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Chinese vaccine company that develops its own vaccines and distributes Merck's HPV and other vaccines in China.
Chinese vaccine company that develops its own vaccines and distributes Merck's HPV and other vaccines in China.
Earns from two sources: distribution of imported vaccines, mainly Merck's, to China's provincial disease-control centres, which handle sales to vaccination clinics, and sales of vaccines it develops itself. Distribution has carried the business, leaving it reliant on one partner's supply; Merck paused Gardasil shipments to China in 2024 because demand was weak.
In one line: A vaccine maker plus a Merck-vaccine distributor rolled into one.
Moat: narrow (distribution, regulatory licence). Exclusive China distribution rights for Merck's Gardasil HPV vaccine plus its own vaccine portfolio.
Headquarters: Chongqing, China · Employees: 6,292
Size Chongqing Zhifei Biological Products (300122.SZ) is a China Health Care company (Biotechnology) with a market value of $5.35B, the 472nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥14.91 on 6 Nov 2026.
Performance Over six months the shares fell 1.6%, against +2.4% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue fell 27.8% over the last twelve months (peer median +15.8%); the operating margin is -210.4% (peer median -11.8%).
Valuation It trades at 5.4× enterprise value to sales against a peer median of 14.7× (3rd cheapest of 16).
Price implies For today's price to make sense, revenue must grow about -6% a year for seven years (Req g). Recent delivered growth is -10%, so the hurdle is +4 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 64.4 points below its cost of capital (9.4% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.87B | CN¥8.92B | CN¥26.0B | CN¥52.8B | CN¥38.1B |
| Revenue growth | — | -66% | -51% | +38% | — |
| Gross profit | CN¥848M | CN¥575M | CN¥6.94B | CN¥14.0B | CN¥12.7B |
| EBITDA | n/a | -CN¥16.7B | CN¥2.66B | CN¥9.59B | CN¥9.03B |
| Net income | -CN¥14.2B | -CN¥14.7B | CN¥1.97B | CN¥8.11B | CN¥7.54B |
| Free cash flow | CN¥5.65B | CN¥4.55B | -CN¥5.43B | CN¥7.86B | CN¥536M |
| Capital expenditure | CN¥451M | CN¥619M | CN¥1.20B | CN¥1.13B | CN¥1.45B |
| Total debt | CN¥8.65B | CN¥12.3B | CN¥13.3B | CN¥3.04B | CN¥2.05B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Chongqing Zhifei Biological Products 300122.SZ | $5.35B | -2% | -28% | -210% | 5.4× | -6.4% |
| Beijing Wantai Biological Pharmacy Enterprise 603392.SS | $4.72B | -37% | +8% | -35% | 14.5× | n/a |
| Shenzhen Kangtai Biological Products 300601.SZ | $2.11B | -9% | -9% | 6% | 5.6× | 25.3% |
| Walvax Biotechnology 300142.SZ | $2.71B | -12% | -23% | 5% | 10.3× | 31.3% |
| Merck & MRK | $362B | +33% | +5% | 18% | 5.4× | 4.1% |
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 | 300122.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.7% | +2.0% | 4th highest of 21 |
| 6-month return | -1.6% | +2.4% | 10th lowest of 21 |
| Distance from 52-week high | -32.8% | -24.0% | 6th lowest of 21 |
| Revenue growth (TTM) | -27.8% | +15.8% | 3rd lowest of 16 |
| Operating margin | -210.4% | -11.8% | 6th lowest of 16 |
| EV / Sales | 5.4× | 14.7× | 3rd cheapest of 16 |
| Growth the price implies (Req g, 7 yrs) | -6.4% | 30.3% | least demanding of 5 |
| Growth delivered (Del g) | -10.0% | +21.3% | lowest of 5 |
| Hurdle (Req g minus delivered) | +3.6 pp | +11.2 pp | 2nd least demanding of 5 |
| ROIC minus cost of capital | -64.4 pp | -8.1 pp | lowest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chongqing Zhifei Biological Products 300122.SZ | China | $5.35B | -2% | -28% | -210% | 5.4× | -6.4% | -10.0% |
| Anthem Biosciences ANTHEM.NS | India | $5.46B | +17% | -1% | 35% | 24.9× | 36.7% | +26.2% |
| Cogent Biosciences COGT | United States | $5.49B | -9% | n/a | n/a | n/a | n/a | n/a |
| Hangzhou Tigermed Consulting 300347.SZ | China | $5.58B | -6% | +16% | 10% | 5.4× | 28.4% | +16.4% |
| Scholar Rock SRRK | United States | $5.72B | -3% | n/a | n/a | n/a | n/a | n/a |
| 3SBio 1530.HK | Hong Kong | $4.92B | -34% | +102% | 61% | 1.2× | n/a | n/a |
| Edgewise Therapeutics EWTX | United States | $4.89B | +28% | n/a | n/a | n/a | n/a | n/a |
| Shanghai RAAS Blood Products 002252.SZ | China | $4.89B | -11% | -22% | 17% | 5.7× | n/a | n/a |
| CRISPR Therapeutics CRSP | United States | $4.86B | -9% | -34% | -2,059% | 133.6× | n/a | n/a |
| Dianthus Therapeutics DNTH | United States | $4.81B | -1% | -61% | -11,441% | 2,087.9× | n/a | n/a |
| Beijing Wantai Biological Pharmacy Enterprise 603392.SS | China | $4.72B | -37% | +8% | -35% | 14.5× | n/a | n/a |
| Kodiak Sciences KOD | United States | $6.24B | +142% | n/a | n/a | n/a | n/a | n/a |
| Joinn Laboratories (China) 603127.SS | China | $4.58B | +15% | +12% | -4% | 15.1× | n/a | n/a |
| Immunovant IMVT | United States | $6.31B | +5% | n/a | n/a | n/a | n/a | n/a |
| Changchun High-Tech Industry (Group) 000661.SZ | China | $4.51B | -13% | -18% | -1% | 2.8× | 32.2% | +7.1% |
| Adaptive Biotechnologies ADPT | United States | $4.47B | +103% | +50% | -12% | 14.7× | n/a | n/a |
| CG Oncology CGON | United States | $6.74B | +9% | +1,030% | -4,056% | 917.8× | n/a | n/a |
| Axsome Therapeutics AXSM | United States | $6.96B | -39% | +54% | -19% | 7.9× | n/a | n/a |
| Relay Therapeutics RLAY | United States | $4.08B | +46% | +24% | -2,999% | 308.8× | n/a | n/a |
| Caris Life Sciences CAI | United States | $7.13B | +56% | +85% | 15% | 6.9× | 18.7% | +85.4% |
| AbCellera Biologics ABCL | United States | $3.85B | +149% | +101% | -340% | 51.7× | n/a | n/a |