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Ningbo-based API and CDMO manufacturer exporting active pharmaceutical ingredients to generic drugmakers abroad.
Ningbo-based API and CDMO manufacturer exporting active pharmaceutical ingredients to generic drugmakers abroad.
In one line: A small Chinese API/CDMO exporter.
Moat: none (scale). Commodity API/CDMO producer competing mainly on cost and regulatory filings.
Headquarters: Ningbo, China · Employees: 2,370
Size Ningbo Menovo Pharmaceutical (603538.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $1.10B, the 2125th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥21.65 on 6 Nov 2026.
Performance Over six months the shares fell 51.5%, against -16.5% for the median peer and -16.4% for the China market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 18.6% over the last twelve months (peer median +8.0%); the operating margin is 8.8% (peer median 12.8%).
Valuation It trades at 49.2× forward earnings against a peer median of 23.2× (most expensive of 13).
Price implies For today's price to make sense, revenue must grow about 14% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is +9 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 0.2 points below its cost of capital (5.0% WACC).
Next results Next results expected around 22 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.83B | CN¥1.50B | CN¥1.37B | CN¥1.21B | CN¥1.45B |
| Revenue growth | — | +10% | +13% | -16% | — |
| Gross profit | CN¥607M | CN¥489M | CN¥408M | CN¥334M | CN¥533M |
| EBITDA | n/a | CN¥278M | CN¥221M | CN¥146M | CN¥313M |
| Net income | CN¥110M | CN¥102M | CN¥66.8M | CN¥11.6M | CN¥339M |
| Free cash flow | CN¥76.4M | CN¥60.3M | -CN¥77.4M | -CN¥202M | -CN¥288M |
| Capital expenditure | CN¥149M | CN¥112M | CN¥179M | CN¥220M | CN¥572M |
| Total debt | CN¥1.08B | CN¥1.76B | CN¥1.65B | CN¥1.52B | CN¥1.43B |
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 |
|---|---|---|---|---|---|---|
| Ningbo Menovo Pharmaceutical 603538.SS | $1.10B | -51% | +19% | 9% | 49.2× | 13.9% |
| Zhejiang Huahai Pharmaceutical 600521.SS | $3.86B | +8% | +10% | 12% | 22.1× | 7.3% |
| Zhejiang Hisun Pharmaceutical 600267.SS | $2.32B | +18% | -7% | 15% | 17.0× | -9.1% |
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 | 603538.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -26.5% | -5.5% | 2nd lowest of 21 |
| 6-month return | -51.5% | -16.5% | 2nd lowest of 21 |
| Distance from 52-week high | -56.9% | -38.0% | 4th lowest of 21 |
| Revenue growth (TTM) | +18.6% | +8.0% | 8th highest of 20 |
| Operating margin | 8.8% | 12.8% | 10th lowest of 20 |
| Forward P/E | 49.2× | 23.2× | most expensive of 13 |
| Growth the price implies (Req g, 7 yrs) | 13.9% | 5.0% | 4th most demanding of 12 |
| Growth delivered (Del g) | +4.9% | +7.7% | 5th lowest of 12 |
| Hurdle (Req g minus delivered) | +9.0 pp | -2.2 pp | 5th most demanding of 12 |
| ROIC minus cost of capital | -0.2 pp | +0.4 pp | 8th lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Menovo Pharmaceutical 603538.SS | China | $1.10B | -51% | +19% | 9% | 49.2× | 13.9% | +4.9% |
| Jiangxi Fushine Pharmaceutical 300497.SZ | China | $1.10B | -29% | +103% | 24% | 10.6× | 8.6% | -4.5% |
| Chongqing Taiji Industry (Group) 600129.SS | China | $1.09B | -15% | -4% | 2% | 26.5× | n/a | n/a |
| Bio-Thera Solutions 688177.SS | China | $1.10B | -14% | +24% | -44% | n/a | n/a | n/a |
| Blue Jet Healthcare BLUEJET.NS | India | $1.11B | +13% | -28% | 28% | 32.5× | 49.0% | +13.8% |
| Chengdu Easton Biopharmaceuticals 688513.SS | China | $1.09B | -35% | -2% | 13% | 26.5× | 5.5% | +7.7% |
| BeBetter Med 688759.SS | China | $1.08B | -49% | n/a | n/a | n/a | n/a | n/a |
| Shandong Lukang Pharmaceutical 600789.SS | China | $1.11B | -13% | -7% | 3% | n/a | 3.3% | +6.5% |
| ST Pharm 237690.KS | South Korea | $1.12B | -52% | +26% | 18% | 27.9× | n/a | n/a |
| Zhejiang Tianyu Pharmaceutical 300702.SZ | China | $1.08B | -2% | +27% | 4% | 22.7× | 5.0% | +3.5% |
| Sichuan Huiyu Pharmaceutical 688553.SS | China | $1.07B | -15% | +8% | 7% | n/a | 34.1% | -6.0% |
| CStone Pharmaceuticals 2616.HK | Hong Kong | $1.07B | -38% | +117% | -89% | n/a | n/a | n/a |
| Viyash Scientific VIYASH.NS | India | $1.07B | +3% | +96% | 13% | 30.3× | 38.6% | +20.4% |
| Basilea Pharmaceutica BSLN.SW | Switzerland | $1.07B | +27% | +5% | 24% | 12.4× | -5.7% | +12.7% |
| Genfleet Therapeutics (Shanghai) 2595.HK | Hong Kong | $1.07B | -47% | -55% | -457% | n/a | n/a | n/a |
| Zhejiang Jolly Pharmaceutical 300181.SZ | China | $1.13B | -18% | +17% | 20% | 12.8× | 1.1% | +22.8% |
| Aurisco Pharmaceutical 605116.SS | China | $1.13B | -18% | +9% | 28% | 15.4× | 1.5% | +18.7% |
| Shanghai Yizhong Pharmaceutical 688091.SS | China | $1.13B | -34% | +32% | 14% | n/a | n/a | n/a |
| China Resources Boya Bio-pharmaceutical 300294.SZ | China | $1.06B | -18% | -27% | -19% | 23.8× | n/a | n/a |
| Renhe Pharmacy 000650.SZ | China | $1.06B | -10% | -7% | 14% | 17.7× | -9.4% | -7.0% |
| MedinCell MEDCL.PA | France | $1.15B | -1% | -23% | -131% | n/a | n/a | n/a |