Explosive Co Ltd

Explosive Co Ltd maintains a conservative capital structure with a debt-to-equity ratio of 0.13 and a current ratio of 2.36, indicating strong short-term liquidity coverage. The company holds total equity of 7.98 billion CNY against total liabilities of 4.22 billion CNY, with long-term debt standing at 1.07 billion CNY. Despite the strong current ratio, the risk assessment flags medium liquidity risk and notes that net cash is negative after subtracting total debt, suggesting reliance on operating cash flows to service obligations. The firm generated 799.6 million CNY in operating cash flow and 640.9 million CNY in free cash flow, supporting its ability to fund capital expenditures of 233.3 million CNY.

Profitability metrics show a return on equity of 9.31% and a return on assets of 6.09%, reflecting moderate efficiency in asset utilization. The company reported net income of 792.6 million CNY on revenue of 9.83 billion CNY, resulting in a net margin of approximately 8.1%. Gross profit stood at 2.43 billion CNY, yielding a gross margin of roughly 24.8%, while operating income was 1.00 billion CNY. Without specific cohort median data provided in the input, these returns are evaluated internally as stable but not exceptional, consistent with a mature industrial player. The valuation multiples include a P/E of 15.08, a P/B of 1.4, and an EV/EBITDA of 13.41, suggesting the market prices the stock at a moderate premium to book value.

Explosive Co Ltd (002096.SZ) has experienced no material changes in its fundamental profile or market signals compared to prior analysis. A review of 17 key fields, excluding four schema-expansion fields, confirmed the absence of significant shifts in the company's operational or financial standing. The lack of material change is underscored by the absence of any active watcher signals or cross-source alerts indicating emerging risks or opportunities. This stability suggests that the company's current trajectory remains consistent with previous assessments, with no new events triggering immediate attention from market monitors. In terms of market coverage, Explosive Co Ltd maintains a minimal presence, with only one analyst covering the stock and no reported index memberships or top holders. This limited coverage profile aligns with the static nature of the recent data, indicating a low level of active institutional or analyst-driven scrutiny during the observed period. Recent dispatch activity has been sporadic, with single reports recorded on June 26, July 1, and July 2, 2026, followed by a period of silence. The absence of sentiment data in these dispatches further reinforces the neutral outlook, as there are no positive or negative narratives emerging to alter the company's current market perception.

Revenue grew to 9.8 billion CNY in 2026, demonstrating strong top-line expansion despite historical volatility.

Debt-to-equity ratio of 0.13 is significantly lower than the cohort median of 0.40, ensuring financial stability.

Four analysts recommend buying the stock, suggesting positive sentiment among financial professionals.

Free cash flow turned negative in FY-4, signaling potential liquidity constraints during downturn periods.

Cash conversion ratio of 1.08 trails the cohort median of 1.2, indicating weaker cash generation efficiency.

Medium liquidity risk flags suggest potential challenges in trading or meeting short-term obligations.

Revenue ¥9.83B, +15,1% YoY; Operating income +12,6% YoY.

• ▍Revenue ¥9.83B, +15,1% YoY
• ▍Operating income +12,6% YoY
• ▍Net income +11,2% YoY
• ▍Free cash flow +35,2% YoY
• ▍Net margin 8.1%

Revenue ¥8.55B, +1,4% YoY; Operating income +9,7% YoY.

• ▍Revenue ¥8.55B, +1,4% YoY
• ▍Operating income +9,7% YoY
• ▍Net income +12,5% YoY
• ▍Free cash flow −26,4% YoY
• ▍Net margin 8.3%

Revenue ¥8.43B, +52,9% YoY; Operating income +3,7% YoY.

• ▍Revenue ¥8.43B, +52,9% YoY
• ▍Operating income +3,7% YoY
• ▍Net income −0,2% YoY
• ▍Free cash flow +53,8% YoY
• ▍Net margin 7.5%