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Harbin Medisan Pharmaceutical Co Ltd (002900) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Harbin Medisan Pharmaceutical Co Ltd stock ¥3.37, price ¥10.05, that is 66.5% below the price, quality 27 out of 100. Rating: strongly overvalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Healthcare CN · ISIN CNE1000032V9

HM Harbin Medisan Pharmaceutical Co Ltd logo Thin data Nov 8, 2026

Harbin Medisan Pharmaceutical Co Ltd

002900 · SHE
Very expensive, weak quality

Our calculation puts a fair price 66% below what the stock costs today.

Low debt
Fair value ¥3.37 · Strongly overvalued
Quality 27/100
Weak Growth (revenue 5y −10.0 %/yr in CNY)
Loss-making · -36.2% net margin (TTM)
Negative free cash flow
Trails peers (1/11)
Narrow moat 12/100
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

¥32.17 ¥7.12 Fair Value ¥3.37 May 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range ¥7.12 – ¥32.17 · fair‑value band ¥2.51 – ¥5.02 · the ¥10.05 price screens above the ¥3.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

Harbin Medisan Pharmaceutical Co., Ltd. engages in the research, development, production, and sale chemical pharmaceutical preparations in China.

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The company offers various drugs for nervous system, cardiovascular system, systemic anti-infective, muscle and skeletal system, nutritional infusion, and body fluid balance infusion; and other products, including oxaliplatin for injection, calcium folinate for injection, hydroxylcamptothecine injection, tropisetron hydrochloride for injection, tropisetron hydrochloride and glucose injection, gabexate mesylate for injection, bismuth potassium citrate granules, pantoprazole sodium for injection, ambroxol hydrochloride and glucose injection, asarone for injection, paracetamol and tramadol hydrochloride tablets, rifamycin sodium for injection, lornoxicam for injection, vecuronium bromide for injection, and vitamin c for injection.

It also provides medical devices and cosmetics. Harbin Medisan Pharmaceutical Co., Ltd. was founded in 1996 and is headquartered in Harbin, China.

Stock analysis

Harbin Medisan Pharmaceutical Co Ltd (002900) currently trades at ¥10.05, while our model-based Fair Value estimate is ¥3.37, 66% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 94/100, which puts the data coverage at low.

Scenario range: ¥2.51 (bear) to ¥5.02 (bull), the price of ¥10.05 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 27/100 (below-average quality), in the Healthcare sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Harbin Medisan Pharmaceutical Co Ltd reported revenue of 789M CNY in FY2025 versus 946M CNY in FY2021, a compound −4.4%/yr. Reported net income was −340M CNY in FY2025.

Key figures

Market cap 3.2B CNY (≈ $476M) Small · P/S ratio 3.93 · EPS (TTM) ¥−0.9200 · Dividend yield 3.5% · Net margin −36.2% · Return on equity −15.7% · Return on assets (EBIT) 2.4% (5-year average) · Operating margin −15.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (medium confidence).

What moves the price

The share trades about 36% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Healthcare peers we cover trades at −27% fair-value upside, at −66%, 002900 screens richer than that median.

Fair Value models

Bear ¥2.51 Fair Value ¥3.37 Bull ¥5.02
Price ¥10.05 · Downside -66.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
NCAV (Graham) ¥2.51 ¥3.37 ¥5.02 54
All 1 models by family
Asset-Based
NCAV (Graham) ¥2.51 ¥3.37 ¥5.02 54

Open the full fair value analysis →

Quality Score breakdown

Overall quality 27/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 5
How much profit the company makes from its sales and capital
Quality Growth 3
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 48
Debt, balance sheet and risk of trouble
Investment 64
Does it invest with discipline instead of growing at any price?
Low Volatility 59
How calm the share price moves, does not count
Price momentum 28
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 7
Distance to the 52-week high, does not count
New shares 62
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−30.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.4%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−10.0%
Start year 2020 (pandemic). Over 10 years: +0.9% a year
Revenue growth 13 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.7%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
2.6% (2020) → −34.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

002900 screens overvalued: fair value 66% below the price. Compare with Merck KGaA →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Drug Manufacturers - Specialty & Generic · 549 stocks

