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Chengdu vaccine maker whose main product is a human diploid-cell rabies vaccine; also a meningococcal polysaccharide vaccine.
Chengdu vaccine maker whose main product is a human diploid-cell rabies vaccine; also a meningococcal polysaccharide vaccine.
Almost all income comes from one product, a rabies vaccine grown on human diploid cells (a cell line regarded as safer than animal-derived cells), which people pay for themselves rather than through the national immunisation programme. Competing makers have received or are seeking approval for similar vaccines, so the company is working to add new vaccines.
Moat: narrow (process know-how, regulatory licence). First to sell a human diploid-cell rabies vaccine in China; approval and cell-line know-how, but one-product reliance.
Headquarters: Chengdu, China · Founded: 2004 · Employees: 553
Size Chengdu Kanghua Biological Products Co. Td Class 1 (300841.SZ) is a China Health Care company (Biotechnology) with a market value of $995M, the 2305th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥51.06 on 6 Nov 2026.
Performance Over six months the shares fell 10.6%, against -10.9% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue grew 0.2% over the last twelve months (peer median +1.3%); the operating margin is 22.0% (peer median -71.5%).
Valuation It trades at 23.6× forward earnings against a peer median of 35.8× (2nd cheapest of 6).
Price implies For today's price to make sense, revenue must grow about 11% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +9 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 1.8 points below its cost of capital (10.2% WACC).
Next results Next results expected around 19 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.21B | CN¥1.16B | CN¥1.42B | CN¥1.57B | CN¥1.44B |
| Revenue growth | — | -18% | -9% | +9% | — |
| Gross profit | CN¥1.11B | CN¥1.00B | CN¥1.29B | CN¥1.42B | CN¥1.33B |
| EBITDA | n/a | CN¥334M | CN¥591M | CN¥661M | CN¥652M |
| Net income | CN¥258M | CN¥220M | CN¥399M | CN¥509M | CN¥598M |
| Free cash flow | CN¥458M | CN¥319M | CN¥429M | CN¥417M | -CN¥224M |
| Capital expenditure | CN¥52.2M | CN¥70.8M | CN¥144M | CN¥157M | CN¥419M |
| Total debt | CN¥4.74M | CN¥140M | CN¥188M | CN¥195M | CN¥144M |
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 |
|---|---|---|---|---|---|---|
| Chengdu Kanghua Biological Products Co. Td Class 1 300841.SZ | $995M | -11% | 0% | 22% | 23.6× | 11.1% |
| Liaoning Chengda Biotechnology 688739.SS | $1.28B | -10% | -9% | 0% | 46.2× | 8.8% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
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 | 300841.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.7% | -3.2% | 8th lowest of 21 |
| 6-month return | -10.6% | -10.9% | 10th highest of 20 |
| Distance from 52-week high | -41.0% | -41.7% | 10th highest of 21 |
| Revenue growth (TTM) | +0.2% | +1.3% | 7th lowest of 17 |
| Operating margin | 22.0% | -71.5% | 2nd highest of 19 |
| Forward P/E | 23.6× | 35.8× | 2nd cheapest of 6 |
| Growth the price implies (Req g, 7 yrs) | 11.1% | 6.6% | 3rd most demanding of 6 |
| Growth delivered (Del g) | +2.3% | -5.8% | 3rd highest of 6 |
| Hurdle (Req g minus delivered) | +8.8 pp | +22.2 pp | 3rd least demanding of 6 |
| ROIC minus cost of capital | -1.8 pp | -12.3 pp | 3rd highest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Chengdu Kanghua Biological Products Co. Td Class 1 300841.SZ | China | $995M | -11% | 0% | 22% | 23.6× | 11.1% | +2.3% |
| Alto Neuroscience ANRO | United States | $987M | +4% | n/a | n/a | n/a | n/a | n/a |
| Changchun BCHT Biotechnology 688276.SS | China | $1.00B | -11% | +2% | -29% | n/a | n/a | n/a |
| Innovita Biological Technology 688253.SS | China | $1.02B | -4% | -28% | 11% | 103.0× | 42.9% | -16.6% |
| Verastem VSTM | United States | $1.02B | +72% | +3,996% | -183% | n/a | n/a | n/a |
| China Animal Husbandry Industry 600195.SS | China | $960M | -17% | +1% | 2% | 35.8× | 6.6% | +4.4% |
| Jade Biosciences JBIO | United States | $958M | -42% | n/a | n/a | n/a | n/a | n/a |
| Nanjing Leads Biolabs 9887.HK | Hong Kong | $927M | -54% | n/a | -108% | n/a | n/a | n/a |
| Odyssey Therapeutics ODTX | United States | $924M | n/a | -33% | -5,415% | n/a | n/a | n/a |
| Janux Therapeutics JANX | United States | $1.08B | +24% | +5,367% | -598% | n/a | n/a | n/a |
| Inventiva IVA.PA | France | $912M | -29% | -100% | -307,063% | n/a | n/a | n/a |
| Monte Rosa Therapeutics GLUE | United States | $902M | -45% | -84% | -633% | n/a | n/a | n/a |
| Daan Gene 002030.SZ | China | $1.11B | -9% | +1% | -81% | n/a | 5.7% | -32.3% |
| Oxford BioMedica OXB.L | United Kingdom | $892M | -14% | +16% | -18% | n/a | n/a | n/a |
| Guangzhou Wondfo Biotech 300482.SZ | China | $1.14B | -10% | -24% | -2% | 31.0× | 16.4% | -5.8% |
| GNI 2160.T | Japan | $866M | -29% | +10% | -24% | 135.6× | n/a | n/a |
| MeiraGTx MGTX | United States | $864M | -8% | +948% | 46% | n/a | -9.9% | +39.2% |
| Syndax Pharmaceuticals SNDX | United States | $859M | -56% | +160% | -62% | n/a | n/a | n/a |
| Peptidream 4587.T | Japan | $856M | -10% | +1% | -25% | 20.0× | n/a | n/a |
| Rapport Therapeutics RAPP | United States | $1.17B | -36% | n/a | -838% | n/a | n/a | n/a |
| Prime Medicine PRME | United States | $843M | +45% | -18% | -4,825% | n/a | n/a | n/a |