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Chinese vaccine maker and one of China's largest producers of human rabies vaccine.
Chinese vaccine maker and one of China's largest producers of human rabies vaccine.
Rabies shots in China are largely self-paid rather than part of a government immunisation programme, so sales go through provincial disease-control centres and clinics to people treated after animal bites. The company depends heavily on this one vaccine category and is trying to develop others.
Moat: narrow (scale, regulatory licence, brand). Long-established, large-scale rabies-vaccine production base and brand recognition in China.
Headquarters: Shenyang, China · Employees: 1,781
Size Liaoning Chengda Biotechnology (688739.SS) is a China Health Care company (Biotechnology) with a market value of $1.28B, the 1869th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥20.79 on 6 Nov 2026.
Performance Over six months the shares fell 9.8%, against -15.8% for the median peer and -16.4% for the China market (cap-weighted) — 7th highest of 20 in its peer set.
Growth Revenue fell 9.0% over the last twelve months (peer median +1.4%); the operating margin is -0.5% (peer median -81.0%).
Valuation It trades at 46.2× forward earnings against a peer median of 28.2× (most expensive of 7).
Price implies For today's price to make sense, revenue must grow about 9% a year for seven years (Req g). Recent delivered growth is -7%, so the hurdle is +16 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 4.4 points below its cost of capital (7.4% WACC).
Next results Next results expected around 27 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥1.34B | CN¥1.39B | CN¥1.67B | CN¥1.74B | CN¥1.81B |
| Revenue growth | — | -17% | -4% | -4% | — |
| Gross profit | CN¥1.09B | CN¥961M | CN¥1.25B | CN¥1.35B | CN¥1.47B |
| EBITDA | n/a | CN¥319M | CN¥572M | CN¥638M | CN¥862M |
| Net income | CN¥65.0M | CN¥132M | CN¥343M | CN¥466M | CN¥714M |
| Free cash flow | CN¥222M | CN¥59.9M | CN¥166M | CN¥158M | CN¥110M |
| Capital expenditure | CN¥160M | CN¥308M | CN¥362M | CN¥552M | CN¥512M |
| Total debt | CN¥11.2M | CN¥9.37M | CN¥15.1M | CN¥20.0M | CN¥21.9M |
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 |
|---|---|---|---|---|---|---|
| Liaoning Chengda Biotechnology 688739.SS | $1.28B | -10% | -9% | 0% | 46.2× | 8.8% |
| Changchun BCHT Biotechnology 688276.SS | $1.00B | -11% | +2% | -29% | n/a | n/a |
| Walvax Biotechnology 300142.SZ | $2.71B | -12% | -23% | 5% | 381.7× | 31.3% |
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 | 688739.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -0.5% | -8.1% | 7th highest of 21 |
| 6-month return | -9.8% | -15.8% | 7th highest of 20 |
| Distance from 52-week high | -26.9% | -43.6% | 5th highest of 21 |
| Revenue growth (TTM) | -9.0% | +1.4% | 6th lowest of 14 |
| Operating margin | -0.5% | -81.0% | 4th highest of 14 |
| Forward P/E | 46.2× | 28.2× | most expensive of 7 |
| Growth the price implies (Req g, 7 yrs) | 8.8% | 15.8% | 3rd least demanding of 6 |
| Growth delivered (Del g) | -7.0% | -5.8% | 3rd lowest of 6 |
| Hurdle (Req g minus delivered) | +15.8 pp | +22.2 pp | 3rd least demanding of 6 |
| ROIC minus cost of capital | -4.4 pp | -7.7 pp | 4th highest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Liaoning Chengda Biotechnology 688739.SS | China | $1.28B | -10% | -9% | 0% | 46.2× | 8.8% | -7.0% |
| Inhibrx Biosciences INBX | United States | $1.24B | -37% | -100% | n/a | n/a | n/a | n/a |
| SpyGlass Pharma SGP | United States | $1.24B | +58% | n/a | n/a | n/a | n/a | n/a |
| Duality Biotherapeutics 9606.HK | Hong Kong | $1.23B | -60% | -5% | -181% | n/a | n/a | n/a |
| Akums Drugs and Pharmaceuticals AKUMS.NS | India | $1.22B | +34% | +18% | 10% | 27.0× | 15.8% | +9.9% |
| Vor Biopharma VOR | United States | $1.22B | +17% | n/a | n/a | n/a | n/a | n/a |
| COMPASS Pathways Plc Sponsored ADR CMPS | United States | $1.22B | -13% | n/a | n/a | n/a | n/a | n/a |
| Mineralys Therapeutics MLYS | United States | $1.36B | -48% | n/a | n/a | n/a | n/a | n/a |
| UroGen Pharma URGN | United States | $1.21B | -16% | +159% | -12% | 13.9× | n/a | n/a |
| Pacific Shuanglin Bio-pharmacy 000403.SZ | China | $1.38B | -19% | +1% | 10% | 29.4× | n/a | n/a |
| Oncolys BioPharma 4588.T | Japan | $1.39B | +162% | +1,662% | -303% | n/a | n/a | n/a |
| AnaptysBio ANAB | United States | $1.39B | -33% | +93% | 56% | 8.6× | -1.2% | +25.6% |
| Hualan Biological Vaccine 301207.SZ | China | $1.39B | -21% | -28% | -7% | 42.8× | 36.5% | -13.1% |
| Rapport Therapeutics RAPP | United States | $1.17B | -36% | n/a | -838% | n/a | n/a | n/a |
| Taysha Gene Therapies TSHA | United States | $1.41B | -36% | -32% | -2,855% | n/a | n/a | n/a |
| Korsana Biosciences KRSA | United States | $1.41B | +43% | -13% | -359% | n/a | n/a | n/a |
| Guangzhou Wondfo Biotech 300482.SZ | China | $1.14B | -10% | -24% | -2% | 31.0× | 16.4% | -5.8% |
| Kardigan KARD | United States | $1.45B | n/a | n/a | n/a | n/a | n/a | n/a |
| Tyra Bioscience TYRA | United States | $1.45B | -38% | n/a | n/a | n/a | n/a | n/a |
| Nuvation Bio NUVB | United States | $1.46B | -13% | +1,084% | -81% | n/a | n/a | n/a |
| Daan Gene 002030.SZ | China | $1.11B | -9% | +1% | -81% | n/a | 5.7% | -32.3% |