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Jiangsu Hengrui Pharmaceuticals Co (600276) Fair Value & Analysis

Healthcare · CN · Market cap 353B CNY

JH Jiangsu Hengrui Pharmaceuticals Co 600276 · SHG
Price¥52.11
Fair Value¥25.94
Upside-50.2%
Quality59/100
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Healthy Growth
Highly profitable · 24.9% net margin
Low debt · generates free cash flow
0.36% dividend yield
Mixed vs. peers (8/15)
Wide moat 77/100
Evidence: High Range ¥19.95 – ¥40.28 Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 21 days ago

Share price −5.9% over the past month.

A solid business, but screening 50% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (¥40.28). The favourable scenario is already priced in.
  • Solid but not exceptional quality (59/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (¥19.95 to ¥40.28) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

¥83.95 ¥27.53 Fair Value ¥25.94 Feb 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range ¥27.53 – ¥83.95 · fair‑value band ¥19.95 – ¥40.28 · the ¥52.11 price screens above the ¥25.94 fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Jiangsu Hengrui Pharmaceuticals Co (600276) currently trades at ¥52.11, while our model-based Fair Value estimate is ¥25.94, implying the stock looks roughly 50.2% overvalued today. We read business quality at 59/100 (solid 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: high).

Over the trailing twelve months, Jiangsu Hengrui Pharmaceuticals Co generated revenue of 32.6B CNY at a net margin of 24.9%. Revenue grew 13.0% year over year. It earns a return on equity of 14.5%. The balance sheet holds a net cash position of 40.0B CNY. Fundamentals as of Jul 17, 2026

Our scenario range runs from ¥19.95 (bear case) to ¥40.28 (bull case); at ¥52.11, 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 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 -39% fair-value upside, at -50%, 600276 screens richer 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 ¥26.24 ¥48.92 ¥90.20 80
Residual Income ¥9.17 ¥11.53 ¥30.61 76
Rev-Margin DCF ¥18.58 ¥28.01 ¥41.50 74
All 26 models by family
DCF Models
FCF DCF ¥26.89 ¥44.00 ¥90.67 38
Owner Earnings ¥20.42 ¥37.07 ¥71.71 31
5Y Revenue Exit ¥18.58 ¥28.04 ¥42.06 39
5Y EBITDA Exit ¥21.69 ¥35.01 ¥53.68 41
5Y P/E Exit ¥24.77 ¥42.42 ¥64.30 38
10Y Revenue Exit ¥20.63 ¥31.53 ¥47.75 36
10Y EBITDA Exit ¥23.17 ¥37.15 ¥60.78 37
10Y P/E Exit ¥25.36 ¥42.74 ¥70.82 35
Earnings-Based
Graham-Dodd ¥8.22 ¥51.68 ¥72.18 54
Lynch FV ¥14.90 ¥21.29 ¥27.67 50
PEG = 1.0 ¥14.90 ¥21.29 ¥27.67 46
EPV ¥17.44 ¥19.38 ¥21.11 59
Dividend Discount
Gordon GGM ¥1.92 ¥4.19 ¥7.06 70
DDM Multi-Stage ¥1.92 ¥3.44 ¥4.37 61
Multiples
P/E Multiple ¥18.13 ¥24.18 ¥30.22 63
P/S Multiple ¥9.24 ¥12.32 ¥15.40 58
P/B Multiple ¥15.41 ¥20.55 ¥25.69 55
EV/EBIT ¥23.39 ¥29.05 ¥34.70 53
EV/EBITDA ¥20.12 ¥24.68 ¥29.25 54
EV/Revenue ¥15.04 ¥18.74 ¥22.43 43
Asset-Based
NCAV (Graham) ¥4.80 ¥6.44 ¥9.61 50
Growth DCF
Growth DCF ¥26.24 ¥48.92 ¥90.20 80
Rev-Margin DCF ¥18.58 ¥28.01 ¥41.50 74
Economic Profit
Residual Income ¥9.17 ¥11.53 ¥30.61 76
ROIC Compounder ¥19.58 ¥24.88 ¥32.09 72
Growth Earnings
Growth-Adj P/E ¥20.78 ¥29.68 ¥38.58 68

Widest divergence: DCF Models (¥37.07) versus Dividend Discount (¥3.44). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) 32.6B CNY
Revenue growth (YoY) +13.0%
Net margin 24.9%
Return on equity 14.5%
Free cash flow 8.3B CNY FY2025
P/E ratio 43.6
More key figures
Operating margin 31.6%
EPS (TTM) ¥1.22
Dividend yield 0.4%
EPS growth (YoY) +13.3%
Net cash 40.0B CNY FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 68 · Market factors (momentum, volatility) 42

Profitability 63
Margins and returns on capital today
Quality Growth 41
Are margins and returns improving?
Cashflow 82
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 27
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 23
Distance to the 52-week high (market factor)
Net Issuance 64
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

Jiangsu Hengrui Pharmaceuticals Co.,Ltd, a pharmaceutical company, researches, develops, manufactures, and commercializes medicines to address unmet clinical needs in China and internationally.

