# Cngr Advanced Material (300919.SHE)

Canonical: https://gigainvestors.com/s/300919.SHE

Analysis as of: 2026-10-16T07:37:20.970Z. Financial observations: FY2017–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 34.31 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 9 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.37×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.01×

- FY2018: 0.03×

- FY2019: 0.04×

- FY2020: 0.06×

- FY2021: 0.05×

- FY2022: 0.05×

- FY2023: 0.07×

- FY2024: 0.05×

- FY2025: 0.08×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 9.1%

- ROIC, second-lowest year: 7.0%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 12.0%

- Recent gross margin (lower of latest and 3-year median): 12.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 16.1%

- ROIC including acquisitions, ten-year median: -0.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 3.7%

- FY2018: 10.4%

- FY2019: 9.1%

- FY2020: 15.2%

- FY2021: 13.2%

- FY2022: 7.4%

- FY2023: 8.0%

- FY2024: 7.0%

- FY2025: 9.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: -0.47×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY -3.5B

- Net income, five-year total: CNY 7.5B

- Return on incremental invested capital: 9.0%

- Working capital / revenue, annual change: -1.7 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.60×

- FY2022: -2.23×

- FY2023: -1.06×

- FY2024: -0.09×

- FY2025: 1.00×

### management: pass

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 9.1% vs 8.0%

- Per-share earnings: 0.14 to 1.65 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 10.8%

- Diluted shares, 5-year annual growth: 10.8%

- Per-share value growth: 50.8%

- Per-share value change: CNY 1.51

- Per-share value, starting three-year median: CNY 0.14

- Per-share value, ending three-year median: CNY 1.65

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.7%

- Buyback history: 2 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 9.1%

- ROIC, last three-year median: 8.0%

Chart: Earnings per share; fiscal year observations.

- FY2017: CNY 0.04

- FY2018: CNY 0.14

- FY2019: CNY 0.34

- FY2020: CNY 0.74

- FY2021: CNY 1.65

- FY2022: CNY 1.80

- FY2023: CNY 2.09

- FY2024: CNY 1.58

- FY2025: CNY 1.65

### accounting: pass

- Sloan accruals: 0.2%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.88×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2017: 11.5%

- FY2018: 6.7%

- FY2019: 7.0%

- FY2020: -0.4%

- FY2021: 9.2%

- FY2022: 12.1%

- FY2023: -3.9%

- FY2024: -3.4%

- FY2025: 0.2%

## Holders

## Price story

Down 83% since Nov 2021 · sales +19.7%

Story as of 2026-10-16T10:00:09.001Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales +19.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: CNY 1.9B 

- FY2018: CNY 3.1B 

- FY2019: CNY 5.3B 

- FY2020: CNY 7.4B 

- FY2021: CNY 20B 

- FY2022: CNY 30B 

- FY2023: CNY 34B 

- FY2024: CNY 40B 

- FY2025: CNY 48B 

### Gross margin · FY2025

gross margin 12.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: 9.7% 

- FY2018: 11.0% 

- FY2019: 12.1% 

- FY2020: 13.0% 

- FY2021: 11.4% 

- FY2022: 11.1% 

- FY2023: 13.3% 

- FY2024: 12.0% 

- FY2025: 12.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are CNY 48.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); FY2025: revenue 48139976642.96; grossProfit 5939868487.63; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300919.SHE: CNGR Advanced Material Co., Ltd. engages in the research, development, production, and sale of battery new materials. The company offers ternary precursors; cobaltosic oxide; binary and multicomponent precussors; iron phosphate; LFP; and sodium-ion battery precusors, as well as nickel, cobalt, and phosphorus cathode, lithium carbonate, and hydroxycobalt. The company's products are used in 3C digital products, power, and energy storage. It operates in China, Europe, America, Japan, and Korea. The company was incorporated in 2014 and is headquartered in Tongren, the People's Republic of China.