Beats the industry median on 1/10 measures
Overall it trails its industry peers.
Valuation
Quality Score 27 · Bottom 25%
Fair Value upside −66.5% · Bottom 25%
Profitability
Return on assets −9.8% · Bottom 25%
Net margin (12 months) −36.2% · Bottom 25%
Operating margin (12 months) −15.4% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −3.9% · Below median
Dividend yield (12 months) 3.5% · Top 25%
Balance sheet
Debt / equity 0.15× · Above median

Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/B 1.79× · Pricier than median
P/S (12 months) 3.95× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 15
FUTURE (revenue growth)0 · sector 25
PAST (return on equity)0 · sector 29
HEALTH (low debt)92 · sector 96
DIVIDEND (yield)70 · sector 32

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Zoetis Inc ZTS $79.40 $113.53 +43% vs 002900
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥50.43 ¥55.21 +9% vs 002900
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,860 ₹1,947 +5% vs 002900
Haleon plc HLN $9.14 $8.61 −6% vs 002900
Merck KGaA MRK €148.75 €109.18 −27% vs 002900
Galderma Group GALD CHF 191.75 CHF 109.86 −43% vs 002900
Takeda Pharmaceutical Company TAK $21.02 $11.31 −46% vs 002900
Teva Pharmaceutical Industries Limited TEVA $42.61 $20.74 −51% vs 002900
Sandoz Group SDZ CHF 83.78 CHF 39.70 −53% vs 002900
Divi's Laboratories Limited DIVISLAB ₹10,321 ₹1,567 −85% vs 002900

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Harbin Medisan Pharmaceutical Co Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Harbin Medisan Pharmaceutical Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/002900

Frequently asked questions

Is Harbin Medisan Pharmaceutical Co Ltd (002900) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of ¥3.37 versus a price of ¥10.05, about 66% lower (overvalued).
What is the fair value of 002900?
Our model-based fair value for Harbin Medisan Pharmaceutical Co Ltd is ¥3.37 (as of Nov 8, 2026), built from audited fundamentals. The current price: ¥10.05.
What is the quality score of 002900?
Harbin Medisan Pharmaceutical Co Ltd has a Quality Score of 27/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Harbin Medisan Pharmaceutical Co Ltd (002900)?
Our model-based price target is the fair value of ¥3.37 (as of Nov 8, 2026) from 1 valuation models. Cautious scenario ¥2.51, optimistic scenario ¥5.02. It is a calculation from audited fundamentals, not an analyst target.
What is the Harbin Medisan Pharmaceutical Co Ltd stock forecast for 2026?
Our models put fair value at ¥3.37, about 66% lower versus a price of ¥10.05 (overvalued). Cautious scenario ¥2.51, optimistic scenario ¥5.02. The calculation is refreshed regularly with new filings.
What is the revenue of Harbin Medisan Pharmaceutical Co Ltd (002900)?
Harbin Medisan Pharmaceutical Co Ltd reported trailing-twelve-month revenue of about 805M CNY (latest available figure, as of Nov 8, 2026).
Does Harbin Medisan Pharmaceutical Co Ltd pay a dividend?
Harbin Medisan Pharmaceutical Co Ltd currently shows a dividend yield of 3.48% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Harbin Medisan Pharmaceutical Co Ltd (002900)?
Harbin Medisan Pharmaceutical Co Ltd has a dividend yield of 3.5%.
What is the intrinsic value of Harbin Medisan Pharmaceutical Co Ltd (002900)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Harbin Medisan Pharmaceutical Co Ltd it is ¥3.37 per share (as of Nov 8, 2026), against a price of ¥10.05. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is Harbin Medisan Pharmaceutical Co Ltd stock overvalued or undervalued in 2026?
As of Nov 8, 2026, 002900 trades above its calculated fair value: price ¥10.05, fair value ¥3.37, a gap of about −66% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 002900?
No. The price is what the market pays today (¥10.05); the fair value is what the company's own numbers justify (¥3.37). For Harbin Medisan Pharmaceutical Co Ltd the two are ¥6.68 per share apart. That gap is exactly why we show both numbers side by side.
How much is Harbin Medisan Pharmaceutical Co Ltd worth?
The market values Harbin Medisan Pharmaceutical Co Ltd at about 3.2B CNY (market capitalisation, as of Nov 8, 2026). Per share that is ¥10.05; our models calculate a fair value of ¥3.37 per share.
What do the bullish and bearish scenarios say about 002900?
Our models span a range for Harbin Medisan Pharmaceutical Co Ltd: cautious scenario ¥2.51, base ¥3.37, optimistic ¥5.02 per share (as of Nov 8, 2026, price ¥10.05). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Harbin Medisan Pharmaceutical Co Ltd (002900)?
Balance-sheet figures for Harbin Medisan Pharmaceutical Co Ltd (as of Nov 8, 2026): return on equity −15.7%, debt of 0.15 per unit of equity. They feed the Quality Score of 27/100, which measures business quality independently of the share price.
How far is 002900 from its 52-week high?
Harbin Medisan Pharmaceutical Co Ltd trades at ¥10.05, about 36% below its 52-week high of ¥15.63 and 9% above the low of ¥9.18 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of ¥3.37 is for.
Which stocks are comparable to Harbin Medisan Pharmaceutical Co Ltd?
From the same area (Healthcare) we also value Merck KGaA, Takeda Pharmaceutical Company, Galderma Group, Teva Pharmaceutical Industries Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Harbin Medisan Pharmaceutical Co Ltd stock attractive at the current price?
The data as of Nov 8, 2026: price ¥10.05, calculated fair value ¥3.37 (−66%), Quality Score 27/100, from 1 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 002900 calculated?
We run Harbin Medisan Pharmaceutical Co Ltd through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of ¥3.37 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Harbin Medisan Pharmaceutical Co Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Harbin Medisan Pharmaceutical Co Ltd (002900)?
The closing price on Nov 6, 2026 was ¥10.05. Our model-based fair value is ¥3.37, about 66% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Harbin Medisan Pharmaceutical Co Ltd right now?
The price sits above even our optimistic bull case (¥5.02). The favourable scenario is already priced in. Weak quality (27/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (¥2.51 to ¥5.02) leaves room in how you read the outcome.
Where does the earnings growth of Harbin Medisan Pharmaceutical Co Ltd (002900) come from?
Earnings per share at Harbin Medisan Pharmaceutical Co Ltd grew −12.7 % a year from 2013 to 2024. Broken into its drivers: revenue per share +2.6 %, EBIT margin −15.0 %, tax rate +0.0 %, residual (interest, one-offs) +0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Harbin Medisan Pharmaceutical Co Ltd

