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Chinese vaccine maker producing hepatitis B, HPV (under GSK license) and other vaccines for the domestic market.
Chinese vaccine maker producing hepatitis B, HPV (under GSK license) and other vaccines for the domestic market.
Sells vaccines mainly to provincial disease-control centres, which distribute them to local clinics: government-program vaccines are bought at tendered prices, while optional ones are paid for by the person vaccinated. Exposure to optional vaccines such as HPV and pneumococcal shots depends on consumer willingness to pay.
In one line: A Chinese vaccine maker partnered with GSK for HPV.
Moat: narrow (regulatory licence, distribution). Exclusive domestic distribution of GSK's Cervarix HPV vaccine plus its own vaccine manufacturing base.
Headquarters: Shenzhen, China · Employees: 1,957
Size Shenzhen Kangtai Biological Products (300601.SZ) is a China Health Care company (Biotechnology) with a market value of $2.11B, the 1203rd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥12.80 on 6 Nov 2026.
Performance Over six months the shares fell 9.2%, against +20.0% for the median peer and -16.4% for the China market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 9.1% over the last twelve months (peer median +25.0%); the operating margin is 5.8% (peer median 2.9%).
Valuation It trades at 119.7× forward earnings against a peer median of 28.6× (most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 25% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +22 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 6.4 points below its cost of capital (10.1% WACC).
Next results Next results expected around 26 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.45B | CN¥2.66B | CN¥2.64B | CN¥3.46B | CN¥3.15B |
| Revenue growth | — | +1% | -24% | +10% | — |
| Gross profit | CN¥1.91B | CN¥1.74B | CN¥1.97B | CN¥2.84B | CN¥2.56B |
| EBITDA | n/a | CN¥468M | CN¥469M | CN¥1.02B | CN¥431M |
| Net income | CN¥117M | CN¥70.3M | CN¥202M | CN¥861M | -CN¥133M |
| Free cash flow | CN¥180M | CN¥499M | CN¥188M | CN¥375M | -CN¥720M |
| Capital expenditure | CN¥441M | CN¥332M | CN¥472M | CN¥718M | CN¥1.31B |
| Total debt | CN¥1.98B | CN¥1.99B | CN¥2.20B | CN¥2.55B | CN¥2.40B |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Kangtai Biological Products 300601.SZ | $2.11B | -9% | -9% | 6% | 119.7× | 25.3% |
| Chongqing Zhifei Biological Products 300122.SZ | $5.35B | -2% | -28% | -210% | n/a | -6.4% |
| Beijing Wantai Biological Pharmacy Enterprise 603392.SS | $4.72B | -37% | +8% | -35% | n/a | n/a |
| Walvax Biotechnology 300142.SZ | $2.71B | -12% | -23% | 5% | 381.7× | 31.3% |
| GSK GSK.L | $102B | 0% | +4% | 25% | 10.6× | -0.1% |
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 | 300601.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -3.2% | +2.9% | 6th lowest of 21 |
| 6-month return | -9.2% | +20.0% | 7th lowest of 21 |
| Distance from 52-week high | -27.9% | -25.4% | 10th lowest of 21 |
| Revenue growth (TTM) | -9.1% | +25.0% | 4th lowest of 16 |
| Operating margin | 5.8% | 2.9% | 8th highest of 15 |
| Forward P/E | 119.7× | 28.6× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 25.3% | 15.6% | 3rd most demanding of 7 |
| Growth delivered (Del g) | +3.4% | +41.4% | lowest of 6 |
| Hurdle (Req g minus delivered) | +21.9 pp | -32.0 pp | 2nd most demanding of 6 |
| ROIC minus cost of capital | -6.4 pp | -12.1 pp | 7th highest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Kangtai Biological Products 300601.SZ | China | $2.11B | -9% | -9% | 6% | 119.7× | 25.3% | +3.4% |
| Hitgen 688222.SS | China | $2.12B | +23% | +42% | 27% | 94.1× | 38.7% | +16.8% |
| Vera Therapeutics VERA | United States | $2.15B | -18% | n/a | n/a | n/a | n/a | n/a |
| Vir Biotechnology VIR | United States | $2.07B | +34% | +1,496% | -92% | n/a | n/a | n/a |
| Replimune REPL | United States | $2.05B | +547% | n/a | n/a | n/a | n/a | n/a |
| Trevi Therapeutics TRVI | United States | $2.04B | -1% | n/a | n/a | n/a | n/a | n/a |
| Lakefront Biotherapeutics LKFT.AS | Netherlands | $2.19B | +25% | +259% | 60% | n/a | n/a | n/a |
| Recursion Pharmaceuticals RXRX | United States | $2.19B | +6% | +56% | -725% | n/a | n/a | n/a |
| Aurinia Pharmaceuticals AUPH | United States | $2.21B | +8% | +21% | 45% | 19.7× | 5.1% | +41.4% |
| Immunome IMNM | United States | $2.21B | -17% | -100% | n/a | n/a | n/a | n/a |
| First Tracks Biotherapeutics TRAX | United States | $2.01B | +145% | n/a | n/a | n/a | n/a | n/a |
| GemPharmatech 688046.SS | China | $2.01B | +59% | +25% | 22% | 58.7× | 35.7% | +24.8% |
| SKBS 302440.KS | South Korea | $2.22B | -11% | +23% | -25% | n/a | n/a | n/a |
| Sinocelltech 688520.SS | China | $2.25B | -23% | -40% | -75% | n/a | n/a | n/a |
| Vimian VIMIAN.ST | Sweden | $2.26B | +41% | +8% | 19% | 37.5× | 12.5% | +44.5% |
| BioCryst Pharmaceuticals BCRX | United States | $1.97B | -11% | +60% | 42% | 11.6× | -10.6% | +117.9% |
| Maravai Lifesciences MRVI | United States | $1.95B | +108% | -3% | -13% | n/a | n/a | n/a |
| Septerna SEPN | United States | $2.28B | +105% | +13,520% | -57% | n/a | 18.7% | n/a |
| Alamar Biosciences ALMR | United States | $1.95B | +17% | +195% | -42% | n/a | n/a | n/a |
| Hemab Therapeutics COAG | United States | $2.29B | +95% | n/a | n/a | n/a | n/a | n/a |
| Zealand Pharma A/S ZEAL.CO | Denmark | $2.32B | -32% | -49% | 51% | 8.8× | n/a | n/a |