Hong Kong · HKEX · 01177
Sino Biopharmaceutical (01177) stock analysis: valuation and financials
药品及生物科技
HK$5.35 -0.9% Price as of Oct 13, 2026
Narrow-moat generics-to-innovation pharma: 82.4% gross margin, net cash CNY10.48B, 25.9% FCF margin, but FY2025 EPS -32.2% and net margin 7.1%; base case implies 114% upside.
- Market cap
- HK$100.0B
- P/E
- 35.8x
- EV/Sales
- 2.2x
- FCF yield
- 10.2%
- Dividend yield
- 2.3%
- 52-week range
- HK$4.26 – HK$7.80
Research as of Oct 14, 2026
Business quality scorecard
- Growth24
- Profitability80
- Cash flow100
- Balance sheet90
- Capital allocation82
- Innovation73
- Valuation83
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
Revenue comes from selling branded chemical and biologic drugs to Chinese hospitals, pharmacies and patients across oncology, liver disease, respiratory and surgery/pain; no segment split is disclosed, so the profit engine is the whole portfolio — FY2025 gross margin 82.1%, operating margin 21.2%.
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥26.9B | ¥26.0B | ¥26.2B | ¥28.9B | ¥31.8B |
| Revenue growth | +13.6% | -3.1% | +0.7% | +10.2% | +10.3% |
| Gross margin | 80.1% | 82.8% | 81.0% | 81.5% | 82.1% |
| Operating margin | 19.5% | 22.3% | 23.1% | 18.0% | 21.2% |
| Net income | ¥14.6B | ¥2.5B | ¥2.3B | ¥3.5B | ¥2.3B |
| Free cash flow | ¥3.5B | ¥4.7B | ¥4.6B | ¥5.2B | ¥7.6B |
| FCF margin | 13.0% | 18.1% | 17.5% | 18.1% | 23.8% |
Amounts in CNY · What is free cash flow?
Margins Gross margin 82.1% in FY2025 versus 81.5% in FY2024, TTM 82.4%; operating margin 21.2% versus 18.0%, TTM 24.4%. Main reason: 10.3% revenue growth plus slower SG&A growth. Net margin fell to 7.4% from 12.1% on a much higher tax charge.
- Cash flow HealthyFY2025 operating cash flow CNY9.29B versus net income CNY2.34B, cash conversion 2.7x; TTM OCF CNY10.45B versus net income CNY2.39B. The wide gap reflects tax-depressed earnings.
- Debt LowNet cash of CNY10.48B at 2026-06-30: total debt CNY17.1B against cash CNY14.88B plus CNY12.70B short-term investments. Net debt/EBITDA -1.32x; leverage level net cash.
Balance sheet Leverage · Net cash
- Cash & short-term investments
- ¥27.6B
- Total debt
- ¥17.1B
- Net cash
- ¥10.5B
- Interest coverage
- 25.4x
- Current ratio
- 1.6x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management AdequateShareholder returns: five-year buybacks 2.959B CNY and dividends 12.21B CNY versus 2.115B CNY acquisitions; diluted shares fell 4.8% CAGR over three years, so no net dilution.
Valuation range
Implied value per share · Price when researched: HK$5.35
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.