CompanyGraph
Zhejiang Sanmei Chemical Industry Co., Ltd.
603379 · SSE · China
sanmeichem.comFinancials as of FY2025
Runs chemical plants that convert raw feedstocks into fluorochemical compounds, earning revenue by supplying those compounds as inputs to other manufacturers' refrigeration, insulation, and industrial processes.
- Depends onDownstream position: depends on 12 industries, supplies 6
- ScaleMarket cap is $4.72B, above the global median of $1.2B
- PositionGross margin is 50.9%, higher than 95% of its Chemicals peers (median 18.1%)
- Interpretations11 currently firing — 11
What this company is and how it runs — written from structure, not news.
CompanyGraph reads this company as a conversion point in a chemical supply network: it draws physical inputs from a wide base of upstream industries, processes them through fixed chemical plants, and channels the resulting output toward a narrower set of downstream industrial buyers. CompanyGraph treats it as a production and distribution point in that network; CompanyGraph has no evidence that it also sets standards or rules that others in the chain must follow.
By its own account, this company sells to other businesses rather than to consumers, naming automobile and air-conditioner manufacturers among its buyers, along with buyers across household and commercial refrigeration, insulation foam, metal treatment, and electronics-related manufacturing. CompanyGraph's own patterns separately show margins at the gross, operating, and cash-flow levels sitting toward the upper end of the range mapped across its chemical-industry peers, with profit and cash generation moving upward together rather than diverging, across the years CompanyGraph holds on file.
CompanyGraph's patterns place this company's profitability, cash generation, and returns on capital toward the upper end of the range mapped across its chemical-industry peers, with growth in profit and cash flow that has compounded steadily rather than moved unevenly across the years on file, and cash holdings that sit high relative to debt. Because this kind of business is organized around fixed plants that convert inputs at a capped physical rate, growing output generally means adding physical processing capacity rather than expanding at low incremental cost; this is a general pattern CompanyGraph tests against companies in this industry, not a plan or measurement specific to this company, which CompanyGraph does not have on file.
CompanyGraph's mapping of this company's position in the chemical supply network places it downstream of a wide base of upstream industries, meaning it draws inputs from many separate industrial sources rather than from just one or two. CompanyGraph does not have specific supplier names, single-source input disclosures, or key-input details for this company on file, so no individual dependency can be described further.
By its own account, this company's customers are other businesses, named as automobile and air-conditioner manufacturers along with buyers in household and commercial refrigeration, refrigerators, rigid foam insulation, metal treatment, integrated circuits, displays, and solar cells, spanning several distinct manufacturing chains rather than one. CompanyGraph's supply-chain mapping separately places it upstream of a narrower band of industries than the number it draws inputs from, consistent with a conversion step that feeds fewer, more specific downstream uses than the range of inputs behind it.
CompanyGraph places this company within a large group of other companies that run the same kind of fixed-plant conversion system, so the way it is organized is a common shape rather than a rare one. Within that common shape, its margins and returns on capital sit toward the higher end of the range CompanyGraph maps across its chemical-industry peers. CompanyGraph does not have evidence describing what, if anything, would stop other companies in that group from reaching the same position, so no claim is made about what competitors can or cannot copy.
The starting assumption CompanyGraph tests for this kind of business is that its scale is bound by how much a fixed plant can physically convert in a given period, shaped further by maintenance downtime and by whether feedstock is available at a workable cost. This is a general industry-level assumption applied before looking at the specific company, not a measurement of it: no capacity, approval, input, or talent constraint specific to this company is on file to confirm whether or how it holds here.
The starting assumption CompanyGraph tests for this kind of business is that it faces pressure from the cost and availability of the feedstocks a fixed plant needs to keep running at rate, and from compression in the spread between what those inputs cost and what the converted output sells for. This is a general industry-level assumption, not a measurement of this company: CompanyGraph does not have this company's own disclosures on file naming specific regulators, trade exposures, or environmental proceedings that would confirm how these pressures act on it in particular.
Read from the company's own filings and public materials (gathered August 2026) together with figures CompanyGraph recomputed from its statements. Written September 2026. A question with no evidence behind it is left out rather than answered.
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Sign inWhat the company actually pays, and whether its own cash supports it.
The reported statements, read against the company's own industry.
11 interpretations currently present — each is a set of fired observations whose alignment reads as one structural pattern. Click an observation to see the numbers behind it.
Screen for these patternsIs this company financially stable?
MRQ Cash Elevated Relative To Total Debt With EBITDA And FCF Elevated Relative To Total Liabilities
Cash covers most of its debt, with earnings high against its liabilities.
How does this company use capital?
Cash-Flow Ratios Elevated
More of its sales turn into cash than in its industry, and less of that cash is consumed by reinvestment than at most of its peers.
Three Margin Ratios Elevated Across Gross, Operating, And Cash-Conversion Levels
Its gross margin and its cash margin are high for its industry, and its operating margin is high outright.
Industry-Benchmarked ROA and Margin Elevated
Returns and margins have sat in the top of its industry across five years.
Three Margin Ratios Elevated Across Gross, Operating, And Net Levels
Its gross and net margins are high for its industry, and its operating margin is high outright.
ROE, ROA, And Operating ROA Elevated
It earns more on its equity than its industry does, and on its assets too — not on borrowing alone.
Is this company growing?
Earnings, Profit, and Cash Flow All Compounding
Its profit, gross profit and free cash flow have all grown across four years.
How is this stock valued?
Down-Close Streak With Profitability
A run of down weeks on a company profitable three years running and funded by equity.
High Retained Earnings With Profitability And Equity
Profits kept in the business fund much of what it owns, after five straight profitable years.
Price Below Mean With Profitability And Book Value
Price sits well below its yearly mean, on three profitable years and rising book value.
Price Below Mean With Profitability And Equity
Price sits well below its yearly mean, profitable three years, and its equity ratio is high for its industry.
An interpretation is present only while every observation it reads stays fired (score ≥ 70). It describes what the aligned readings show — never a verdict, never a prediction.
Shared structure with peers — never a ranking.
Structural observations derived from financial data, industry benchmarks, and supply chain position.
Peer Positioning
Financial Health
Supply Chain
Scale
Companies that share the same coordination system — how they create, deliver, or capture value.
Companies that share active interpretations — structural patterns currently present in both stocks.
Supply Chain
Petrochemicals Supply Chain
Follow hydrocarbons through cracking, separation, polymers, conversion, use, and recovery. A cracker produces a coupled slate, so feedstock, product demand, contracts, plant configuration, and waste routes constrain one another.
Plastics Supply Chain
Follow feedstock through monomer and polymer production, compounding, conversion, packaging, use, collection, recycling, combustion, and disposal. Resin tonnes and recycling rates are bounded measurements, not proof that the original function returned.