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Zhejiang Jolly Pharmaceutical Co (300181) Fair Value & Analysis

Healthcare · CN · Market cap 9.2B CNY

ZJ Zhejiang Jolly Pharmaceutical Co 300181 · SHE
Price¥14.36
Fair Value¥18.06
Upside+25.8%
Quality67/100
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Expensive Growth
Highly profitable · 20.9% net margin
Low debt · generates free cash flow
2.62% dividend yield
Ranks above peers (13/14)
Wide moat 75/100
Evidence: High Range ¥11.36 – ¥22.44 Share as image

Fair value as of: Jul 9, 2026

From 26 valuation models · updated 32 days ago

Fair value updated Jul 9, 2026, revised from ¥19.82 to ¥18.06 (−8.9%) since Jun 24, 2026. Share price +4.2% over the past month.

A solid business, screening 26% undervalued on our models.

What matters now

  • Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (¥11.36 to ¥22.44) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥20.02 ¥4.75 Fair Value ¥18.06 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 9, 2026.

How to read this chart

60‑month range ¥4.75 – ¥20.02 · fair‑value band ¥11.36 – ¥22.44 · the ¥14.36 price screens below the ¥18.06 fair value. Dashed = 300-day average. As of Jul 9, 2026.

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Analysis

Zhejiang Jolly Pharmaceutical Co (300181) currently trades at ¥14.36, while our model-based Fair Value estimate is ¥18.06, implying the stock looks roughly 25.8% undervalued today. The Quality Score stands at 67/100 (solid quality), in the Healthcare sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Zhejiang Jolly Pharmaceutical Co generated revenue of 3.1B CNY at a net margin of 20.9%. Revenue grew 8.9% year over year. It earns a return on equity of 19.8%. The balance sheet holds a net cash position of 378M CNY. Fundamentals as of Jul 9, 2026

Our scenario range runs from ¥11.36 (bear case) to ¥22.44 (bull case); at ¥14.36, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 30% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -25% fair-value upside, at 26%, 300181 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF ¥3.48 ¥5.73 ¥9.87 80
Residual Income ¥5.53 ¥6.83 ¥17.69 76
Rev-Margin DCF ¥8.48 ¥17.36 ¥30.74 74
All 26 models by family
DCF Models
FCF DCF ¥3.61 ¥5.31 ¥10.06 38
Owner Earnings ¥9.96 ¥20.92 ¥43.07 31
5Y Revenue Exit ¥8.48 ¥16.47 ¥32.30 39
5Y EBITDA Exit ¥10.82 ¥21.52 ¥41.31 41
5Y P/E Exit ¥12.01 ¥26.45 ¥45.41 38
10Y Revenue Exit ¥6.60 ¥15.37 ¥26.43 36
10Y EBITDA Exit ¥8.57 ¥19.72 ¥41.05 37
10Y P/E Exit ¥9.39 ¥21.94 ¥44.41 35
Earnings-Based
Graham-Dodd ¥6.13 ¥42.73 ¥59.96 54
Lynch FV ¥12.82 ¥18.32 ¥23.81 50
PEG = 1.0 ¥12.82 ¥18.32 ¥23.81 46
EPV ¥10.24 ¥11.70 ¥12.97 59
Dividend Discount
Gordon GGM ¥5.31 ¥10.58 ¥16.02 70
DDM Multi-Stage ¥5.31 ¥9.14 ¥11.16 61
Multiples
P/E Multiple ¥14.87 ¥19.82 ¥24.78 63
P/S Multiple ¥11.38 ¥15.17 ¥18.97 58
P/B Multiple ¥11.49 ¥15.32 ¥19.15 55
EV/EBIT ¥15.44 ¥20.27 ¥25.10 53
EV/EBITDA ¥14.09 ¥18.47 ¥22.85 54
EV/Revenue ¥10.06 ¥13.96 ¥17.86 43
Asset-Based
NCAV (Graham) ¥2.27 ¥3.04 ¥4.53 50
Growth DCF
Growth DCF ¥3.48 ¥5.73 ¥9.87 80
Rev-Margin DCF ¥8.48 ¥17.36 ¥30.74 74
Economic Profit
Residual Income ¥5.53 ¥6.83 ¥17.69 76
ROIC Compounder ¥12.32 ¥16.96 ¥23.19 72
Growth Earnings
Growth-Adj P/E ¥17.81 ¥25.44 ¥33.07 68

Widest divergence: Growth Earnings (¥25.44) versus Asset-Based (¥3.04). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 3.1B CNY
Revenue growth (YoY) +8.9%
Net margin 20.9%
Return on equity 19.8%
Free cash flow 125M CNY FY2025
P/E ratio 14.0
More key figures
Operating margin 27.2%
EPS (TTM) ¥0.9400
Dividend yield 2.6%
EPS growth (YoY) +10.2%
Net cash 378M CNY FY2024

Figures from reported company fundamentals · as of Jul 9, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 67/100

Of which business quality 63 · Market factors (momentum, volatility) 38

Profitability 70
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 23
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 62
Disciplined investing over empire-building
Low Volatility 82
Calm price path (market factor)
Momentum 22
Price trend over the last 3–12 months (market factor)
52W Momentum 15
Distance to the 52-week high (market factor)
Net Issuance 78
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Zhejiang Jolly Pharmaceutical Co.,LTD engages in the research, production, and marketing of Chinese medicinal products in the People's Republic of China and internationally.

