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Beijing Tiantan Biological Products Co (600161) Fair Value & Analysis

Healthcare · CN · Market cap 24.8B CNY

BT Beijing Tiantan Biological Products Co 600161 · SHG
Price¥12.49
Fair Value¥9.24
Upside-26.0%
Quality44/100
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Expensive Growth
Solidly profitable · 16.2% net margin
Low debt · negative free cash flow
1.56% dividend yield
Ranks above peers (10/13)
Moderate moat 57/100
Evidence: Medium Range ¥5.95 – ¥11.04 Share as image

Fair value as of: Aug 6, 2026

From 17 valuation models · updated 4 days ago

Fair value updated Aug 6, 2026, revised from ¥10.08 to ¥9.24 (−8.3%) since Jul 11, 2026. Share price +5.3% over the past month.

Below-average quality, and screening another 26% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥11.04). The favourable scenario is already priced in.
  • Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts.
  • A fairly wide model range (¥5.95 to ¥11.04) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥30.69 ¥11.41 Fair Value ¥9.24 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 6, 2026.

How to read this chart

60‑month range ¥11.41 – ¥30.69 · fair‑value band ¥5.95 – ¥11.04 · the ¥12.49 price screens above the ¥9.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 6, 2026.

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Analysis

Beijing Tiantan Biological Products Co (600161) currently trades at ¥12.49, while our model-based Fair Value estimate is ¥9.24, implying the stock looks roughly 26.0% overvalued today. The Quality Score stands at 44/100 (below-average quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Beijing Tiantan Biological Products Co generated revenue of 6.0B CNY at a net margin of 16.2%. Revenue declined 13.4% year over year. It earns a return on equity of 8.8%. The balance sheet holds a net cash position of 1.8B CNY. Fundamentals as of Aug 6, 2026

Our scenario range runs from ¥5.95 (bear case) to ¥11.04 (bull case); at ¥12.49, the current price sits above 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 43% below its 52-week high and 3% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -43% fair-value upside, at -26%, 600161 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
Residual Income ¥5.13 ¥5.64 ¥7.91 76
ROIC Compounder ¥8.82 ¥12.36 ¥16.35 72
Gordon GGM ¥2.30 ¥4.77 ¥7.57 70
All 17 models by family
DCF Models
Owner Earnings ¥7.54 ¥14.21 ¥26.81 31
Earnings-Based
Graham-Dodd ¥3.75 ¥21.20 ¥29.46 54
Lynch FV ¥5.95 ¥8.50 ¥11.04 50
PEG = 1.0 ¥5.95 ¥8.50 ¥11.04 46
EPV ¥7.78 ¥8.93 ¥9.94 59
Dividend Discount
Gordon GGM ¥2.30 ¥4.77 ¥7.57 70
DDM Multi-Stage ¥2.30 ¥4.02 ¥5.01 61
Multiples
P/E Multiple ¥9.10 ¥12.14 ¥15.17 63
P/S Multiple ¥7.03 ¥9.38 ¥11.72 58
P/B Multiple ¥7.03 ¥9.38 ¥11.72 55
EV/EBIT ¥12.27 ¥16.06 ¥19.86 53
EV/EBITDA ¥12.67 ¥16.59 ¥20.52 54
EV/Revenue ¥7.40 ¥10.19 ¥12.99 43
Asset-Based
NCAV (Graham) ¥2.97 ¥3.98 ¥5.93 50
Economic Profit
Residual Income ¥5.13 ¥5.64 ¥7.91 76
ROIC Compounder ¥8.82 ¥12.36 ¥16.35 72
Growth Earnings
Growth-Adj P/E ¥9.08 ¥12.98 ¥16.87 68

Widest divergence: DCF Models (¥14.21) versus Asset-Based (¥3.98). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) 6.0B CNY
Revenue growth (YoY) -13.4%
Net margin 16.2%
Return on equity 8.8%
Free cash flow −230M CNY FY2025
P/E ratio 25.6
More key figures
Operating margin 19.3%
EPS (TTM) ¥0.4900
Dividend yield 1.6%
EPS growth (YoY) -50.0%
Net cash 1.8B CNY FY2025

Figures from reported company fundamentals · as of Aug 6, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 44/100

Of which business quality 44 · Market factors (momentum, volatility) 35

Profitability 43
Margins and returns on capital today
Quality Growth 17
Are margins and returns improving?
Cashflow 9
Earnings quality: real cash, not paper profit
Fin. Strength 88
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 92
Calm price path (market factor)
Momentum 13
Price trend over the last 3–12 months (market factor)
52W Momentum 7
Distance to the 52-week high (market factor)
Net Issuance 51
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

Beijing Tiantan Biological Products Co., Ltd. engages in the research and development, manufacture, sale, and marketing of blood products in China and internationally.

