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State-owned Hebei antibiotics pioneer, one of China's oldest large-scale penicillin and API manufacturers.
State-owned Hebei antibiotics pioneer, one of China's oldest large-scale penicillin and API manufacturers.
Sells antibiotic active ingredients such as penicillin by the tonne to generic drugmakers worldwide, and finished drugs to hospitals, so earnings follow the global price of a commodity-like ingredient and the cost of grain-based fermentation inputs. A Hebei state-owned group controls it.
In one line: A Chinese state-owned Pfizer-generics ancestor.
Moat: none (scale). Legacy state-owned scale in commodity antibiotics, but limited pricing power against newer low-cost rivals.
Headquarters: Shijiazhuang, Hebei, China · Founded: 1953 · Employees: 9,972
Size North China Pharmaceutical (600812.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $1.17B, the 2013th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥4.78 on 6 Nov 2026.
Performance Over six months the shares fell 8.2%, against -10.3% for the median peer and -16.4% for the China market (cap-weighted) — 11th highest of 21 in its peer set.
Growth Revenue fell 20.7% over the last twelve months (peer median 0.0%); the operating margin is 5.4% (peer median 10.6%).
Valuation It trades at 2.5× enterprise value to sales against a peer median of 4.5× (6th cheapest of 20).
Price implies For today's price to make sense, revenue must grow about 1% a year for seven years (Req g). Recent delivered growth is -4%, so the hurdle is +6 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 0.2 points below its cost of capital (5.0% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥7.77B | CN¥9.20B | CN¥9.83B | CN¥10.1B | CN¥10.5B |
| Revenue growth | — | -6% | -2% | -4% | — |
| Gross profit | CN¥2.77B | CN¥2.55B | CN¥2.91B | CN¥3.05B | CN¥3.33B |
| EBITDA | n/a | CN¥1.58B | CN¥1.55B | CN¥1.43B | CN¥691M |
| Net income | CN¥89.4M | CN¥183M | CN¥127M | CN¥4.89M | -CN¥689M |
| Free cash flow | CN¥697M | CN¥695M | CN¥446M | CN¥402M | CN¥456M |
| Capital expenditure | CN¥539M | CN¥542M | CN¥784M | CN¥623M | CN¥550M |
| Total debt | CN¥11.6B | CN¥11.7B | CN¥11.9B | CN¥11.7B | CN¥11.9B |
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 |
|---|---|---|---|---|---|---|
| North China Pharmaceutical 600812.SS | $1.17B | -8% | -21% | 5% | 2.5× | 1.4% |
| Shandong Lukang Pharmaceutical 600789.SS | $1.11B | -13% | -7% | 3% | 1.6× | 3.3% |
| Northeast Pharmaceutical 000597.SZ | $948M | -10% | -6% | 3% | 1.0× | -6.8% |
| Harbin Pharmaceutical 600664.SS | $2.10B | +55% | +2% | 5% | 0.9× | -2.9% |
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 | 600812.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -12.8% | -2.2% | 5th lowest of 21 |
| 6-month return | -8.2% | -10.3% | 11th highest of 21 |
| Distance from 52-week high | -30.7% | -28.0% | 11th highest of 21 |
| Revenue growth (TTM) | -20.7% | 0.0% | 5th lowest of 19 |
| Operating margin | 5.4% | 10.6% | 9th lowest of 20 |
| EV / Sales | 2.5× | 4.5× | 6th cheapest of 20 |
| Growth the price implies (Req g, 7 yrs) | 1.4% | 3.9% | 4th least demanding of 13 |
| Growth delivered (Del g) | -4.2% | +8.9% | 3rd lowest of 13 |
| Hurdle (Req g minus delivered) | +5.7 pp | -3.2 pp | 4th most demanding of 13 |
| ROIC minus cost of capital | -0.2 pp | -0.1 pp | 10th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| North China Pharmaceutical 600812.SS | China | $1.17B | -8% | -21% | 5% | 2.5× | 1.4% | -4.2% |
| Shanghai InnoStar Bio-tech 688710.SS | China | $1.17B | +28% | +24% | 6% | 6.3× | 16.2% | +19.4% |
| Cosmo CMHC.SW | Switzerland | $1.17B | -25% | -45% | -13% | 8.3× | n/a | n/a |
| Vetoquinol VETO.PA | France | $1.17B | +22% | -1% | 15% | 1.6× | -3.0% | +4.2% |
| Tianjin Ringpu Bio-technology 300119.SZ | China | $1.18B | -4% | -9% | 11% | 2.5× | 5.8% | +11.3% |
| GC Biopharma 006280.KS | South Korea | $1.18B | +2% | -3% | 4% | 0.8× | 8.3% | +5.8% |
| Seaport Therapeutics SPTX | United States | $1.15B | +34% | n/a | n/a | n/a | n/a | n/a |
| InventisBio 688382.SS | China | $1.19B | -41% | -61% | -563% | 94.5× | 10.4% | -60.6% |
| MedinCell MEDCL.PA | France | $1.15B | -1% | -23% | -131% | 51.0× | n/a | n/a |
| Jiuzhitang 000989.SZ | China | $1.19B | -13% | +46% | 19% | 2.6× | -3.7% | -9.0% |
| Shanghai Yizhong Pharmaceutical 688091.SS | China | $1.13B | -34% | +32% | 14% | 22.0× | n/a | n/a |
| Aurisco Pharmaceutical 605116.SS | China | $1.13B | -18% | +9% | 28% | 4.6× | 1.5% | +18.7% |
| Zhejiang Jolly Pharmaceutical 300181.SZ | China | $1.13B | -18% | +17% | 20% | 2.5× | 1.1% | +22.8% |
| Changzhou Qianhong Bio-Pharma 002550.SZ | China | $1.21B | -8% | -2% | 15% | 4.5× | 4.5% | -1.2% |
| Amphastar Pharmaceuticals AMPH | United States | $1.21B | +50% | +1% | 16% | 2.2× | 3.3% | +15.5% |
| Everest Medicines 1952.HK | Hong Kong | $1.22B | -20% | +193% | -5% | 3.5× | n/a | n/a |
| ST Pharm 237690.KS | South Korea | $1.12B | -52% | +26% | 18% | 3.8× | n/a | n/a |
| Omeros OMER | United States | $1.22B | +14% | n/a | -190% | 36.2× | n/a | n/a |
| Shandong Lukang Pharmaceutical 600789.SS | China | $1.11B | -13% | -7% | 3% | 1.6× | 3.3% | +6.5% |
| 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 |