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Chinese biotech developing antibody-drug conjugates and biologics for autoimmune disease and cancer.
Chinese biotech developing antibody-drug conjugates and biologics for autoimmune disease and cancer.
Earns from sales of its two lead drugs in China, mostly to hospitals, and from licensing: overseas rights to disitamab vedotin were licensed to Seagen, now part of Pfizer, bringing upfront and milestone payments. This is its Shanghai STAR market listing; the same company also lists in Hong Kong.
In one line: A Chinese Seagen/Horizon Therapeutics hybrid.
Moat: narrow (IP / patents, scale). Proprietary ADC and dual-target biologic platform with first-in-class assets in China.
Headquarters: Yantai, China · Founded: 2008 · Employees: 3,048
Size RemeGen (688331.SS) is a China Health Care company (Pharmaceuticals: Major) with a market value of $6.90B, the 358th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥95.20 on 6 Nov 2026.
Performance Over six months the shares fell 26.4%, against +1.1% for the median peer and -16.4% for the China market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 272.3% over the last twelve months (peer median +4.5%); the operating margin is 60.9% (peer median 13.8%).
Valuation It trades at 11.9× forward earnings against a peer median of 27.4× (cheapest of 14).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +303%, so the hurdle is -301 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 95.7 points above its cost of capital (12.3% WACC).
Next results Next results expected around 31 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥8.29B | CN¥3.25B | CN¥1.71B | CN¥1.08B | CN¥772M |
| Revenue growth | — | +90% | +58% | +40% | — |
| Gross profit | CN¥7.83B | CN¥2.62B | CN¥1.18B | CN¥661M | CN¥363M |
| EBITDA | n/a | CN¥451M | -CN¥1.16B | -CN¥1.34B | -CN¥1.02B |
| Net income | CN¥6.53B | CN¥710M | -CN¥1.47B | -CN¥1.51B | -CN¥999M |
| Free cash flow | CN¥3.80B | -CN¥144M | -CN¥1.51B | -CN¥2.35B | -CN¥2.00B |
| Capital expenditure | CN¥133M | CN¥200M | CN¥265M | CN¥853M | CN¥753M |
| Total debt | CN¥292M | CN¥2.20B | CN¥2.67B | CN¥1.27B | CN¥278M |
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 |
|---|---|---|---|---|---|---|
| RemeGen 688331.SS | $6.90B | -26% | +272% | 61% | 11.9× | 2.8% |
| Shanghai Junshi Biosciences 1877.HK | $4.08B | -39% | +36% | -14% | n/a | n/a |
| Innovent Biologics 1801.HK | $19.2B | -5% | +43% | 17% | 53.3× | 11.7% |
| Sichuan Kelun-Biotech Biopharmaceutical 6990.HK | $13.9B | 0% | +44% | -38% | 1,255.9× | 56.2% |
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 | 688331.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -14.4% | +3.2% | lowest of 21 |
| 6-month return | -26.4% | +1.1% | 4th lowest of 21 |
| Distance from 52-week high | -39.7% | -13.7% | 3rd lowest of 21 |
| Revenue growth (TTM) | +272.3% | +4.5% | highest of 18 |
| Operating margin | 60.9% | 13.8% | highest of 18 |
| Forward P/E | 11.9× | 27.4× | cheapest of 14 |
| Growth the price implies (Req g, 7 yrs) | 2.8% | 12.6% | 4th least demanding of 11 |
| Growth delivered (Del g) | +303.3% | +9.0% | highest of 11 |
| Hurdle (Req g minus delivered) | -300.5 pp | +3.1 pp | least demanding of 11 |
| ROIC minus cost of capital | +95.7 pp | -2.7 pp | highest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| RemeGen 688331.SS | China | $6.90B | -26% | +272% | 61% | 11.9× | 2.8% | +303.3% |
| Oruka Therapeutics ORKA | United States | $6.81B | +59% | n/a | n/a | n/a | n/a | n/a |
| ONO Pharmaceutical 4528.T | Japan | $7.01B | +2% | -2% | 22% | 14.7× | -8.2% | +10.8% |
| Amneal Pharmaceuticals AMRX | United States | $7.01B | +53% | +9% | 17% | 17.7× | 15.2% | +8.7% |
| Alkem Laboratories ALKEM.NS | India | $6.67B | -5% | +13% | 17% | 27.4× | 24.3% | +10.7% |
| Ionis Pharmaceuticals IONS | United States | $6.55B | -48% | -7% | -68% | n/a | n/a | n/a |
| Huadong Medicine 000963.SZ | China | $7.29B | -17% | +2% | 9% | 14.0× | -2.7% | +5.3% |
| Bachem BANB.SW | Switzerland | $7.32B | +3% | +5% | 19% | 33.1× | n/a | n/a |
| China Resources Sanjiu Medical & Pharmaceutical 000999.SZ | China | $6.48B | 0% | +4% | 14% | 12.8× | -6.3% | +18.4% |
| Kiniksa Pharmaceuticals International KNSA | United States | $7.37B | +60% | +58% | 14% | 61.7× | 9.9% | +45.5% |
| Gan & Lee Pharmaceuticals 603087.SS | China | $6.40B | +21% | +14% | 20% | 29.7× | n/a | n/a |
| Samsung Epis 0126Z0.KS | South Korea | $6.39B | -36% | n/a | -25% | 24.0× | n/a | n/a |
| Cytokinetics CYTK | United States | $7.46B | -30% | -21% | -1,046% | n/a | n/a | n/a |
| Grifols GRF.MC | Spain | $7.49B | +23% | 0% | 16% | 13.0× | 6.8% | +7.1% |
| Biocon BIOCON.NS | India | $6.28B | -4% | +6% | 8% | 56.4× | n/a | n/a |
| Belite Bio, Inc. ADR BLTE | United States | $6.20B | 0% | n/a | n/a | n/a | n/a | n/a |
| Alkermes Public ALKS | United States | $7.71B | +31% | +15% | 5% | n/a | 31.5% | +7.3% |
| Glenmark Pharmaceuticals GLENMARK.NS | India | $7.73B | +9% | +33% | 20% | 32.0× | 20.0% | +9.4% |
| Praxis Precision Medicines PRAX | United States | $7.75B | -16% | -100% | n/a | n/a | n/a | n/a |
| Ligand Pharmaceuticals LGND | United States | $6.12B | +38% | +1% | 14% | 28.0× | 57.8% | +7.5% |
| Mirum Pharmaceuticals MIRM | United States | $6.12B | -13% | +42% | -21% | n/a | n/a | n/a |