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Henan Jinyuan Hydrogenated Chemicals Co. Ltd. (2502) Fair Value & Analysis

Basic Materials · HK · Market cap HK$463M

HJ Henan Jinyuan Hydrogenated Chemicals Co. Ltd. 2502 · HK
PriceHK$0.5800
Fair ValueHK$0.9280
Upside+60.0%
Quality44/100
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Mixed Growth
Loss-making · -1.3% net margin
Low debt · generates free cash flow
Mixed vs. peers (6/12)
Narrow moat 22/100
Evidence: Medium Range HK$0.6292 – HK$1.21 Share as image

Fair value as of: Aug 13, 2026

From 13 valuation models · updated 3 days ago

Fair value updated Aug 13, 2026, revised from HK$0.8100 to HK$0.9280 (+14.6%) since Aug 5, 2026. Share price −10.8% over the past month.

Below-average quality, screening 60% undervalued on our models.

What matters now

  • The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
  • The price is below even our cautious bear case (HK$0.6292). The market is more pessimistic than our downside scenario.
  • A fairly wide model range (HK$0.6292 to HK$1.21) leaves room in how you read the outcome.
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Price vs Fair Value (3 years)

HK$1.01 HK$0.2450 Fair Value HK$0.9280 Dec 2023 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

32‑month range HK$0.2450 – HK$1.01 · fair‑value band HK$0.6292 – HK$1.21 · the HK$0.5800 price screens below the HK$0.9280 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Henan Jinyuan Hydrogenated Chemicals Co. Ltd. (2502) currently trades at HK$0.5800, while our model-based Fair Value estimate is HK$0.9280, implying the stock looks roughly 60.0% undervalued today. The Quality Score stands at 44/100 (below-average quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Henan Jinyuan Hydrogenated Chemicals Co. Ltd. generated revenue of HK$2.6B at a net margin of -1.3%. Revenue declined 22.9% year over year. It earns a return on equity of -1.6%. Net debt stands at HK$148M. Fundamentals as of Aug 13, 2026

Our scenario range runs from HK$0.6292 (bear case) to HK$1.21 (bull case); at HK$0.5800, the current price sits below 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 31% below its 52-week high and 71% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -68% fair-value upside, at 60%, 2502 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.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF HK$0.8200 HK$1.18 HK$1.66 80
Rev-Margin DCF HK$0.7700 HK$1.19 HK$1.69 74
Gordon GGM HK$0.1600 HK$0.2800 HK$0.3900 70
All 13 models by family
DCF Models
FCF DCF HK$0.8200 HK$1.21 HK$1.75 38
Owner Earnings HK$0.1000 HK$0.1200 HK$0.1300 31
5Y Revenue Exit HK$0.7700 HK$1.19 HK$1.73 39
5Y EBITDA Exit HK$0.6300 HK$0.9200 HK$1.25 41
10Y Revenue Exit HK$0.7700 HK$1.14 HK$1.65 36
10Y EBITDA Exit HK$0.7000 HK$0.9600 HK$1.30 37
Dividend Discount
Gordon GGM HK$0.1600 HK$0.2800 HK$0.3900 70
DDM Multi-Stage HK$0.1600 HK$0.2600 HK$0.3000 61
Multiples
EV/EBITDA HK$0.5600 HK$0.7200 HK$0.8800 54
EV/Revenue HK$0.7700 HK$1.07 HK$1.36 43
Asset-Based
NCAV (Graham) HK$0.5000 HK$0.6700 HK$1.00 50
Growth DCF
Growth DCF HK$0.8200 HK$1.18 HK$1.66 80
Rev-Margin DCF HK$0.7700 HK$1.19 HK$1.69 74

Widest divergence: Growth DCF (HK$1.18) versus Dividend Discount (HK$0.2600). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) HK$2.6B
Revenue growth (YoY) -22.9%
Net margin -1.3%
Return on equity -1.6%
Free cash flow HK$72.7M FY2026
Operating margin -1.4%
More key figures
EPS (TTM) HK$-0.0200
EPS growth (YoY) -66.7%
Net debt HK$148M FY2026

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 46 · Market factors (momentum, volatility) 49

Profitability 25
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 70
Balance sheet, leverage, solvency risk
Investment 49
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 51
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

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

Henan Jinyuan Hydrogenated Chemicals Co., Ltd. engages in the production and sale of hydrogenated benzene-based chemicals and energy products in the People's Republic of China. It is involved in the production and processing of pure benzene, toluene, xylene, and LNG and coal gas; hydrogen purification; and operation of hydrogen refueling stations.

