olivLaw · US equity research
CN Energy Group. Inc. CNEY
Industrial Organic Chemicals · SIC 2860 · Vertical: Industrial Organic Chemicals (SIC 2860)
CN Energy Group makes wood-based activated carbon in Zhejiang Province in China and, since October 2025, is expanding into the United States through its Pathenbot subsidiary, which sells robots to small and medium-sized businesses. The company reported a sharp drop in revenue for fiscal 2025, to 35.6 million USD, which makes the new North American direction worth watching closely.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, CN Energy Group. Inc. (CNEY) stock was 0.51 USD (+7.62% on the day), with market capitalisation 2.5 m USD, beta 0.76, 52-week range 0.37–2.02 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 53.6
- neutral
- Bollinger (20, 2)
- 0.37 – 0.55
- in the upper half of the band · %B 0.78 · band width 37.9%
- SMA 50 / 200
- 0.52 / 0.70
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.01 / -0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.9% | −1.1% | −5.8 pp | — |
| 3 months | −19.8% | −0.5% | −19.3 pp | — |
| 6 months | −28.8% | +4.4% | −33.1 pp | — |
| Year to date | −16.7% | +12.3% | −29.0 pp | — |
| 1 year | −72.0% | +13.5% | −85.5 pp | −1.7% |
| 3 years | −99.2% | +76.4% | −175.6 pp | −26.4% |
| 5 years | −100.0% | +63.7% | −163.7 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | 10.9 m | 12.5 m | 19.8 m | 40.2 m | 57.9 m | 51.0 m | 35.6 m |
| Revenue YoY | unavailable | +14.5% | +59.1% | +102.6% | +44.0% | −12.0% | −30.2% |
| Net income | 1.7 m | 2.3 m | 1.3 m | 2.2 m | -5.6 m | -14.0 m | -11.1 m |
| Net income YoY | unavailable | +40.6% | −44.7% | +72.0% | −352.3% | unavailable | unavailable |
| Diluted EPS | 0.17 | 0.23 | 2.56 | 3.09 | -78.01 | -103.27 | -21.46 |
| Diluted EPS YoY | unavailable | +35.3% | +1,013.0% | +20.7% | −2,624.6% | unavailable | unavailable |
| net % | 15.3% | 18.8% | 6.5% | 5.5% | -9.7% | -27.6% | -31.3% |
| Free cash flow | -761.8 k | -1.8 m | -12.0 m | -10.0 m | -30.8 m | -2.4 m | -2.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 390.7 k USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 102.0 m USD
- Total assets
- 107.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 13.90x
- ROE
- -11.2%
- ROA
- -10.8%
- FCF margin
- -5.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.5 m | 19.8 m | 40.2 m | 57.9 m | 51.0 m | 35.6 m | SEC (XBRL)· 30 Jan 2026verified |
| Cost of revenue | 9.1 m | 17.2 m | 36.6 m | 57.1 m | 51.1 m | 34.9 m | SEC (XBRL)· 30 Jan 2026verified |
| Gross profit | 3.4 m | 2.6 m | 3.6 m | 788.7 k | -181.1 k | 647.6 k | SEC (XBRL)· 30 Jan 2026verified |
| Research & development | 287.3 k | 385.5 k | 1.0 m | 988.6 k | 135.1 k | 1.3 k | SEC (XBRL)· 30 Jan 2026verified |
| Operating income | 2.0 m | 583.4 k | 459.8 k | -6.2 m | -12.5 m | -11.0 m | SEC (XBRL)· 30 Jan 2026verified |
| Depreciation & amortisation | — | 1.1 m | 1.4 m | 1.6 m | — | — | SEC (XBRL)· 15 Feb 2024verified |
| EBITDA | — | 1.7 m ≈ | 1.9 m ≈ | -4.6 m ≈ | — | — | SEC (XBRL)· 15 Feb 2024derived |
| Interest expense | — | 0 | 157.2 k | 0 | 233.9 k | 168.2 k | SEC (XBRL)· 30 Jan 2026verified |
