TacticScaleWhat Xinjiang Tianye (新疆天业) Does & How It Makes Money (600075.SS)
Updated October 2026 · reflects Xinjiang Tianye's latest reported financials
Chinese chlor-alkali and PVC chemical maker with diversified industrial businesses. It earns most of its money selling commodity chemicals such as PVC resin, caustic soda and glycols to industrial customers.
How Xinjiang Tianye makes money
It earns most of its money selling commodity chemicals such as PVC resin, caustic soda and glycols to industrial customers. It also sells water-saving irrigation products, cement, plastic and packaging goods, and collects fees from trading, logistics, coal processing and property rental.
What Xinjiang Tianye does
Xinjiang Tianye Co., Ltd., founded in 1996 and based in Shihezi, Xinjiang, is a chemicals producer focused on the chlor-alkali and PVC chain. Its main products are PVC resins (general-purpose, paste and specialty grades), industrial caustic soda, hydrochloric acid and sodium hypochlorite, plus ethylene glycol, butanediol, n-butanol, mercury catalyst and light calcium carbonate. The company also uses its materials in downstream businesses: drip irrigation tapes and PVC irrigation pipes, cement, farm film, PVC building formwork, window profiles, and packaging such as woven bags and bulk containers. It also does chemical trading, road and rail freight, coal washing and processing, bulk material sourcing and housing rental. It serves thermal power, chemicals, cement, agriculture, logistics and mining customers, and exports some products.
Products & services
- Polyvinyl chloride (PVC) resin
- Industrial sodium hydroxide (caustic soda)
- Ethylene glycol
- Butanediol
- Drip irrigation tapes and pipes
- Silicate cement and clinker
新疆天业是做什么的？
新疆天业股份有限公司成立于1996年，总部位于新疆石河子，是一家以氯碱和PVC产业链为核心的化工企业。主要产品包括通用型、糊树脂及专用型PVC树脂，以及烧碱、盐酸、次氯酸钠、乙二醇、丁二醇、正丁醇、固汞催化剂和轻质碳酸钙等。 公司还做下游产品：滴灌带、节水灌溉管材、水泥、农用地膜、PVC建筑模板、塑料门窗型材，以及编织袋、集装袋等包装产品。此外还经营化工贸易、公路和铁路货运、煤炭洗选加工、大宗物资购销和房屋租赁。产品用于火电、化工、水泥、农业、物流和矿产开发等领域，部分产品出口。
What is Xinjiang Tianye worth?
On an owner-earnings DCF, Xinjiang Tianye's most-likely value is about ¥3 versus a recent price near ¥5 (58% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥2) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 12.3× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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