Full company description

Jiangsu Hengrui Pharmaceuticals Co.,Ltd, a pharmaceutical company, researches, develops, manufactures, and commercializes medicines to address unmet clinical needs in China and internationally. The company develops medicines in the areas of oncology, metabolic and cardiovascular, immunological and respiratory, neuroscience, pain management, infectious, respiratory system, hematological, ophthalmology, and autoimmune and other diseases. The company was founded in 1970 and is headquartered in Lianyungang, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Jiangsu Hengrui Pharmaceuticals Co reported revenue of ¥31.4B in FY2025 versus ¥25.9B in FY2021, a compound +5.0%/yr. Reported net income was ¥7.7B in FY2025, compounding +14.2%/yr from FY2021.

Growth Quality 73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
31.4B CNY
Latest YoY
+12.3%
Avg. growth/yr (3Y)
+13.9%
Avg. growth/yr (5Y)
+2.5%
Avg. growth/yr (28Y)
+18.0%
Revenue +5.0%/yr
FY21 ¥25.9B
FY22 ¥21.3B
FY23 ¥22.8B
FY24 ¥28.0B
FY25 ¥31.4B
Net income +14.2%/yr
FY21 ¥4.5B
FY22 ¥3.9B
FY23 ¥4.3B
FY24 ¥6.3B
FY25 ¥7.7B

600276 screens 50% overvalued. Compare with Sun Pharmaceutical Industries Limited →

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Cite: Fair Value Calculator (2026). "Jiangsu Hengrui Pharmaceuticals Co Fair Value". https://www.fairvalue-calculator.com/stock/600276

Peer Group

Drug Manufacturers - Specialty & Generic · 625 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 59 · Top 25%
Fair Value upside −50% · Below median
Return on equity (TTM) 15% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 25% · Top 25%
Operating margin (TTM) 32% · Top 25%
Revenue growth 13% · Above median
Dividend yield (TTM) 0.4% · Bottom 25%

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

P/E (TTM) 43.6× · Pricier than 75% of peers
P/B 5.76× · Pricier than 75% of peers
P/S (TTM) 10.84× · Pricier than 75% of peers
P/FCF 6.3× · Pricier than median
EV/EBITDA 33.0× · Pricier than 75% of peers
PEG 0.93× · 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 9
FUTURE 65 · sector 20
PAST 58 · sector 23
HEALTH 100 · sector 97
DIVIDEND 7 · sector 35

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

Insider activity: 45/100

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 - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,933 ₹989.50 -49%
Divi's Laboratories Limited DIVISLAB ₹7,316 ₹1,943 -73%
Torrent Pharmaceuticals Limited TORNTPHARM ₹4,763 ₹1,329 -72%
PharmaEssentia Corporation 6446 1,285 TWD 221.01 TWD -83%
Cipla Limited CIPLA ₹1,439 ₹1,001 -30%
Zydus Lifesciences Limited ZYDUSLIFE ₹1,151 ₹703.32 -39%
Lupin Limited LUPIN ₹2,443 ₹2,477 +1%
Mankind Pharma Limited MANKIND ₹2,484 ₹983.11 -60%
Dr. Reddy's Laboratories Limited DRREDDY ₹1,211 ₹874.79 -28%
Aurobindo Pharma Limited AUROPHARMA ₹1,548 ₹1,340 -13%

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Frequently asked questions

Is Jiangsu Hengrui Pharmaceuticals Co (600276) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of ¥25.94 versus a price of ¥52.11, about −50% (overvalued).
What is the fair value of 600276?
Our model-based fair value for Jiangsu Hengrui Pharmaceuticals Co is ¥25.94 (as of Jul 17, 2026), built from audited fundamentals. The current price is ¥52.11.
What is the quality score of 600276?
Jiangsu Hengrui Pharmaceuticals Co has a Quality Score of 59/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Jiangsu Hengrui Pharmaceuticals Co (600276)?
Jiangsu Hengrui Pharmaceuticals Co reported trailing-twelve-month revenue of about 32.6B CNY (latest available figure, as of Jul 17, 2026).
What is the net profit margin of 600276?
The net profit margin of Jiangsu Hengrui Pharmaceuticals Co is about 24.9%, meaning it keeps roughly 24.9% of revenue as net income. Based on the latest reported figures.
Does Jiangsu Hengrui Pharmaceuticals Co pay a dividend?
Jiangsu Hengrui Pharmaceuticals Co currently shows a dividend yield of about 0.43% relative to its recent price (as of Jul 17, 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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