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Maker of Pien Tze Huang, a premium proprietary traditional Chinese medicine used for liver protection and wound care.
Maker of Pien Tze Huang, a premium proprietary traditional Chinese medicine used for liver protection and wound care.
One product line carries most of the profit, sold mostly through pharmacies and hospitals, and its formula is a state-protected secret, which is why the company has been able to raise prices several times. Raw materials such as musk and snake gall are scarce, so supply limits growth. A local state-owned group in Zhangzhou is the controlling shareholder.
In one line: A Chinese ultra-premium heritage pharma brand.
Moat: wide (brand, IP / patents). State-protected secret formula and centuries-old brand give pricing power few TCM makers can match.
Headquarters: Zhangzhou, Fujian, China · Founded: 1956 · Employees: 2,886
Size Zhangzhou Pientzehuang Pharmaceutical (600436.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $12.3B, the 200th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥136.00 on 6 Nov 2026.
Performance Over six months the shares fell 5.3%, against +6.0% for the median peer and -16.4% for the China market (cap-weighted) — 3rd lowest of 21 in its peer set.
Growth Revenue fell 18.9% over the last twelve months (peer median +23.0%); the operating margin is 18.7% (peer median 17.0%).
Valuation It trades at 42.1× forward earnings against a peer median of 30.9× (6th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 26% a year for seven years (Req g). Recent delivered growth is +7%, so the hurdle is +19 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 1.6 points above its cost of capital (6.8% WACC).
Next results Next results expected around 12 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.91B | CN¥8.97B | CN¥10.7B | CN¥9.99B | CN¥8.62B |
| Revenue growth | — | -16% | +7% | +16% | — |
| Gross profit | CN¥2.80B | CN¥3.14B | CN¥4.46B | CN¥4.53B | CN¥3.82B |
| EBITDA | n/a | CN¥2.33B | CN¥3.50B | CN¥3.36B | CN¥2.91B |
| Net income | CN¥1.32B | CN¥2.16B | CN¥2.98B | CN¥2.80B | CN¥2.47B |
| Free cash flow | CN¥1.35B | -CN¥236M | CN¥280M | CN¥2.09B | CN¥6.72B |
| Capital expenditure | CN¥587M | CN¥340M | CN¥1.07B | CN¥142M | CN¥175M |
| Total debt | CN¥1.08B | CN¥1.16B | CN¥1.19B | CN¥1.33B | CN¥1.21B |
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 |
|---|---|---|---|---|---|---|
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% |
| Yunnan Baiyao 000538.SZ | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% |
| Tong Ren Tang Technologies 1666.HK | $484M | -23% | -14% | 12% | 7.2× | -18.6% |
| Dong-E-E-Jiao 000423.SZ | $4.80B | -8% | +8% | 29% | 17.1× | -4.6% |
| China Resources Jiangzhong Pharmaceutical 600750.SS | $2.19B | -3% | -10% | 24% | 15.7× | -2.5% |
| Guangzhou Baiyunshan Pharmaceutical 600332.SS | $4.61B | -11% | +1% | 3% | 13.3× | -0.3% |
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 | 600436.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +15.1% | +6.3% | 5th highest of 21 |
| 6-month return | -5.3% | +6.0% | 3rd lowest of 21 |
| Distance from 52-week high | -25.8% | -8.9% | 4th lowest of 21 |
| Revenue growth (TTM) | -18.9% | +23.0% | lowest of 20 |
| Operating margin | 18.7% | 17.0% | 9th highest of 20 |
| Forward P/E | 42.1× | 30.9× | 6th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 25.8% | 28.5% | 7th least demanding of 15 |
| Growth delivered (Del g) | +6.8% | +12.6% | 3rd lowest of 15 |
| Hurdle (Req g minus delivered) | +19.0 pp | -10.7 pp | 4th most demanding of 15 |
| ROIC minus cost of capital | +1.6 pp | +1.0 pp | 9th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhangzhou Pientzehuang Pharmaceutical 600436.SS | China | $12.3B | -5% | -19% | 19% | 42.1× | 25.8% | +6.8% |
| Recordati REC.MI | Italy | $12.3B | +3% | +9% | 30% | 16.7× | 1.9% | +12.6% |
| Dr. Reddy's Laboratories DRREDDY.NS | India | $12.1B | +5% | -4% | 9% | 31.8× | 30.1% | +12.1% |
| Zydus Lifesciences ZYDUSLIFE.NS | India | $12.7B | +27% | +24% | 17% | 29.8× | n/a | n/a |
| Sbp 1177.HK | Hong Kong | $12.7B | +4% | +15% | 30% | 18.3× | -5.4% | +5.4% |
| Laurus Labs LAURUSLABS.NS | India | $13.3B | +94% | +23% | 24% | 77.0× | 50.9% | +7.3% |
| Pharmaron Beijing 3759.HK | Hong Kong | $11.3B | +45% | +24% | 14% | 22.9× | n/a | n/a |
| Repligen RGEN | United States | $11.1B | +41% | +14% | 9% | 71.3× | 56.4% | +15.0% |
| Mankind Pharma MANKIND.NS | India | $11.1B | +7% | +13% | 21% | 43.2× | 27.6% | +18.1% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | Hong Kong | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% | +33.7% |
| Yunnan Baiyao 000538.SZ | China | $14.7B | +4% | +5% | 11% | 18.0× | -0.5% | +4.7% |
| Ipsen IPN.PA | France | $14.7B | -4% | +14% | 30% | 10.9× | -7.3% | +7.2% |
| Akeso 9926.HK | Hong Kong | $10.2B | -38% | +42% | -25% | n/a | n/a | n/a |
| Jazz Pharmaceuticals Public JAZZ | United States | $15.1B | +4% | +13% | 25% | 8.9× | -3.9% | +12.5% |
| Spyre Therapeutics SYRE | United States | $9.86B | +38% | n/a | n/a | n/a | n/a | n/a |
| PharmaEssentia 6446.TW | Taiwan | $15.8B | +118% | +64% | 38% | 39.2× | 29.3% | +94.8% |
| Ascendis Pharma A/S ASND | United States | $16.0B | +8% | +128% | 10% | 40.8× | 36.4% | +152.4% |
| Orion ORNAV.HE | Finland | $16.1B | +51% | +34% | 38% | 23.5× | -6.3% | +11.7% |
| Madrigal Pharmaceuticals MDGL | United States | $9.28B | -22% | +93% | -11% | 79.5× | n/a | n/a |
| Sichuan Biokin Pharmaceutical 688506.SS | China | $16.4B | -3% | +14% | -43% | n/a | n/a | n/a |
| TG Therapeutics TGTX | United States | $9.16B | +40% | +76% | 17% | 30.9× | 50.3% | +426.7% |