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World's largest producer of heparin active pharmaceutical ingredient, sourced from pig intestines and sold globally as a blood-thinner API.
World's largest producer of heparin active pharmaceutical ingredient, sourced from pig intestines and sold globally as a blood-thinner API.
Sells heparin API mainly to other drugmakers, which turn it into enoxaparin and other blood thinners, and also sells its own finished enoxaparin injections, which pay more per unit. Its US arm is Scientific Protein Laboratories, so raw-material and plant capacity sit in several countries.
In one line: The world's dominant heparin API supplier.
Moat: narrow (scale, regulatory licence, installed base). Largest global heparin API capacity and FDA/EU-approved supply chain, hard to replicate at scale.
Headquarters: Shenzhen, China · Founded: 1998 · Employees: 2,150
Size Shenzhen Hepalink Pharmaceutical (002399.SZ) is a China Health Care company (Pharmaceuticals: Major) with a market value of $1.88B, the 1333rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥9.44 on 6 Nov 2026.
Performance Over six months the shares fell 13.2%, against -9.4% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 6.0% over the last twelve months (peer median +11.4%); the operating margin is 7.7% (peer median 19.4%).
Valuation It trades at 22.5× forward earnings against a peer median of 23.0× (10th cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.4 points below its cost of capital (7.2% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.08B | CN¥5.46B | CN¥5.28B | CN¥5.44B | CN¥7.16B |
| Revenue growth | — | +3% | -3% | -24% | — |
| Gross profit | CN¥1.94B | CN¥1.62B | CN¥1.66B | CN¥1.70B | CN¥2.24B |
| EBITDA | n/a | CN¥886M | CN¥1.05B | CN¥125M | CN¥1.30B |
| Net income | CN¥190M | CN¥349M | CN¥647M | -CN¥783M | CN¥727M |
| Free cash flow | CN¥1.96B | CN¥1.61B | CN¥2.28B | CN¥26.5M | -CN¥844M |
| Capital expenditure | CN¥106M | CN¥121M | CN¥203M | CN¥445M | CN¥222M |
| Total debt | CN¥3.10B | CN¥2.97B | CN¥3.54B | CN¥5.56B | CN¥6.46B |
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| Measure | 002399.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.2% | +0.6% | 9th lowest of 21 |
| 6-month return | -13.2% | -9.4% | 7th lowest of 21 |
| Distance from 52-week high | -25.6% | -27.8% | 9th highest of 21 |
| Revenue growth (TTM) | -6.0% | +11.4% | 4th lowest of 21 |
| Operating margin | 7.7% | 19.4% | 8th lowest of 21 |
| Forward P/E | 22.5× | 23.0× | 10th cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 0.1% | 11.5% | 6th least demanding of 17 |
| Growth delivered (Del g) | +0.5% | +10.0% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | -0.4 pp | -0.1 pp | 9th least demanding of 17 |
| ROIC minus cost of capital | -2.4 pp | +0.4 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Hepalink Pharmaceutical 002399.SZ | China | $1.88B | -13% | -6% | 8% | 22.5× | 0.1% | +0.5% |
| Sarepta Therapeutics SRPT | United States | $1.88B | -11% | -20% | -3% | n/a | 11.9% | +32.4% |
| Pfizer PFIZER.NS | India | $1.87B | -19% | +12% | 34% | 21.5× | 11.2% | +2.4% |
| Maze Therapeutics MAZE | United States | $1.90B | +29% | +700% | -728% | n/a | n/a | n/a |
| Shenyang Xingqi Pharmaceutical 300573.SZ | China | $1.91B | -25% | +17% | 33% | 13.7× | 6.0% | +29.1% |
| China National Accord Medicines 000028.SZ | China | $1.85B | -4% | 0% | 2% | 11.1× | -9.4% | +4.2% |
| Guobang Pharma 605507.SS | China | $1.84B | -8% | +3% | 12% | 15.9× | -5.8% | +7.4% |
| Caplin Point Laboratories CAPLIPOINT.NS | India | $1.92B | +28% | +15% | 31% | 24.6× | 29.3% | +15.7% |
| Alivus Life Sciences ALIVUS.NS | India | $1.92B | +32% | +8% | 31% | 24.4× | 20.4% | +6.2% |
| Harmony Biosciences HRMY | United States | $1.93B | +7% | +20% | 22% | 8.6× | -10.9% | +40.3% |
| OneSource Specialty Pharma ONESOURCE.NS | India | $1.94B | -12% | +11% | 6% | 45.0× | n/a | n/a |
| Eris Lifesciences ERIS.NS | India | $1.82B | -11% | +11% | 26% | 25.7× | 24.7% | +20.9% |
| Tsumura & 4540.T | Japan | $1.81B | +2% | +10% | 18% | 10.1× | n/a | n/a |
| Tibet Rhodiola Pharmaceutical 600211.SS | China | $1.95B | 0% | +13% | 27% | 13.0× | -0.5% | +16.7% |
| Shilpa Medicare SHILPAMED.NS | India | $1.95B | +113% | +28% | 21% | 62.1× | n/a | n/a |
| PharmaResearch 214450.KS | South Korea | $1.79B | -25% | +34% | 39% | 12.4× | -14.2% | +37.6% |
| Sino Biological 301047.SZ | China | $1.98B | +50% | +20% | 17% | 63.8× | 36.8% | -15.1% |
| ApicHope Pharmaceutical 300723.SZ | China | $1.99B | -28% | -28% | -50% | 25.7× | 14.0% | -11.0% |
| Zhejiang Wolwo Bio-Pharmaceutical 300357.SZ | China | $1.77B | -11% | +7% | 39% | 27.8× | 19.5% | +10.8% |
| United Laboratories International 3933.HK | Hong Kong | $2.00B | -19% | -13% | 5% | 14.5× | 3.7% | +7.8% |
| BrightGene Bio-Medical Technology 688166.SS | China | $2.00B | -51% | +14% | 7% | 87.6× | 38.5% | +9.2% |