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Employees: 718
Size Nanjing Well Pharmaceutical (603351.SS) is a China Materials company (Chemicals: Major Diversified) with a market value of $548M, the 3641st largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥26.98 on 6 Nov 2026.
Performance Over six months the shares fell 0.6%, against -18.3% for the median peer and -16.4% for the China market (cap-weighted) — 4th highest of 20 in its peer set.
Growth Revenue grew 9.4% over the last twelve months (peer median +4.1%); the operating margin is 12.6% (peer median 6.3%).
Valuation It trades at 2.8× enterprise value to sales against a peer median of 3.2× (9th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 10% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 0.3 points below its cost of capital (6.9% WACC).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.40B | CN¥1.33B | CN¥1.29B | CN¥1.15B | CN¥1.11B |
| Revenue growth | — | +3% | +12% | +4% | — |
| Gross profit | CN¥367M | CN¥349M | CN¥332M | CN¥290M | CN¥280M |
| EBITDA | CN¥309M | CN¥309M | CN¥285M | CN¥205M | CN¥190M |
| Net income | CN¥155M | CN¥151M | CN¥146M | CN¥112M | CN¥95.0M |
| Free cash flow | CN¥208M | CN¥186M | CN¥171M | CN¥47.2M | -CN¥124M |
| Capital expenditure | CN¥50.2M | CN¥52.2M | CN¥51.5M | CN¥73.1M | CN¥234M |
| Total debt | CN¥416M | CN¥575M | CN¥481M | CN¥499M | CN¥454M |
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| Measure | 603351.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -5.3% | -11.4% | 6th highest of 21 |
| 6-month return | -0.6% | -18.3% | 4th highest of 20 |
| Distance from 52-week high | -12.4% | -38.1% | highest of 21 |
| Revenue growth (TTM) | +9.4% | +4.1% | 7th highest of 21 |
| Operating margin | 12.6% | 6.3% | 5th highest of 21 |
| EV / Sales | 2.8× | 3.2× | 9th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 9.7% | 12.3% | 6th least demanding of 11 |
| Growth delivered (Del g) | +12.7% | +11.3% | 5th highest of 11 |
| Hurdle (Req g minus delivered) | -3.0 pp | +5.4 pp | 4th least demanding of 11 |
| ROIC minus cost of capital | -0.3 pp | -0.2 pp | 11th highest of 21 |
| EV / EBITDA | 12.5× | 24.8× | 2nd cheapest of 7 |
| Net debt / EBITDA | 0.7× | 0.7× | 4th least indebted of 7 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nanjing Well Pharmaceutical 603351.SS | China | $548M | -1% | +9% | 13% | 2.8× | 9.7% | +12.7% |
| Beijing WBD New Materials 300055.SZ | China | $549M | -59% | +13% | -9% | 1.8× | n/a | n/a |
| Archean Chemical Industries ACI.NS | India | $544M | -33% | +6% | 12% | 4.8× | n/a | n/a |
| Hubei Kailong Chemical 002783.SZ | China | $554M | -17% | -2% | 8% | 1.8× | -2.4% | +12.0% |
| Jiangsu Kuangshun Photosensitivity New Material Stock 300537.SZ | China | $536M | -24% | +4% | 4% | 6.7× | 58.4% | -8.5% |
| Ningxia Yinglite Chemicals 000635.SZ | China | $562M | +17% | -14% | -48% | 2.8× | n/a | n/a |
| China Catalyst 688267.SS | China | $578M | -27% | -3% | 18% | 3.7× | n/a | n/a |
| Shandong Rike Chemical 300214.SZ | China | $514M | -5% | -6% | 2% | 1.3× | 8.3% | +10.5% |
| Shandong Taihe Technologies 300801.SZ | China | $589M | -41% | -2% | 7% | 1.2× | 5.3% | +12.9% |
| Zhejiang Dragon Technology 603004.SS | China | $597M | -18% | -11% | 16% | 4.3× | 16.4% | +1.7% |
| China Steel Chemical 1723.TW | Taiwan | $496M | -9% | +8% | 12% | 2.6× | 4.1% | +1.6% |
| Ningbo Bohui Chemical Technology 300839.SZ | China | $606M | -4% | +42% | 4% | 1.2× | 3.2% | +23.1% |
| China Sanjiang Fine Chemicals 2198.HK | Hong Kong | $492M | -37% | +1% | 7% | 0.7× | n/a | n/a |
| Anhui Huaertai Chemical 001217.SZ | China | $489M | -18% | +13% | -3% | 1.6× | n/a | n/a |
| Yingkou Fengguang Advanced Material 301100.SZ | China | $486M | -14% | -15% | -4% | 2.9× | n/a | n/a |
| Prasol Chemicals PRASOLCHEM.NS | India | $484M | n/a | +22% | 10% | 3.8× | 24.3% | +15.8% |
| Hunan Lead Power Technology 300530.SZ | China | $621M | +2% | +16% | -61% | 28.8× | n/a | n/a |
| Hunan Xiangtou Goldsky Titanium Industry Technology 688750.SS | China | $629M | -27% | +4% | 6% | 6.7× | 30.5% | -4.3% |
| Shandong Jianbang New Material 603285.SS | China | $631M | -40% | +8% | 22% | 5.2× | n/a | n/a |
| Shanghai Chemspec 688602.SS | China | $476M | -23% | -10% | -28% | 3.4× | n/a | n/a |
| Foseco India FOSECOIND.NS | India | $475M | +20% | +32% | 18% | 5.4× | 29.0% | +20.7% |