May 2026
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Largest Advanced Materials Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
Tianqi Lithium, Ganfeng Lithium, CETC Lantian Technology, HEC Group and Kuang-Chi.
 | Tianqi Lithium is a leading new energy materials company headquartered in Sichuan, China. The company is the largest producer of mined lithium globally in terms of output and is ranked third in terms of revenue generated from lithium, according to Wood Mackenzie. It is also the world’s fourth largest and Asia’s second largest lithium compound producer, as measured by production output, according to the same source. Tianqi is the only lithium producer in China that has achieved 100% self-sufficiency and has fully vertically integrated lithium mines. It operates in critical stages of the lithium value chain, including: 1) mining of lithium ore and manufacturing of lithium concentrate; and 2) manufacturing of lithium compounds and derivatives. | $16 | +89% | $28B | $29B | 18.9x | 32.5x | ||
| Ganfeng is the world’s third largest and China’s largest lithium compounds producer and the world’s largest lithium metals producer in terms of production capacity. The company offers five major categories of more than 40 lithium compounds and metals products, which is one of the most comprehensive product offerings among the suppliers globally. Starting as a midstream manufacturer of lithium compounds and lithium metals, Ganfeng has successfully expanded into a vertically integrated business model with operations along the critical stages of the industry value chain, including upstream lithium extraction, midstream lithium compounds and metals processing, and downstream lithium battery production and recycling. | $10 | +114% | $20B | $24B | 7.0x | 33.9x | ||
| CETC Lantian Technology Co Ltd is mainly engaged in the research and development, production, sales, and services of electrical energy materials, products, and systems. Its business areas include physical power supplies, chemical power supplies, power supply systems, and other upstream and downstream products in the power supply chain. | $10 | -- | $17B | $16B | 33.8x | 226.4x | ||
| Guangdong HEC Technology Holding Co Ltd is engaged in the manufacture and distribution of electronic materials and alloy materials. The company's products consist of high-purity aluminum, electrode foil, hydrophilic foil and coatings for hydrophilic foil, aluminum electrolytic capacitors, soft magnetic materials, and electrochemical products. | $5 | +212% | $16B | $17B | 7.9x | 71.8x | ||
| Kuang-Chi Technologies Co Ltd is engaged in the research and development, production, and sales of new-generation metamaterial cutting-edge equipment products in China. The company has two segments, which include the Metamaterials business segment and the Metamaterials research and development business segment. The company generates the majority of its revenue from the Metamaterials business segment. | $6 | -2% | $12B | $12B | 38.1x | 82.8x | ||
| Hengdian Group Dmegc Magnetics Co Ltd is a Chinese company engaged in making products based on hard ferrite and magnet soft ferrite cores. The products of the company include hard ferrite magnets, ferrite cores, solar cells, solar modules, rare earth magnets, motor housing, hard alloys, batteries, and flexible copper clad laminate. These products are widely used in the fields of the electronic appliance, automotive, communication and others. In addition, the group is also involved in the business of hotels, mining, health care home, international trade and others. The company exports its products to EU, USA, Japan, South America, South East Asia and other regions. | $4 | +85% | $6B | $5B | 1.6x | 10.3x | ||
| Epiworld International Co Ltd is engaged in the silicon carbide (SiC) epitaxy industry. Its knowledge of SiC epitaxy technology enables the company to stay at the frontline of the SiC epitaxy industry and provide high quality and reliable products to its customers. It is engaged in the research and development, mass production and sales of SiC epitaxial wafers, components used in the manufacturing of SiC semiconductor devices. Its customers utilize its SiC epitaxial wafers to manufacture their power devices for a wide range of downstream applications including EVs, charging infrastructure, renewable energy, ESS, among others. | $13 | -- | $6B | $6B | 49.4x | 637.3x | ||
| Poco Holdings Co Ltd is engaged in production and sales of alloy powder. The company manufactures magnetic materials, inductors, chip inductors, coils, magnetic electronic components and related equipment; stainless steel powder, steel alloy powder, iron powder, copper powder, aluminum powder, special metal alloy powder. | $13 | +93% | $5B | $5B | 19.8x | 56.7x | ||
| Zhejiang Zhenshi New Materials Co Ltd is engaged in the research and development, production, and sale of fiber reinforcement materials for clean energy applications. Its activities include the manufacturing and sale of fiberglass, glass fiber reinforced plastic products, high-performance fibers and composites, as well as related power electronic components. The company specializes in the research and development, production and sales of high-performance fiber weaving, thermosetting and thermoplastic composite products. The products are used in new energy wind power, solar photovoltaic, new energy vehicles, transportation, building materials and home furnishings. | $3 | -- | $5B | $5B | 4.3x | 23.0x | ||
| State Grid Yingda Co Ltd, formerly Shanghai Zhixin Electric Co Ltd specializes in the development, production and sale of amorphous alloy transformers in China. | $1 | -- | $4B | $683M | 0.4x | 1.0x | ||
