Employees: 2,988
Size Fuan Pharmaceutical (Group) (300194.SZ) is a China Health Care company (Pharmaceuticals: Major) with a market value of $653M, the 3234th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥3.66 on 6 Nov 2026.
Performance Over six months the shares fell 11.4%, against -14.6% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 21 in its peer set.
Growth Revenue fell 3.4% over the last twelve months (peer median +10.1%); the operating margin is -1.2% (peer median 4.8%).
Valuation It trades at 2.5× enterprise value to sales against a peer median of 2.7× (8th cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 12% a year for seven years (Req g). Recent delivered growth is -6%, so the hurdle is +18 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 3.9 points below its cost of capital (6.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.65B | CN¥1.73B | CN¥2.38B | CN¥2.63B | CN¥2.41B |
| Revenue growth | — | -27% | -10% | +9% | — |
| Gross profit | CN¥748M | CN¥563M | CN¥1.19B | CN¥1.34B | CN¥1.34B |
| EBITDA | n/a | CN¥246M | CN¥424M | CN¥382M | CN¥278M |
| Net income | CN¥34.7M | CN¥77.0M | CN¥280M | CN¥232M | CN¥205M |
| Free cash flow | CN¥277M | CN¥228M | CN¥104M | CN¥114M | -CN¥43.2M |
| Capital expenditure | CN¥101M | CN¥108M | CN¥242M | CN¥216M | CN¥383M |
| Total debt | CN¥627M | CN¥879M | CN¥932M | CN¥1.00B | CN¥822M |
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| Measure | 300194.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -6.9% | -5.4% | 10th lowest of 21 |
| 6-month return | -11.4% | -14.6% | 10th highest of 21 |
| Distance from 52-week high | -26.8% | -35.8% | 6th highest of 21 |
| Revenue growth (TTM) | -3.4% | +10.1% | 4th lowest of 17 |
| Operating margin | -1.2% | 4.8% | 5th lowest of 17 |
| EV / Sales | 2.5× | 2.7× | 8th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 12.1% | 1.1% | 5th most demanding of 10 |
| Growth delivered (Del g) | -5.9% | +6.5% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | +18.0 pp | +2.7 pp | 4th most demanding of 10 |
| ROIC minus cost of capital | -3.9 pp | -4.7 pp | 7th highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Fuan Pharmaceutical (Group) 300194.SZ | China | $653M | -11% | -3% | -1% | 2.5× | 12.1% | -5.9% |
| Oneness Biotech 4743.TWO | Taiwan | $652M | -21% | +37% | -510% | 107.7× | n/a | n/a |
| GuiZhou SanLi Pharmaceutical 603439.SS | China | $657M | -4% | -6% | 5% | 2.9× | 23.2% | +21.9% |
| Shandong Jincheng Pharmaceutical 300233.SZ | China | $661M | -25% | +2% | 4% | 1.4× | 1.1% | -1.6% |
| Lepu Biopharma 2157.HK | Hong Kong | $663M | -45% | +47% | 7% | 5.1× | n/a | n/a |
| Luoxin Pharmaceuticals Group Stock 002793.SZ | China | $664M | -26% | -10% | -9% | 2.2× | 0.3% | -17.9% |
| Sun Pharma Advanced Research SPARC.NS | India | $665M | +16% | +3,141% | 84% | 2.6× | n/a | n/a |
| Olema Pharmaceuticals OLMA | United States | $641M | -51% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Wecome Pharmaceutical 300878.SZ | China | $666M | +10% | +40% | -65% | 19.0× | n/a | n/a |
| JIANMIN PHARMACEUTICAL 600976.SS | China | $638M | -12% | -2% | 8% | 1.0× | -4.9% | +6.5% |
| Immix Biopharma IMMX | United States | $668M | -17% | n/a | n/a | n/a | n/a | n/a |
| FDC FDC.NS | India | $672M | +4% | +10% | 14% | 2.5× | 25.9% | +10.3% |
| DBV Technologies DBV.PA | France | $633M | -47% | n/a | n/a | n/a | n/a | n/a |
| Center Laboratories 4123.TWO | Taiwan | $676M | -28% | +4% | 5% | 13.6× | 50.8% | +16.2% |
| Hunan Fangsheng Pharmaceutical 603998.SS | China | $678M | -6% | +10% | 19% | 2.5× | -2.4% | +6.4% |
| Zhong Zhu Healthcare 600568.SS | China | $628M | -21% | -6% | -34% | 7.1× | n/a | n/a |
| Earth 4985.T | Japan | $682M | +6% | +6% | 4% | 0.6× | -2.5% | -1.8% |
| Hubei Biocause Heilen Pharmaceutical 301211.SZ | China | $682M | -5% | +13% | 4% | 6.2× | n/a | n/a |
| Nuvectis Pharma NVCT | United States | $683M | +79% | n/a | n/a | n/a | n/a | n/a |
| Mochida Pharmaceutical 4534.T | Japan | $683M | -6% | +15% | 9% | 0.7× | n/a | n/a |
| Jenkem Technology 688356.SS | China | $686M | -23% | +52% | 11% | 10.9× | 41.4% | +11.2% |