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One of China's largest pharmaceutical conglomerates, spanning TCM, generic drugs, pharmaceutical distribution and the Wanglaoji herbal-tea brand.
One of China's largest pharmaceutical conglomerates, spanning TCM, generic drugs, pharmaceutical distribution and the Wanglaoji herbal-tea brand.
Distribution of other makers' drugs brings in a large share of revenue but little of the profit, while its own traditional-medicine and generic-drug factories and the Wanglaoji herbal-tea brand carry the margins. Guangzhou's municipal state-owned pharmaceutical group is the controlling shareholder.
Moat: narrow (brand, scale, distribution). Broad drug portfolio and distribution scale plus a well-known consumer herbal-tea brand.
Headquarters: Guangzhou, China · Employees: 27,057
Size Guangzhou Baiyunshan Pharmaceutical (600332.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $4.61B, the 550th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.09 on 6 Nov 2026.
Performance Over six months the shares fell 11.3%, against +3.7% for the median peer and -16.4% for the China market (cap-weighted) — 6th lowest of 20 in its peer set.
Growth Revenue grew 0.8% over the last twelve months (peer median +13.0%); the operating margin is 3.0% (peer median 16.5%).
Valuation It trades at 13.3× forward earnings against a peer median of 32.3× (2nd cheapest of 17).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -5 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.8 points below its cost of capital (5.0% WACC).
Next results Next results expected around 12 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥78.1B | CN¥77.4B | CN¥74.8B | CN¥75.2B | CN¥70.5B |
| Revenue growth | — | +4% | 0% | +7% | — |
| Gross profit | CN¥12.1B | CN¥11.8B | CN¥11.7B | CN¥13.2B | CN¥12.4B |
| EBITDA | n/a | CN¥4.06B | CN¥4.28B | CN¥5.44B | CN¥4.81B |
| Net income | CN¥2.16B | CN¥2.98B | CN¥2.84B | CN¥4.06B | CN¥3.97B |
| Free cash flow | CN¥1.46B | -CN¥980M | CN¥2.53B | CN¥2.86B | CN¥5.83B |
| Capital expenditure | CN¥1.09B | CN¥1.24B | CN¥1.13B | CN¥1.63B | CN¥1.38B |
| Total debt | CN¥23.3B | CN¥20.7B | CN¥18.5B | CN¥15.8B | CN¥15.8B |
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 |
|---|---|---|---|---|---|---|
| Guangzhou Baiyunshan Pharmaceutical 600332.SS | $4.61B | -11% | +1% | 3% | 13.3× | -0.3% |
| China Resources Sanjiu Medical & Pharmaceutical 000999.SZ | $6.48B | 0% | +4% | 14% | 12.8× | -6.3% |
| Sinopharm 1099.HK | $6.83B | -4% | +3% | 3% | 6.3× | -8.1% |
| Shanghai Pharmaceuticals 601607.SS | $8.32B | -2% | +4% | 3% | 11.4× | -10.0% |
| Jointown Pharmaceutical 600998.SS | $3.96B | +1% | +9% | 2% | 11.7× | 0.1% |
| Yunnan Baiyao 000538.SZ | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% |
| China Resources Pharmaceutical 3320.HK | $3.74B | -11% | +8% | 4% | 6.0× | -5.3% |
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 | 600332.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.0% | +1.7% | 10th highest of 20 |
| 6-month return | -11.3% | +3.7% | 6th lowest of 20 |
| Distance from 52-week high | -26.9% | -30.4% | 9th highest of 21 |
| Revenue growth (TTM) | +0.8% | +13.0% | 5th lowest of 19 |
| Operating margin | 3.0% | 16.5% | 4th lowest of 19 |
| Forward P/E | 13.3× | 32.3× | 2nd cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | -0.3% | 15.2% | 3rd least demanding of 17 |
| Growth delivered (Del g) | +4.7% | +8.6% | 6th lowest of 17 |
| Hurdle (Req g minus delivered) | -5.0 pp | +3.0 pp | 6th least demanding of 17 |
| ROIC minus cost of capital | -0.8 pp | +5.9 pp | 6th lowest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Guangzhou Baiyunshan Pharmaceutical 600332.SS | China | $4.61B | -11% | +1% | 3% | 13.3× | -0.3% | +4.7% |
| 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% |
| Camurus CAMX.ST | Sweden | $4.52B | +47% | 0% | 37% | 48.5× | 10.4% | +46.5% |
| Humanwell Healthcare (Group) 600079.SS | China | $4.71B | +3% | -3% | 16% | 13.4× | -6.8% | +3.0% |
| Emcure Pharmaceuticals EMCURE.NS | India | $4.47B | +33% | +21% | 16% | 33.9× | 14.9% | +12.7% |
| Sunshine Guojian Pharmaceutical (Shanghai) 688336.SS | China | $4.47B | -34% | +227% | 74% | 46.9× | 3.3% | +45.1% |
| Definium Therapeutics DFTX | United States | $4.47B | +51% | 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% |
| Novast Laboratories 301569.SZ | China | $4.82B | n/a | +3% | 27% | n/a | 42.6% | +3.1% |
| Ajanta Pharma AJANTPHARM.NS | India | $4.37B | +7% | +25% | 25% | 32.2× | 23.8% | +13.8% |
| HanmiPharm 128940.KS | South Korea | $4.36B | +2% | +14% | 16% | 16.8× | 5.0% | +7.5% |
| Erasca ERAS | United States | $5.04B | +42% | n/a | n/a | n/a | n/a | n/a |
| SKBP 326030.KS | South Korea | $5.12B | -11% | +39% | 35% | 21.6× | 0.5% | +93.6% |
| Tianjin Pharmaceutical Da Ren Tang 600329.SS | China | $4.11B | +4% | -13% | 20% | 31.4× | 17.8% | -5.8% |
| Shenzhen Salubris Pharmaceuticals 002294.SZ | China | $5.18B | -39% | +14% | 11% | 41.6× | 15.5% | +9.7% |
| Shanghai Junshi Biosciences 1877.HK | Hong Kong | $4.08B | -39% | +36% | -14% | n/a | n/a | n/a |
| IPCA Laboratories IPCALAB.NS | India | $5.22B | +24% | +11% | 17% | 32.4× | 17.8% | +12.2% |
| Sumitomo Pharma 4506.T | Japan | $5.23B | +7% | +11% | 10% | 8.3× | 1.4% | -2.6% |
| HUBEI JUMPCAN PHARMACEUTICAL 600566.SS | China | $4.05B | +6% | -4% | 32% | 14.9× | -11.5% | +0.3% |
| Yuhan 000100.KS | South Korea | $4.05B | -12% | +5% | 5% | 38.6× | 20.2% | +6.2% |