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Jilin-based Chinese pharmaceutical company; specific product lines not fully confirmed from available knowledge.
Jilin-based Chinese pharmaceutical company; specific product lines not fully confirmed from available knowledge.
Moat: none
Headquarters: Tonghua, Jilin, China · Employees: 1,480
Size Tonghua Golden-Horse Pharmaceutical Industry (000766.SZ) is a China Health Care company (Pharmaceuticals: Major) with a market value of $2.12B, the 1195th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.61 on 6 Nov 2026.
Performance Over six months the shares fell 40.8%, against -12.0% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 17.9% over the last twelve months (peer median -1.3%); the operating margin is 8.6% (peer median 9.7%).
Valuation It trades at 15.5× enterprise value to sales against a peer median of 3.4× (5th most expensive of 20).
Price implies For today's price to make sense, revenue must grow about 38% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is +37 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 2.8 points below its cost of capital (5.4% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.01B | CN¥1.16B | CN¥1.31B | CN¥1.47B | CN¥1.46B |
| Revenue growth | — | -12% | -11% | 0% | — |
| Gross profit | CN¥763M | CN¥802M | CN¥948M | CN¥1.06B | CN¥1.08B |
| EBITDA | n/a | CN¥172M | CN¥203M | CN¥199M | CN¥189M |
| Net income | CN¥11.3M | CN¥34.3M | CN¥56.4M | CN¥43.9M | CN¥30.2M |
| Free cash flow | CN¥52.0M | CN¥41.0M | CN¥114M | CN¥86.1M | CN¥174M |
| Capital expenditure | CN¥38.1M | CN¥64.1M | CN¥49.2M | CN¥26.7M | CN¥23.7M |
| Total debt | CN¥2.03B | CN¥1.81B | CN¥1.80B | CN¥1.71B | CN¥1.80B |
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| Measure | 000766.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.7% | -1.0% | 9th highest of 21 |
| 6-month return | -40.8% | -12.0% | 3rd lowest of 21 |
| Distance from 52-week high | -51.6% | -30.8% | 3rd lowest of 21 |
| Revenue growth (TTM) | -17.9% | -1.3% | 4th lowest of 20 |
| Operating margin | 8.6% | 9.7% | 10th lowest of 20 |
| EV / Sales | 15.5× | 3.4× | 5th most expensive of 20 |
| Growth the price implies (Req g, 7 yrs) | 37.9% | 4.9% | 2nd most demanding of 17 |
| Growth delivered (Del g) | +0.9% | +7.9% | 4th lowest of 17 |
| Hurdle (Req g minus delivered) | +37.0 pp | -1.7 pp | most demanding of 17 |
| ROIC minus cost of capital | -2.8 pp | -1.7 pp | 9th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tonghua Golden-Horse Pharmaceutical Industry 000766.SZ | China | $2.12B | -41% | -18% | 9% | 15.5× | 37.9% | +0.9% |
| Zhejiang Jiuzhou Pharmaceutical 603456.SS | China | $2.12B | +17% | -1% | 14% | 2.5× | 2.4% | +15.7% |
| Dermapharm DMP.DE | Germany | $2.11B | -25% | 0% | 22% | 2.4× | -3.8% | +8.0% |
| CSPC Hunan Jingfeng Pharmaceutical 000908.SZ | China | $2.13B | -27% | +5% | -18% | 30.2× | n/a | n/a |
| Zymeworks ZYME | United States | $2.10B | +24% | -70% | -419% | 56.6× | n/a | n/a |
| Harbin Pharmaceutical 600664.SS | China | $2.10B | +55% | +2% | 5% | 0.9× | -2.9% | +8.2% |
| Nanjing King-friend Biochemical Pharmaceutical 603707.SS | China | $2.15B | -3% | +9% | 14% | 3.4× | 6.1% | +6.4% |
| Haw Par H02.SI | Singapore | $2.18B | -27% | -13% | 30% | 8.9× | 3.7% | +15.7% |
| Biohaven BHVN | United States | $2.19B | +47% | n/a | n/a | n/a | n/a | n/a |
| Jinyu Bio-Technology 600201.SS | China | $2.04B | -15% | +22% | 10% | 7.7× | 24.4% | -2.4% |
| Perrigo PRGO | United States | $2.20B | +35% | -4% | 5% | 1.3× | 13.1% | +0.8% |
| Prestige Consumer Healthcare PBH | United States | $2.04B | -18% | -1% | 26% | 3.6× | -0.2% | +2.9% |
| Henan Lingrui Pharmaceutial 600285.SS | China | $2.02B | +7% | +5% | 22% | 3.2× | -4.8% | +10.6% |
| Qingdao Baheal Medical 301015.SZ | China | $2.02B | +4% | -6% | 8% | 2.2× | 11.9% | +5.0% |
| Grand Pharmaceutical 0512.HK | Hong Kong | $2.01B | -27% | +7% | 13% | 1.6× | 1.2% | +14.1% |
| Alembic Pharmaceuticals APLLTD.NS | India | $2.01B | +24% | +20% | 12% | 2.4× | 25.0% | +6.5% |
| Anhui Anke Biotechnology (Group) 300009.SZ | China | $2.01B | -9% | -9% | 30% | 5.2× | 9.1% | +9.3% |
| BrightGene Bio-Medical Technology 688166.SS | China | $2.00B | -51% | +14% | 7% | 11.1× | 38.5% | +9.2% |
| United Laboratories International 3933.HK | Hong Kong | $2.00B | -19% | -13% | 5% | 0.7× | 3.7% | +7.8% |
| ApicHope Pharmaceutical 300723.SZ | China | $1.99B | -28% | -28% | -50% | 19.2× | 14.0% | -11.0% |
| NewAmsterdam Pharma NAMS | United States | $2.26B | -51% | -26% | -900% | 62.8× | n/a | n/a |