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Chinese CDMO and API manufacturer providing contract development/manufacturing services to global and domestic pharma companies.
Chinese CDMO and API manufacturer providing contract development/manufacturing services to global and domestic pharma companies.
Earns from multi-year contract manufacturing for global drugmakers, making intermediates and the active ingredient for products still in development, so revenue scales as those drugs move to launch; routine API sales of established products are a separate line. Audits by the US and European regulators underpin customers' trust.
In one line: A Chinese WuXi STA/Lonza (CDMO).
Moat: narrow (scale, regulatory licence, customer qualification). FDA/EU-audited manufacturing capacity and long-standing CDMO relationships with global pharma.
Headquarters: Taizhou, Zhejiang, China · Employees: 4,791
Size Zhejiang Jiuzhou Pharmaceutical (603456.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $2.12B, the 1196th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥16.16 on 6 Nov 2026.
Performance Over six months the shares gained 17.2%, against -16.4% for the median peer and -16.4% for the China market (cap-weighted) — 6th highest of 21 in its peer set.
Growth Revenue fell 1.3% over the last twelve months (peer median -1.4%); the operating margin is 14.1% (peer median 8.6%).
Valuation It trades at 17.5× forward earnings against a peer median of 17.6× (9th cheapest of 17).
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 +16%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 2.6 points above its cost of capital (7.6% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥5.28B | CN¥5.47B | CN¥5.13B | CN¥5.50B | CN¥5.43B |
| Revenue growth | — | +7% | -7% | +1% | — |
| Gross profit | CN¥2.13B | CN¥1.87B | CN¥1.60B | CN¥1.94B | CN¥1.77B |
| EBITDA | n/a | CN¥1.48B | CN¥1.11B | CN¥1.47B | CN¥1.38B |
| Net income | CN¥599M | CN¥730M | CN¥606M | CN¥1.03B | CN¥921M |
| Free cash flow | CN¥842M | CN¥1.17B | CN¥105M | CN¥431M | CN¥517M |
| Capital expenditure | CN¥563M | CN¥660M | CN¥889M | CN¥929M | CN¥714M |
| Total debt | CN¥240M | CN¥195M | CN¥705M | CN¥728M | CN¥820M |
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 |
|---|---|---|---|---|---|---|
| Zhejiang Jiuzhou Pharmaceutical 603456.SS | $2.12B | +17% | -1% | 14% | 17.5× | 2.4% |
| Wuxi Apptec 2359.HK | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% |
| Apeloa Pharmaceutical 000739.SZ | $3.73B | +18% | -16% | 10% | 25.1× | 6.3% |
| Asymchem Laboratories (Tianjin) 002821.SZ | $8.07B | +23% | +18% | 17% | 41.4× | n/a |
| Porton Pharma Solutions 300363.SZ | $1.92B | +14% | +6% | -2% | n/a | 5.3% |
| Zhejiang Huahai Pharmaceutical 600521.SS | $3.86B | +8% | +10% | 12% | 22.1× | 7.3% |
| Zhejiang Medicine 600216.SS | $1.61B | -23% | -6% | 7% | 11.3× | -6.7% |
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 | 603456.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.2% | -0.6% | 10th lowest of 21 |
| 6-month return | +17.2% | -16.4% | 6th highest of 21 |
| Distance from 52-week high | -27.4% | -32.7% | 9th highest of 21 |
| Revenue growth (TTM) | -1.3% | -1.4% | 10th highest of 20 |
| Operating margin | 14.1% | 8.6% | 6th highest of 20 |
| Forward P/E | 17.5× | 17.6× | 9th cheapest of 17 |
| Growth the price implies (Req g, 7 yrs) | 2.4% | 7.6% | 6th least demanding of 17 |
| Growth delivered (Del g) | +15.7% | +7.1% | highest of 17 |
| Hurdle (Req g minus delivered) | -13.4 pp | -0.2 pp | 2nd least demanding of 17 |
| ROIC minus cost of capital | +2.6 pp | -2.6 pp | 6th highest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Zhejiang Jiuzhou Pharmaceutical 603456.SS | China | $2.12B | +17% | -1% | 14% | 17.5× | 2.4% | +15.7% |
| Tonghua Golden-Horse Pharmaceutical Industry 000766.SZ | China | $2.12B | -41% | -18% | 9% | n/a | 37.9% | +0.9% |
| Dermapharm DMP.DE | Germany | $2.11B | -25% | 0% | 22% | 14.5× | -3.8% | +8.0% |
| CSPC Hunan Jingfeng Pharmaceutical 000908.SZ | China | $2.13B | -27% | +5% | -18% | n/a | n/a | n/a |
| 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% |
| Nanjing King-friend Biochemical Pharmaceutical 603707.SS | China | $2.15B | -3% | +9% | 14% | 22.8× | 6.1% | +6.4% |
| Haw Par H02.SI | Singapore | $2.18B | -27% | -13% | 30% | 12.4× | 3.7% | +15.7% |
| Biohaven BHVN | United States | $2.19B | +47% | n/a | n/a | n/a | n/a | n/a |
| Jinyu Bio-Technology 600201.SS | China | $2.04B | -15% | +22% | 10% | 62.4× | 24.4% | -2.4% |
| Perrigo PRGO | United States | $2.20B | +35% | -4% | 5% | 6.3× | 13.1% | +0.8% |
| 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% |
| Qingdao Baheal Medical 301015.SZ | China | $2.02B | +4% | -6% | 8% | 23.5× | 11.9% | +5.0% |
| Grand Pharmaceutical 0512.HK | Hong Kong | $2.01B | -27% | +7% | 13% | 9.8× | 1.2% | +14.1% |
| Alembic Pharmaceuticals APLLTD.NS | India | $2.01B | +24% | +20% | 12% | 24.4× | 25.0% | +6.5% |
| Anhui Anke Biotechnology (Group) 300009.SZ | China | $2.01B | -9% | -9% | 30% | 19.3× | 9.1% | +9.3% |
| BrightGene Bio-Medical Technology 688166.SS | China | $2.00B | -51% | +14% | 7% | 87.6× | 38.5% | +9.2% |
| United Laboratories International 3933.HK | Hong Kong | $2.00B | -19% | -13% | 5% | 14.5× | 3.7% | +7.8% |
| ApicHope Pharmaceutical 300723.SZ | China | $1.99B | -28% | -28% | -50% | 25.7× | 14.0% | -11.0% |
| NewAmsterdam Pharma NAMS | United States | $2.26B | -51% | -26% | -900% | n/a | n/a | n/a |