| Pre-tax income | 2.5 m | 1.7 m | 2.5 m | -5.8 m | -14.0 m | -11.1 m | SEC (XBRL)· 30 Jan 2026verified |
| Income tax | 170.1 k | -437.3 k | -314.3 k | -222.1 k | -8.9 k | 378 | SEC (XBRL)· 30 Jan 2026verified |
| Net income | 2.3 m | 1.3 m | 2.2 m | -5.6 m | -14.0 m | -11.1 m | SEC (XBRL)· 30 Jan 2026verified |
| Diluted EPS | 0.23 | 2.56 | 3.09 | -78.01 | -103.27 | -21.46 | SEC (XBRL)· 30 Jan 2026verified |
| Weighted average diluted shares | 10.0 m | 506.6 k | 722.0 k | 90.7 k | 274.5 k | 2.0 m | SEC (XBRL)· 30 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 1.6 m | 190.8 k | 18.0 m | 195.5 k | 317.3 k | 390.7 k | SEC (XBRL)· 30 Jan 2026verified |
| Receivables | 8.7 m | 12.4 m | 18.8 m | 29.0 m | 11.8 m | 1.7 m | SEC (XBRL)· 30 Jan 2026verified |
| Inventories | 2.8 m | 1.1 m | 784.3 k | 2.7 m | 3.3 m | 3.6 m | SEC (XBRL)· 30 Jan 2026verified |
| Current assets | 14.7 m | 48.9 m | 74.2 m | 72.4 m | 61.5 m | 65.8 m | SEC (XBRL)· 30 Jan 2026verified |
| Property, plant & equipment, net | 14.3 m | 14.3 m | 14.5 m | 13.8 m | 2.0 m | 879.2 k | SEC (XBRL)· 30 Jan 2026verified |
| Intangibles (excl. goodwill) | 171.3 k | 68.4 k | 11.9 k | 3.1 k | 0 | — | SEC (XBRL)· 18 Feb 2025verified |
| Total assets | 31.4 m | 69.0 m | 94.9 m | 126.2 m | 98.4 m | 107.3 m | SEC (XBRL)· 30 Jan 2026verified |
| Accounts payable | 4.8 m | 1.8 m | 7.5 m | 12.6 m | 535.2 k | 145.4 k | SEC (XBRL)· 30 Jan 2026verified |
| Short-term debt | 1.6 m | 1.2 m | 3.7 m | 4.6 m | 0 | — | SEC (XBRL)· 18 Feb 2025verified |
| Long-term debt | — | 22.0 k | 421.7 k | 34.3 k | 0 | — | SEC (XBRL)· 18 Feb 2025verified |
| Current liabilities | 7.7 m | 5.6 m | 30.5 m | 22.4 m | 1.5 m | 4.7 m | SEC (XBRL)· 30 Jan 2026verified |
| Total liabilities | 8.3 m | 6.3 m | 31.2 m | 22.6 m | 1.5 m | 5.3 m | SEC (XBRL)· 30 Jan 2026verified |
| Equity | 23.1 m † | 62.7 m † | 63.8 m † | 103.6 m † | 96.9 m † | 102.0 m † | SEC (XBRL)· 30 Jan 2026verified |
| Shares outstanding at year end | — | 20.3 m | — | 2.3 m | 12.1 m | 5.0 m | SEC (XBRL)· 30 Jan 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -1.8 m | -11.6 m | -7.5 m | -30.2 m | -2.4 m | -2.0 m | SEC (XBRL)· 30 Jan 2026verified |
| Capex | 14.7 k | 434.8 k | 2.5 m | 683.4 k | 0 | 0 | SEC (XBRL)· 30 Jan 2026verified |
| Free cash flow | -1.8 m ≈ | -12.0 m ≈ | -10.0 m ≈ | -30.8 m ≈ | -2.4 m ≈ | -2.0 m ≈ | SEC (XBRL)· 30 Jan 2026derived |
| Investing cash flow | -875.8 k | -27.9 m | 2.2 m | -1.5 m | 1.6 m | -10.4 m | SEC (XBRL)· 30 Jan 2026verified |
| Financing cash flow | 2.6 m | 38.0 m | 24.9 m | 13.4 m | 925.8 k | 12.4 m | SEC (XBRL)· 30 Jan 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.5 m USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -31.3% | 26 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -4.0% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -65.3x | 0 (on a fixed band) | 19% |
| Current ratio · Balance sheet | 13.9x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -77.5% | 0 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial26/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CN ENERGY GROUP. INC. (CNEY). Latest full fiscal year: 2025; data up to 2025-09-30.
