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Guangzhou biosimilar developer with multiple approved biosimilars including a bevacizumab copy sold in China and abroad.
Guangzhou biosimilar developer with multiple approved biosimilars including a bevacizumab copy sold in China and abroad.
Earns partly from selling its own biosimilars in China, and partly from licence fees, milestone payments and supply income from overseas partners that handle registration and sales in their regions. Biosimilars are copies of biologic drugs, which are made in living cells and so cannot be copied exactly like pills.
In one line: A Chinese Coherus BioSciences (biosimilars).
Moat: narrow (regulatory licence, scale). Approved biosimilar manufacturing plus global partner licensing deals are costly and slow to duplicate.
Headquarters: Guangzhou, China · Founded: 2003 · Employees: 1,426
Size Bio-Thera Solutions (688177.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $1.10B, the 2111th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥17.77 on 6 Nov 2026.
Performance Over six months the shares fell 13.7%, against -17.7% for the median peer and -16.4% for the China market (cap-weighted) — 8th highest of 21 in its peer set.
Growth Revenue grew 24.1% over the last twelve months (peer median +8.0%); the operating margin is -44.2% (peer median 12.8%).
Valuation It trades at 7.6× enterprise value to sales against a peer median of 4.3× (6th most expensive of 20).
Capital Return on invested capital runs 47.6 points below its cost of capital (8.2% WACC).
Next results Next results expected around 23 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.05B | CN¥933M | CN¥741M | CN¥703M | CN¥454M |
| Revenue growth | — | +26% | +5% | +55% | — |
| Gross profit | CN¥874M | CN¥668M | CN¥467M | CN¥467M | CN¥233M |
| EBITDA | n/a | -CN¥303M | -CN¥449M | -CN¥380M | -CN¥441M |
| Net income | -CN¥441M | -CN¥332M | -CN¥510M | -CN¥395M | -CN¥480M |
| Free cash flow | -CN¥255M | -CN¥202M | -CN¥202M | -CN¥686M | -CN¥646M |
| Capital expenditure | CN¥279M | CN¥122M | CN¥127M | CN¥262M | CN¥259M |
| Total debt | CN¥971M | CN¥686M | CN¥629M | CN¥483M | CN¥9.51M |
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 | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Bio-Thera Solutions 688177.SS | $1.10B | -14% | +24% | -44% | 7.6× | n/a |
| Shanghai Henlius Biotech 2696.HK | $3.41B | -37% | +33% | 12% | 3.7× | 15.2% |
| Amgen AMGN | $249B | +40% | +9% | 36% | 7.4× | 1.8% |
| Sandoz SDZ.SW | $44.4B | +24% | +1% | 15% | 4.4× | 7.9% |
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 | 688177.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -7.6% | -5.5% | 9th lowest of 21 |
| 6-month return | -13.7% | -17.7% | 8th highest of 21 |
| Distance from 52-week high | -36.2% | -41.5% | 10th highest of 21 |
| Revenue growth (TTM) | +24.1% | +8.0% | 7th highest of 20 |
| Operating margin | -44.2% | 12.8% | 4th lowest of 20 |
| EV / Sales | 7.6× | 4.3× | 6th most expensive of 20 |
| ROIC minus cost of capital | -47.6 pp | +0.4 pp | lowest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bio-Thera Solutions 688177.SS | China | $1.10B | -14% | +24% | -44% | 7.6× | n/a | n/a |
| Ningbo Menovo Pharmaceutical 603538.SS | China | $1.10B | -51% | +19% | 9% | 4.3× | 13.9% | +4.9% |
| Blue Jet Healthcare BLUEJET.NS | India | $1.11B | +13% | -28% | 28% | 11.8× | 49.0% | +13.8% |
| Jiangxi Fushine Pharmaceutical 300497.SZ | China | $1.10B | -29% | +103% | 24% | 4.3× | 8.6% | -4.5% |
| Shandong Lukang Pharmaceutical 600789.SS | China | $1.11B | -13% | -7% | 3% | 1.6× | 3.3% | +6.5% |
| Chongqing Taiji Industry (Group) 600129.SS | China | $1.09B | -15% | -4% | 2% | 1.4× | n/a | n/a |
| ST Pharm 237690.KS | South Korea | $1.12B | -52% | +26% | 18% | 3.8× | n/a | n/a |
| Chengdu Easton Biopharmaceuticals 688513.SS | China | $1.09B | -35% | -2% | 13% | 4.5× | 5.5% | +7.7% |
| BeBetter Med 688759.SS | China | $1.08B | -49% | n/a | n/a | n/a | n/a | n/a |
| Zhejiang Tianyu Pharmaceutical 300702.SZ | China | $1.08B | -2% | +27% | 4% | 2.4× | 5.0% | +3.5% |
| Zhejiang Jolly Pharmaceutical 300181.SZ | China | $1.13B | -18% | +17% | 20% | 2.5× | 1.1% | +22.8% |
| Aurisco Pharmaceutical 605116.SS | China | $1.13B | -18% | +9% | 28% | 4.6× | 1.5% | +18.7% |
| Shanghai Yizhong Pharmaceutical 688091.SS | China | $1.13B | -34% | +32% | 14% | 22.0× | n/a | n/a |
| Sichuan Huiyu Pharmaceutical 688553.SS | China | $1.07B | -15% | +8% | 7% | 4.7× | 34.1% | -6.0% |
| CStone Pharmaceuticals 2616.HK | Hong Kong | $1.07B | -38% | +117% | -89% | 14.8× | n/a | n/a |
| Viyash Scientific VIYASH.NS | India | $1.07B | +3% | +96% | 13% | 3.2× | 38.6% | +20.4% |
| Basilea Pharmaceutica BSLN.SW | Switzerland | $1.07B | +27% | +5% | 24% | 3.2× | -5.7% | +12.7% |
| Genfleet Therapeutics (Shanghai) 2595.HK | Hong Kong | $1.07B | -47% | -55% | -457% | 68.9× | n/a | n/a |
| China Resources Boya Bio-pharmaceutical 300294.SZ | China | $1.06B | -18% | -27% | -19% | 3.0× | n/a | n/a |
| MedinCell MEDCL.PA | France | $1.15B | -1% | -23% | -131% | 51.0× | n/a | n/a |
| Renhe Pharmacy 000650.SZ | China | $1.06B | -10% | -7% | 14% | 1.0× | -9.4% | -7.0% |