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Chinese life-science reagent maker producing enzymes, molecular-biology kits and reagents for research and diagnostics.
Chinese life-science reagent maker producing enzymes, molecular-biology kits and reagents for research and diagnostics.
Sells enzymes, kits and reagents repeatedly to labs, so revenue follows research and testing activity, with purchases recurring once a lab has validated a product. COVID testing boosted demand for its raw materials during the pandemic, and that demand has since faded, leaving research and diagnostics customers as the base.
In one line: A Chinese life-science reagent supplier akin to New England Biolabs.
Moat: narrow (process know-how, brand, IP / patents). Established quality/brand in domestic molecular-biology reagents, competing against multinational incumbents.
Headquarters: Nanjing, China · Employees: 3,002
Size Nanjing Vazyme Biotech (688105.SS) is a China Health Care company (Biotechnology) with a market value of $1.72B, the 1435th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥22.22 on 6 Nov 2026.
Performance Over six months the shares gained 44.8%, against -4.4% for the median peer and -16.4% for the China market (cap-weighted) — 2nd highest of 18 in its peer set.
Growth Revenue grew 15.8% over the last twelve months (peer median +21.1%); the operating margin is -4.6% (peer median -171.6%).
Valuation It trades at 166.7× forward earnings against a peer median of 40.5× (2nd most expensive of 5).
Price implies For today's price to make sense, revenue must grow about 45% a year for seven years (Req g). Recent delivered growth is -2%, so the hurdle is +48 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 6.6 points below its cost of capital (10.0% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.56B | CN¥1.37B | CN¥1.37B | CN¥1.28B | CN¥3.55B |
| Revenue growth | — | 0% | +7% | -64% | — |
| Gross profit | CN¥1.18B | CN¥872M | CN¥862M | CN¥823M | CN¥2.40B |
| EBITDA | n/a | CN¥96.0M | CN¥97.3M | -CN¥44.6M | CN¥1.02B |
| Net income | CN¥993,147 | -CN¥16.6M | -CN¥18.1M | -CN¥71.0M | CN¥594M |
| Free cash flow | CN¥303M | CN¥249M | -CN¥32.0M | -CN¥34.5M | -CN¥166M |
| Capital expenditure | CN¥30.0M | CN¥47.4M | CN¥74.9M | CN¥233M | CN¥963M |
| Total debt | CN¥857M | CN¥842M | CN¥755M | CN¥1.29B | CN¥484M |
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 Vazyme Biotech 688105.SS | $1.72B | +45% | +16% | -5% | 166.7× | 45.1% |
| Thermo Fisher Scientific TMO | $257B | +50% | +8% | 19% | 25.8× | 20.9% |
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 | 688105.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -15.2% | -8.8% | 8th lowest of 20 |
| 6-month return | +44.8% | -4.4% | 2nd highest of 18 |
| Distance from 52-week high | -23.8% | -38.6% | 5th highest of 20 |
| Revenue growth (TTM) | +15.8% | +21.1% | 8th lowest of 19 |
| Operating margin | -4.6% | -171.6% | 6th highest of 19 |
| Forward P/E | 166.7× | 40.5× | 2nd most expensive of 5 |
| Growth the price implies (Req g, 7 yrs) | 45.1% | n/a | — |
| Growth delivered (Del g) | -2.5% | n/a | — |
| Hurdle (Req g minus delivered) | +47.5 pp | n/a | — |
| ROIC minus cost of capital | -6.6 pp | -19.3 pp | 4th highest of 12 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Nanjing Vazyme Biotech 688105.SS | China | $1.72B | +45% | +16% | -5% | 166.7× | 45.1% | -2.5% |
| CanSino Biologics 688185.SS | China | $1.73B | +21% | +30% | -4% | 245.0× | n/a | n/a |
| Chengdu Olymvax Biopharmaceuticals 688319.SS | China | $1.71B | -9% | +12% | 8% | n/a | n/a | n/a |
| Stoke Therapeutics STOK | United States | $1.74B | -19% | -86% | -913% | n/a | n/a | n/a |
| Absci ABSI | United States | $1.75B | +72% | -62% | -8,411% | n/a | n/a | n/a |
| Lycia Therapeutics LYCA | United States | $1.76B | n/a | -55% | -593% | n/a | n/a | n/a |
| Zhejiang Hengtong 600226.SS | China | $1.76B | -23% | +71% | 0% | 29.7× | n/a | n/a |
| Kailera Therapeutics KLRA | United States | $1.68B | -40% | n/a | n/a | n/a | n/a | n/a |
| Generate Biomedicines GENB | United States | $1.68B | -4% | +56% | -737% | n/a | n/a | n/a |
| Nurix Therapeutics NRIX | United States | $1.67B | -7% | +739% | 41% | n/a | -19.0% | +36.4% |
| Novavax NVAX | United States | $1.78B | +7% | -62% | -29% | n/a | n/a | n/a |
| Peptron 087010.KS | South Korea | $1.67B | -63% | +16% | -427% | n/a | n/a | n/a |
| Wuhan Healthgen Biotechnology 688765.SS | China | $1.64B | -44% | +90% | -297% | n/a | n/a | n/a |
| Mesoblast MSB.AX | Australia | $1.83B | 0% | +556% | -43% | n/a | n/a | n/a |
| PolyPeptide PPGN.SW | Switzerland | $1.62B | +6% | +22% | 7% | 51.3× | n/a | n/a |
| Zenas BioPharma ZBIO | United States | $1.84B | +44% | -93% | -27,390% | n/a | n/a | n/a |
| Precigen PGEN | United States | $1.60B | +6% | +1,875% | -46% | 6.9× | n/a | n/a |
| Immunocore Holdings Plc Shs Sponsored American Depositary Shares Repr 1 Sh IMCR | United States | $1.60B | +5% | +20% | -5% | n/a | n/a | n/a |
| Intellia Therapeutics NTLA | United States | $1.59B | -19% | +13% | -712% | n/a | n/a | n/a |
| Zhuhai Trinomab Pharmaceutical 688806.SS | China | $1.58B | n/a | +238% | -1,196% | n/a | n/a | n/a |
| TLC BioSciences 7924.TWO | Taiwan | $1.57B | n/a | n/a | n/a | n/a | n/a | n/a |