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China's most prestigious traditional-Chinese-medicine (TCM) brand, making and retailing TCM products through its own pharmacy chain.
China's most prestigious traditional-Chinese-medicine (TCM) brand, making and retailing TCM products through its own pharmacy chain.
Makes patent medicines to long-standing recipes, sold through hospitals, other pharmacies and its own stores, so it captures both factory and retail margin on part of its sales. Herbal ingredients are its main costs. State-owned China Beijing Tongrentang Group is the controlling shareholder.
In one line: A Chinese CVS crossed with a heritage herbal-medicine brand.
Moat: narrow (brand). Nearly 350-year-old heritage brand with strong consumer trust in TCM, though products are largely undifferentiated compounds.
Headquarters: Beijing, China · Founded: 1669 · Employees: 17,284
Size Beijing TongRenTang (600085.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $5.27B, the 482nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥25.63 on 6 Nov 2026.
Performance Over six months the shares fell 7.7%, against +0.2% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 19 in its peer set.
Growth Revenue fell 17.0% over the last twelve months (peer median +11.4%); the operating margin is 7.7% (peer median 18.5%).
Valuation It trades at 31.2× forward earnings against a peer median of 24.8× (8th most expensive of 17).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.3 points above its cost of capital (5.6% WACC).
Next results Next results expected around 30 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥15.0B | CN¥17.2B | CN¥18.5B | CN¥17.7B | CN¥15.3B |
| Revenue growth | — | -7% | +4% | +16% | — |
| Gross profit | CN¥6.38B | CN¥6.48B | CN¥7.34B | CN¥7.65B | CN¥6.69B |
| EBITDA | n/a | CN¥2.98B | CN¥3.64B | CN¥3.90B | CN¥3.58B |
| Net income | CN¥878M | CN¥1.19B | CN¥1.53B | CN¥1.67B | CN¥1.43B |
| Free cash flow | CN¥2.27B | CN¥2.34B | CN¥362M | CN¥1.79B | CN¥2.88B |
| Capital expenditure | CN¥316M | CN¥357M | CN¥520M | CN¥325M | CN¥330M |
| Total debt | CN¥3.65B | CN¥4.21B | CN¥4.74B | CN¥3.43B | CN¥3.02B |
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 |
|---|---|---|---|---|---|---|
| Beijing TongRenTang 600085.SS | $5.27B | -8% | -17% | 8% | 31.2× | 2.7% |
| China Resources Sanjiu Medical & Pharmaceutical 000999.SZ | $6.48B | 0% | +4% | 14% | 12.8× | -6.3% |
| Yunnan Baiyao 000538.SZ | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% |
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% |
| Tasly Pharmaceutical 600535.SS | $3.20B | -5% | -4% | 19% | 16.5× | -7.6% |
| Dong-E-E-Jiao 000423.SZ | $4.80B | -8% | +8% | 29% | 17.1× | -4.6% |
| Shijiazhuang Yiling Pharmaceutical 002603.SZ | $4.02B | -6% | +32% | 21% | 18.1× | -3.2% |
| Jiuzhitang 000989.SZ | $1.19B | -13% | +46% | 19% | 22.7× | -3.7% |
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 | 600085.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.1% | +2.0% | 6th highest of 20 |
| 6-month return | -7.7% | +0.2% | 8th lowest of 19 |
| Distance from 52-week high | -28.6% | -27.9% | 9th lowest of 21 |
| Revenue growth (TTM) | -17.0% | +11.4% | 2nd lowest of 19 |
| Operating margin | 7.7% | 18.5% | 5th lowest of 19 |
| Forward P/E | 31.2× | 24.8× | 8th most expensive of 17 |
| Growth the price implies (Req g, 7 yrs) | 2.7% | 9.7% | 7th least demanding of 17 |
| Growth delivered (Del g) | +6.2% | +9.8% | 7th lowest of 17 |
| Hurdle (Req g minus delivered) | -3.4 pp | -0.8 pp | 8th least demanding of 17 |
| ROIC minus cost of capital | +1.3 pp | +2.3 pp | 8th lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Beijing TongRenTang 600085.SS | China | $5.27B | -8% | -17% | 8% | 31.2× | 2.7% | +6.2% |
| Sumitomo Pharma 4506.T | Japan | $5.23B | +7% | +11% | 10% | 8.3× | 1.4% | -2.6% |
| IPCA Laboratories IPCALAB.NS | India | $5.22B | +24% | +11% | 17% | 32.4× | 17.8% | +12.2% |
| Shenzhen Salubris Pharmaceuticals 002294.SZ | China | $5.18B | -39% | +14% | 11% | 41.6× | 15.5% | +9.7% |
| SKBP 326030.KS | South Korea | $5.12B | -11% | +39% | 35% | 21.6× | 0.5% | +93.6% |
| Supernus Pharmaceuticals SUPN | United States | $5.43B | -49% | +16% | 45% | 6.7× | 4.2% | +13.9% |
| PTC Therapeutics PTCT | United States | $5.47B | -11% | -35% | 22% | 34.8× | 8.0% | +35.4% |
| Erasca ERAS | United States | $5.04B | +42% | n/a | n/a | n/a | n/a | n/a |
| Gland Pharma GLAND.NS | India | $5.53B | +69% | +18% | 20% | 39.0× | 28.0% | +13.3% |
| Apotex Health APTX.TO | Canada | $5.62B | n/a | +4% | 32% | 18.6× | -13.5% | +4.2% |
| Novast Laboratories 301569.SZ | China | $4.82B | n/a | +3% | 27% | n/a | 42.6% | +3.1% |
| Veradermics MANE | United States | $5.80B | +31% | n/a | n/a | n/a | n/a | n/a |
| Travere Therapeutics TVTX | United States | $4.76B | +16% | +49% | -3% | 16.9× | 16.7% | +19.9% |
| Humanwell Healthcare (Group) 600079.SS | China | $4.71B | +3% | -3% | 16% | 13.4× | -6.8% | +3.0% |
| Shanghai Allist Pharmaceuticals 688578.SS | China | $5.90B | -6% | +39% | 47% | 13.8× | 1.8% | +519.6% |
| Abbott India ABBOTINDIA.NS | India | $5.93B | -1% | +6% | 28% | 32.4× | 11.4% | +10.0% |
| Guangzhou Baiyunshan Pharmaceutical 600332.SS | China | $4.61B | -11% | +1% | 3% | 13.3× | -0.3% | +4.7% |
| Mirum Pharmaceuticals MIRM | United States | $6.12B | -13% | +42% | -21% | n/a | n/a | n/a |
| Ligand Pharmaceuticals LGND | United States | $6.12B | +38% | +1% | 14% | 28.0× | 57.8% | +7.5% |
| Legend Biotech Corp. Sponsored ADR LEGN | United States | $4.53B | -17% | +60% | -4% | 64.5× | n/a | n/a |
| GlaxoSmithKline Pharmaceuticals GLAXO.NS | India | $4.53B | +2% | +12% | 33% | 35.9× | 25.2% | +5.5% |