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Chinese specialty pharma that in-licenses drugs from global partners and markets them to Chinese hospitals.
Chinese specialty pharma that in-licenses drugs from global partners and markets them to Chinese hospitals.
Buys the rights to sell drugs in China from foreign and domestic developers, then markets them through its own sales force to hospitals and through distributors, keeping the margin between sales and what it pays for the rights. Growth comes from adding drugs, so the licensing pipeline matters as much as sales.
In one line: A Chinese drug-licensing/marketing specialist.
Moat: narrow (distribution, regulatory licence). Established hospital sales force and regulatory relationships ease new in-licensed launches.
Headquarters: Shenzhen, China · Founded: 2000 · Employees: 6,415
Size China Medical System (0867.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $3.30B, the 325th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$10.60 on 6 Nov 2026.
Performance Over six months the shares fell 16.2%, against +2.2% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 3rd lowest of 20 in its peer set.
Growth Revenue grew 14.8% over the last twelve months (peer median +14.1%); the operating margin is 20.0% (peer median 12.6%).
Valuation It trades at 10.9× forward earnings against a peer median of 22.6× (3rd cheapest of 15).
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 +3%, so the hurdle is +0 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 0.9 points above its cost of capital (9.6% WACC).
Next results Next results expected around 16 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$9.74B | HK$8.91B | HK$8.10B | HK$8.85B | HK$10.6B |
| Revenue growth | — | +10% | -9% | -17% | — |
| Gross profit | HK$6.93B | HK$6.37B | HK$5.88B | HK$6.75B | HK$8.18B |
| EBITDA | HK$2.26B | HK$2.00B | HK$2.07B | HK$3.20B | HK$4.40B |
| Net income | HK$1.72B | HK$1.61B | HK$1.76B | HK$2.65B | HK$3.79B |
| Free cash flow | HK$1.29B | HK$1.14B | HK$1.64B | HK$3.06B | HK$4.22B |
| Capital expenditure | HK$886M | HK$558M | HK$494M | HK$351M | HK$610M |
| Total debt | n/a | HK$769M | HK$916M | HK$1.43B | HK$2.04B |
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 |
|---|---|---|---|---|---|---|
| China Medical System 0867.HK | $3.30B | -16% | +15% | 20% | 10.9× | 2.9% |
| Livzon Pharmaceutical 1513.HK | $3.69B | -11% | -10% | 19% | 11.3× | -7.7% |
| Simcere Pharmaceutical 2096.HK | $3.63B | -7% | +27% | 18% | 14.3× | -2.8% |
| Shanghai Fosun Pharmaceutical (Group) 2196.HK | $8.69B | -10% | +10% | 6% | 10.4× | 20.5% |
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 | 0867.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | +1.6% | 9th lowest of 21 |
| 6-month return | -16.2% | +2.2% | 3rd lowest of 20 |
| Distance from 52-week high | -31.7% | -24.0% | 7th lowest of 21 |
| Revenue growth (TTM) | +14.8% | +14.1% | 10th highest of 19 |
| Operating margin | 20.0% | 12.6% | 5th highest of 19 |
| Forward P/E | 10.9× | 22.6× | 3rd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | 2.9% | 15.9% | 7th least demanding of 15 |
| Growth delivered (Del g) | +2.7% | +11.3% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | +0.2 pp | -11.2 pp | 5th most demanding of 15 |
| ROIC minus cost of capital | +0.9 pp | +4.5 pp | 5th lowest of 16 |
| EV / EBITDA | 9.0× | 29.3× | 2nd cheapest of 9 |
| Net debt / EBITDA | -2.5× | 0.8× | 3rd least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China Medical System 0867.HK | Hong Kong | $3.30B | -16% | +15% | 20% | 10.9× | 2.9% | +2.7% |
| Acutaas Chemicals ACUTAAS.NS | India | $3.28B | +39% | +45% | 36% | 61.8× | n/a | n/a |
| China National Medicines 600511.SS | China | $3.31B | +2% | +3% | 4% | 10.7× | -9.8% | +5.4% |
| Wockhardt WOCKPHARMA.NS | India | $3.35B | +19% | +26% | 13% | n/a | 56.9% | +4.2% |
| Viridian Therapeutics VRDN | United States | $3.23B | +72% | -63% | -1,781% | n/a | n/a | n/a |
| 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% |
| Arcutis Biotherapeutics ARQT | United States | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% | +367.3% |
| Tasly Pharmaceutical 600535.SS | China | $3.20B | -5% | -4% | 19% | 16.5× | -7.6% | -9.6% |
| Shanghai Henlius Biotech 2696.HK | Hong Kong | $3.41B | -37% | +33% | 12% | 23.8× | 15.2% | +61.4% |
| Chengdu Kanghong Pharmaceutical 002773.SZ | China | $3.18B | -7% | -11% | 24% | 21.3× | -2.2% | +7.0% |
| Viking Therapeutics VKTX | United States | $3.42B | -17% | n/a | n/a | 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 |
| Hybio Pharmaceutical 300199.SZ | China | $3.08B | +16% | +70% | 31% | 51.4× | 40.1% | +6.1% |
| IDEAYA Biosciences IDYA | United States | $3.02B | +10% | -83% | -1,267% | n/a | n/a | n/a |
| Suzhou Zelgen Biopharmaceuticals 688266.SS | China | $3.60B | -13% | +136% | 29% | 43.4× | 20.5% | +98.4% |
| Betta Pharmaceuticals 300558.SZ | China | $3.01B | -9% | +16% | 11% | 44.2× | 25.2% | +14.0% |
| Simcere Pharmaceutical 2096.HK | Hong Kong | $3.63B | -7% | +27% | 18% | 14.3× | -2.8% | +10.6% |
| Organon & OGN | United States | $3.64B | +4% | -3% | 20% | 4.0× | -4.5% | -1.0% |
| ACADIA Pharmaceuticals ACAD | United States | $3.66B | -5% | +12% | 8% | 21.5× | 16.7% | +19.4% |