TacticScaleWhat Zhuzhou Smelter (株冶集团) Does & How It Makes Money (600961.SS)
Updated October 2026 · reflects Zhuzhou Smelter's latest reported financials
Chinese zinc smelter producing Torch-brand zinc, lead, and byproduct metals. It earns most of its revenue by selling refined zinc, zinc alloys, and lead products made from mineral concentrates.
How Zhuzhou Smelter makes money
It earns most of its revenue by selling refined zinc, zinc alloys, and lead products made from mineral concentrates. Recovered precious and minor metals, sulfuric acid, concentrates, and metal trading bring in additional income.
What Zhuzhou Smelter does
Zhuzhou Smelter Group is a long-established Chinese non-ferrous metals producer founded in 1956 and based in Zhuzhou. Its core business is lead and zinc smelting. It sells zinc ingots, hot-dip galvanizing alloys, and cast zinc alloys under the Torch brand, along with lead ingots and lead-based alloys. The company also recovers other metals from its smelting streams, including silver, indium, bismuth, tellurium, and cadmium. It sells process byproducts such as sulfuric acid, copper matte, and crude mercury, and it trades lead, zinc, gold, and copper concentrates. Its results are closely tied to zinc and lead prices and to the cost of the concentrates it processes.
Products & services
- Torch-brand zinc ingots
- Hot-dip and cast zinc alloy ingots
- Lead ingots and lead-based alloys
- Silver
- Indium, bismuth, tellurium and cadmium ingots
- Sulfuric acid
株冶集团是做什么的？
株冶集团成立于1956年，总部位于湖南株洲，是一家老牌有色金属冶炼企业，核心业务是铅锌冶炼。公司以“火炬”品牌销售锌锭、热镀锌合金锭和铸造锌合金锭，同时生产铅锭及铅基合金。 公司还从冶炼过程中综合回收白银、铟、铋、碲、镉等稀贵金属，并销售硫酸、冰铜、粗汞等副产品，另外经营铅、锌、金、铜精矿贸易等业务。公司业绩主要受锌、铅价格和精矿原料成本影响。
What is Zhuzhou Smelter worth?
On an owner-earnings DCF, Zhuzhou Smelter's most-likely value is about ¥22 versus a recent price near ¥21 (2% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥9) 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.
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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