Puyang Refractories Group (002225) Fair Value & Analysis
Industrials · CN · Market cap 4.9B CNY
Fair value as of: Jul 22, 2026
From 26 valuation models · updated 19 days ago
Share price −10.3% over the past month.
Below-average quality, and screening another 30% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (¥3.07). The favourable scenario is already priced in.
- Weak quality (39/100) and above fair value at the same time, the margin of safety is missing on both counts.
- A fairly wide model range (¥1.40 to ¥3.07) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 22, 2026.
How to read this chart
60‑month range ¥2.57 – ¥7.53 · fair‑value band ¥1.40 – ¥3.07 · the ¥3.76 price screens above the ¥2.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 22, 2026.
Analysis
Puyang Refractories Group (002225) currently trades at ¥3.76, while our model-based Fair Value estimate is ¥2.64, implying the stock looks roughly 29.7% overvalued today. The Quality Score stands at 39/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Puyang Refractories Group generated revenue of 5.4B CNY at a net margin of 0.9%. Revenue declined 2.9% year over year. It earns a return on equity of 1.3%. Net debt stands at 808M CNY. Fundamentals as of Jul 22, 2026
Our scenario range runs from ¥1.40 (bear case) to ¥3.07 (bull case); at ¥3.76, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 51% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -33% fair-value upside, at -30%, 002225 screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: Growth DCF (¥2.86) versus Earnings-Based (¥0.6600). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 22
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Puyang Refractories Group Co., Ltd., together with its subsidiaries, engages in the research, development, production, and sales of shaped, unshaped, and functional refractory products in China and internationally.
Full company description
Puyang Refractories Group Co., Ltd., together with its subsidiaries, engages in the research, development, production, and sales of shaped, unshaped, and functional refractory products in China and internationally. It operates through the Steel Business Management Department; Raw Materials Business Management Department; and Environmental Business Management Department segments. The company offers functional refractories, including skateboard nozzles, three major pieces, block bricks, and breathable bricks; shaped refractories comprising ladle bricks and alkaline products; unshaped refractory materials, such as bulk materials, impact plates, slag retaining plates, and electric furnace tops; and other products. It also engages in furnace engineering masonry construction; produces and sells thermal insulation and ceramic materials; research, inspection, testing, and technical servicing of inorganic non-metallic materials; research and development of new material and metallurgical technologies; magnesite mining, selection, calcination, and smelting; provision of light-burned, fused, and dead-burned magnesium; development consulting and exchange; transfer promotion; and wholesale, import, and export trade activities. The company's products are used in the EAF, converter, RH furnace, ladle, tundish, ironmaking, and cement kilns, as well as steel, power, petrochemical, foundry, and non-ferrous metals industries. It exports to America, Europe, Commonwealth of Independent States, Southeast Asia, Africa, the Middle East, and internationally. The company was formerly known as Puyang Refractories Limited Company and changed its name to Puyang Refractories Group Co., Ltd. in June 2007. Puyang Refractories Group Co., Ltd. was founded in 1988 and is headquartered in Puyang, the People's Republic of China.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Puyang Refractories Group reported revenue of ¥5.5B in FY2025 versus ¥4.4B in FY2021, a compound +5.8%/yr. Reported net income was ¥86.6M in FY2025, compounding +0.8%/yr from FY2021.
002225 screens 30% overvalued. Compare with Trane Technologies plc →
Peer Group
Building Products & Equipment · 247 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Building Products & Equipment median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Building Products & Equipment stocks, each showing price versus our Fair Value estimate (as of Jul 22, 2026).
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|---|---|---|---|
| Trane Technologies plc TT | $469.98 | $212.34 | -55% |
| Johnson Controls International plc JCI | $142.81 | $45.65 | -68% |
| Carrier Global Corporation CARR | $68.61 | $17.35 | -75% |
| Compagnie de Saint-Gobain S.A SGO | €76.62 | €101.60 | +33% |
| Geberit AG GEBN | CHF 523.20 | CHF 307.66 | -41% |
| Lennox International Inc LII | $543.93 | $363.09 | -33% |
| Kingspan Group KRX | €87.30 | €70.76 | -19% |
| Masco Corporation MAS | $78.04 | $54.36 | -30% |
| PT Impack Pratama Industri Tbk, IMPC | 1,420 IDR | 179.76 IDR | -87% |
| NIBE Industrier AB NIBEB | kr 36.03 | kr 25.37 | -30% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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