Full company description

Beijing Tiantan Biological Products Co., Ltd. engages in the research and development, manufacture, sale, and marketing of blood products in China and internationally. Its products include human serum albumin; intravenous human immunoglobulin; rabies immunoglobulin; tetanus immunoglobulin; hepatitis B immunoglobulin; freeze-dried intravenous hepatitis B human immunoglobulin; histamine human immunoglobulin; human prothrombin complex concentrate; lyophilized intravenous hepatitis B immunoglobulin; human coagulation factors VIII; human fibrinogen; recombinant human coagulation factor VIII for injection; and other blood products. The company was founded in 1966 and is headquartered in Beijing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Beijing Tiantan Biological Products Co reported revenue of ¥6.1B in FY2025 versus ¥4.1B in FY2021, a compound +10.5%/yr. Reported net income was ¥1.1B in FY2025, compounding +9.5%/yr from FY2021.

Growth Quality 59/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
6.1B CNY
Latest YoY
+1.8%
Avg. growth/yr (3Y)
+12.9%
Avg. growth/yr (5Y)
+12.2%
Avg. growth/yr (30Y)
+14.7%
Revenue +10.5%/yr
FY21 ¥4.1B
FY22 ¥4.3B
FY23 ¥5.2B
FY24 ¥6.0B
FY25 ¥6.1B
Net income +9.5%/yr
FY21 ¥760M
FY22 ¥881M
FY23 ¥1.1B
FY24 ¥1.5B
FY25 ¥1.1B

600161 screens 26% overvalued. Compare with Vertex Pharmaceuticals Incorporated →

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Cite: Fair Value Calculator (2026). "Beijing Tiantan Biological Products Co Fair Value". https://www.fairvalue-calculator.com/stock/600161

Peer Group

Biotechnology · 603 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 44 · Above median
Fair Value upside −26% · Above median
Return on equity (TTM) 9% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 16% · Top 25%
Operating margin (TTM) 19% · Top 25%
Revenue growth -13% · Below median
Dividend yield (TTM) 1.6% · Above median
Debt / equity 0.02× · Lower than median

Valuation Multiples vs Biotechnology median · lower = cheaper

P/E (TTM) 25.6× · Pricier than median
P/B 2.11× · Pricier than median
P/S (TTM) 4.14× · Cheaper than median
EV/EBITDA 11.4× · 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 0 · sector 0
FUTURE 0 · sector 0
PAST 35 · sector 0
HEALTH 99 · sector 97
DIVIDEND 31 · sector 23

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

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 Biotechnology stocks, each showing price versus our Fair Value estimate (as of Aug 6, 2026).

Stock Price Fair Value vs Fair Value
Vertex Pharmaceuticals Incorporated VRTX $486.03 $278.78 -43%
Regeneron Pharmaceuticals, Inc REGN $664.45 $594.40 -11%
Samsung Biologics Co 207940 1,368,000 KRW 1,091,384 KRW -20%
Celltrion, Inc 068270 175,800 KRW 76,325 KRW -57%
WuXi Biologics (Cayman) Inc 2269 HK$39.54 HK$30.42 -23%
Innovent Biologics, Inc 1801 HK$86.70 HK$19.66 -77%
Sino Biopharmaceutical Limited 1177 HK$5.26 HK$3.36 -36%
ALTEOGEN Inc 196170 276,500 KRW 44,444 KRW -84%
RemeGen Co 688331 ¥134.02 ¥26.99 -80%
Biocon Limited BIOCON ₹440.70 ₹57.36 -87%

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Frequently asked questions

Is Beijing Tiantan Biological Products Co (600161) overvalued or undervalued?
As of Aug 6, 2026, our model estimates a fair value of ¥9.24 versus a price of ¥12.49, about −26% (overvalued).
What is the fair value of 600161?
Our model-based fair value for Beijing Tiantan Biological Products Co is ¥9.24 (as of Aug 6, 2026), built from audited fundamentals. The current price is ¥12.49.
What is the quality score of 600161?
Beijing Tiantan Biological Products Co has a Quality Score of 44/100. 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 Beijing Tiantan Biological Products Co (600161)?
Beijing Tiantan Biological Products Co reported trailing-twelve-month revenue of about 6.0B CNY (latest available figure, as of Aug 6, 2026).
What is the net profit margin of 600161?
The net profit margin of Beijing Tiantan Biological Products Co is about 16.2%, meaning it keeps roughly 16.2% of revenue as net income. Based on the latest reported figures.
Does Beijing Tiantan Biological Products Co pay a dividend?
Beijing Tiantan Biological Products Co currently shows a dividend yield of about 1.62% relative to its recent price (as of Aug 6, 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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