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China's leading branded dietary-supplement maker, selling vitamins, protein powders and other nutrition products.
China's leading branded dietary-supplement maker, selling vitamins, protein powders and other nutrition products.
A large share of sales goes through online shops and platforms and through pharmacy and retail channels, with marketing spend a major cost. Life-Space, an Australian probiotics brand it acquired, gives it a probiotic line from outside China.
In one line: A Chinese GNC/Nature's Bounty.
Moat: narrow (brand, distribution). Leading domestic supplement brand with wide pharmacy, retail and e-commerce distribution.
Headquarters: Zhuhai, China · Founded: 1995 · Employees: 3,049
Size By-health (300146.SZ) is a China Health Care company (Pharmaceuticals: Other) with a market value of $2.61B, the 992nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.39 on 6 Nov 2026.
Performance Over six months the shares fell 1.1%, against -2.5% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue grew 10.4% over the last twelve months (peer median +7.1%); the operating margin is 11.1% (peer median 16.4%).
Valuation It trades at 25.0× forward earnings against a peer median of 17.6× (5th most expensive of 17).
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 +1%, 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 2.5 points above its cost of capital (7.6% WACC).
Next results Next results expected around 22 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥6.65B | CN¥6.22B | CN¥6.81B | CN¥9.31B | CN¥7.80B |
| Revenue growth | — | -9% | -27% | +19% | — |
| Gross profit | CN¥4.66B | CN¥4.02B | CN¥4.36B | CN¥6.23B | CN¥5.14B |
| EBITDA | n/a | CN¥1.18B | CN¥999M | CN¥2.10B | CN¥1.80B |
| Net income | CN¥688M | CN¥782M | CN¥653M | CN¥1.75B | CN¥1.39B |
| Free cash flow | CN¥628M | CN¥1.24B | CN¥461M | CN¥885M | CN¥1.27B |
| Capital expenditure | CN¥121M | CN¥133M | CN¥306M | CN¥1.26B | CN¥245M |
| Total debt | CN¥1.18B | CN¥1.03B | CN¥1.57B | CN¥174M | CN¥24.3M |
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 |
|---|---|---|---|---|---|---|
| By-health 300146.SZ | $2.61B | -1% | +10% | 11% | 25.0× | 5.1% |
| Herbalife HLF | $1.60B | +7% | +6% | 9% | 5.4× | -14.8% |
| Health and Happiness (H&H) International 1112.HK | $2.05B | +70% | +24% | 16% | 12.6× | -3.0% |
| USANA Health Sciences USNA | n/a | +5% | n/a | n/a | n/a | n/a |
| Jamieson Wellness JWEL.TO | $1.35B | +35% | +15% | 15% | 21.2× | 11.0% |
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 | 300146.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +10.2% | +1.7% | 5th highest of 21 |
| 6-month return | -1.1% | -2.5% | 10th highest of 21 |
| Distance from 52-week high | -21.3% | -17.7% | 9th lowest of 21 |
| Revenue growth (TTM) | +10.4% | +7.1% | 9th highest of 21 |
| Operating margin | 11.1% | 16.4% | 7th lowest of 21 |
| Forward P/E | 25.0× | 17.6× | 5th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 5.1% | -0.8% | 7th most demanding of 20 |
| Growth delivered (Del g) | +0.6% | +5.9% | 4th lowest of 20 |
| Hurdle (Req g minus delivered) | +4.5 pp | -7.7 pp | 4th most demanding of 20 |
| ROIC minus cost of capital | +2.5 pp | +4.1 pp | 9th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| By-health 300146.SZ | China | $2.61B | -1% | +10% | 11% | 25.0× | 5.1% | +0.6% |
| China Resources Double-Crane Pharmaceutical 600062.SS | China | $2.50B | -10% | -1% | 13% | 9.8× | -8.3% | +5.3% |
| Jilin Aodong Pharmaceutical 000623.SZ | China | $3.02B | -9% | -4% | -13% | n/a | 5.2% | +1.0% |
| Bausch Health Companies BHC.TO | Canada | $3.09B | +48% | +10% | 27% | 1.9× | -14.5% | +5.9% |
| China Resources Jiangzhong Pharmaceutical 600750.SS | China | $2.19B | -3% | -10% | 24% | 15.7× | -2.5% | +11.6% |
| Guangdong Zhongsheng Pharmaceutical 002317.SZ | China | $3.13B | +35% | -14% | 9% | 80.3× | 34.7% | +5.9% |
| Granules India GRANULES.NS | India | $2.10B | +8% | +22% | 17% | 24.9× | 23.5% | +10.6% |
| Health and Happiness (H&H) International 1112.HK | Hong Kong | $2.05B | +70% | +24% | 16% | 12.6× | -3.0% | +4.4% |
| China Meheco 600056.SS | China | $2.00B | -14% | +2% | 3% | n/a | -0.8% | -2.1% |
| Porton Pharma Solutions 300363.SZ | China | $1.92B | +14% | +6% | -2% | n/a | 5.3% | +10.4% |
| Shijiazhuang Yiling Pharmaceutical 002603.SZ | China | $4.02B | -6% | +32% | 21% | 18.1× | -3.2% | -2.2% |
| Tibet Cheezheng Tibetan Medicine 002287.SZ | China | $1.66B | -15% | -7% | 28% | n/a | -1.1% | +10.4% |
| Zhejiang Medicine 600216.SS | China | $1.61B | -23% | -6% | 7% | 11.3× | -6.7% | +3.9% |
| Bora Pharmaceuticals 6472.TW | Taiwan | $1.55B | -2% | -6% | 15% | 14.2× | 4.5% | +60.2% |
| Guilin Sanjin Pharmaceutical 002275.SZ | China | $1.53B | +27% | -3% | 24% | 18.6× | -2.2% | +5.5% |
| Dong-E-E-Jiao 000423.SZ | China | $4.80B | -8% | +8% | 29% | 17.1× | -4.6% | +14.5% |
| Sudeep Pharma SUDEEPPHRM.NS | India | $1.41B | +75% | +27% | 33% | 67.7× | n/a | n/a |
| Jamieson Wellness JWEL.TO | Canada | $1.35B | +35% | +15% | 15% | 21.2× | 11.0% | +15.3% |
| Cronos CRON.TO | Canada | $1.34B | +45% | +36% | -2% | 15.6× | 2.1% | +26.7% |
| Pharma Mar PHM.MC | Spain | $1.30B | -33% | +32% | 19% | 37.7× | 11.4% | -3.9% |
| BioGaia BIOG-B.ST | Sweden | $1.26B | -7% | +13% | 28% | 30.1× | 0.9% | +15.5% |