Figures computed from the financial statements: revenue 35.6 m USD in 2025; YoY growth -30.2%; net margin -31.3%; ROE -11.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 13.9x
What contradicts it
- Net margin: -31.3%
- Revenue CAGR 3Y: -4.0%
- Interest coverage: -65.3x
- FCF yield: -77.5%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Industrial Organic Chemicals (SIC 2860) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| IFFInternational Flavors & Fragrances Inc | 22.0 bn | 122.1 | 1.3% | 1.6% | −5.2% | +26% / +16% |
| LYBLyondellbasell Industries N.V. | 20.4 bn | 15.6 | 11.9% | 4.1% | −9.7% | +29% / −34% |
| WLKWestlake Corporation | 8.7 bn | — | -4.9% | -3.9% | −8.0% | +2% / −47% |
| NEUNewmarket Corporation | 6.7 bn | 14.7 | 25.3% | 16.5% | −2.2% | −5% / +37% |
| SXTSensient Technologies Corp | 5.4 bn | 31.7 | 13.7% | 9.7% | +3.5% | +29% / +117% |
| MEOHMethanex Corporation | 5.0 bn | 70.1 | 6.4% | 4.0% | −3.5% | +83% / +53% |
| REXRex American Resources Corporation | 1.3 bn | 10.5 | 22.5% | 20.9% | +1.2% | +20% / +62% |
| GPREGreen Plains Inc. | 957.5 m | 8.6 | 15.4% | 6.8% | −14.9% | +32% / −45% |
| WLKPWestlake Chemical Partners LP | 761.8 m | 12.9 | — | 4.8% | +2.7% | +14% / −5% |
| GEVOGevo, Inc. | 316.5 m | — | -57.0% | -119.9% | +849.3% | −40% / +13% |
| ALTOAlto Ingredients, Inc. | 271.5 m | 5.3 | 22.2% | 5.5% | −4.9% | +37% / +43% |
| FFFuturefuel Corp. | 246.5 m | — | -18.3% | -19.9% | −60.7% | +70% / −5% |
| CDXSCodexis, Inc. | 118.3 m | — | -69.4% | -39.6% | +18.6% | −38% / −54% |
| LODEComstock Inc. | 113.3 m | — | -38.2% | -3,680.5% | −48.5% | −58% / −68% |
| AMTXAemetis, Inc | 90.2 m | — | — | -27.4% | −26.2% | −28% / −72% |
| TANHTantech Holdings Ltd | 90.1 m | — | -25.7% | -80.9% | −10.7% | −76% / −100% |
| LNZALanzaTech Global, Inc. | 69.2 m | 0.4 | 146.4% | 295.7% | +12.6% | −63% / −99% |
| SAFXXcf Global, Inc. | 41.0 m | — | -246.1% | — | unavailable | −87% / unavailable |
| TOMZTomi Environmental Solutions, Inc. | 18.2 m | — | -168.8% | -49.8% | −27.2% | −6% / −26% |
| CNEYCn Energy Group. Inc. | 2.5 m | — | -11.2% | -31.3% | −30.2% | −72% / −99% |
| BAKBraskem SA | — | — | — | -14.6% | +9.7% | −61% / −86% |
1- and 3-year price returns: for CNEY from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jan 2026; since then the company filed 6-K (18 Sept 2026), 6-K (19 Aug 2026), 6-K (21 Jul 2026), 6-K (17 Jun 2026), 6-K (22 May 2026), 6-K (02 Apr 2026).
In brief
CN Energy Group makes wood-based activated carbon in Zhejiang Province in China and, since October 2025, is expanding into the United States through its Pathenbot subsidiary, which sells robots to small and medium-sized businesses. The company reported a sharp drop in revenue for fiscal 2025, to 35.6 million USD, which makes the new North American direction worth watching closely.
SWOT
Strengths
- The steam-based cogeneration process produces activated carbon without phosphate residue and also generates biomass electricity, allowing use in industries with high purity requirements 1.
- The company has a management team with experience in activated carbon and biomass energy, with a focus on research and product development 1.
- Wood-based products made by physical rather than chemical activation are described as higher quality for pharmaceutical, water purification and food uses 1.
Weaknesses
- Sales are highly concentrated: one customer accounted for 59% of total sales in fiscal 2025, which leaves the company exposed if that relationship is lost 1.
- The company reported net losses in fiscal 2023, 2024 and 2025, and gross margin was close to zero in 2024 1.
- Part of the orders is outsourced to third-party manufacturers with weaker quality control, which can affect deliveries and margins 1.
Opportunities
- Expansion into the US and Canada through robotics and technical services could bring new revenue if small and medium-sized business customers adopt the products 1.
- If environmental rules become stricter, demand for purification products could rise 1.
- Opening branch offices in Shanghai and Jiangsu could widen the customer base and reduce distribution costs 1.
Threats
- Dependence on the Chinese market and the overall economy exposes the company to demand declines, which were already reflected in fiscal 2025 sales 1.
- US risks include compliance with local rules, differences in business practices and strong competition in robotics 1.
- Interruptions in raw material supply or problems at suppliers could halt production and affect deliveries to customers 1.
Risks
- US expansion fails to succeedhigh
Pathenbot is at an early stage and, if it fails to build local operations, recruit staff or sell products, the expansion could generate costs without benefits 1.
- Customer concentrationhigh
Dependence on a few large customers could lead to sudden revenue losses if one of them reduces orders or runs into difficulties 1.
- Production and supply interruptionsmedium
Equipment failures, power problems or disruptions at raw material suppliers could halt production and delay deliveries 1.
- Reliance on third-party manufacturersmedium
External producers may deliver late or to different quality standards, which could affect reputation and margins 1.
- Complex share and debt transactionsmedium
The court order on the Yunnan Honghao acquisition and the complex 2025 transactions create uncertainty over the capital structure and the recovery of amounts paid 1.
