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    Health technology

  3. •

    Pharmaceuticals: major
Huadong Medicine Co., Ltd. Class A

Huadong Medicine Co., Ltd. Class A

SSZSE:000963
26.38
CNY
+0.38
(+1.46%)
1.94EPS
14.38P/E
49.32BMarket Cap
Oct 29Next Earn
Huadong Medicine Co., Ltd. Class A
SZSE:000963
(Shenzhen Stock Exchange)

Recent

price

26.38

P/E

ratio

14.38

div

yld

4.38%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
CNY
5.73
7.13
9.31
10.66
12.1
13.92
14.62
15.9
17.45
20.26
19.25
19.75
21.55
23.21
23.92
24.89
25.07
Revenue per Share
0.2
0.24
0.3
0.37
0.48
0.7
0.83
1.02
1.29
1.61
1.61
1.32
1.43
1.62
2
1.95
1.96
Basic EPS, GAAP
-0.13
-0.13
0.25
0.09
0.27
0.18
0.51
0.68
0.66
0.37
1.11
1.34
0.68
1.33
1.15
1.52
- -
Free Cash Flow per Basic Share
0.21
0.07
0.08
0.08
0.27
0.34
0.4
0.42
0.44
0.33
0.32
0.26
0.33
0.34
0.97
0.97
1.16
Dividend per Share
0.74
0.98
1.28
1.65
1.45
1.9
4.16
4.8
5.68
7.03
8.36
9.47
10.59
12
13.15
14.15
14.51
Book Value per Share
0.63
0.81
1.12
1.44
1.26
1.65
3.87
4.42
3.98
5.36
6.68
6.98
7.53
8.62
8.82
9.32
9.51
Tangible Book Value per Share
1,565
1,561
1,566
1,568
1,566
1,561
1,736
1,750
1,758
1,750
1,750
1,750
1,750
1,750
1,752
1,752
1,753
Basic Weighted Avg Shares
8,972
11,131
14,579
16,718
18,947
21,727
25,380
27,832
30,663
35,446
33,683
34,563
37,715
40,624
41,906
43,612
43,954
Sales/Revenue/Turnover
5.99
6.46
6.35
6.37
7.03
7.43
7.77
8.62
9.82
9.38
9.63
8.77
8.8
9.27
11.06
10.29
10.13
Operating Margin (%)
72
85
99
119
135
159
210
272
319
404
431
592
706
810
855
1,030
- -
Depreciation Expense
317
381
470
575
757
1,097
1,447
1,780
2,267
2,813
2,820
2,302
2,499
2,839
3,512
3,414
3,427
Net Income, GAAP
20.11
20.69
21.2
20.66
19.62
18.86
18.43
18.76
16.62
15.7
15.74
17.29
16.45
17.88
18.77
15.08
16.16
Effective Tax Rate (%)
3.54
3.43
3.22
3.44
3.99
5.05
5.7
6.39
7.39
7.94
8.37
6.66
6.63
6.99
8.38
7.83
7.8
Profit Margin (%)
493
737
1,066
1,480
688
2,108
5,927
6,680
5,694
5,339
5,943
6,221
7,415
7,694
7,258
8,137
8,184
Working Capital
- -
70
97
100
191
1,301
1,011
992
1,025
48
264
220
1,136
577
86
341
367
LT Debt
1,346
1,795
2,342
3,015
2,519
3,243
7,642
8,809
10,426
12,867
15,179
16,941
19,176
21,582
23,564
25,171
25,780
Total Equity
18.52
16.94
16.62
17.03
19.31
18.8
18.44
19.15
21.15
21.04
18.28
12.93
12.56
12.65
14.09
12.99
12.31
Return on Invested Capital (%)
14.89
13.07
11.59
11.81
14.59
20.31
17.77
17.91
20.04
20.87
17.63
13.04
12.84
13.09
14.55
13.04
12.71
Return on Capital (%)
28.38
28.39
26.64
25.15
31.27
41.88
28.23
22.71
24.74
25.29
20.94
14.75
14.22
14.33
15.93
14.26
13.85
Return on Common Equity (%)

