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Novoray Corporation Class A

Novoray Corporation Class A

SSSE:688300
94.31
CNY
-1.01
(-1.06%)
1.01EPS
186.66P/E
45.40BMarket Cap
Oct 28Next Earn
Novoray Corporation Class A
SSE:688300
(Shanghai Stock Exchange)

Recent

price

94.31

P/E

ratio

186.66

div

yld

0.33%

ROIC.AI

2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
0.69
0.78
0.8
0.77
0.95
1.24
1.58
1.7
1.67
2.59
2.73
2.96
3.97
4.61
4.07
Revenue per Share
0.09
0.09
0.12
0.11
0.2
0.25
0.33
0.4
0.46
0.72
0.78
0.72
1.04
1.21
1.01
Basic EPS, GAAP
-0.09
0.14
0.09
- -
0.06
-0.12
0.17
0.11
-0.14
-0.23
0.35
0.81
0.68
0.65
- -
Free Cash Flow per Basic Share
0.01
0.38
0.04
0.04
0.03
0.08
0.08
0.09
0.18
0.18
0.22
0.24
0.39
0.38
0.31
Dividend per Share
0.73
0.46
0.57
0.73
0.97
1.15
1.76
3.71
3.99
4.53
5.09
5.58
6.24
7.06
7.4
Book Value per Share
0.66
0.39
0.5
0.67
0.9
1.08
1.71
3.67
3.95
4.31
4.88
5.37
6
6.78
7.07
Tangible Book Value per Share
157
154
156
160
161
170
176
186
241
241
242
241
242
242
295
Basic Weighted Avg Shares
109
120
125
122
154
211
278
315
404
625
662
712
960
1,116
1,202
Sales/Revenue/Turnover
13.97
13.63
16.43
16.21
20.15
22.08
25.22
27.13
28.57
29.6
26.25
25.28
27.71
29.23
28.2
Operating Margin (%)
5
5
6
7
7
8
11
12
16
23
36
50
53
61
- -
Depreciation Expense
14
14
19
18
33
42
58
75
111
173
188
174
251
293
297
Net Income, GAAP
11.82
14.32
13.38
13.49
14.46
14.36
14.02
13.98
13.6
12.43
2.54
11.84
12.16
12.44
12.32
Effective Tax Rate (%)
12.92
11.82
15.09
14.89
21.29
20.03
20.99
23.69
27.44
27.67
28.44
24.45
26.18
26.23
24.74
Profit Margin (%)
49
22
49
68
99
131
220
734
707
691
673
699
772
1,011
1,516
Working Capital
- -
19
18
12
6
28
25
9
- -
- -
29
27
25
24
656
LT Debt
123
77
96
123
163
193
320
896
964
1,094
1,230
1,347
1,508
1,706
1,786
Total Equity
- -
7.91
9.81
10.1
13.83
17.92
19.32
11.49
11.36
16.8
15.73
12.62
16.1
16.66
14.05
Return on Invested Capital (%)
- -
11.62
15.49
13.75
19.35
18.55
20.31
12
11.78
16.82
16.15
12.9
16.43
16.77
14.39
Return on Capital (%)
- -
14.22
21.8
16.6
22.87
23.75
22.78
12.29
11.93
16.8
16.2
13.5
17.61
18.21
17.71
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
144
44
102
LT Borrowings
- -
629
633
LT Finance Leases
24
24
23
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
241
241
241
Market Capitalization
11,533
15,614
45,396

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,430
2,056
1,907
Cash, Cash Equivalents & STI
348
892
1,119
Accounts Receivable, Net
279
285
330
Inventories
140
156
163
Total Current Liabilities
419
307
391
Payables & Accruals
- -
- -
- -
ST Debt
144
44
102
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
36.46%
12.1%
13.13%
Free Cash Flow
-275.62%
-18.57%
-4.82%
Net Income, GAAP
34.14%
23.61%
16.42%
Sales/Revenue/Turnover
25.54%
23.82%
16.15%
Total Cash Common Dividend
43.73%
18.97%
-2.12%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
202
241
250
267
960
2025
239
281
- -
292
1,116
2026
294
335
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.22
0.21
0.21
0.21
1.04
2025
0.26
0.24
- -
0.23
1.21
2026
0.3
0.25
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
0.3
- -
- -
0.39
2025
- -
0.3
- -
- -
0.38
2026
- -
- -
- -
- -
- -
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Business
Novoray Corporation (688300.SS), a China-based company founded in 2002 and headquartered in Lianyungang, Jiangsu province, researches, develops, manufactures and sells advanced inorganic non-metallic powder materials and particle carriers, including micron-level and sub-micron-level angular powders such as crystalline silica powder, fused silica powder and soft composite silica powder; micron-level spherical inorganic powders processed by flame fusion; sub-micron-level spherical particles via high-temperature oxidation and liquid phase methods; surface-treated ultrafine particles; functional particles; and slurry products, which serve electronic materials for chip packaging including epoxy molding compounds, liquid molding materials and underfills; copper clad laminates; thermal interface materials; new energy vehicle battery adhesives; solar photovoltaic structural adhesives; electrical insulating materials; special ceramics; precision casting; paints and coatings; silicon rubber; functional rubber; plastics; and advanced building materials industries in China and internationally. The company operates from facilities in the Xinpu Economic Development Zone, employs approximately 683 people and maintains a global customer base of nearly 300 enterprises across multiple countries and regions. In recent developments, Novoray reported record 2024 revenue of CNY960 million, up 34.94% year-over-year, and net profit of CNY251 million, up 44.47%, driven by semiconductor market growth and expanded sales of high-end spherical powders; launched capacity expansions including a 2024 ultra-fine spherical powder production line for advanced integrated circuits with 3,000 tons/year design capacity following prior projects such as a 25,200 tons/year electronic-grade facility in 2023 and a 15,000 tons/year spherical powder line in 2021; increased R&D spending with a 6.25% expense ratio in early 2024; and earned recognitions including Jiangsu Intelligent Manufacturing Demonstration Workshop in 2024 and National Postdoctoral Research Workstation status. Through 2025, Novoray sustains high growth with first-half revenue up 17% to CNY519 million and Q3 EPS rising to CNY0.34, while advancing high-end Lowα spherical powder and PCB applications amid AI-driven demand.