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Chinese pharma company known for Conbercept, a domestically developed anti-VEGF eye-injection drug for macular degeneration.
Chinese pharma company known for Conbercept, a domestically developed anti-VEGF eye-injection drug for macular degeneration.
Depends heavily on one drug, conbercept, sold to hospitals and reimbursed under China's national drug list after price negotiation. Its patent protection and local development give it an edge, but foreign competitors sell alternatives in the same field.
In one line: A Chinese Regeneron (Eylea) for eye disease, at smaller scale.
Moat: narrow (IP / patents, regulatory licence). Patent-protected domestic anti-VEGF drug competing with imported alternatives.
Headquarters: Chengdu, China · Employees: 4,470
Size Chengdu Kanghong Pharmaceutical (002773.SZ) is a China Health Care company (Pharmaceuticals: Major) with a market value of $3.18B, the 810th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥23.01 on 6 Nov 2026.
Performance Over six months the shares fell 6.6%, against +2.2% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 20 in its peer set.
Growth Revenue fell 11.4% over the last twelve months (peer median +18.6%); the operating margin is 23.9% (peer median 11.7%).
Valuation It trades at 21.3× forward earnings against a peer median of 37.9× (6th cheapest of 14).
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 +7%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 24.1 points above its cost of capital (5.7% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.13B | CN¥4.55B | CN¥4.42B | CN¥3.92B | CN¥3.36B |
| Revenue growth | — | +3% | +13% | +17% | — |
| Gross profit | CN¥3.75B | CN¥3.95B | CN¥3.84B | CN¥3.36B | CN¥2.90B |
| EBITDA | n/a | CN¥1.50B | CN¥1.47B | CN¥1.32B | CN¥1.03B |
| Net income | CN¥914M | CN¥1.16B | CN¥1.19B | CN¥1.04B | CN¥897M |
| Free cash flow | CN¥628M | CN¥1.28B | CN¥1.30B | CN¥1.13B | CN¥609M |
| Capital expenditure | CN¥309M | CN¥262M | CN¥159M | CN¥139M | CN¥355M |
| Total debt | CN¥1.42M | CN¥3.51M | CN¥5.20M | CN¥2.01M | CN¥4.87M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Chengdu Kanghong Pharmaceutical 002773.SZ | $3.18B | -7% | -11% | 24% | 21.3× | -2.2% |
| Regeneron Pharmaceuticals REGN | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
| Roche RO.SW | $385B | +22% | -1% | 31% | 19.6× | 0.9% |
| Bayer BAYN.DE | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% |
| Shanghai Henlius Biotech 2696.HK | $3.41B | -37% | +33% | 12% | 23.8× | 15.2% |
| Celltrion 068270.KS | $34.3B | +10% | +40% | 32% | 34.1× | 8.3% |
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 | 002773.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +13.1% | +1.6% | 5th highest of 21 |
| 6-month return | -6.6% | +2.2% | 7th lowest of 20 |
| Distance from 52-week high | -35.3% | -22.3% | 6th lowest of 21 |
| Revenue growth (TTM) | -11.4% | +18.6% | 4th lowest of 19 |
| Operating margin | 23.9% | 11.7% | 4th highest of 19 |
| Forward P/E | 21.3× | 37.9× | 6th cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | -2.2% | 20.5% | 5th least demanding of 14 |
| Growth delivered (Del g) | +7.0% | +12.0% | 7th lowest of 14 |
| Hurdle (Req g minus delivered) | -9.1 pp | -14.1 pp | 7th most demanding of 14 |
| ROIC minus cost of capital | +24.1 pp | +1.1 pp | highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chengdu Kanghong Pharmaceutical 002773.SZ | China | $3.18B | -7% | -11% | 24% | 21.3× | -2.2% | +7.0% |
| Tasly Pharmaceutical 600535.SS | China | $3.20B | -5% | -4% | 19% | 16.5× | -7.6% | -9.6% |
| Arcutis Biotherapeutics ARQT | United States | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% | +367.3% |
| Viridian Therapeutics VRDN | United States | $3.23B | +72% | -63% | -1,781% | n/a | n/a | n/a |
| Acutaas Chemicals ACUTAAS.NS | India | $3.28B | +39% | +45% | 36% | 61.8× | n/a | n/a |
| Hybio Pharmaceutical 300199.SZ | China | $3.08B | +16% | +70% | 31% | 51.4× | 40.1% | +6.1% |
| China Medical System 0867.HK | Hong Kong | $3.30B | -16% | +15% | 20% | 10.9× | 2.9% | +2.7% |
| China National Medicines 600511.SS | China | $3.31B | +2% | +3% | 4% | 10.7× | -9.8% | +5.4% |
| IDEAYA Biosciences IDYA | United States | $3.02B | +10% | -83% | -1,267% | n/a | n/a | n/a |
| Wockhardt WOCKPHARMA.NS | India | $3.35B | +19% | +26% | 13% | n/a | 56.9% | +4.2% |
| Betta Pharmaceuticals 300558.SZ | China | $3.01B | -9% | +16% | 11% | 44.2× | 25.2% | +14.0% |
| Piramal Pharma PPLPHARMA.NS | India | $3.37B | +30% | +9% | 3% | 159.9× | n/a | n/a |
| Tarsus Pharmaceuticals TARS | United States | $3.38B | +12% | +86% | -10% | n/a | 31.9% | +159.5% |
| Shanghai Henlius Biotech 2696.HK | Hong Kong | $3.41B | -37% | +33% | 12% | 23.8× | 15.2% | +61.4% |
| Viking Therapeutics VKTX | United States | $3.42B | -17% | n/a | n/a | n/a | n/a | n/a |
| Sam Chun Dang Pharm 000250.KS | South Korea | $2.91B | -59% | +21% | 7% | n/a | n/a | n/a |
| Jiangsu Nhwa Pharmaceutical 002262.SZ | China | $3.47B | +2% | +3% | 19% | 19.6× | -2.2% | +12.0% |
| Parabilis Medicines PBLS | United States | $3.52B | n/a | n/a | n/a | n/a | n/a | n/a |
| Joincare Pharmaceutical Group Industry 600380.SS | China | $2.86B | -4% | -12% | 18% | 15.6× | -13.1% | +2.4% |
| Suzhou Zelgen Biopharmaceuticals 688266.SS | China | $3.60B | -13% | +136% | 29% | 43.4× | 20.5% | +98.4% |
| Vericel VCEL | United States | $2.80B | +63% | +23% | 6% | 76.2× | 50.7% | +17.3% |