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China's leading domestic maker of recombinant human insulin and diabetes-care products.
China's leading domestic maker of recombinant human insulin and diabetes-care products.
Sells insulin mostly to public hospitals and pharmacies, with prices set largely by government tenders; national volume-based procurement of insulin began in 2022. Shifting prescriptions from older human insulin to newer analogue insulins and pens is a key theme.
In one line: A Chinese Novo Nordisk (insulin), at smaller scale.
Moat: narrow (scale, regulatory licence, brand). Largest domestic insulin manufacturing scale and long-standing physician/hospital relationships.
Headquarters: Tonghua, Jilin, China · Employees: 3,354
Size Tonghua Dongbao Pharmaceutical (600867.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $2.29B, the 1112th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥7.96 on 6 Nov 2026.
Performance Over six months the shares fell 13.8%, against -6.5% for the median peer and -16.4% for the China market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 18.3% over the last twelve months (peer median -0.4%).
Valuation It trades at 26.2× forward earnings against a peer median of 17.2× (4th most expensive of 15).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +1 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.
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.24B | CN¥2.94B | CN¥2.00B | CN¥3.07B | CN¥2.77B |
| Revenue growth | — | +47% | -35% | +11% | — |
| Gross profit | n/a | CN¥1.96B | CN¥1.37B | CN¥2.38B | CN¥2.08B |
| EBITDA | n/a | CN¥884M | CN¥319M | CN¥1.48B | CN¥1.05B |
| Net income | CN¥542M | CN¥1.22B | -CN¥42.0M | CN¥1.17B | CN¥1.58B |
| Free cash flow | CN¥628M | CN¥213M | -CN¥73.1M | CN¥537M | CN¥392M |
| Capital expenditure | CN¥506M | CN¥518M | CN¥569M | CN¥348M | CN¥493M |
| Total debt | CN¥659M | CN¥612M | CN¥697M | CN¥150M | CN¥2.65M |
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 |
|---|---|---|---|---|---|---|
| Tonghua Dongbao Pharmaceutical 600867.SS | $2.29B | -14% | +18% | n/a | 26.2× | 1.6% |
| Novo Nordisk A/S NOVO-B.CO | $190B | -7% | +6% | 48% | 11.9× | 0.1% |
| Gan & Lee Pharmaceuticals 603087.SS | $6.40B | +21% | +14% | 20% | 29.7× | n/a |
| Lilly (Eli) LLY | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
| United Laboratories International 3933.HK | $2.00B | -19% | -13% | 5% | 14.5× | 3.7% |
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 | 600867.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.5% | +0.7% | 10th highest of 21 |
| 6-month return | -13.8% | -6.5% | 9th lowest of 21 |
| Distance from 52-week high | -25.4% | -26.0% | 11th highest of 21 |
| Revenue growth (TTM) | +18.3% | -0.4% | 3rd highest of 20 |
| Forward P/E | 26.2× | 17.2× | 4th most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 1.6% | 1.6% | 8th least demanding of 15 |
| Growth delivered (Del g) | +0.3% | +7.2% | 4th lowest of 15 |
| Hurdle (Req g minus delivered) | +1.2 pp | -5.3 pp | 6th most demanding of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Tonghua Dongbao Pharmaceutical 600867.SS | China | $2.29B | -14% | +18% | n/a | 26.2× | 1.6% | +0.3% |
| InnoCare Pharma 9969.HK | Hong Kong | $2.31B | -13% | +146% | 35% | 37.0× | 0.8% | +341.1% |
| Shandong Buchang Pharmaceuticals 603858.SS | China | $2.31B | -7% | +4% | 10% | n/a | -2.2% | -5.8% |
| Zhejiang Hisun Pharmaceutical 600267.SS | China | $2.32B | +18% | -7% | 15% | 17.0× | -9.1% | -1.5% |
| Fujian Cosunter Pharmaceutical 300436.SZ | China | $2.26B | -35% | 0% | -47% | n/a | n/a | n/a |
| NewAmsterdam Pharma NAMS | United States | $2.26B | -51% | -26% | -900% | n/a | n/a | n/a |
| Perrigo PRGO | United States | $2.20B | +35% | -4% | 5% | 6.3× | 13.1% | +0.8% |
| Biohaven BHVN | United States | $2.19B | +47% | n/a | n/a | n/a | n/a | n/a |
| Haw Par H02.SI | Singapore | $2.18B | -27% | -13% | 30% | 12.4× | 3.7% | +15.7% |
| Nanjing King-friend Biochemical Pharmaceutical 603707.SS | China | $2.15B | -3% | +9% | 14% | 22.8× | 6.1% | +6.4% |
| CSPC Hunan Jingfeng Pharmaceutical 000908.SZ | China | $2.13B | -27% | +5% | -18% | n/a | n/a | n/a |
| Keymed Biosciences 2162.HK | Hong Kong | $2.48B | -6% | 0% | -73% | 18.6× | n/a | n/a |
| Tonghua Golden-Horse Pharmaceutical Industry 000766.SZ | China | $2.12B | -41% | -18% | 9% | n/a | 37.9% | +0.9% |
| Zhejiang Jiuzhou Pharmaceutical 603456.SS | China | $2.12B | +17% | -1% | 14% | 17.5× | 2.4% | +15.7% |
| Dermapharm DMP.DE | Germany | $2.11B | -25% | 0% | 22% | 14.5× | -3.8% | +8.0% |
| Zymeworks ZYME | United States | $2.10B | +24% | -70% | -419% | 12.0× | n/a | n/a |
| Harbin Pharmaceutical 600664.SS | China | $2.10B | +55% | +2% | 5% | 23.1× | -2.9% | +8.2% |
| Jinyu Bio-Technology 600201.SS | China | $2.04B | -15% | +22% | 10% | 62.4× | 24.4% | -2.4% |
| HUTCHMED (China) 0013.HK | Hong Kong | $2.58B | +9% | -9% | -6% | 40.8× | 49.9% | +19.3% |
| Prestige Consumer Healthcare PBH | United States | $2.04B | -18% | -1% | 26% | 9.3× | -0.2% | +2.9% |
| Henan Lingrui Pharmaceutial 600285.SS | China | $2.02B | +7% | +5% | 22% | 15.9× | -4.8% | +10.6% |