Employees: 1,868
Size Hunan Fangsheng Pharmaceutical (603998.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $678M, the 3140th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥10.30 on 6 Nov 2026.
Performance Over six months the shares fell 6.3%, against -5.6% for the median peer and -16.4% for the China market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 9.9% over the last twelve months (peer median +17.7%); the operating margin is 18.9% (peer median 9.9%).
Valuation It trades at 12.7× forward earnings against a peer median of 25.1× (3rd cheapest of 9).
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 +6%, so the hurdle is -9 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 7.4 points above its cost of capital (6.0% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.87B | CN¥1.73B | CN¥1.76B | CN¥1.61B | CN¥1.78B |
| Revenue growth | — | -2% | +9% | -9% | — |
| Gross profit | CN¥1.43B | CN¥1.19B | CN¥1.21B | CN¥1.04B | CN¥1.13B |
| EBITDA | n/a | CN¥391M | CN¥324M | CN¥243M | CN¥229M |
| Net income | CN¥335M | CN¥306M | CN¥255M | CN¥187M | CN¥286M |
| Free cash flow | CN¥492M | CN¥342M | CN¥100M | -CN¥130M | CN¥133M |
| Capital expenditure | CN¥92.9M | CN¥103M | CN¥94.8M | CN¥219M | CN¥171M |
| Total debt | CN¥337M | CN¥471M | CN¥764M | CN¥829M | CN¥659M |
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| Measure | 603998.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.1% | -7.6% | 8th highest of 21 |
| 6-month return | -6.3% | -5.6% | 10th lowest of 21 |
| Distance from 52-week high | -23.7% | -29.1% | 10th highest of 21 |
| Revenue growth (TTM) | +9.9% | +17.7% | 6th lowest of 17 |
| Operating margin | 18.9% | 9.9% | 5th highest of 17 |
| Forward P/E | 12.7× | 25.1× | 3rd cheapest of 9 |
| Growth the price implies (Req g, 7 yrs) | -2.4% | 10.3% | 2nd least demanding of 10 |
| Growth delivered (Del g) | +6.4% | +10.1% | 4th lowest of 10 |
| Hurdle (Req g minus delivered) | -8.8 pp | +15.6 pp | 2nd least demanding of 10 |
| ROIC minus cost of capital | +7.4 pp | -3.2 pp | 3rd highest of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Hunan Fangsheng Pharmaceutical 603998.SS | China | $678M | -6% | +10% | 19% | 12.7× | -2.4% | +6.4% |
| Center Laboratories 4123.TWO | Taiwan | $676M | -28% | +4% | 5% | n/a | 50.8% | +16.2% |
| Earth 4985.T | Japan | $682M | +6% | +6% | 4% | 17.7× | -2.5% | -1.8% |
| Hubei Biocause Heilen Pharmaceutical 301211.SZ | China | $682M | -5% | +13% | 4% | n/a | n/a | n/a |
| Nuvectis Pharma NVCT | United States | $683M | +79% | n/a | n/a | n/a | n/a | n/a |
| Mochida Pharmaceutical 4534.T | Japan | $683M | -6% | +15% | 9% | 15.2× | n/a | n/a |
| FDC FDC.NS | India | $672M | +4% | +10% | 14% | n/a | 25.9% | +10.3% |
| Jenkem Technology 688356.SS | China | $686M | -23% | +52% | 11% | 36.8× | 41.4% | +11.2% |
| Shandong Wit Dyne Health 000915.SZ | China | $687M | -33% | -36% | 36% | 9.1× | n/a | n/a |
| Immix Biopharma IMMX | United States | $668M | -17% | n/a | n/a | n/a | n/a | n/a |
| Zevra Therapeutics ZVRA | United States | $690M | +4% | +75% | 31% | 11.8× | 0.0% | +51.6% |
| Zhejiang Wecome Pharmaceutical 300878.SZ | China | $666M | +10% | +40% | -65% | n/a | n/a | n/a |
| Achieve Life Sciences ACHV | United States | $692M | +29% | n/a | n/a | n/a | n/a | n/a |
| Beijing Beilu Pharmaceutical 300016.SZ | China | $692M | -16% | +23% | 11% | 88.2× | 10.3% | +7.9% |
| Sun Pharma Advanced Research SPARC.NS | India | $665M | +16% | +3,141% | 84% | n/a | n/a | n/a |
| Luoxin Pharmaceuticals Group Stock 002793.SZ | China | $664M | -26% | -10% | -9% | n/a | 0.3% | -17.9% |
| Sagimet Biosciences SGMT | United States | $693M | +28% | n/a | n/a | n/a | n/a | n/a |
| Philogen PHIL.MI | Italy | $694M | -7% | +295% | 79% | 32.5× | n/a | n/a |
| Lepu Biopharma 2157.HK | Hong Kong | $663M | -45% | +47% | 7% | 61.2× | n/a | n/a |
| Shandong Jincheng Pharmaceutical 300233.SZ | China | $661M | -25% | +2% | 4% | n/a | 1.1% | -1.6% |
| Bliss GVS Pharma BLISSGVS.NS | India | $698M | +126% | +21% | 15% | n/a | 37.0% | +10.1% |