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China's leading donkey-hide gelatin (Ejiao) maker, selling a traditional tonic product prized for blood and health benefits.
China's leading donkey-hide gelatin (Ejiao) maker, selling a traditional tonic product prized for blood and health benefits.
Sells a premium tonic bought partly as a gift, so brand heritage and the distribution channel matter more than manufacturing. The raw material, donkey hide, is scarce, so its supply and cost are a central lever.
In one line: A single-category Chinese heritage tonic brand.
Moat: narrow (brand, scale). Dominant heritage brand in Ejiao with control over scarce donkey-hide raw material supply.
Headquarters: Liaocheng, Shandong, China · Founded: 1952 · Employees: 4,345
Size Dong-E-E-Jiao (000423.SZ) is a China Health Care company (Pharmaceuticals: Other) with a market value of $4.80B, the 527th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥50.85 on 6 Nov 2026.
Performance Over six months the shares fell 7.5%, against -2.5% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 8.1% over the last twelve months (peer median +1.5%); the operating margin is 29.4% (peer median 15.4%).
Valuation It trades at 17.1× forward earnings against a peer median of 18.1× (8th cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +15%, so the hurdle is -19 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 51.6 points above its cost of capital (5.4% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.87B | CN¥6.64B | CN¥6.11B | CN¥4.67B | CN¥4.00B |
| Revenue growth | — | +9% | +31% | +17% | — |
| Gross profit | CN¥5.15B | CN¥4.76B | CN¥4.14B | CN¥3.17B | CN¥2.61B |
| EBITDA | n/a | CN¥2.10B | CN¥1.79B | CN¥1.40B | CN¥1.04B |
| Net income | CN¥1.79B | CN¥1.74B | CN¥1.56B | CN¥1.15B | CN¥780M |
| Free cash flow | CN¥1.15B | CN¥2.30B | CN¥2.85B | CN¥1.95B | CN¥2.18B |
| Capital expenditure | CN¥320M | CN¥82.7M | CN¥97.4M | CN¥54.5M | CN¥45.6M |
| Total debt | CN¥168M | CN¥94.0M | CN¥38.3M | CN¥47.8M | CN¥62.9M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Dong-E-E-Jiao 000423.SZ | $4.80B | -8% | +8% | 29% | 17.1× | -4.6% |
| Jiuzhitang 000989.SZ | $1.19B | -13% | +46% | 19% | 22.7× | -3.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 000423.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.5% | +2.2% | 5th highest of 21 |
| 6-month return | -7.5% | -2.5% | 9th lowest of 21 |
| Distance from 52-week high | -12.9% | -21.3% | 6th highest of 21 |
| Revenue growth (TTM) | +8.1% | +1.5% | 9th highest of 20 |
| Operating margin | 29.4% | 15.4% | 2nd highest of 20 |
| Forward P/E | 17.1× | 18.1× | 8th cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -4.6% | -0.8% | 5th least demanding of 20 |
| Growth delivered (Del g) | +14.5% | +5.9% | 3rd highest of 20 |
| Hurdle (Req g minus delivered) | -19.1 pp | -5.1 pp | 4th least demanding of 20 |
| ROIC minus cost of capital | +51.6 pp | +2.7 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Dong-E-E-Jiao 000423.SZ | China | $4.80B | -8% | +8% | 29% | 17.1× | -4.6% | +14.5% |
| Shijiazhuang Yiling Pharmaceutical 002603.SZ | China | $4.02B | -6% | +32% | 21% | 18.1× | -3.2% | -2.2% |
| Guangdong Zhongsheng Pharmaceutical 002317.SZ | China | $3.13B | +35% | -14% | 9% | 80.3× | 34.7% | +5.9% |
| Bausch Health Companies BHC.TO | Canada | $3.09B | +48% | +10% | 27% | 1.9× | -14.5% | +5.9% |
| Abivax ABVX.PA | France | $7.58B | -25% | n/a | n/a | n/a | n/a | n/a |
| Jilin Aodong Pharmaceutical 000623.SZ | China | $3.02B | -9% | -4% | -13% | n/a | 5.2% | +1.0% |
| By-health 300146.SZ | China | $2.61B | -1% | +10% | 11% | 25.0× | 5.1% | +0.6% |
| China Resources Double-Crane Pharmaceutical 600062.SS | China | $2.50B | -10% | -1% | 13% | 9.8× | -8.3% | +5.3% |
| Lupin LUPIN.NS | India | $9.65B | -19% | +24% | 24% | 20.9× | 8.8% | +13.0% |
| China Resources Jiangzhong Pharmaceutical 600750.SS | China | $2.19B | -3% | -10% | 24% | 15.7× | -2.5% | +11.6% |
| Aurobindo Pharma AUROPHARMA.NS | India | $10.9B | +22% | +14% | 15% | 22.4× | 21.0% | +6.3% |
| Granules India GRANULES.NS | India | $2.10B | +8% | +22% | 17% | 24.9× | 23.5% | +10.6% |
| Health and Happiness (H&H) International 1112.HK | Hong Kong | $2.05B | +70% | +24% | 16% | 12.6× | -3.0% | +4.4% |
| China Meheco 600056.SS | China | $2.00B | -14% | +2% | 3% | n/a | -0.8% | -2.1% |
| Porton Pharma Solutions 300363.SZ | China | $1.92B | +14% | +6% | -2% | n/a | 5.3% | +10.4% |
| Cipla CIPLA.NS | India | $12.1B | +4% | -1% | 13% | 29.0× | 28.2% | +8.1% |
| Zhejiang NHU 002001.SZ | China | $12.3B | -23% | +11% | 33% | 9.9× | -7.8% | +16.7% |
| Tibet Cheezheng Tibetan Medicine 002287.SZ | China | $1.66B | -15% | -7% | 28% | n/a | -1.1% | +10.4% |
| Zhejiang Medicine 600216.SS | China | $1.61B | -23% | -6% | 7% | 11.3× | -6.7% | +3.9% |
| Bora Pharmaceuticals 6472.TW | Taiwan | $1.55B | -2% | -6% | 15% | 14.2× | 4.5% | +60.2% |
| Guilin Sanjin Pharmaceutical 002275.SZ | China | $1.53B | +27% | -3% | 24% | 18.6× | -2.2% | +5.5% |