suzhou Jinhong Gas Co.,Ltd. (688106.SS) - Risk Factors
Suzhou Jinhong Gas Co.,Ltd. faces several identifiable risks that can materially affect revenue, margins and cash generation. The following sections break down the primary risk drivers, quantify potential impacts where industry and company-level observations allow, and highlight operational points investors should monitor.- Intensified market competition - Ultrapure ammonia and other specialty gas product lines have experienced margin compression as new entrants and capacity expansions push pricing pressure. Observed industry trends suggest gross-margin erosion in specialty segments of roughly 200-500 basis points in aggressive competitive episodes.
- Raw material price volatility - Feedstock and energy (natural gas, electricity) price swings can quickly change unit costs. A 10-20% move in key feedstock prices can translate to a 3-7% swing in consolidated gross margin depending on pass-through ability and product mix.
- Regulatory and environmental changes - New safety, emissions, or permitting requirements raise capital and operating expenditures. Compliance CAPEX spikes or tightened emissions limits can increase unit production costs by an estimated 2-6% in the first 12-36 months post-implementation.
- Macroeconomic cyclicality - Industrial gas demand is correlated with manufacturing output. A mild recession reducing industrial activity by 5-10% could lower topline volumes by a similar magnitude in exposed end-markets (chemicals, electronics, metals).
- Technological displacement - Competitor advances in gas generation, on-site production (ASU/PSA), or alternative materials can reduce market share for traditional supply models, potentially shifting 5-15% of addressable demand in vulnerable product categories over a multi-year horizon.
| Risk | Typical Timeframe to Impact | Estimated Revenue Impact | Estimated Margin Impact | Monitoring Indicators |
|---|---|---|---|---|
| Competitive price pressure (ultrapure ammonia) | 6-24 months | -3% to -12% | -200 to -500 bps | New capacity announcements, tender outcomes, regional spot prices |
| Raw material price volatility | Immediate to 12 months | ±0% to ±8% | ±100 to ±700 bps | Natural gas/electricity price indices, supplier contracts |
| Regulatory/environmental changes | 12-36 months | -1% to -6% | -50 to -300 bps (plus one-time CAPEX) | New national/local regulations, permitting timelines |
| Economic downturns | 3-18 months | -5% to -20% | -150 to -600 bps | PMI, industrial production, order backlog |
| Technological advancements by competitors | 12-48 months | -2% to -15% | -100 to -500 bps | Patents, R&D spending, on-site generation adoption rates |
| Environmental compliance & operational constraints | 6-36 months | -1% to -7% | -50 to -350 bps | Emissions limits, remediation costs, inspection reports |
Suzhou Jinhong Gas Co.,Ltd. (688106.SS) Growth Opportunities
Suzhou Jinhong Gas Co.,Ltd. (688106.SS) sits at the intersection of industrial gas demand and specialized electronic-gas requirements, with existing production footholds in Singapore, Vietnam and Thailand that can be leveraged for regional expansion. Key growth vectors align with global market trends-industrial gases market projected CAGR ~6-7% (2024-2030) and electronic specialty gases growing faster alongside semiconductor investment cycles.- Geographic expansion: leverage gas production facilities in Singapore, Vietnam and Thailand to capture ASEAN manufacturing growth and export volumes to nearby high-demand markets (estimated incremental revenue potential: 10-25% over 3-5 years, depending on utilisation).
- Electronic specialty gases: target fabs and advanced packaging suppliers by expanding product portfolio-electronic gas sales typically command 2-4x gross margins versus commodity industrial gases.
- Bulk gas carriers & logistics: invest in larger-capacity cylinders and cryogenic tankers to serve bulk users (chemicals, steel, glass) and improve distribution economics-could reduce per-unit distribution cost by an estimated 8-15%.
- On-site generation & services: develop on-site oxygen/nitrogen generation and third-party cylinder inspection services to increase recurring-service revenue and improve customer lock-in (on-site contracts can represent 20-40% higher lifetime value).
- Strategic partnerships and JVs: collaborate with international gas technology providers to access membrane, PSA and cryogenic tech-accelerates time-to-market for specialty products.
- R&D investment: focus on ultra-high-purity and specialty blends for electronics; R&D-driven process improvements can yield 3-7% reductions in production cost per unit over 2-4 years.
- Mergers & acquisitions: acquire regional independents to scale cylinder networks and fill gaps in last-mile delivery-M&A can increase market share rapidly and deliver synergies in procurement and logistics.
| Opportunity | Key Actions | Estimated Impact (Revenue/Cost) | Typical Timeline |
|---|---|---|---|
| ASEAN export expansion (Singapore/Vietnam/Thailand) | Increase plant throughput, local sales teams, export logistics | Revenue +10-25% (3-5 yrs) | 1-3 years to scale |
| Electronic specialty gases | Product development, certifications, supply agreements with fabs | Margin uplift 2-4x vs. commodity gases | 1-2 years for initial customers |
| Bulk gas carriers & cryogenic logistics | Capex for tankers, fleet optimisation, long-term contracts | Distribution cost -8-15% | 2-4 years |
| On-site generation & cylinder inspection services | Service teams, mobile units, certification capabilities | Recurring revenue share +20-40% per contract | 1-3 years |
| Strategic JVs/partnerships | Tech licensing, co-investment in facilities | Faster tech adoption; reduced capex risk | 6-18 months to establish |
| R&D and process innovation | Hire specialists, pilot lines, quality labs | Production cost -3-7% | 2-4 years |
| Acquisitions of regional competitors | Targeted M&A, integration of logistics and sales | Market share increase; procurement synergies | 6-24 months per transaction |
- Financial levers to monitor: utilization rates at ASEAN plants (target >80%), gross margin expansion from specialty gases, service-contract penetration (on-site & inspection), and logistics cost per transported cubic metre.
- Execution risks: capex intensity for cryogenic assets, qualification timelines for electronic gases, FX exposure across Southeast Asia, and integration risk for acquisitions.
- Actionable investor signals: rising R&D spend, new JV announcements, increased capital allocation to logistics/cryogenic fleet, and disclosed long-term on-site contracts typically presage higher recurring cash flow.
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