Tian Jin Bohai Chemical Co.

600800.SS

Business Equipment & Supplies · Industrials

Exchange

Shanghai Stock Exchange

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Mixed

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

Tianjin Bohai Chemical is a Chinese state-owned company based in Tianjin that makes basic industrial chemicals. Its core products include soda ash, caustic soda, polyvinyl chloride (PVC), and other chlor-alkali chemicals used by manufacturers in industries like construction, plastics, and textiles. It is one of the larger chemical producers in northern China and operates under the umbrella of the Tianjin state-owned asset system.

The company earns revenue by selling bulk chemicals to industrial buyers, mostly within China. Its operations are concentrated in the Tianjin region, and being state-owned gives it some access to government support and financing that private competitors may lack. However, the company's financials are deeply stressed — negative gross and operating margins signal that it is currently spending more to produce its chemicals than it earns selling them. The main risk is that overcapacity in China's chemical industry and weak commodity pricing could keep profitability out of reach without significant restructuring or government intervention.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-28.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+13.3% YoY

YoY Growth Rate

Steady EPS growth

Insider Activity

31.7%ownership

Insiders own a meaningful stake in the company

Cash Runway

~2 months

¥279M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Cash watch

Tian Jin Bohai Chemical Co. has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

-13.4%

Thin — -13.4% gross margin

Profit after running costs

Operating Margin

-23.3%

Losing money on operations — -23.3%

Return on the money invested

ROCE

-19.1%

Weak — -19.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-28.3%

Shrinking sales (-28.3% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-41.8%

Burning cash (-41.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

2.44

Heavy debt load (2.44)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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