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Nutraceutical ingredient maker known globally for myHMB, a branded muscle-health supplement ingredient sold to supplement brands.
Nutraceutical ingredient maker known globally for myHMB, a branded muscle-health supplement ingredient sold to supplement brands.
Sells its HMB ingredient, a muscle-health compound, to supplement brands that put it in their own products, so revenue follows brand customers' reorders and the standing of the myHMB name, which is backed by published studies. It is an ingredient supplier, not a consumer brand.
In one line: A Chinese-owned global sports-nutrition ingredient supplier.
Moat: narrow (brand, IP / patents). Patented branded ingredient with clinical research backing gives pricing power over generic HMB.
Headquarters: Shanghai, China · Employees: 829
Size TSI (603262.SS) is a China Health Care company (Pharmaceuticals: Other) with a market value of $909M, the 2498th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥15.19 on 6 Nov 2026.
Performance Over six months the shares fell 41.4%, against -17.2% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 3.1% over the last twelve months (peer median +7.8%); the operating margin is 13.6% (peer median 9.5%).
Valuation It trades at 51.5× forward earnings against a peer median of 22.7× (3rd most expensive of 15).
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 +13%, so the hurdle is +12 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 4.8 points above its cost of capital (10.2% WACC).
Next results Next results expected around 3 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2021 | FY2020 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.09B | CN¥1.09B | CN¥999M | CN¥801M | CN¥746M |
| Revenue growth | — | +9% | +25% | +7% | — |
| Gross profit | CN¥504M | CN¥445M | CN¥419M | CN¥292M | CN¥281M |
| EBITDA | n/a | CN¥192M | CN¥238M | CN¥171M | CN¥101M |
| Net income | CN¥116M | CN¥134M | CN¥174M | CN¥110M | CN¥46.8M |
| Free cash flow | CN¥20.5M | -CN¥30.0M | CN¥122M | CN¥22.3M | CN¥77.3M |
| Capital expenditure | CN¥218M | CN¥182M | CN¥105M | CN¥90.6M | CN¥47.1M |
| Total debt | CN¥76.3M | CN¥85.0M | CN¥75.3M | CN¥225M | CN¥227M |
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 |
|---|---|---|---|---|---|---|
| TSI 603262.SS | $909M | -41% | +3% | 14% | 51.5× | 25.8% |
| Lonza LONN.SW | $55.4B | +39% | -11% | 25% | 36.1× | 15.0% |
| Kyowa Kirin 4151.T | $8.05B | +4% | +10% | 24% | 15.6× | -6.1% |
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 | 603262.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -10.4% | -5.5% | 7th lowest of 21 |
| 6-month return | -41.4% | -17.2% | 2nd lowest of 21 |
| Distance from 52-week high | -52.0% | -35.6% | 3rd lowest of 21 |
| Revenue growth (TTM) | +3.1% | +7.8% | 10th lowest of 20 |
| Operating margin | 13.6% | 9.5% | 9th highest of 19 |
| Forward P/E | 51.5× | 22.7× | 3rd most expensive of 15 |
| Growth the price implies (Req g, 7 yrs) | 25.8% | 4.4% | most demanding of 13 |
| Growth delivered (Del g) | +13.4% | +14.4% | 6th lowest of 13 |
| Hurdle (Req g minus delivered) | +12.4 pp | -5.3 pp | 2nd most demanding of 13 |
| ROIC minus cost of capital | +4.8 pp | +0.1 pp | 6th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| TSI 603262.SS | China | $909M | -41% | +3% | 14% | 51.5× | 25.8% | +13.4% |
| Sihuan Pharmaceutical 0460.HK | Hong Kong | $952M | -35% | +30% | 15% | 9.7× | n/a | n/a |
| New Journey Health Technology Group Co., Ltd.Class A 002219.SZ | China | $999M | -16% | -14% | 8% | 193.0× | n/a | n/a |
| Applied Nutrition APN.L | United Kingdom | $1.01B | +42% | +24% | n/a | 24.2× | n/a | n/a |
| PharmaNutra PHN.MI | Italy | $808M | -18% | +18% | 21% | 29.6× | 4.0% | +18.5% |
| Tianjin Tianyao Pharmaceuticals 600488.SS | China | $801M | -14% | -12% | 3% | n/a | 3.6% | -1.3% |
| Sirio Pharma 300791.SZ | China | $790M | -12% | -9% | 1% | 16.9× | 14.7% | +15.6% |
| Shandong Xinhua Pharmaceutical 000756.SZ | China | $1.09B | -10% | -5% | 4% | 18.3× | 1.5% | +7.9% |
| Shanghai Kaibao Pharmaceutical 300039.SZ | China | $756M | -17% | -14% | 22% | n/a | 1.8% | +4.8% |
| China Shineway Pharmaceutical 2877.HK | Hong Kong | $719M | -21% | -18% | 25% | 7.2× | n/a | n/a |
| Brother Enterprises 002562.SZ | China | $716M | -28% | +8% | 4% | n/a | 4.9% | +13.5% |
| Shanxi Zhendong Pharmaceutical 300158.SZ | China | $713M | -16% | -28% | -25% | n/a | n/a | n/a |
| HBM 2142.HK | Hong Kong | $1.18B | -23% | +55% | 44% | 12.4× | 14.1% | +62.3% |
| ArriVent BioPharma AVBP | United States | $673M | -54% | n/a | n/a | n/a | n/a | n/a |
| BioGaia BIOG-B.ST | Sweden | $1.26B | -7% | +13% | 28% | 30.1× | 0.9% | +15.5% |
| CK Life Sciences International (Holdings) 0775.HK | Hong Kong | $644M | -30% | 0% | 0% | n/a | n/a | n/a |
| ABA Chemicals 300261.SZ | China | $641M | -27% | -16% | -23% | 438.0× | n/a | n/a |
| Pharma Mar PHM.MC | Spain | $1.30B | -33% | +32% | 19% | 37.7× | 11.4% | -3.9% |
| Hangzhou Minsheng Healthcare 301507.SZ | China | $624M | -21% | +21% | 11% | 48.6× | 20.4% | +12.1% |
| Cronos CRON.TO | Canada | $1.34B | +45% | +36% | -2% | 15.6× | 2.1% | +26.7% |
| Jamieson Wellness JWEL.TO | Canada | $1.35B | +35% | +15% | 15% | 21.2× | 11.0% | +15.3% |