Full company description

Henan Jinyuan Hydrogenated Chemicals Co., Ltd. engages in the production and sale of hydrogenated benzene-based chemicals and energy products in the People's Republic of China. It is involved in the production and processing of pure benzene, toluene, xylene, and LNG and coal gas; hydrogen purification; and operation of hydrogen refueling stations. The company also engages in the distribution and sale of coal gas; manufacturing and sale of LNG; provision of multimodal transportation, warehouse, and distribution services for coal products; and sale and retailing of LNG, refined oil, and hydrogen. It serves nylon and fertilizer manufacturers, refined oil product manufacturers, and other chemical companies, as well as industrial enterprises, trading customers, and retail customers of its self-operated oil and gas stations. The company was founded in 2003 and is based in Jiyuan, China. Henan Jinyuan Hydrogenated Chemicals Co., Ltd. operates as a subsidiary of Henan Jinma Energy Company Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Henan Jinyuan Hydrogenated Chemicals Co. Ltd. reported revenue of HK$2.6B in FY2026 versus HK$1.5B in FY2022, a compound +15.1%/yr. Reported net income was −HK$33.4M in FY2026.

Growth Quality 56/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
HK$2.6B
Latest YoY
−16.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.1%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.2%
Revenue +15.1%/yr
FY22 HK$1.5B
FY23 HK$2.3B
FY24 HK$2.3B
FY25 HK$3.1B
FY26 HK$2.6B
Net income
FY22 HK$72.5M
FY23 HK$138M
FY24 HK$54.9M
FY25 −HK$16.0M
FY26 −HK$33.4M

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Cite: Fair Value Calculator (2026). "Henan Jinyuan Hydrogenated Chemicals Co. Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/2502

Peer Group

Specialty Chemicals · 670 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.

Quality Score 44 · Below median
Fair Value upside +60% · Top 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) -1% · Bottom 25%
Operating margin (TTM) -1% · Bottom 25%
Revenue growth -23% · Bottom 25%
Dividend yield (TTM) 4.1% · Top 25%
Debt / equity 0.07× · Lower than median

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/B 0.06× · Cheaper than 75% of peers
P/S (TTM) 0.02× · Cheaper than 75% of peers
P/FCF 0.8× · Cheaper than median

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 100 · sector 0
FUTURE 0 · sector 19
PAST 0 · sector 23
HEALTH 97 · sector 95
DIVIDEND 83 · sector 32

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Asian Paints Limited ASIANPAINT ₹2,756 ₹664.51 -76%
Solar Industries India Limited SOLARINDS ₹18,730 ₹2,793 -85%
Pidilite Industries Limited PIDILITIND ₹1,702 ₹351.84 -79%
PT Chandra Asri Pacific Tbk TPIA 2,160 IDR 2,322 IDR +8%
Berger Paints India Limited BERGEPAINT ₹559.80 ₹154.46 -72%
Gujarat Fluorochemicals Limited FLUOROCHEM ₹4,566 ₹836.47 -82%
Himadri Speciality Chemical Limited HSCL ₹778.15 ₹248.63 -68%

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Frequently asked questions

Is Henan Jinyuan Hydrogenated Chemicals Co. Ltd. (2502) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of HK$0.9280 versus a price of HK$0.5800, about +60% (undervalued).
What is the fair value of 2502?
Our model-based fair value for Henan Jinyuan Hydrogenated Chemicals Co. Ltd. is HK$0.9280 (as of Aug 13, 2026), built from audited fundamentals. The current price is HK$0.5800.
What is the quality score of 2502?
Henan Jinyuan Hydrogenated Chemicals Co. Ltd. has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Henan Jinyuan Hydrogenated Chemicals Co. Ltd. (2502)?
Henan Jinyuan Hydrogenated Chemicals Co. Ltd. reported trailing-twelve-month revenue of about HK$2.6B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of 2502?
The net profit margin of Henan Jinyuan Hydrogenated Chemicals Co. Ltd. is about -1.3%, meaning it is currently running at a net loss. Based on the latest reported figures.

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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