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Shandong state-owned antibiotics and API manufacturer, a longtime major Chinese producer of bulk antibiotic drugs.
Shandong state-owned antibiotics and API manufacturer, a longtime major Chinese producer of bulk antibiotic drugs.
Sells antibiotic active ingredients in bulk to formulators in China and abroad at prices close to commodity levels, while its finished antibiotic drugs go to hospitals through distributors. Tighter rules on antibiotic use and plant emissions shape its results.
In one line: A Chinese state-owned generic antibiotics maker.
Moat: none (scale). Legacy scale in commodity antibiotics without a differentiated product line.
Headquarters: Jining, Shandong, China · Employees: 6,469
Size Shandong Lukang Pharmaceutical (600789.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $1.11B, the 2096th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.10 on 6 Nov 2026.
Performance Over six months the shares fell 12.8%, against -17.7% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 21 in its peer set.
Growth Revenue fell 6.5% over the last twelve months (peer median +12.8%); the operating margin is 2.8% (peer median 10.8%).
Valuation It trades at 1.6× enterprise value to sales against a peer median of 4.4× (2nd cheapest of 19).
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 +7%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.4 points above its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.74B | CN¥5.74B | CN¥6.18B | CN¥6.12B | CN¥5.60B |
| Revenue growth | — | -7% | +1% | +9% | — |
| Gross profit | CN¥1.48B | CN¥1.14B | CN¥1.34B | CN¥1.40B | CN¥1.15B |
| EBITDA | n/a | CN¥633M | CN¥695M | CN¥660M | CN¥541M |
| Net income | CN¥136M | CN¥112M | CN¥395M | CN¥246M | CN¥138M |
| Free cash flow | CN¥161M | CN¥359M | CN¥124M | CN¥266M | CN¥16.0M |
| Capital expenditure | CN¥366M | CN¥339M | CN¥279M | CN¥338M | CN¥428M |
| Total debt | CN¥2.82B | CN¥3.19B | CN¥3.44B | CN¥3.44B | CN¥3.36B |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Shandong Lukang Pharmaceutical 600789.SS | $1.11B | -13% | -7% | 3% | 1.6× | 3.3% |
| North China Pharmaceutical 600812.SS | $1.17B | -8% | -21% | 5% | 2.5× | 1.4% |
| Northeast Pharmaceutical 000597.SZ | $948M | -10% | -6% | 3% | 1.0× | -6.8% |
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 | 600789.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.9% | -5.5% | 6th lowest of 21 |
| 6-month return | -12.8% | -17.7% | 7th highest of 21 |
| Distance from 52-week high | -34.8% | -41.5% | 9th highest of 21 |
| Revenue growth (TTM) | -6.5% | +12.8% | 5th lowest of 19 |
| Operating margin | 2.8% | 10.8% | 7th lowest of 19 |
| EV / Sales | 1.6× | 4.4× | 2nd cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 3.3% | 7.0% | 4th least demanding of 11 |
| Growth delivered (Del g) | +6.5% | +10.2% | 5th lowest of 11 |
| Hurdle (Req g minus delivered) | -3.2 pp | +5.3 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | +0.4 pp | -0.7 pp | 8th highest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shandong Lukang Pharmaceutical 600789.SS | China | $1.11B | -13% | -7% | 3% | 1.6× | 3.3% | +6.5% |
| ST Pharm 237690.KS | South Korea | $1.12B | -52% | +26% | 18% | 3.8× | n/a | n/a |
| Blue Jet Healthcare BLUEJET.NS | India | $1.11B | +13% | -28% | 28% | 11.8× | 49.0% | +13.8% |
| Bio-Thera Solutions 688177.SS | China | $1.10B | -14% | +24% | -44% | 7.6× | n/a | n/a |
| Ningbo Menovo Pharmaceutical 603538.SS | China | $1.10B | -51% | +19% | 9% | 4.3× | 13.9% | +4.9% |
| Jiangxi Fushine Pharmaceutical 300497.SZ | China | $1.10B | -29% | +103% | 24% | 4.3× | 8.6% | -4.5% |
| Zhejiang Jolly Pharmaceutical 300181.SZ | China | $1.13B | -18% | +17% | 20% | 2.5× | 1.1% | +22.8% |
| Chongqing Taiji Industry (Group) 600129.SS | China | $1.09B | -15% | -4% | 2% | 1.4× | n/a | n/a |
| Aurisco Pharmaceutical 605116.SS | China | $1.13B | -18% | +9% | 28% | 4.6× | 1.5% | +18.7% |
| Shanghai Yizhong Pharmaceutical 688091.SS | China | $1.13B | -34% | +32% | 14% | 22.0× | n/a | n/a |
| Chengdu Easton Biopharmaceuticals 688513.SS | China | $1.09B | -35% | -2% | 13% | 4.5× | 5.5% | +7.7% |
| BeBetter Med 688759.SS | China | $1.08B | -49% | n/a | n/a | n/a | n/a | n/a |
| MedinCell MEDCL.PA | France | $1.15B | -1% | -23% | -131% | 51.0× | n/a | n/a |
| Zhejiang Tianyu Pharmaceutical 300702.SZ | China | $1.08B | -2% | +27% | 4% | 2.4× | 5.0% | +3.5% |
| Seaport Therapeutics SPTX | United States | $1.15B | +34% | n/a | n/a | n/a | n/a | n/a |
| Sichuan Huiyu Pharmaceutical 688553.SS | China | $1.07B | -15% | +8% | 7% | 4.7× | 34.1% | -6.0% |
| CStone Pharmaceuticals 2616.HK | Hong Kong | $1.07B | -38% | +117% | -89% | 14.8× | n/a | n/a |
| Viyash Scientific VIYASH.NS | India | $1.07B | +3% | +96% | 13% | 3.2× | 38.6% | +20.4% |
| Basilea Pharmaceutica BSLN.SW | Switzerland | $1.07B | +27% | +5% | 24% | 3.2× | -5.7% | +12.7% |
| Genfleet Therapeutics (Shanghai) 2595.HK | Hong Kong | $1.07B | -47% | -55% | -457% | 68.9× | n/a | n/a |
| China Resources Boya Bio-pharmaceutical 300294.SZ | China | $1.06B | -18% | -27% | -19% | 3.0× | n/a | n/a |