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Well-known Chinese-medicine brand maker, selling wound-care products, toothpaste and traditional medicines nationwide.
Well-known Chinese-medicine brand maker, selling wound-care products, toothpaste and traditional medicines nationwide.
A large share of reported revenue comes from reselling other firms' medicines, which earns thin margins, while branded Yunnan Baiyao products supply most of the profit. They are sold through pharmacies and supermarkets, online stores and hospitals.
In one line: A Chinese Johnson & Johnson consumer-health/traditional-medicine hybrid.
Moat: wide (brand, IP / patents). Century-old secret-formula brand with strong consumer trust across wound-care and oral-care categories.
Headquarters: Kunming, Yunnan, China · Founded: 1971 · Employees: 9,286
Size Yunnan Baiyao (000538.SZ) is a China Health Care company (Pharmaceuticals: Major) with a market value of $14.7B, the 160th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥55.14 on 6 Nov 2026.
Performance Over six months the shares gained 3.9%, against +6.3% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 5.2% over the last twelve months (peer median +18.9%); the operating margin is 11.4% (peer median 23.1%).
Valuation It trades at 18.0× forward earnings against a peer median of 29.8× (5th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about -1% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.3 points above its cost of capital (5.0% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥42.8B | CN¥41.0B | CN¥39.9B | CN¥38.9B | CN¥36.3B |
| Revenue growth | — | +3% | +2% | +7% | — |
| Gross profit | CN¥12.5B | CN¥11.8B | CN¥10.9B | CN¥9.94B | CN¥9.15B |
| EBITDA | n/a | CN¥5.15B | CN¥4.92B | CN¥3.99B | CN¥3.75B |
| Net income | CN¥5.20B | CN¥5.15B | CN¥4.75B | CN¥4.09B | CN¥3.00B |
| Free cash flow | CN¥5.00B | CN¥4.44B | CN¥4.04B | CN¥3.36B | CN¥3.33B |
| Capital expenditure | CN¥534M | CN¥480M | CN¥675M | CN¥576M | CN¥447M |
| Total debt | CN¥2.05B | CN¥2.33B | CN¥2.62B | CN¥3.85B | CN¥4.29B |
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 |
|---|---|---|---|---|---|---|
| Yunnan Baiyao 000538.SZ | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% |
| Tong Ren Tang Technologies 1666.HK | $484M | -23% | -14% | 12% | 7.2× | -18.6% |
| Colgate-Palmolive CL | $76.8B | +10% | +6% | 22% | 24.2× | -5.5% |
| Procter & Gamble PG | $383B | +13% | +4% | 24% | 23.4× | -0.3% |
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 | 000538.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.3% | +7.3% | 10th highest of 21 |
| 6-month return | +3.9% | +6.3% | 9th lowest of 21 |
| Distance from 52-week high | -5.3% | -10.7% | 6th highest of 21 |
| Revenue growth (TTM) | +5.2% | +18.9% | 3rd lowest of 21 |
| Operating margin | 11.4% | 23.1% | 6th lowest of 21 |
| Forward P/E | 18.0× | 29.8× | 5th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | -0.5% | 11.7% | 8th least demanding of 18 |
| Growth delivered (Del g) | +4.7% | +12.5% | lowest of 18 |
| Hurdle (Req g minus delivered) | -5.2 pp | -11.6 pp | 7th most demanding of 18 |
| ROIC minus cost of capital | +8.3 pp | +1.8 pp | 7th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% | +5.4% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 29.8× | n/a | n/a |
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% | +18.6% |
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% | +12.6% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% | +6.8% |
| Swedish Orphan Biovitrum SOBI.ST | Sweden | $17.6B | +13% | +15% | 30% | 25.5× | -1.1% | +13.1% |
| Dr. Reddy's Laboratories DRREDDY.NS | India | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% | +12.1% |
| Pharmaron Beijing 3759.HK | Hong Kong | $11.3B | +45% | +24% | 14% | 22.9× | n/a | n/a |
| Torrent Pharmaceuticals TORNTPHARM.NS | India | $19.1B | +9% | +42% | 22% | 72.2× | 37.9% | +11.3% |
| Innovent Biologics 1801.HK | Hong Kong | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% | +26.8% |
| Repligen RGEN | United States | $11.1B | +41% | +14% | 9% | 71.3× | 56.4% | +15.0% |