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Zhejiang-based holding company classified under health care/biotechnology; specific business segments not established from available knowledge.
Zhejiang-based holding company classified under health care/biotechnology; specific business segments not established from available knowledge.
Moat: none
Headquarters: Zhejiang, China · Employees: 1,046
Size Zhejiang Hengtong (600226.SS) is a China Health Care company (Biotechnology) with a market value of $1.76B, the 1410th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.16 on 6 Nov 2026.
Performance Over six months the shares fell 23.0%, against +6.2% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 20 in its peer set.
Growth Revenue grew 71.0% over the last twelve months (peer median +15.9%); the operating margin is -0.2% (peer median -42.2%).
Valuation It trades at 29.7× forward earnings against a peer median of 51.5× (2nd cheapest of 6).
Capital Return on invested capital runs 6.3 points below its cost of capital (7.8% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥2.88B | CN¥1.85B | CN¥1.33B | CN¥646M | CN¥602M |
| Revenue growth | — | +40% | +105% | +7% | — |
| Gross profit | CN¥336M | CN¥111M | CN¥131M | CN¥128M | CN¥70.3M |
| EBITDA | n/a | CN¥102M | CN¥88.6M | CN¥59.3M | -CN¥52.8M |
| Net income | CN¥145M | CN¥201M | CN¥189M | CN¥166M | CN¥482M |
| Free cash flow | -CN¥210M | -CN¥445M | -CN¥5.69M | -CN¥406M | -CN¥155M |
| Capital expenditure | CN¥83.7M | CN¥297M | CN¥132M | CN¥396M | CN¥257M |
| Total debt | CN¥2.20B | CN¥1.03B | CN¥571M | CN¥320M | CN¥116M |
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| Measure | 600226.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -19.7% | -5.6% | 5th lowest of 20 |
| 6-month return | -23.0% | +6.2% | 4th lowest of 20 |
| Distance from 52-week high | -65.3% | -34.0% | 3rd lowest of 20 |
| Revenue growth (TTM) | +71.0% | +15.9% | 6th highest of 20 |
| Operating margin | -0.2% | -42.2% | 5th highest of 20 |
| Forward P/E | 29.7× | 51.5× | 2nd cheapest of 6 |
| ROIC minus cost of capital | -6.3 pp | -14.7 pp | 4th highest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Hengtong 600226.SS | China | $1.76B | -23% | +71% | 0% | 29.7× | n/a | n/a |
| Lycia Therapeutics LYCA | United States | $1.76B | n/a | -55% | -593% | n/a | n/a | n/a |
| Novavax NVAX | United States | $1.78B | +7% | -62% | -29% | n/a | n/a | n/a |
| Absci ABSI | United States | $1.75B | +72% | -62% | -8,411% | n/a | n/a | n/a |
| Stoke Therapeutics STOK | United States | $1.74B | -19% | -86% | -913% | n/a | n/a | n/a |
| CanSino Biologics 688185.SS | China | $1.73B | +21% | +30% | -4% | 245.0× | n/a | n/a |
| Nanjing Vazyme Biotech 688105.SS | China | $1.72B | +45% | +16% | -5% | 166.7× | 45.1% | -2.5% |
| Chengdu Olymvax Biopharmaceuticals 688319.SS | China | $1.71B | -9% | +12% | 8% | n/a | n/a | n/a |
| Mesoblast MSB.AX | Australia | $1.83B | 0% | +556% | -43% | n/a | n/a | n/a |
| Zenas BioPharma ZBIO | United States | $1.84B | +44% | -93% | -27,390% | n/a | n/a | n/a |
| Kailera Therapeutics KLRA | United States | $1.68B | -40% | n/a | n/a | n/a | n/a | n/a |
| Generate Biomedicines GENB | United States | $1.68B | -4% | +56% | -737% | n/a | n/a | n/a |
| Nurix Therapeutics NRIX | United States | $1.67B | -7% | +739% | 41% | n/a | -19.0% | +36.4% |
| Peptron 087010.KS | South Korea | $1.67B | -63% | +16% | -427% | n/a | n/a | n/a |
| Wuhan Healthgen Biotechnology 688765.SS | China | $1.64B | -44% | +90% | -297% | n/a | n/a | n/a |
| Alvotech ALVO | United States | $1.90B | +49% | -12% | 9% | 51.5× | n/a | n/a |
| PolyPeptide PPGN.SW | Switzerland | $1.62B | +6% | +22% | 7% | 51.3× | n/a | n/a |
| Precigen PGEN | United States | $1.60B | +6% | +1,875% | -46% | 6.9× | n/a | n/a |
| Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh IMCR | United States | $1.60B | +5% | +20% | -5% | n/a | n/a | n/a |
| Alamar Biosciences ALMR | United States | $1.95B | +17% | +195% | -42% | n/a | n/a | n/a |
| Maravai Lifesciences MRVI | United States | $1.95B | +108% | -3% | -13% | n/a | n/a | n/a |