### Why customers stay

Margins ranged from 12% to 13.3% during 2023–25; it earns 9.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); FY2023: grossProfit / revenue = 13.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); FY2024: grossProfit / revenue = 12%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); FY2025: grossProfit / revenue = 12.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); 9-year return on capital observations [[2017,0.037404489594405795],[2018,0.10409729933076922],[2019,0.0905435815084093],[2020,0.15187844436472422],[2021,0.13199761266051283],[2022,0.07363819090394257],[2023,0.08033522257697935],[2024,0.06977383977769139],[2025,0.09198037970642622]]; median 0.0905435815084093. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 9% on new investment; paid dividends in 9 of 9 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); FY2019: growth capex 405903559; upkeep 108179153; owner earnings 179827000. Growth capex / owner earnings = 2.257189181824754.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); FY2020: growth capex 742069884.5972239; upkeep 304205196.9027761; owner earnings 269140312.0972239. Growth capex / owner earnings = 2.757185940726559.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); FY2021: growth capex 4389407957.502758; upkeep 606253476.497242; owner earnings 559600129.364758. Growth capex / owner earnings = 7.843829418848577.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); FY2025: growth capex 1908365461.49; upkeep 2076240790.43; owner earnings 1565381175.8517954. Growth capex / owner earnings = 1.2191059218861318.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); Incremental return on capital 0.09005865630571411, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); Dividend observations: [[2017,5377234],[2018,44946587],[2019,93001096],[2020,42213125.5],[2021,157720274],[2022,590089460],[2023,172679437],[2024,2346409000],[2025,1504479818.59]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 57.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300919.SHE SharesStats.PercentInsiders = 57.099 percentage points; cache date 2026-10-16.

### What the price says

The price is 0.7 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:20.970Z); Closing price 34.31 CNY; reporting-to-trading FX 1; FY2025 annual sales per share 50.681363671585736; price multiple 0.676974680916799. FY2025 cash earnings/share 1.6480201734705537. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2020-12: CNY 81.72 per share

- 2021-01: CNY 81.52 per share

- 2021-02: CNY 67.60 per share

- 2021-03: CNY 78.94 per share

- 2021-04: CNY 103.67 per share

- 2021-05: CNY 162.49 per share

- 2021-06: CNY 163.00 per share

- 2021-07: CNY 153.17 per share

- 2021-08: CNY 158.39 per share

- 2021-09: CNY 149.23 per share

- 2021-10: CNY 151.52 per share

- 2021-11: CNY 201.54 per share

- 2021-12: CNY 151.51 per share

- 2022-01: CNY 130.74 per share

- 2022-02: CNY 135.60 per share

- 2022-03: CNY 117.75 per share

- 2022-04: CNY 83.82 per share

- 2022-05: CNY 105.27 per share

- 2022-06: CNY 123.90 per share

- 2022-07: CNY 124.20 per share

- 2022-08: CNY 93.40 per share

- 2022-09: CNY 83.38 per share

- 2022-10: CNY 72.13 per share

- 2022-11: CNY 75.73 per share

- 2022-12: CNY 65.61 per share

- 2023-01: CNY 77.60 per share

- 2023-02: CNY 70.41 per share

- 2023-03: CNY 71.65 per share

- 2023-04: CNY 61.91 per share

- 2023-05: CNY 57.57 per share

- 2023-06: CNY 60.25 per share

- 2023-07: CNY 61.86 per share

- 2023-08: CNY 54.88 per share

- 2023-09: CNY 50.65 per share

- 2023-10: CNY 54.40 per share

- 2023-11: CNY 49.17 per share

- 2023-12: CNY 49.13 per share

- 2024-01: CNY 43.55 per share

- 2024-02: CNY 47.41 per share

- 2024-03: CNY 53.35 per share

- 2024-04: CNY 52.45 per share

- 2024-05: CNY 35.34 per share

- 2024-06: CNY 30.99 per share

- 2024-07: CNY 29.85 per share

- 2024-08: CNY 28.90 per share

- 2024-09: CNY 40.16 per share

- 2024-10: CNY 38.43 per share

- 2024-11: CNY 39.98 per share

- 2024-12: CNY 36.12 per share

- 2025-01: CNY 33.75 per share

- 2025-02: CNY 37.44 per share

- 2025-03: CNY 35.18 per share

- 2025-04: CNY 31.56 per share

- 2025-05: CNY 31.07 per share

- 2025-06: CNY 32.88 per share

- 2025-07: CNY 33.75 per share

- 2025-08: CNY 37.41 per share

- 2025-09: CNY 49.90 per share

- 2025-10: CNY 46.04 per share

- 2025-11: CNY 42.06 per share

- 2025-12: CNY 46.33 per share

- 2026-01: CNY 54.77 per share

- 2026-02: CNY 57.39 per share

- 2026-03: CNY 49.40 per share

- 2026-04: CNY 63.73 per share

- 2026-05: CNY 52.36 per share

- 2026-06: CNY 43.75 per share

- 2026-07: CNY 40.70 per share

- 2026-08: CNY 39.98 per share

- 2026-09: CNY 37.24 per share

- 2026-10: CNY 37.52 per share

## Annual estimated value (CNY per share)

- FY2021: low CNY 25.31 per share, central CNY 26.79 per share, high CNY 28.76 per share

- FY2022: low CNY 24.66 per share, central CNY 26.15 per share, high CNY 28.13 per share

- FY2023: low CNY 21.92 per share, central CNY 23.46 per share, high CNY 25.52 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.