Full company description

Zhejiang Jolly Pharmaceutical Co.,LTD engages in the research, production, and marketing of Chinese medicinal products in the People's Republic of China and internationally. It offers Wuling capsule to treat insomnia, amnesia, heart palpitations, lack of energy, lassitude in loin and legs, and giddy tinnitus, as well as deficiency of energy and weak pulse caused by the disharmony of heart and kidney, or neurasthenia. The company also provides Lingze tablet, which is used to treat frequent urination, dysuria, weak steam of urine, endless urine, and soreness and weakness of waist and knees caused by benign prostatic hyperplasia, kidney deficiency, and blood stasis; and Bailing tablet that is used as the adjuvant therapy to treat cough, asthma, back pain, and chronic bronchitis, which are caused by the deficiency of lungs and kidney. In addition, it offers Linglianhua particles for the treatment of symptoms, including sweating, insomnia, dysphoria, heart palpitations, dreaminess, giddy tinnitus, lassitude in loin and legs, dry stool, and abnormal furred tongue, as well as weak pulse caused by perimenopausal syndrome, or disharmony of heart and kidney. Further, the company provides azithromycin, clindamycin phosphate, doxapram, pefloxacin mesylate, adenosine cyclophosphate, and sodium nitroprusside injections. Additionally, it offers materials, such as cephalosporin sinensis, fermented cordyceps, and Wuling powders. The company also invests and participates in the medical services of Deqing No.3 People's Hospital. Zhejiang Jolly Pharmaceutical Co.,LTD was formerly known as Zhejiang Jolly Pharmaceutical Health Products Co., LTD. and changed its name to Zhejiang Jolly Pharmaceutical Co.,LTD in 1998. The company was founded in 1995 and is based in Huzhou, China.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Zhejiang Jolly Pharmaceutical Co reported revenue of ¥3.0B in FY2025 versus ¥1.5B in FY2021, a compound +20.2%/yr. Reported net income was ¥632M in FY2025, compounding +37.0%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
3.0B CNY
Latest YoY
+18.0%
Avg. growth/yr (3Y)
+19.0%
Avg. growth/yr (5Y)
+22.8%
Avg. growth/yr (18Y)
+19.3%
Revenue +20.2%/yr
FY21 ¥1.5B
FY22 ¥1.8B
FY23 ¥1.9B
FY24 ¥2.6B
FY25 ¥3.0B
Net income +37.0%/yr
FY21 ¥179M
FY22 ¥273M
FY23 ¥383M
FY24 ¥508M
FY25 ¥632M

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Cite: Fair Value Calculator (2026). "Zhejiang Jolly Pharmaceutical Co Fair Value". https://www.fairvalue-calculator.com/stock/300181

Peer Group

Drug Manufacturers - General · 76 stocks

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.

Quality Score 67 · Above median
Fair Value upside +26% · Top 25%
Return on equity (TTM) 20% · Above median
Return on assets 10% · Top 25%
Net margin (TTM) 21% · Top 25%
Operating margin (TTM) 27% · Above median
Revenue growth 9% · Above median
Dividend yield (TTM) 2.6% · Above median
Debt / equity 0.00× · Lower than 75% of peers

Valuation Multiples vs Drug Manufacturers - General median · lower = cheaper

P/E (TTM) 14.0× · Cheaper than 75% of peers
P/B 2.90× · Cheaper than median
P/S (TTM) 2.96× · Cheaper than median
P/FCF 11.0× · Pricier than median
EV/EBITDA 10.0× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 68 · sector 0
FUTURE 45 · sector 24
PAST 79 · sector 50
HEALTH 100 · sector 94
DIVIDEND 52 · sector 46

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Drug Manufacturers - General stocks, each showing price versus our Fair Value estimate (as of Jul 9, 2026).

Stock Price Fair Value vs Fair Value
Eli Lilly and Company LLY $1,182 $396.77 -66%
Johnson & Johnson, JNJ $257.59 $169.04 -34%
AbbVie Inc ABBV $254.49 $67.72 -73%
Roche Holding 1RO €392.80 €226.68 -42%
Merck & Co MRK €108.08 €121.54 +12%
Novartis AG NVSN 2,742 MXN 2,379 MXN -13%
AstraZeneca PLC AZN $171.61 $129.54 -25%
Novo Nordisk A/S NOVOB kr 329.90 kr 409.46 +24%
Amgen Inc AMGN $363.39 $252.02 -31%
Sanofi SNYN 770.00 MXN 1,251 MXN +63%

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Frequently asked questions

Is Zhejiang Jolly Pharmaceutical Co (300181) overvalued or undervalued?
As of Jul 9, 2026, our model estimates a fair value of ¥18.06 versus a price of ¥14.36, about +26% (undervalued).
What is the fair value of 300181?
Our model-based fair value for Zhejiang Jolly Pharmaceutical Co is ¥18.06 (as of Jul 9, 2026), built from audited fundamentals. The current price is ¥14.36.
What is the quality score of 300181?
Zhejiang Jolly Pharmaceutical Co has a Quality Score of 67/100. 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 revenue of Zhejiang Jolly Pharmaceutical Co (300181)?
Zhejiang Jolly Pharmaceutical Co reported trailing-twelve-month revenue of about 3.1B CNY (latest available figure, as of Jul 9, 2026).
What is the net profit margin of 300181?
The net profit margin of Zhejiang Jolly Pharmaceutical Co is about 20.9%, meaning it keeps roughly 20.9% of revenue as net income. Based on the latest reported figures.
Does Zhejiang Jolly Pharmaceutical Co pay a dividend?
Zhejiang Jolly Pharmaceutical Co currently shows a dividend yield of about 2.62% relative to its recent price (as of Jul 9, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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