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Chinese chemistry-focused contract research and manufacturing company supplying building-block molecules and custom synthesis services to pharma and biotech.
Chinese chemistry-focused contract research and manufacturing company supplying building-block molecules and custom synthesis services to pharma and biotech.
Sells ready-made molecules from a large inventory to drug-discovery labs and charges for custom synthesis by project or chemist time, so income follows early-stage research budgets at drug developers. Much of its sales are overseas.
In one line: A Chinese Enamine/Sigma-Aldrich for drug-discovery building blocks.
Moat: narrow (scale, installed base, distribution). Large compound catalog and global distribution/logistics network built over years, hard to replicate quickly.
Headquarters: Shanghai, China · Employees: 4,195
Size Shanghai Haoyuan Chemexpress (688131.SS) is a China Materials company (Chemicals: Specialty) with a market value of $3.11B, the 834th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥97.09 on 6 Nov 2026.
Performance Over six months the shares gained 30.2%, against -18.4% for the median peer and -16.4% for the China market (cap-weighted) — highest of 21 in its peer set.
Growth Revenue grew 28.1% over the last twelve months (peer median +8.8%); the operating margin is 13.2% (peer median 13.3%).
Valuation It trades at 59.6× forward earnings against a peer median of 16.3× (3rd most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 32% a year for seven years (Req g). Recent delivered growth is +35%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points below its cost of capital (12.1% WACC).
Next results Next results expected around 29 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥3.46B | CN¥2.87B | CN¥2.26B | CN¥1.87B | CN¥1.36B |
| Revenue growth | — | +27% | +21% | +38% | — |
| Gross profit | CN¥1.80B | CN¥1.28B | CN¥1.03B | CN¥786M | CN¥664M |
| EBITDA | n/a | CN¥561M | CN¥447M | CN¥301M | CN¥247M |
| Net income | CN¥312M | CN¥240M | CN¥202M | CN¥127M | CN¥194M |
| Free cash flow | CN¥310M | CN¥108M | CN¥77.5M | -CN¥322M | -CN¥818M |
| Capital expenditure | CN¥217M | CN¥222M | CN¥304M | CN¥260M | CN¥581M |
| Total debt | CN¥2.53B | CN¥2.30B | CN¥1.96B | CN¥1.08B | CN¥668M |
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 |
|---|---|---|---|---|---|---|
| Shanghai Haoyuan Chemexpress 688131.SS | $3.11B | +30% | +28% | 13% | 59.6× | 32.0% |
| Merck KGaA MRK.DE | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% |
| Wuxi Apptec 2359.HK | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% |
| Bide Pharmatech 688073.SS | $912M | +5% | +10% | 19% | 27.5× | 16.7% |
| Pharmaron Beijing 3759.HK | $11.3B | +45% | +24% | 14% | 22.9× | n/a |
| Porton Pharma Solutions 300363.SZ | $1.92B | +14% | +6% | -2% | n/a | 5.3% |
| Asymchem Laboratories (Tianjin) 6821.HK | $8.19B | +22% | +24% | 17% | 29.2× | n/a |
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 | 688131.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.1% | -6.6% | 4th highest of 21 |
| 6-month return | +30.2% | -18.4% | highest of 21 |
| Distance from 52-week high | -12.8% | -37.6% | 3rd highest of 21 |
| Revenue growth (TTM) | +28.1% | +8.8% | 5th highest of 21 |
| Operating margin | 13.2% | 13.3% | 10th lowest of 21 |
| Forward P/E | 59.6× | 16.3× | 3rd most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 32.0% | 3.8% | most demanding of 13 |
| Growth delivered (Del g) | +35.2% | +8.6% | 2nd highest of 13 |
| Hurdle (Req g minus delivered) | -3.2 pp | -4.8 pp | 5th most demanding of 13 |
| ROIC minus cost of capital | -1.2 pp | +2.6 pp | 8th lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shanghai Haoyuan Chemexpress 688131.SS | China | $3.11B | +30% | +28% | 13% | 59.6× | 32.0% | +35.2% |
| Luxi Chemical 000830.SZ | China | $3.13B | -36% | -1% | 4% | 12.1× | -1.4% | +10.6% |
| Hawkins HWKN | United States | $3.14B | -10% | +9% | 11% | 33.9× | 15.2% | +12.7% |
| Levima Advanced Materials 003022.SZ | China | $3.17B | -34% | +66% | 10% | 30.1× | n/a | n/a |
| XTC New Energy Materials (Xiamen) 688778.SS | China | $3.01B | -52% | +78% | 4% | 19.2× | 16.0% | +20.0% |
| Hexpol HPOL-B.ST | Sweden | $3.30B | +28% | -1% | 14% | 15.6× | 3.1% | +7.6% |
| Qingdao Gon Technology 2768.HK | Hong Kong | $2.88B | +13% | +20% | 7% | 10.3× | n/a | n/a |
| Sichuan Qiaoyuan Gas 301286.SZ | China | $2.88B | -4% | +8% | 26% | 73.4× | 31.8% | +8.0% |
| Inner Mongolia Berun Chemical 000683.SZ | China | $3.36B | -32% | +11% | 13% | 13.8× | n/a | n/a |
| Beijing Easpring Material Technology 300073.SZ | China | $2.86B | -45% | +116% | 5% | 18.8× | n/a | n/a |
| Guangzhou Guanggang Gases and Energy 688548.SS | China | $3.39B | -14% | +21% | 20% | 62.3× | n/a | n/a |
| Shanghai Bairun Investment 002568.SZ | China | $2.82B | -8% | +8% | 28% | 24.2× | 14.5% | +8.8% |
| PI Industries PIIND.NS | India | $2.79B | -44% | -15% | 13% | 22.7× | n/a | n/a |
| K+s SDF.DE | Germany | $2.68B | -13% | +6% | 34% | 11.7× | n/a | n/a |
| NOF 4403.T | Japan | $3.60B | -22% | +13% | 17% | 13.5× | -6.1% | +8.4% |
| Guizhou Chanhen Chemical 002895.SZ | China | $2.64B | -20% | +15% | 18% | 12.9× | 2.4% | +36.1% |
| Cabot CBT | United States | $3.67B | -17% | +1% | 14% | 10.9× | -3.2% | +1.9% |
| Nifco 7988.T | Japan | $2.62B | +6% | +4% | 14% | 11.7× | -3.5% | +6.6% |
| China Petroleum Engineering 600339.SS | China | $2.60B | -24% | +8% | 1% | 26.7× | n/a | n/a |
| Ningbo Shanshan 600884.SS | China | $3.71B | -34% | +30% | 9% | 14.4× | 4.5% | +21.3% |
| Quaker Houghton KWR | United States | $2.58B | +2% | +9% | 9% | 16.9× | 16.3% | +5.9% |