How large is the market capitalisation of Harbin Medisan Pharmaceutical Co Ltd (002900)?
The market capitalisation of Harbin Medisan Pharmaceutical Co Ltd is 3.2B CNY (≈ $476M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Harbin Medisan Pharmaceutical Co Ltd (002900)?
The price-to-sales ratio of Harbin Medisan Pharmaceutical Co Ltd is 3.93 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Harbin Medisan Pharmaceutical Co Ltd (002900)?
Earnings per share at Harbin Medisan Pharmaceutical Co Ltd are ¥−0.9200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Harbin Medisan Pharmaceutical Co Ltd (002900)?
The dividend yield of Harbin Medisan Pharmaceutical Co Ltd is 3.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Harbin Medisan Pharmaceutical Co Ltd (002900)?
The net margin of Harbin Medisan Pharmaceutical Co Ltd is −36.2% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Harbin Medisan Pharmaceutical Co Ltd (002900)?
The return on equity (ROE) of Harbin Medisan Pharmaceutical Co Ltd is −15.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Harbin Medisan Pharmaceutical Co Ltd (002900)?
On an EBIT basis the return on assets of Harbin Medisan Pharmaceutical Co Ltd is 2.4% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Harbin Medisan Pharmaceutical Co Ltd (002900)?
The operating margin of Harbin Medisan Pharmaceutical Co Ltd is −15.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Harbin Medisan Pharmaceutical Co Ltd (002900)?
Revenue at Harbin Medisan Pharmaceutical Co Ltd is growing −3.9% versus a year earlier (3y avg −8.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Harbin Medisan Pharmaceutical Co Ltd (002900)?
Earnings per share at Harbin Medisan Pharmaceutical Co Ltd are growing +116% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Harbin Medisan Pharmaceutical Co Ltd (002900) generate?
The free cash flow of Harbin Medisan Pharmaceutical Co Ltd is −284M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Harbin Medisan Pharmaceutical Co Ltd (002900) carry?
The net debt of Harbin Medisan Pharmaceutical Co Ltd is 584M CNY (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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