Employees: 1,605
Size Tianjin Lisheng Pharmaceutical (002393.SZ) is a China Health Care company (Pharmaceuticals: Major) with a market value of $598M, the 3427th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.93 on 6 Nov 2026.
Performance Over six months the shares fell 22.6%, against -21.4% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue fell 2.7% over the last twelve months (peer median +0.7%); the operating margin is 6.6% (peer median 4.3%).
Valuation It trades at 9.7× forward earnings against a peer median of 12.6× (3rd cheapest of 10).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +4%, so the hurdle is -7 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.5 points below its cost of capital (6.1% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.27B | CN¥1.38B | CN¥1.32B | CN¥1.14B | CN¥1.13B |
| Revenue growth | — | +4% | +16% | +1% | — |
| Gross profit | CN¥686M | CN¥732M | CN¥697M | CN¥646M | CN¥620M |
| EBITDA | n/a | CN¥173M | CN¥148M | CN¥180M | CN¥124M |
| Net income | CN¥124M | CN¥416M | CN¥185M | CN¥362M | CN¥93.6M |
| Free cash flow | CN¥244M | CN¥414M | CN¥74.9M | CN¥148M | CN¥311M |
| Capital expenditure | CN¥41.0M | CN¥37.5M | CN¥53.8M | CN¥61.7M | CN¥40.9M |
| Total debt | CN¥46.0M | CN¥174M | CN¥113M | CN¥63.0M | CN¥66.1M |
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| Measure | 002393.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -8.6% | -6.4% | 9th lowest of 21 |
| 6-month return | -22.6% | -21.4% | 9th lowest of 21 |
| Distance from 52-week high | -36.5% | -35.8% | 10th lowest of 21 |
| Revenue growth (TTM) | -2.7% | +0.7% | 8th lowest of 18 |
| Operating margin | 6.6% | 4.3% | 8th highest of 18 |
| Forward P/E | 9.7× | 12.6× | 3rd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | -3.2% | 5.3% | 4th least demanding of 9 |
| Growth delivered (Del g) | +4.1% | +7.7% | 3rd lowest of 9 |
| Hurdle (Req g minus delivered) | -7.3 pp | -3.0 pp | 4th least demanding of 9 |
| ROIC minus cost of capital | -1.5 pp | -1.4 pp | 9th highest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tianjin Lisheng Pharmaceutical 002393.SZ | China | $598M | -23% | -3% | 7% | 9.7× | -3.2% | +4.1% |
| TTY Biopharm 4105.TWO | Taiwan | $596M | +7% | +5% | 33% | 10.9× | -11.1% | +8.8% |
| Supriya Lifescience SUPRIYA.NS | India | $593M | -1% | +28% | 30% | 23.6× | 27.9% | +15.8% |
| Aclaris Therapeutics ACRS | United States | $604M | -21% | -51% | -1,040% | n/a | n/a | n/a |
| Abbisko Cayman 2256.HK | Hong Kong | $589M | -48% | -83% | -520% | n/a | n/a | n/a |
| Jinhe Biotechnology 002688.SZ | China | $587M | -22% | +9% | 5% | 9.5× | 14.8% | +9.7% |
| Jinling Pharmaceutical 000919.SZ | China | $586M | -14% | -8% | 1% | n/a | 5.0% | +5.0% |
| Chongkundang 185750.KS | South Korea | $611M | -26% | +7% | 4% | 12.6× | n/a | n/a |
| Beijing Tong Ren Tang Chinese Medicine 3613.HK | Hong Kong | $617M | -22% | -21% | 32% | 10.9× | -14.3% | +2.8% |
| Innova Captab INNOVACAP.NS | India | $618M | +18% | +34% | 12% | 30.4× | 25.4% | +31.4% |
| Nanjing Hicin Pharmaceutical 300584.SZ | China | $573M | -25% | +32% | 17% | n/a | 5.5% | -1.1% |
| Bicara Therapeutics BCAX | United States | $572M | -62% | n/a | n/a | n/a | n/a | n/a |
| Zhong Zhu Healthcare 600568.SS | China | $628M | -21% | -6% | -34% | n/a | n/a | n/a |
| Senores Pharmaceuticals SENORES.NS | India | $566M | +25% | +40% | 24% | 34.2× | n/a | n/a |
| Beijing Science Sun Pharmaceutical 300485.SZ | China | $566M | -28% | -11% | -8% | n/a | n/a | n/a |
| DBV Technologies DBV.PA | France | $633M | -47% | n/a | n/a | n/a | n/a | n/a |
| JIANMIN PHARMACEUTICAL 600976.SS | China | $638M | -12% | -2% | 8% | 7.1× | -4.9% | +6.5% |
| Olema Pharmaceuticals OLMA | United States | $641M | -51% | n/a | n/a | n/a | n/a | n/a |
| Ovid Therapeutics OVID | United States | $557M | +2% | -76% | -3,687% | n/a | n/a | n/a |
| Chimin Health Management 603222.SS | China | $553M | -28% | +1% | -28% | n/a | n/a | n/a |
| Orchid Pharma ORCHPHARMA.NS | India | $551M | +27% | +11% | 0% | 75.5× | n/a | n/a |