Investment thesis
What would need to be true (bull case)
- If Pathenbot succeeds in winning small and medium-sized US business customers, the company could gain a second growth engine separate from the Chinese market.
- The cogeneration process and high-purity carbon could support better margins when volumes recover, especially if demand from pharmaceutical and food producers grows.
- Stricter environmental regulation could support demand for activated carbon, and the company could benefit if it expands capacity and its distribution network.
What would break the thesis
- Revenue fell by almost a third in fiscal 2025 and the company stayed loss-making, which points to persistent pressure on the core business.
- Extreme customer concentration and dependence on a limited number of suppliers leave the company with few quick alternatives if those relationships deteriorate.
- The robotics and US expansion is at an early stage, with likely spending before revenue, in a market dominated by larger and better-known competitors.
What to watch
- First revenue and loss figures for the Pathenbot subsidiary and how they are reportedQ1 2026
- Trend in activated carbon volumes sold and average price per tonnext 20-F
- Share of the largest customer in total sales and any new customers addednext 20-F
- Outcome of the Yunnan Honghao court matter and recovery of payments and shares2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jan 2026; since then the company filed 6-K (18 Sept 2026), 6-K (19 Aug 2026), 6-K (21 Jul 2026), 6-K (17 Jun 2026), 6-K (22 May 2026), 6-K (02 Apr 2026).
The business
Since October 2025, the company has expanded into the United States through Pathenbot Group Inc., a subsidiary offering robotic solutions to small and medium-sized enterprises, including logistics, food service and industrial robots, together with localized data storage, after-sales support and product development 1. Management says the strategy now focuses on North America and on new lines such as robotics and the energy sector 1.
Segments
Robotics through Pathenbot (US)
The US subsidiary, launched in October 2025, is at an early stage and no significant figures have yet been reported. Its aim is to sell logistics, food service and industrial robots to small and medium-sized US businesses, which could become a second pillar if customer adoption is sufficient 1.
Market context
All activated carbon sales are made in the Chinese market, where competition is based on price, quality, transport costs, customer relationships and supply reliability 1. Demand depends largely on the overall Chinese economy, and the company has noted that demand for activated carbon has been rising in recent years 1.
The US robotics market is described by the company as highly competitive and characterized by rapid technological change, with larger and better-known players 1. For Pathenbot, success depends on building a local presence in the US, recruiting staff and adapting products to US market requirements 1.
Trends
- Strategic shift toward North Americamixed
Management is pursuing expansion in the US and Canada and into robotics, which could diversify revenue away from a single Chinese market. The risk is that these new lines are at an early stage and could generate costs before significant revenue 1.
- Demand for activated carbon in Chinamixed
According to the company, demand for activated carbon has grown in recent years, but in fiscal 2025 volumes sold fell considerably, suggesting pressure on domestic sales 1.
- Environmental and health and safety regulationtailwind
The growth strategy partly depends on stricter rules on industrial emissions, which could increase demand for purification products. If regulations are delayed or weakened, demand could be affected 1.
- Exposure to raw material costsheadwind
Rising prices of wood raw materials and supply costs could compress margins, especially if the company cannot pass the full increase on to customers 1.
Competitive position
Main competitors in China include wood-based activated carbon producers such as Fujian Xinsen Carbon Industry, and coal-based producers such as Shanxi Xinhua Activated Carbon, Ningxia Huahui Activated Carbon, Shenhua Ningxia Coal Industry Group and Xingtai Coal Chemical 1. The company's stated advantage is its steam-based cogeneration process, which avoids chemical agents and yields higher-purity carbon 1.
In robotics, Pathenbot enters a market with competitors that have more brand recognition, operating history and financial resources, so success depends on execution and rapid customer adoption 1.
- Fujian Xinsen Carbon Industry Co., Ltd.
wood-based activated carbon maker and direct competitor in China, named in the source
- Shanxi Xinhua Activated Carbon Co., Ltd.
coal-based activated carbon maker competing in China
- Ningxia Huahui Activated Carbon Company Limited
coal-based activated carbon maker competing in China
- Shenhua Ningxia Coal Industry Group Co., Ltd.
coal industry group active in activated carbon in the Chinese market
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)18 Sept 2026
- Current report (foreign issuer)19 Aug 2026
- Current report (foreign issuer)21 Jul 2026
- Current report (foreign issuer)17 Jun 2026
- Current report (foreign issuer)22 May 2026
- Current report (foreign issuer)02 Apr 2026
- Current report (foreign issuer)09 Mar 2026
- Current report (foreign issuer)24 Feb 2026
- Annual report (foreign issuer)30 Jan 2026
- Current report (foreign issuer)23 Jan 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-09-30 · SEC / CN Energy Group. Inc. · 30 Jan 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.