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Nanjing-based maker of heparin API and injectable anticoagulants, a major Chinese exporter of generic injectable drugs.
Nanjing-based maker of heparin API and injectable anticoagulants, a major Chinese exporter of generic injectable drugs.
Starts from porcine heparin raw material and moves up the chain, selling the active ingredient (API) to other drugmakers and finished enoxaparin injections to generic-drug marketers abroad. Selling the finished injection earns more per unit than the ingredient.
In one line: A heparin-focused Fresenius Kabi.
Moat: narrow (scale, regulatory licence). Vertically integrated from porcine heparin API to FDA-approved finished injectables, hard to replicate quickly.
Headquarters: Nanjing, China · Employees: 1,558
Size Nanjing King-friend Biochemical Pharmaceutical (603707.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $2.15B, the 1182nd largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥8.88 on 6 Nov 2026.
Performance Over six months the shares fell 3.3%, against -14.1% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 21 in its peer set.
Growth Revenue grew 8.7% over the last twelve months (peer median -0.4%); the operating margin is 13.7% (peer median 9.2%).
Valuation It trades at 22.8× forward earnings against a peer median of 17.5× (7th most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 6% a year for seven years (Req g). Recent delivered growth is +6%, so the hurdle is -0 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.6 points above its cost of capital (6.8% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥4.07B | CN¥3.97B | CN¥3.91B | CN¥3.88B | CN¥3.69B |
| Revenue growth | — | +2% | +1% | +5% | — |
| Gross profit | CN¥1.58B | CN¥1.46B | CN¥1.60B | CN¥1.77B | CN¥1.84B |
| EBITDA | n/a | CN¥971M | CN¥1.15B | -CN¥178M | CN¥1.16B |
| Net income | CN¥425M | CN¥582M | CN¥826M | -CN¥189M | CN¥1.09B |
| Free cash flow | CN¥1.00B | CN¥651M | CN¥1.05B | CN¥1.21B | CN¥159M |
| Capital expenditure | CN¥466M | CN¥560M | CN¥507M | CN¥419M | CN¥470M |
| Total debt | CN¥2.34B | CN¥2.35B | CN¥2.08B | CN¥2.63B | CN¥3.01B |
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 |
|---|---|---|---|---|---|---|
| Nanjing King-friend Biochemical Pharmaceutical 603707.SS | $2.15B | -3% | +9% | 14% | 22.8× | 6.1% |
| Changzhou Qianhong Bio-Pharma 002550.SZ | $1.21B | -8% | -2% | 15% | 19.6× | 4.5% |
| Sandoz SDZ.SW | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| Sanofi SAN.PA | $113B | +14% | +15% | 27% | 9.6× | -5.4% |
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 | 603707.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.6% | -1.0% | 5th highest of 21 |
| 6-month return | -3.3% | -14.1% | 9th highest of 21 |
| Distance from 52-week high | -15.1% | -30.8% | 6th highest of 21 |
| Revenue growth (TTM) | +8.7% | -0.4% | 5th highest of 20 |
| Operating margin | 13.7% | 9.2% | 7th highest of 19 |
| Forward P/E | 22.8× | 17.5× | 7th most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 6.1% | 3.7% | 8th most demanding of 16 |
| Growth delivered (Del g) | +6.4% | +8.0% | 7th lowest of 16 |
| Hurdle (Req g minus delivered) | -0.3 pp | -0.2 pp | 8th least demanding of 16 |
| ROIC minus cost of capital | +1.6 pp | -2.5 pp | 7th highest of 18 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nanjing King-friend Biochemical Pharmaceutical 603707.SS | China | $2.15B | -3% | +9% | 14% | 22.8× | 6.1% | +6.4% |
| CSPC Hunan Jingfeng Pharmaceutical 000908.SZ | China | $2.13B | -27% | +5% | -18% | n/a | n/a | n/a |
| Tonghua Golden-Horse Pharmaceutical Industry 000766.SZ | China | $2.12B | -41% | -18% | 9% | n/a | 37.9% | +0.9% |
| Zhejiang Jiuzhou Pharmaceutical 603456.SS | China | $2.12B | +17% | -1% | 14% | 17.5× | 2.4% | +15.7% |
| Dermapharm DMP.DE | Germany | $2.11B | -25% | 0% | 22% | 14.5× | -3.8% | +8.0% |
| 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 |
| Zymeworks ZYME | United States | $2.10B | +24% | -70% | -419% | 12.0× | n/a | n/a |
| Perrigo PRGO | United States | $2.20B | +35% | -4% | 5% | 6.3× | 13.1% | +0.8% |
| Harbin Pharmaceutical 600664.SS | China | $2.10B | +55% | +2% | 5% | 23.1× | -2.9% | +8.2% |
| Jinyu Bio-Technology 600201.SS | China | $2.04B | -15% | +22% | 10% | 62.4× | 24.4% | -2.4% |
| NewAmsterdam Pharma NAMS | United States | $2.26B | -51% | -26% | -900% | n/a | n/a | n/a |
| Fujian Cosunter Pharmaceutical 300436.SZ | China | $2.26B | -35% | 0% | -47% | n/a | n/a | n/a |
| 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% |
| Tonghua Dongbao Pharmaceutical 600867.SS | China | $2.29B | -14% | +18% | n/a | 26.2× | 1.6% | +0.3% |
| 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% |