| Shenzhen FRD Science & Techonology Co Ltd is a China based company engaged in manufacturing of EMI shielding materials, Thermal interface materials and other related electronic materials. The company has a business presence in China, and other countries. EMI shielding materials include metal shielding products, electrically conductive elastomer, fabric over foam and conductive, electrically conductive plastics, and microwave absorber. Thermal materials comprise graphite film, thermal interface material, and thermally conductive plastics. The other supporting materials offered by the entity are PUR hot melt adhesive, and graphics overlay and labels. | $7 | +116% | $4B | $4B | 4.1x | 41.8x | ||
| Ningbo Ronbay New Energy Technology Co Ltd is engaged in the research and development, production, and marketing of multi-materials, lithium ferromanganese phosphate (lmfp) materials, sodium battery materials, and multi-precursors. The products are mainly used in the manufacturing of lithium/sodium batteries and are mainly applied in fields such as electric vehicles, electric two-wheelers, energy storage equipment, and electronic products. | $5 | +45% | $3B | $4B | 2.2x | 33.7x | ||
| Shaanxi Huaqin Technology Industry Co Ltd specializes in the research and development, production and sales of stealth materials, camouflage materials and protective materials. The products and technologies are mainly used in the stealth of national defense weapons and equipment, the camouflage of important ground military targets and the surface protection of various equipment. | $8 | -11% | $3B | $3B | 14.7x | 43.8x | ||
| Fangda Carbon New Material Co Ltd is a China-based company engaged in the production and sales of graphite and carbon products. Its main products include ultra-high power, high power and common power graphite electrodes, microporous carbon bricks, semi-graphite carbon bricks, aluminum carbon bricks, isostatic graphite products, special graphite products, biological carbon products and carbon composite materials, among others. | $1 | +9% | $3B | $2B | 4.4x | 33.0x | ||
| Jiangsu Cnano Technology Co Ltd is engaged in the manufacturing, research and development, and sales of nanoscale carbon materials and related products, including carbon nanotube powder, carbon nanotube conductive paste, graphene composite conductive paste, carbon nanotube conductive masterbatch, etc. The carbon nanotube-related products produced by the company are mainly used in the field of lithium batteries, to improve the energy density and cycle life performance of lithium batteries, and finally used in new energy vehicles, 3C Products, energy storage batteries, and other fields. | $6 | -6% | $2B | $2B | 11.7x | 33.4x | ||
| Gaona Aero Material Co Ltd is engaged in the research and development, production, and sales of high-temperature materials in aerospace materials. The products of the company include casting alloy products, deformed alloy products which include high-temperature alloy bar, superalloy pipe, powder alloy products which include powder superalloy forgings, and special alloy products which include oxide dispersion strengthening series, friction plate, and porous foam products. | $3 | +11% | $2B | $2B | 3.9x | 32.2x | ||
| Beijing Zhongke Sanhuan High-tech Co Ltd is a high technology company. It is engaged in researching, developing, manufacturing and marketing magnetic materials and its application devices. Its main products cover sintered Nd-Fe-B magnets, soft ferrites, and electric bicycles. The company's products are widely used in many fields, such as the automobile, household appliance, energy, computer, communication and medical care. | $2 | -5% | $2B | $2B | 1.9x | 30.8x | ||
| Chengzhi Co Ltd, formerly Chengzhi Shareholding Co Ltd is a China-based company engaged in the businesses of clean energy, functional materials and medical care and health. | $1 | +29% | $2B | $2B | 1.3x | 15.9x | ||
| Yantai Zhenghai Magnetic Material Co Ltd is a China-based company engaged in the development, production, sale, and service of high-performance NdFeB permanent magnet materials. Its product is widely used in the fields of IT, automobile, petrochemical, mechanics, aerospace, mechanoelectronic and medical. | $2 | -13% | $2B | $1B | 1.2x | 16.1x | ||
| Daqo New Energy Corp is a polysilicon manufacturer based in China. The company manufactures and sells high-purity polysilicon to manufacturers who use it to make ingots, cells, and modules for solar power solutions. The polysilicon is packaged to meet crucible stacking, pulling, and solidification needs. All of the company's revenues come from the People's Republic of China. | $17 | +11% | $1B | ($703M) | (1.1x) | 83.0x | ||
| Veken Technology Co Ltd is engaged in the manufacturing and sales of lithium-ion batteries. Its products portfolio includes 3C Digital battery and Power battery. The company products cover ares such as passenger car, special vehicle, household appliances, and energy storage batteries. It is also used in smartphones, tablets, notebook, and computers. | $2 | -- | $956M | $890M | 4.3x | 113.5x | ||
| Yuneng Technology Co Ltd is engaged in the research and development, production and sales of component-level power electronic equipment in distributed photovoltaic power generation systems. | $6 | -- | $926M | $747M | 4.3x | (59.1x) | ||
| Median | $5 | +20% | $4B | $3B | 4.3x | 33.5x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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