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World's largest producer of heparin API, made from pig-intestine mucosa, sold to global drugmakers.
World's largest producer of heparin API, made from pig-intestine mucosa, sold to global drugmakers.
Sells heparin API mainly to drugmakers who make blood thinners, and also its own finished enoxaparin injections, which pay more per unit. These H shares are the Hong Kong listing of the company also quoted as 002399.SZ.
In one line: A Chinese heparin-API dominant supplier.
Moat: narrow (scale, regulatory licence, distribution). Controls raw-material (pig mucosa) supply chain and FDA-audited API plants at global scale.
Headquarters: Shenzhen, China · Founded: 1998 · Employees: 2,150
Size Shenzhen Hepalink Pharmaceutical (9989.HK) is a Hong Kong Health Care company (Pharmaceuticals: Major) with a market value of $1.89B, the 431st largest of 891 Hong Kong companies the cockpit tracks. Shares closed at HK$4.05 on 6 Nov 2026.
Performance Over six months the shares fell 17.6%, against -8.7% for the median peer and -13.4% for the Hong Kong market (cap-weighted) — 7th lowest of 21 in its peer set.
Growth Revenue fell 1.3% over the last twelve months (peer median +11.4%); the operating margin is 7.8% (peer median 19.4%).
Valuation It trades at 8.3× forward earnings against a peer median of 20.4× (cheapest of 19).
Price implies For today's price to make sense, revenue must grow about 0% a year for seven years (Req g). Recent delivered growth is 0%, so the hurdle is +1 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 2.4 points below its cost of capital (7.6% WACC).
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | HK$5.76B | HK$5.92B | HK$5.72B | HK$6.02B | HK$8.32B |
| Revenue growth | — | +3% | -5% | -28% | — |
| Gross profit | HK$2.20B | HK$1.76B | HK$1.80B | HK$1.88B | HK$2.60B |
| EBITDA | n/a | HK$961M | HK$1.14B | HK$138M | HK$1.52B |
| Net income | HK$227M | HK$379M | HK$701M | -HK$865M | HK$846M |
| Free cash flow | HK$2.27B | HK$1.75B | HK$2.48B | HK$29.3M | -HK$981M |
| Capital expenditure | HK$121M | HK$131M | HK$220M | HK$492M | HK$259M |
| Total debt | HK$3.63B | HK$3.31B | HK$3.77B | HK$6.12B | HK$7.26B |
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 |
|---|---|---|---|---|---|---|
| Shenzhen Hepalink Pharmaceutical 9989.HK | $1.89B | -18% | -1% | 8% | 8.3× | 0.4% |
| Yantai Dongcheng Biochemicals 002675.SZ | $1.67B | +1% | -4% | 15% | 47.5× | 6.7% |
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 | 9989.HK | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.3% | -1.0% | 6th highest of 21 |
| 6-month return | -17.6% | -8.7% | 7th lowest of 21 |
| Distance from 52-week high | -29.7% | -27.8% | 9th lowest of 21 |
| Revenue growth (TTM) | -1.3% | +11.4% | 5th lowest of 21 |
| Operating margin | 7.8% | 19.4% | 8th lowest of 21 |
| Forward P/E | 8.3× | 20.4× | cheapest of 19 |
| Growth the price implies (Req g, 7 yrs) | 0.4% | 10.1% | 6th least demanding of 17 |
| Growth delivered (Del g) | -0.2% | +9.3% | 3rd lowest of 17 |
| Hurdle (Req g minus delivered) | +0.6 pp | -2.1 pp | 8th most demanding of 17 |
| ROIC minus cost of capital | -2.4 pp | +0.4 pp | 8th lowest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Shenzhen Hepalink Pharmaceutical 9989.HK | Hong Kong | $1.89B | -18% | -1% | 8% | 8.3× | 0.4% | -0.2% |
| Sarepta Therapeutics SRPT | United States | $1.88B | -11% | -20% | -3% | n/a | 11.9% | +32.4% |
| Maze Therapeutics MAZE | United States | $1.90B | +29% | +700% | -728% | n/a | n/a | n/a |
| Pfizer PFIZER.NS | India | $1.87B | -19% | +12% | 34% | 21.5× | 11.2% | +2.4% |
| Shenyang Xingqi Pharmaceutical 300573.SZ | China | $1.91B | -25% | +17% | 33% | 13.7× | 6.0% | +29.1% |
| Caplin Point Laboratories CAPLIPOINT.NS | India | $1.92B | +28% | +15% | 31% | 24.6× | 29.3% | +15.7% |
| China National Accord Medicines 000028.SZ | China | $1.85B | -4% | 0% | 2% | 11.1× | -9.4% | +4.2% |
| Alivus Life Sciences ALIVUS.NS | India | $1.92B | +32% | +8% | 31% | 24.4× | 20.4% | +6.2% |
| Guobang Pharma 605507.SS | China | $1.84B | -8% | +3% | 12% | 15.9× | -5.8% | +7.4% |
| Harmony Biosciences HRMY | United States | $1.93B | +7% | +20% | 22% | 8.6× | -10.9% | +40.3% |
| OneSource Specialty Pharma ONESOURCE.NS | India | $1.94B | -12% | +11% | 6% | 45.0× | n/a | n/a |
| Tibet Rhodiola Pharmaceutical 600211.SS | China | $1.95B | 0% | +13% | 27% | 13.0× | -0.5% | +16.7% |
| Shilpa Medicare SHILPAMED.NS | India | $1.95B | +113% | +28% | 21% | 62.1× | n/a | n/a |
| Eris Lifesciences ERIS.NS | India | $1.82B | -11% | +11% | 26% | 25.7× | 24.7% | +20.9% |
| Tsumura & 4540.T | Japan | $1.81B | +2% | +10% | 18% | 10.1× | n/a | n/a |
| Sino Biological 301047.SZ | China | $1.98B | +50% | +20% | 17% | 63.8× | 36.8% | -15.1% |
| PharmaResearch 214450.KS | South Korea | $1.79B | -25% | +34% | 39% | 12.4× | -14.2% | +37.6% |
| ApicHope Pharmaceutical 300723.SZ | China | $1.99B | -28% | -28% | -50% | 25.7× | 14.0% | -11.0% |
| United Laboratories International 3933.HK | Hong Kong | $2.00B | -19% | -13% | 5% | 14.5× | 3.7% | +7.8% |
| BrightGene Bio-Medical Technology 688166.SS | China | $2.00B | -51% | +14% | 7% | 87.6× | 38.5% | +9.2% |
| Anhui Anke Biotechnology (Group) 300009.SZ | China | $2.01B | -9% | -9% | 30% | 19.3× | 9.1% | +9.3% |