Employees: 1,462
Size Jinghua Pharmaceutical (002349.SZ) is a China Health Care company (Pharmaceuticals: Major) with a market value of $825M, the 2682nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥6.94 on 6 Nov 2026.
Performance Over six months the shares fell 7.7%, against -9.5% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 20 in its peer set.
Growth Revenue grew 1.9% over the last twelve months (peer median +2.2%); the operating margin is 19.9% (peer median 10.1%).
Valuation It trades at 3.2× enterprise value to sales against a peer median of 2.4× (9th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.8 points above its cost of capital (5.2% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.48B | CN¥1.45B | CN¥1.39B | CN¥1.50B | CN¥1.56B |
| Revenue growth | — | +4% | -7% | -4% | — |
| Gross profit | CN¥814M | CN¥726M | CN¥665M | CN¥702M | CN¥681M |
| EBITDA | n/a | CN¥347M | CN¥300M | CN¥372M | CN¥323M |
| Net income | CN¥233M | CN¥219M | CN¥213M | CN¥248M | CN¥212M |
| Free cash flow | CN¥270M | CN¥326M | CN¥290M | CN¥270M | CN¥305M |
| Capital expenditure | CN¥30.4M | CN¥20.3M | CN¥30.9M | CN¥28.4M | CN¥61.6M |
| Total debt | CN¥13.9M | CN¥77.3M | CN¥35.0M | CN¥36.0M | CN¥39.2M |
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| Measure | 002349.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -20.4% | -2.0% | 2nd lowest of 21 |
| 6-month return | -7.7% | -9.5% | 8th highest of 20 |
| Distance from 52-week high | -27.6% | -32.8% | 7th highest of 21 |
| Revenue growth (TTM) | +1.9% | +2.2% | 10th highest of 19 |
| Operating margin | 19.9% | 10.1% | 4th highest of 19 |
| EV / Sales | 3.2× | 2.4× | 9th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | -1.8% | 4.8% | 4th least demanding of 12 |
| Growth delivered (Del g) | +2.6% | +2.1% | 6th highest of 12 |
| Hurdle (Req g minus delivered) | -4.5 pp | -5.6 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +4.8 pp | -1.7 pp | 4th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Jinghua Pharmaceutical 002349.SZ | China | $825M | -8% | +2% | 20% | 3.2× | -1.8% | +2.6% |
| CARsgen Therapeutics 2171.HK | Hong Kong | $825M | -54% | +68% | -170% | 32.3× | n/a | n/a |
| Zhejiang Int'l 000411.SZ | China | $828M | -8% | +3% | 3% | 0.3× | n/a | n/a |
| Sanofi Consumer Healthcare India SANOFICONR.NS | India | $835M | -28% | +23% | 36% | 8.1× | 17.1% | +22.7% |
| Latigo Biotherapeutics LTGO | United States | $835M | n/a | n/a | n/a | n/a | n/a | n/a |
| Luye Pharma 2186.HK | Hong Kong | $839M | -36% | +3% | 18% | 1.2× | -10.5% | +1.9% |
| Chongqing Pharscin Pharmaceutical 002907.SZ | China | $808M | -7% | +8% | 10% | 5.7× | 10.7% | -1.4% |
| Guizhou Xinbang Pharmaceutical 002390.SZ | China | $805M | -10% | -13% | 4% | 0.9× | -3.0% | -0.8% |
| Alumis ALMS | United States | $805M | -27% | -63% | -5,480% | 45.8× | n/a | n/a |
| SK Discovery 006120.KS | South Korea | $804M | +11% | +20% | 3% | 0.8× | n/a | n/a |
| Zhejiang Anglikang Pharmaceutical 002940.SZ | China | $801M | -19% | -6% | 10% | 4.2× | 18.2% | +2.1% |
| Knight Therapeutics GUD.TO | Canada | $800M | +37% | +42% | 5% | 1.9× | 9.5% | +17.7% |
| Sanofi India SANOFI.NS | India | $800M | -3% | -6% | 26% | 4.2× | 16.5% | -8.7% |
| Kaken Pharmaceutical 4521.T | Japan | $854M | -8% | -7% | 11% | 0.9× | n/a | n/a |
| Annexon ANNX | United States | $796M | -26% | n/a | n/a | n/a | n/a | n/a |
| Suven Life Sciences SUVEN.NS | India | $792M | +20% | +17% | -4,228% | 849.2× | n/a | n/a |
| Lexicon Pharmaceuticals LXRX | United States | $792M | -11% | -29% | -131% | 15.9× | n/a | n/a |
| Katakura Industries 3001.T | Japan | $791M | +46% | 0% | 16% | 2.5× | 0.2% | +0.5% |
| Hygeia Healthcare 6078.HK | Hong Kong | $861M | -7% | +2% | 14% | 1.9× | 4.8% | +22.5% |
| Hunan Jiudian Pharmaceutical 300705.SZ | China | $789M | -18% | -5% | 13% | 1.9× | -1.1% | +26.1% |
| Collegium Pharmaceutical COLL | United States | $788M | -36% | +14% | 20% | 2.3× | -7.0% | +20.3% |