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Large diversified Chinese pharma company making drugs for hepatitis, oncology, respiratory and cardiovascular disease.
Large diversified Chinese pharma company making drugs for hepatitis, oncology, respiratory and cardiovascular disease.
Sells prescription drugs mainly to Chinese hospitals, and winning a place on the national insurance reimbursement list is key to volume. Its main operating arm is Chia Tai Tianqing. Sales are shifting from older generics, whose prices state tenders push down, toward newer patented drugs, especially for cancer.
In one line: A diversified Chinese pharma major, akin to a domestic GSK/Sanofi in breadth.
Moat: narrow (scale, brand, distribution). Broad hospital distribution network and one of China's largest branded generic/innovative drug portfolios.
Headquarters: Shenzhen, China · Founded: 1985 · Employees: 21,435
Size Sbp (1177.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $12.7B, the 133rd largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$5.60 on 6 Nov 2026.
Performance Over six months the shares gained 3.7%, against +6.0% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 14.6% over the last twelve months (peer median +14.5%); the operating margin is 30.2% (peer median 18.7%).
Valuation It trades at 18.3× forward earnings against a peer median of 29.8× (7th cheapest of 18).
Price implies For today's price to make sense, revenue must grow about -5% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 8.8 points above its cost of capital (7.8% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$37.8B | HK$34.5B | HK$31.3B | HK$29.0B | HK$30.3B |
| Revenue growth | — | +10% | +8% | -4% | — |
| Gross profit | HK$31.1B | HK$28.3B | HK$25.5B | HK$23.4B | HK$25.0B |
| EBITDA | HK$12.7B | HK$8.66B | HK$8.13B | HK$7.49B | HK$7.74B |
| Net income | HK$2.77B | HK$2.54B | HK$1.94B | HK$2.58B | HK$2.96B |
| Free cash flow | HK$11.1B | HK$11.0B | HK$8.02B | HK$5.87B | HK$6.88B |
| Capital expenditure | HK$1.91B | HK$1.85B | HK$1.51B | HK$1.88B | HK$1.98B |
| Total debt | n/a | HK$17.9B | HK$10.4B | HK$14.0B | HK$16.2B |
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 |
|---|---|---|---|---|---|---|
| Sbp 1177.HK | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% |
| Jiangsu Hengrui Pharmaceuticals 1276.HK | $48.8B | -20% | +11% | 27% | 32.1× | 10.2% |
| China Resources Pharmaceutical 3320.HK | $3.74B | -11% | +8% | 4% | 6.0× | -5.3% |
| Shanghai Fosun Pharmaceutical (Group) 2196.HK | $8.69B | -10% | +10% | 6% | 10.4× | 20.5% |
| Livzon Pharmaceutical 1513.HK | $3.69B | -11% | -10% | 19% | 11.3× | -7.7% |
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 | 1177.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.3% | +8.1% | 4th lowest of 21 |
| 6-month return | +3.7% | +6.0% | 8th lowest of 21 |
| Distance from 52-week high | -24.3% | -8.9% | 4th lowest of 21 |
| Revenue growth (TTM) | +14.6% | +14.5% | 10th highest of 20 |
| Operating margin | 30.2% | 18.7% | 4th highest of 20 |
| Forward P/E | 18.3× | 29.8× | 7th cheapest of 18 |
| Growth the price implies (Req g, 7 yrs) | -5.4% | 25.8% | 3rd least demanding of 16 |
| Growth delivered (Del g) | +5.4% | +12.5% | 2nd lowest of 16 |
| Hurdle (Req g minus delivered) | -10.8 pp | -10.6 pp | 8th least demanding of 16 |
| ROIC minus cost of capital | +8.8 pp | +1.3 pp | 5th highest of 20 |
| EV / EBITDA | 8.2× | 17.1× | 2nd cheapest of 13 |
| Net debt / EBITDA | -0.9× | -0.0× | 4th least indebted of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% | +5.4% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 29.8× | n/a | n/a |
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% | +12.6% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% | +6.8% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Dr. Reddy's Laboratories DRREDDY.NS | India | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% | +12.1% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| Pharmaron Beijing 3759.HK | Hong Kong | $11.3B | +45% | +24% | 14% | 22.9× | n/a | n/a |
| Repligen RGEN | United States | $11.1B | +41% | +14% | 9% | 71.3× | 56.4% | +15.0% |
| Mankind Pharma MANKIND.NS | India | $11.1B | +7% | +13% | 21% | 43.2× | 27.6% | +18.1% |
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Akeso 9926.HK | Hong Kong | $10.2B | -38% | +42% | -25% | n/a | n/a | n/a |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| Spyre Therapeutics SYRE | United States | $9.86B | +38% | n/a | n/a | n/a | n/a | n/a |
| Shionogi & 4507.T | Japan | $16.6B | -6% | +46% | 29% | 10.9× | -0.7% | +11.0% |
| Exelixis EXEL | United States | $17.0B | +44% | +9% | 40% | 18.2× | -3.7% | +18.6% |