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Chinese maker of medical and protective apparel products such as surgical gowns and protective clothing.
Chinese maker of medical and protective apparel products such as surgical gowns and protective clothing.
Moat: none. Competitive PPE/protective-apparel manufacturing without strong differentiation.
Headquarters: China · Employees: 3,884
Size Zhonghong Pulin Medical Products (300981.SZ) is a China Consumer Discretionary company (Apparel/Footwear) with a market value of $990M, the 2318th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.39 on 6 Nov 2026.
Performance Over six months the shares gained 5.1%, against -14.1% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue grew 11.0% over the last twelve months (peer median +5.5%); the operating margin is 8.8% (peer median 5.2%).
Valuation It trades at 1.9× enterprise value to sales against a peer median of 1.7× (10th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is -13%, so the hurdle is +11 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 1.3 points above its cost of capital (6.3% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.75B | CN¥2.37B | CN¥2.45B | CN¥2.10B | CN¥1.56B |
| Revenue growth | — | -4% | +17% | +34% | — |
| Gross profit | CN¥748M | CN¥197M | CN¥269M | CN¥212M | CN¥131M |
| EBITDA | n/a | CN¥104M | CN¥182M | CN¥26.2M | -CN¥1.90M |
| Net income | CN¥148M | -CN¥112M | -CN¥87.1M | -CN¥131M | CN¥66.9M |
| Free cash flow | CN¥530M | -CN¥89.5M | CN¥162M | CN¥37.6M | -CN¥5.56M |
| Capital expenditure | CN¥104M | CN¥191M | CN¥107M | CN¥103M | CN¥208M |
| Total debt | CN¥1.79B | CN¥1.57B | CN¥1.12B | CN¥663M | CN¥194M |
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| Measure | 300981.SZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.0% | -3.5% | lowest of 21 |
| 6-month return | +5.1% | -14.1% | 6th highest of 21 |
| Distance from 52-week high | -40.6% | -39.8% | 10th lowest of 21 |
| Revenue growth (TTM) | +11.0% | +5.5% | 6th highest of 21 |
| Operating margin | 8.8% | 5.2% | 8th highest of 21 |
| EV / Sales | 1.9× | 1.7× | 10th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.7% | 6.6% | 6th least demanding of 17 |
| Growth delivered (Del g) | -13.1% | +2.1% | lowest of 16 |
| Hurdle (Req g minus delivered) | +11.5 pp | +2.0 pp | 7th most demanding of 16 |
| ROIC minus cost of capital | +1.3 pp | -2.0 pp | 9th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhonghong Pulin Medical Products 300981.SZ | China | $990M | +5% | +11% | 9% | 1.9× | -1.7% | -13.1% |
| JOEONE 601566.SS | China | $975M | +4% | +1% | 6% | 1.7× | -2.9% | +2.1% |
| Shanghai Puyuan Chemical Materials 603196.SS | China | $964M | -46% | +78% | 12% | 4.3× | 16.2% | -0.2% |
| Dazzle Fashion 603587.SS | China | $1.03B | +10% | +7% | 16% | 1.9× | -9.2% | -3.5% |
| Topscore Fashion 603608.SS | China | $1.05B | +28% | +9% | 4% | 5.9× | 51.6% | -9.4% |
| Jiangsu Hongdou Industrial 600400.SS | China | $1.06B | +11% | +22% | -9% | 3.0× | 13.7% | -1.3% |
| Human Made 456A.T | Japan | $1.10B | +39% | +27% | 30% | 9.6× | 7.7% | n/a |
| Jihua 601718.SS | China | $1.10B | -43% | -22% | -10% | 0.8× | n/a | n/a |
| Lai Yih Footwear 6890.TW | Taiwan | $1.11B | -7% | -11% | 8% | 1.0× | n/a | n/a |
| Guangdong Golden Dragon Development 000712.SZ | China | $1.12B | -20% | -3% | -20% | 17.5× | n/a | n/a |
| Fujian Septwolves Industry 002029.SZ | China | $873M | -20% | +1% | -3% | 1.4× | 4.5% | -2.0% |
| Bata India BATAINDIA.NS | India | $868M | -12% | +5% | 9% | 2.6× | 28.9% | +15.5% |
| Canada Goose GOOS.TO | Canada | $850M | -23% | +12% | 10% | 1.2× | 5.5% | +11.0% |
| Ningbo Peacebird Fashion 603877.SS | China | $839M | -15% | -2% | 4% | 0.8× | -13.1% | -7.5% |
| Lancy 002612.SZ | China | $1.19B | +11% | +9% | 10% | 1.6× | -1.2% | +15.9% |
| Dr. Martens DOCS.L | United Kingdom | $824M | +3% | -3% | 10% | 1.1× | -3.7% | -0.2% |
| Toread 300005.SZ | China | $1.21B | -45% | +22% | -1% | 4.6× | n/a | n/a |
| Wacoal 3591.T | Japan | $1.21B | -21% | +2% | -1% | 1.1× | 35.7% | +2.4% |
| Salvatore Ferragamo SFER.MI | Italy | $1.22B | -19% | -2% | 3% | 1.6× | 22.5% | +2.2% |
| Tayho Advanced Materials 002254.SZ | China | $1.26B | -13% | +6% | -2% | 3.0× | 10.1% | +8.1% |
| Xtep International 1368.HK | Hong Kong | $1.27B | -16% | +10% | 10% | 0.5× | -10.3% | +10.8% |