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Harbin-based pharmaceutical manufacturer selling generic drugs in China.
Harbin-based pharmaceutical manufacturer selling generic drugs in China.
Moat: none
Headquarters: Harbin, China · Employees: 2,350
Size Harbin Gloria Pharmaceuticals (002437.SZ) is a China Health Care company (Pharmaceuticals: Major) with a market value of $999M, the 2301st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥2.99 on 6 Nov 2026.
Performance Over six months the shares fell 15.1%, against -12.3% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 19 in its peer set.
Growth Revenue fell 15.6% over the last twelve months (peer median +8.3%); the operating margin is 13.0% (peer median 5.8%).
Valuation It trades at 3.0× enterprise value to sales against a peer median of 2.2× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is -7%, so the hurdle is +16 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 7.2 points above its cost of capital (7.6% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.90B | CN¥2.12B | CN¥2.42B | CN¥2.60B | CN¥3.07B |
| Revenue growth | — | -13% | -7% | -15% | — |
| Gross profit | CN¥915M | CN¥929M | CN¥1.27B | CN¥1.49B | CN¥2.32B |
| EBITDA | n/a | CN¥318M | CN¥312M | CN¥275M | CN¥230M |
| Net income | CN¥381M | CN¥377M | CN¥233M | CN¥120M | -CN¥291M |
| Free cash flow | CN¥246M | CN¥291M | CN¥360M | CN¥251M | CN¥245M |
| Capital expenditure | CN¥19.4M | CN¥23.8M | CN¥62.9M | CN¥29.6M | CN¥33.0M |
| Total debt | CN¥107M | CN¥136M | CN¥107M | CN¥675M | CN¥1.45B |
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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 | 002437.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.3% | -1.1% | 2nd lowest of 20 |
| 6-month return | -15.1% | -12.3% | 8th lowest of 19 |
| Distance from 52-week high | -41.4% | -28.3% | 6th lowest of 21 |
| Revenue growth (TTM) | -15.6% | +8.3% | 4th lowest of 18 |
| Operating margin | 13.0% | 5.8% | 5th highest of 18 |
| EV / Sales | 3.0× | 2.2× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 8.8% | 3.4% | 5th most demanding of 12 |
| Growth delivered (Del g) | -6.9% | +7.8% | 3rd lowest of 12 |
| Hurdle (Req g minus delivered) | +15.7 pp | +1.3 pp | 2nd most demanding of 12 |
| ROIC minus cost of capital | +7.2 pp | -1.7 pp | 3rd highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Harbin Gloria Pharmaceuticals 002437.SZ | China | $999M | -15% | -16% | 13% | 3.0× | 8.8% | -6.9% |
| KPC Pharmaceuticals 600422.SS | China | $1.00B | -7% | -41% | -10% | 1.9× | n/a | n/a |
| Savara SVRA | United States | $992M | -8% | n/a | n/a | n/a | n/a | n/a |
| SSY 2005.HK | Hong Kong | $990M | +10% | -4% | 12% | 2.3× | 2.1% | -0.5% |
| Harrow HROW | United States | $1.01B | -30% | +21% | 2% | 4.4× | 51.8% | +41.0% |
| Zhejiang Garden Biopharmaceutical 300401.SZ | China | $983M | -7% | +2% | 24% | 5.5× | 10.2% | +13.4% |
| MoonLake Immunotherapeutics MLTX | United States | $981M | -32% | n/a | n/a | n/a | n/a | n/a |
| Oscotec 039200.KS | South Korea | $1.02B | -30% | +233% | 62% | 8.3× | -9.5% | +18.1% |
| Jiangsu Yahong Meditech 688176.SS | China | $973M | -12% | +15% | -172% | 17.8× | n/a | n/a |
| Strides Pharma Science STAR.NS | India | $973M | -13% | +11% | 14% | 2.1× | 18.1% | +7.8% |
| Kissei Pharmaceutical 4547.T | Japan | $973M | -16% | +6% | 6% | 1.1× | n/a | n/a |
| Procter & Gamble Health PGHL.NS | India | $971M | +4% | +13% | 31% | 6.3× | 5.5% | +9.3% |
| Guangxi Wuzhou Zhongheng 600252.SS | China | $1.03B | -11% | -43% | -42% | 5.0× | 11.9% | -13.7% |
| Symbiotec Pharmalab SYMBIOTEC.NS | India | $1.03B | n/a | n/a | n/a | n/a | n/a | n/a |
| SAWAI 4887.T | Japan | $1.03B | -22% | +11% | 9% | 1.3× | n/a | n/a |
| Towa Pharmaceutical 4553.T | Japan | $1.03B | -16% | +7% | 9% | 1.2× | 1.5% | +12.1% |
| Sunflower Pharmaceutical 002737.SZ | China | $1.04B | -13% | +31% | -7% | 1.8× | -6.4% | -7.7% |
| Immatics IMTX | United States | $952M | -44% | -65% | -556% | 10.7× | n/a | n/a |
| Jiangsu Kanion Pharmaceutical 600557.SS | China | $1.05B | -6% | +8% | 7% | 1.5× | 3.4% | +1.8% |
| Northeast Pharmaceutical 000597.SZ | China | $948M | -10% | -6% | 3% | 1.0× | -6.8% | -0.7% |
| City Therapeutics CTY | United States | $944M | n/a | +388% | -442% | n/a | n/a | n/a |