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Beijing-focused pharmaceutical distributor under the Sinopharm state group, also licensed to distribute and produce narcotic/controlled drugs.
Beijing-focused pharmaceutical distributor under the Sinopharm state group, also licensed to distribute and produce narcotic/controlled drugs.
Buys medicines from manufacturers and resells to hospitals and pharmacies at a thin markup, so profit comes from volume; the restricted trade in narcotic and psychotropic drugs, where licensing limits competition, adds a protected line.
In one line: A regional Chinese McKesson/Cardinal Health.
Moat: narrow (regulatory licence, distribution, scale). One of few nationally licensed narcotic-drug distributors, plus Sinopharm's distribution scale.
Headquarters: Beijing, China · Employees: 3,024
Size China National Medicines (600511.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $3.31B, the 782nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥29.29 on 6 Nov 2026.
Performance Over six months the shares gained 2.2%, against +2.0% for the median peer and -16.4% for the China market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue grew 3.4% over the last twelve months (peer median +15.6%); the operating margin is 3.8% (peer median 15.5%).
Valuation It trades at 10.7× forward earnings against a peer median of 22.6× (2nd cheapest of 15).
Price implies For today's price to make sense, revenue must grow about -10% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -15 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 4.5 points above its cost of capital (5.0% WACC).
Next results Next results expected around 25 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥53.7B | CN¥52.4B | CN¥50.5B | CN¥49.6B | CN¥45.4B |
| Revenue growth | — | +4% | +2% | +9% | — |
| Gross profit | CN¥3.59B | CN¥3.20B | CN¥3.35B | CN¥3.77B | CN¥3.60B |
| EBITDA | n/a | CN¥2.27B | CN¥2.35B | CN¥2.58B | CN¥2.42B |
| Net income | CN¥1.98B | CN¥2.00B | CN¥2.00B | CN¥2.15B | CN¥1.96B |
| Free cash flow | CN¥1.63B | CN¥1.97B | CN¥1.55B | CN¥2.59B | CN¥2.27B |
| Capital expenditure | CN¥69.3M | CN¥68.2M | CN¥131M | CN¥145M | CN¥130M |
| Total debt | CN¥2.93B | CN¥4.58B | CN¥4.35B | CN¥3.16B | CN¥3.06B |
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 |
|---|---|---|---|---|---|---|
| China National Medicines 600511.SS | $3.31B | +2% | +3% | 4% | 10.7× | -9.8% |
| Sinopharm 1099.HK | $6.83B | -4% | +3% | 3% | 6.3× | -8.1% |
| China Resources Pharmaceutical 3320.HK | $3.74B | -11% | +8% | 4% | 6.0× | -5.3% |
| 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% |
| Nanjing Pharmaceutical 600713.SS | $1.03B | +1% | +3% | 2% | n/a | n/a |
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 | 600511.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.4% | +1.2% | 5th highest of 21 |
| 6-month return | +2.2% | +2.0% | 10th highest of 20 |
| Distance from 52-week high | -6.1% | -25.8% | 3rd highest of 21 |
| Revenue growth (TTM) | +3.4% | +15.6% | 7th lowest of 19 |
| Operating margin | 3.8% | 15.5% | 5th lowest of 19 |
| Forward P/E | 10.7× | 22.6× | 2nd cheapest of 15 |
| Growth the price implies (Req g, 7 yrs) | -9.8% | 15.9% | least demanding of 15 |
| Growth delivered (Del g) | +5.4% | +11.3% | 5th lowest of 15 |
| Hurdle (Req g minus delivered) | -15.1 pp | -6.3 pp | 5th least demanding of 15 |
| ROIC minus cost of capital | +4.5 pp | +3.9 pp | 8th highest of 16 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| China National Medicines 600511.SS | China | $3.31B | +2% | +3% | 4% | 10.7× | -9.8% | +5.4% |
| China Medical System 0867.HK | Hong Kong | $3.30B | -16% | +15% | 20% | 10.9× | 2.9% | +2.7% |
| Acutaas Chemicals ACUTAAS.NS | India | $3.28B | +39% | +45% | 36% | 61.8× | n/a | n/a |
| Wockhardt WOCKPHARMA.NS | India | $3.35B | +19% | +26% | 13% | n/a | 56.9% | +4.2% |
| Piramal Pharma PPLPHARMA.NS | India | $3.37B | +30% | +9% | 3% | 159.9× | n/a | n/a |
| Tarsus Pharmaceuticals TARS | United States | $3.38B | +12% | +86% | -10% | n/a | 31.9% | +159.5% |
| Viridian Therapeutics VRDN | United States | $3.23B | +72% | -63% | -1,781% | n/a | n/a | n/a |
| Shanghai Henlius Biotech 2696.HK | Hong Kong | $3.41B | -37% | +33% | 12% | 23.8× | 15.2% | +61.4% |
| Arcutis Biotherapeutics ARQT | United States | $3.21B | +21% | +76% | 7% | 37.9× | 48.9% | +367.3% |
| Viking Therapeutics VKTX | United States | $3.42B | -17% | n/a | n/a | n/a | n/a | n/a |
| Tasly Pharmaceutical 600535.SS | China | $3.20B | -5% | -4% | 19% | 16.5× | -7.6% | -9.6% |
| Chengdu Kanghong Pharmaceutical 002773.SZ | China | $3.18B | -7% | -11% | 24% | 21.3× | -2.2% | +7.0% |
| Jiangsu Nhwa Pharmaceutical 002262.SZ | China | $3.47B | +2% | +3% | 19% | 19.6× | -2.2% | +12.0% |
| Parabilis Medicines PBLS | United States | $3.52B | n/a | n/a | n/a | n/a | n/a | n/a |
| Hybio Pharmaceutical 300199.SZ | China | $3.08B | +16% | +70% | 31% | 51.4× | 40.1% | +6.1% |
| Suzhou Zelgen Biopharmaceuticals 688266.SS | China | $3.60B | -13% | +136% | 29% | 43.4× | 20.5% | +98.4% |
| Simcere Pharmaceutical 2096.HK | Hong Kong | $3.63B | -7% | +27% | 18% | 14.3× | -2.8% | +10.6% |
| IDEAYA Biosciences IDYA | United States | $3.02B | +10% | -83% | -1,267% | n/a | n/a | n/a |
| Organon & OGN | United States | $3.64B | +4% | -3% | 20% | 4.0× | -4.5% | -1.0% |
| Betta Pharmaceuticals 300558.SZ | China | $3.01B | -9% | +16% | 11% | 44.2× | 25.2% | +14.0% |
| ACADIA Pharmaceuticals ACAD | United States | $3.66B | -5% | +12% | 8% | 21.5× | 16.7% | +19.4% |