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Chinese maker of medical dressings, cotton products and disposable protective and hygiene consumables.
Chinese maker of medical dressings, cotton products and disposable protective and hygiene consumables.
In one line: A Chinese Cardinal Health-lite for wound-care/disposable consumables.
Moat: none. Commodity medical-consumables manufacturing with limited pricing power.
Headquarters: Shaoxing, Zhejiang, China · Employees: 7,909
Size Zhende Medical (603301.SS) is a China Health Care company (Medical Specialties) with a market value of $3.33B, the 780th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥84.75 on 6 Nov 2026.
Performance Over six months the shares fell 8.2%, against +6.2% for the median peer and -16.4% for the China market (cap-weighted) — 8th lowest of 21 in its peer set.
Growth Revenue grew 7.7% over the last twelve months (peer median +4.7%); the operating margin is 7.3% (peer median 11.0%).
Valuation It trades at 43.5× forward earnings against a peer median of 26.3× (5th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is -16%, so the hurdle is +39 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 0.4 points below its cost of capital (7.1% WACC).
Next results Next results expected around 28 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.65B | CN¥4.31B | CN¥4.25B | CN¥4.11B | CN¥6.11B |
| Revenue growth | — | +1% | +3% | -33% | — |
| Gross profit | CN¥1.74B | CN¥1.32B | CN¥1.33B | CN¥1.32B | CN¥2.03B |
| EBITDA | n/a | CN¥604M | CN¥603M | CN¥460M | CN¥1.01B |
| Net income | CN¥295M | CN¥261M | CN¥385M | CN¥198M | CN¥680M |
| Free cash flow | CN¥139M | -CN¥5.42M | -CN¥309M | -CN¥147M | CN¥492M |
| Capital expenditure | CN¥347M | CN¥550M | CN¥770M | CN¥599M | CN¥754M |
| Total debt | CN¥1.43B | CN¥1.34B | CN¥625M | CN¥666M | CN¥647M |
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 |
|---|---|---|---|---|---|---|
| Zhende Medical 603301.SS | $3.33B | -8% | +8% | 7% | 43.5× | 23.2% |
| Winner Medical 300888.SZ | $2.69B | -2% | +4% | 11% | 20.9× | -4.3% |
| Intco Medical Technology 300677.SZ | $4.40B | -20% | +33% | 20% | 14.7× | -4.7% |
| Shandong Weigao Group Medical Polymer 1066.HK | $1.96B | -4% | +7% | 14% | 8.8× | -11.8% |
| ConvaTec CTEC.L | $6.44B | +22% | +2% | 16% | 16.7× | 15.6% |
| Smith & Nephew SN..L | $13.1B | +5% | +2% | 17% | 14.4× | 11.1% |
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 | 603301.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +8.0% | +2.5% | 10th highest of 21 |
| 6-month return | -8.2% | +6.2% | 8th lowest of 21 |
| Distance from 52-week high | -19.2% | -33.1% | 8th highest of 21 |
| Revenue growth (TTM) | +7.7% | +4.7% | 9th highest of 19 |
| Operating margin | 7.3% | 11.0% | 8th lowest of 19 |
| Forward P/E | 43.5× | 26.3× | 5th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 23.2% | 10.6% | 5th most demanding of 16 |
| Growth delivered (Del g) | -16.1% | +8.9% | lowest of 16 |
| Hurdle (Req g minus delivered) | +39.3 pp | -0.3 pp | 2nd most demanding of 16 |
| ROIC minus cost of capital | -0.4 pp | -1.6 pp | 7th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhende Medical 603301.SS | China | $3.33B | -8% | +8% | 7% | 43.5× | 23.2% | -16.1% |
| Sumitomo Bakelite 4203.T | Japan | $3.31B | +15% | +15% | 13% | 14.9× | 6.8% | +8.9% |
| Ottobock SE & Co. KGaA OBCK.DE | Germany | $3.36B | -25% | +5% | 15% | 15.4× | 3.5% | +8.0% |
| Celcuity CELC | United States | $3.27B | -49% | n/a | n/a | n/a | n/a | n/a |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 25% | 20.6× | -0.3% | +7.2% |
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -7% | n/a | 46.5% | -0.1% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 13% | 26.3× | 9.6% | -4.2% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 11% | 28.1× | 12.6% | +11.1% |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 8% | 26.8× | 13.7% | +10.8% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 24% | 27.5× | n/a | n/a |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | -26% | 15.0× | -7.7% | -7.4% |
| TransMedics TMDX | United States | $3.06B | +30% | +26% | 12% | 48.5× | 35.6% | +88.2% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | n/a | 20.4× | -1.2% | +8.1% |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 22.1× | 11.7% | +11.0% |
| Stevanato STVN | United States | $3.70B | -26% | +12% | 18% | 19.3× | 10.6% | +12.1% |
| Axogen AXGN | United States | $2.99B | +19% | +24% | -5% | 76.5× | 48.8% | +14.9% |
| AtriCure ATRC | United States | $2.98B | +123% | +14% | 3% | 220.7× | 55.7% | +20.9% |
| iRhythm IRTC | United States | $2.97B | -25% | +26% | 1% | 182.6× | n/a | n/a |
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -7,008% | n/a | n/a | n/a |
| COMET COTN.SW | Switzerland | $2.84B | -9% | -3% | 6% | 34.0× | n/a | n/a |
| Envista NVST | United States | $4.04B | +4% | +12% | 11% | 15.6× | 6.8% | +7.1% |