Capital Structure

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
1,731
1,797
1,787
LT Borrowings
252
252
250
LT Finance Leases
89
111
117
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,754
1,754
1,754
Market Capitalization
69,196
61,952
49,315

Working Capital

CNY

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
21,227
21,804
21,614
Cash, Cash Equivalents & STI
4,978
3,735
5,605
Accounts Receivable, Net
8,986
11,077
8,841
Inventories
5,536
5,328
5,031
Total Current Liabilities
13,091
13,033
13,430
Payables & Accruals
- -
- -
- -
ST Debt
1,731
1,797
1,787
Deferred Revenue
- -
- -
- -

Growth Rates

CNY

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
26.4%
10.67%
6.82%
Free Cash Flow
49.33%
17.28%
32.17%
Net Income, GAAP
13.13%
4.95%
-2.78%
Sales/Revenue/Turnover
7.39%
5.33%
4.07%
Total Cash Common Dividend
21.07%
39.11%
-0.59%

Quarterly Revenue

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
10,411
10,554
10,513
10,428
41,906
2025
10,736
10,939
- -
10,948
43,612
2026
11,183
10,883
- -
- -
- -

Quarterly Earnings Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.49
0.48
0.49
0.54
2
2025
0.52
0.51
- -
0.38
1.95
2026
0.57
0.49
- -
- -
- -

Quarterly Dividends Per Share

CNY

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.02
0.6
0.38
-0.02
0.97
2025
0.01
0.59
- -
-0.03
0.97
2026
0.02
0.57
- -
- -
- -
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Business
Huadong Medicine Co., Ltd (000963.SZ) engages primarily in the research, development, production, distribution, and retail of pharmaceuticals in China and internationally, operating through Pharmaceutical Industry, Pharmaceutical Business, Aesthetic Medicine, and Industrial Microbiology segments. The company manufactures and sells antibiotics, Chinese patent medicines, synthetic drugs, genetic engineering drugs, immunosuppressive agents, endocrine drugs including SGLT-2 inhibitors such as Ganagliflozin Proline Tablets (Huiyoujing®) and Metformin Hydrochloride and Empagliflozin Tablets (Enshuangping®), digestive system drugs, antineoplastic agents like Senaparib Capsules (Paishuning®), cardiovascular drugs, CAR-T therapies such as Zevorcabtagene Autoleucel Injection (Saikaize®), and Ustekinumab biosimilars like SAILEXIN®; it also provides medical devices, herbal tablets, injectable products, xRNA raw materials, specialty APIs and intermediates, health biomaterials, animal health care products, pharmaceutical logistics, and aesthetic medicine offerings including MaiLi® hyaluronic acid fillers, Ellansé® collagen stimulators, and Sinclair devices. Through subsidiaries like Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd. and Sinclair Pharma, Huadong Medicine distributes Chinese and western medicines, Chinese herbal medicines, and medical instruments; undertakes special drug storage for government levels; and focuses on chronic kidney disease, immune disorders, oncology, endocrinology, digestive, and autoimmune diseases with products holding international certifications and partnerships with global firms like Pfizer and Takeda. Founded in 1993 and headquartered in Hangzhou, Zhejiang Province, China, the company maintains a nationwide business network in pharmaceutical commerce, retail, and supply chain management, with leading market share in Zhejiang Province and expansion into global aesthetic markets. Recent developments include the August 2024 acquisition of Guizhou Hengba Pharmaceutical (renamed Huadong Medicine (Guizhou) Pharmaceutical Co., Ltd.), boosting Shangkeling® sales; strategic partnerships such as the July 2024 QX005N co-development with Qyuns Therapeutics (via Hangzhou Zhongmei Huadong), April 2024 QX004N alliance with Hansoh Pharma, and January 2024 QX008N transfer with Joincare; January 2025 launches of Paishuning® and liraglutide injection for obesity; NMPA approvals for MaiLi® Extreme, pediatric SAILEXIN®, and innovations like Transdermal Glomerular Filtration Rate System; and ongoing Phase III trials for multiple candidates in oncology, endocrinology, and autoimmunity, supported by RMB880 million R&D investment in Q1 2025.