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Chinese manufacturer of large-volume intravenous infusion solutions and generic injectable drugs for hospitals.
Chinese manufacturer of large-volume intravenous infusion solutions and generic injectable drugs for hospitals.
Sells IV solutions and injectables in bulk to hospitals, largely through distributors, with prices set in government-run provincial bidding rounds, so winning tenders matters more than branding.
In one line: A Chinese Baxter International-style IV-fluids and generic-injectables maker.
Moat: narrow (scale, regulatory licence, distribution). Large manufacturing scale and hospital distribution network for commodity IV products.
Headquarters: Guangzhou, China · Founded: 1988 · Employees: 5,500
Size SSY (2005.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $990M, the 597th largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$2.63 on 6 Nov 2026.
Performance Over six months the shares gained 10.0%, against -14.1% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — highest of 19 in its peer set.
Growth Revenue fell 4.4% over the last twelve months (peer median +6.8%); the operating margin is 12.2% (peer median 5.8%).
Valuation It trades at 13.0× forward earnings against a peer median of 18.7× (5th cheapest of 11).
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 0%, so the hurdle is +3 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 1.7 points below its cost of capital (5.9% WACC).
Next results Next results expected around 26 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$4.38B | HK$4.17B | HK$5.77B | HK$6.46B | HK$6.43B |
| Revenue growth | — | -28% | -11% | 0% | — |
| Gross profit | HK$1.70B | HK$1.62B | HK$2.81B | HK$3.49B | HK$3.44B |
| EBITDA | HK$985M | HK$886M | HK$1.68B | HK$1.93B | HK$1.73B |
| Net income | HK$507M | HK$471M | HK$1.06B | HK$1.32B | HK$1.12B |
| Free cash flow | HK$898M | HK$559M | HK$221M | HK$437M | HK$584M |
| Capital expenditure | HK$228M | HK$241M | HK$540M | HK$704M | HK$418M |
| Total debt | n/a | HK$4.01B | HK$3.64B | HK$3.37B | HK$3.21B |
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 |
|---|---|---|---|---|---|---|
| SSY 2005.HK | $990M | +10% | -4% | 12% | 13.0× | 2.1% |
| Sichuan Kelun Pharmaceutical 002422.SZ | $10.8B | +30% | 0% | 9% | 37.3× | 7.2% |
| Livzon Pharmaceutical 1513.HK | $3.69B | -11% | -10% | 19% | 11.3× | -7.7% |
| Baxter International BAX | $13.3B | +43% | +5% | 6% | 12.6× | 12.7% |
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 | 2005.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -4.0% | -7.3% | 10th highest of 20 |
| 6-month return | +10.0% | -14.1% | highest of 19 |
| Distance from 52-week high | -17.3% | -30.2% | 2nd highest of 21 |
| Revenue growth (TTM) | -4.4% | +6.8% | 6th lowest of 18 |
| Operating margin | 12.2% | 5.8% | 6th highest of 18 |
| Forward P/E | 13.0× | 18.7× | 5th cheapest of 11 |
| Growth the price implies (Req g, 7 yrs) | 2.1% | 7.1% | 5th least demanding of 11 |
| Growth delivered (Del g) | -0.5% | +8.5% | 5th lowest of 11 |
| Hurdle (Req g minus delivered) | +2.6 pp | -1.0 pp | 5th most demanding of 11 |
| ROIC minus cost of capital | -1.7 pp | -1.9 pp | 8th highest of 16 |
| EV / EBITDA | 10.3× | 12.4× | 4th cheapest of 9 |
| Net debt / EBITDA | 2.1× | 2.1× | 5th least indebted of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SSY 2005.HK | Hong Kong | $990M | +10% | -4% | 12% | 13.0× | 2.1% | -0.5% |
| Savara SVRA | United States | $992M | -8% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Garden Biopharmaceutical 300401.SZ | China | $983M | -7% | +2% | 24% | 24.4× | 10.2% | +13.4% |
| MoonLake Immunotherapeutics MLTX | United States | $981M | -32% | n/a | n/a | n/a | n/a | n/a |
| Harbin Gloria Pharmaceuticals 002437.SZ | China | $999M | -15% | -16% | 13% | n/a | 8.8% | -6.9% |
| KPC Pharmaceuticals 600422.SS | China | $1.00B | -7% | -41% | -10% | n/a | n/a | n/a |
| Jiangsu Yahong Meditech 688176.SS | China | $973M | -12% | +15% | -172% | n/a | n/a | n/a |
| Strides Pharma Science STAR.NS | India | $973M | -13% | +11% | 14% | 15.5× | 18.1% | +7.8% |
| Kissei Pharmaceutical 4547.T | Japan | $973M | -16% | +6% | 6% | 12.0× | n/a | n/a |
| Harrow HROW | United States | $1.01B | -30% | +21% | 2% | 21.9× | 51.8% | +41.0% |
| Procter & Gamble Health PGHL.NS | India | $971M | +4% | +13% | 31% | 24.7× | 5.5% | +9.3% |
| Oscotec 039200.KS | South Korea | $1.02B | -30% | +233% | 62% | 56.8× | -9.5% | +18.1% |
| Guangxi Wuzhou Zhongheng 600252.SS | China | $1.03B | -11% | -43% | -42% | n/a | 11.9% | -13.7% |
| Immatics IMTX | United States | $952M | -44% | -65% | -556% | n/a | n/a | n/a |
| 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% | 10.9× | n/a | n/a |
| Towa Pharmaceutical 4553.T | Japan | $1.03B | -16% | +7% | 9% | 7.0× | 1.5% | +12.1% |
| Northeast Pharmaceutical 000597.SZ | China | $948M | -10% | -6% | 3% | n/a | -6.8% | -0.7% |
| City Therapeutics CTY | United States | $944M | n/a | +388% | -442% | n/a | n/a | n/a |
| Hunan Warrant Pharmaceutical 688799.SS | China | $942M | -20% | +5% | 9% | 33.8× | n/a | n/a |
| Sunflower Pharmaceutical 002737.SZ | China | $1.04B | -13% | +31% | -7% | 4.8× | -6.4% | -7.7% |