Jiangsu Hengrui Medicine Co Ltd (600276) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Jiangsu Hengrui Medicine Co Ltd stock ¥53.31, price ¥50.19, upside +6.2%, quality 66 out of 100. Rating: fairly valued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 31, 2026.
How to read this chart
60‑month range ¥27.53 – ¥72.47 · fair‑value band ¥37.31 – ¥69.29 · the ¥50.19 price screens below the ¥53.31 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 31, 2026.
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Jiangsu Hengrui Pharmaceuticals Co.,Ltd, a pharmaceutical company, researches, develops, manufactures, and commercializes medicines to address unmet clinical needs in China and internationally.
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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.
Stock analysis
Jiangsu Hengrui Medicine Co Ltd (600276) currently trades at ¥50.19, while our model-based Fair Value estimate is ¥53.31, so the stock looks roughly fairly valued today (gap 5.8%).
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Valuation
Bull case: the DCF Models group reads highest at a median of ¥38.09 per share, and 1 of the 26 models we run sit above the ¥50.19 price.
Bear case: the Asset-Based group reads lowest at ¥6.72, and 25 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: ¥37.31 (bear) to ¥69.29 (bull), the price of ¥50.19 sits inside 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 66/100 (solid quality), in the Healthcare sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Jiangsu Hengrui Medicine Co Ltd reported revenue of 31.4B CNY in FY2025 versus 25.9B CNY in FY2021, a compound +5.0%/yr. Reported net income was 7.7B CNY in FY2025, compounding +14.2%/yr from FY2021.
Key figures
Market cap 327B CNY (≈ $49.1B) Large · P/E ratio 36.2 · P/S ratio 9.95 · EPS (TTM) ¥1.34 · Dividend yield 0.4% · Net margin 27.0% · Return on equity 13.9% · Return on assets (EBIT) 11.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 73 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 18% 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 6%, 600276 screens cheaper than that median.
Fair Value models
Bear¥37.31Fair Value ¥53.31Bull¥69.29
Price ¥50.19 · Upside +6.2%
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. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (¥0.9682 per share) are deliberately not added.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.
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.73/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+12.3%
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.
+13.9%
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.
+2.5%
Start year 2020 (pandemic). Over 10 years: +12.9% a year
Revenue growth 28 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.
+18.0%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+11.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.8%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.7.1% vs 13.2%, slowing
Profit margin 2020 to 2025 ⓘ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.25% → 26%
2025 sits 74% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+16.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+10.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (China: IMF forecast 1.7% a year to 2030, 1.4% from 2016 to 2025) that is about +14.7% a year for the price and +8.8% for the forecasts.
AI conclusion: Hengrui's primary strength is recent profit growth via out-licensing of innovative drugs, offset by its main weakness of constrained core product sales from domestic price caps under centralized procurement.
Main risk: Hundreds of Chinese biotechs concentrating on hot targets such as PD-1, ADCs and GLP-1 agonists could erode pricing power and returns on Hengrui's similar pipeline assets.
Bull case: Hengrui could differentiate its candidates further and expand co-development with Western partners to capture more value from its pipeline despite crowded domestic targets.
Bear case: If competition intensifies and US deal flow is curtailed by regulation, Hengrui might struggle to fund and monetize its large pipeline, leaving innovative drug sales stagnant.
Hengrui generates much of its recent profit growth through out-licensing innovative drugs to global partners. At the same time its core product sales in China remain constrained by centralized procurement programs that cap prices. Will expanding partnerships and a broad late-stage pipeline overcome these domestic pressures, or will licensing continue to drive most of the upside?
Compare Jiangsu Hengrui Medicine Co Ltd with another stock
Price, fair value, quality and upside side by side.
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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 · 552 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside+6.2% · Above median
Profitability
Return on equity (12 months)13.9% · Top 25%
Return on assets11.0% · Top 25%
Net margin (12 months)27.0% · Top 25%
Operating margin (12 months)23.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−14.5% · Bottom 25%
Dividend yield (12 months)0.4% · Bottom 25%
Valuation Multiplesvs Drug Manufacturers - Specialty & Generic median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Jiangsu Hengrui Medicine Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/600276
Frequently asked questions
Is Jiangsu Hengrui Medicine Co Ltd (600276) overvalued or undervalued?
As of Oct 31, 2026, our model estimates a fair value of ¥53.31 versus a price of ¥50.19, about +6% upside (fairly valued).
What is the fair value of 600276?
Our model-based fair value for Jiangsu Hengrui Medicine Co Ltd is ¥53.31 (as of Oct 31, 2026), built from audited fundamentals. The current price: ¥50.19.
What is the quality score of 600276?
Jiangsu Hengrui Medicine Co Ltd has a Quality Score of 66/100. 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 Jiangsu Hengrui Medicine Co Ltd (600276)?
Our model-based price target is the fair value of ¥53.31 (as of Oct 31, 2026) from 26 valuation models. Cautious scenario ¥37.31, optimistic scenario ¥69.29. It is a calculation from audited fundamentals, not an analyst target.
What is the Jiangsu Hengrui Medicine Co Ltd stock forecast for 2026?
Our models put fair value at ¥53.31, about +6% upside versus a price of ¥50.19 (fairly valued). Cautious scenario ¥37.31, optimistic scenario ¥69.29. The calculation is refreshed regularly with new filings.
What is the revenue of Jiangsu Hengrui Medicine Co Ltd (600276)?
Jiangsu Hengrui Medicine Co Ltd reported trailing-twelve-month revenue of about 32.9B CNY (latest available figure, as of Oct 31, 2026).
Does Jiangsu Hengrui Medicine Co Ltd pay a dividend?
Jiangsu Hengrui Medicine Co Ltd currently shows a dividend yield of 0.40% relative to its recent price (as of Oct 31, 2026).
What growth is priced into Jiangsu Hengrui Medicine Co Ltd (600276)?
For today's price to be fair in a discounted-cash-flow model, Jiangsu Hengrui Medicine Co Ltd would have to grow free cash flow by +16.7 % per year for five years (discount rate 8.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.5 % per year. As of Oct 31, 2026.
What discount rate (WACC) does the fair value of 600276 use?
Our models discount Jiangsu Hengrui Medicine Co Ltd at 8.7 %: a base by market capitalisation (large), damped by beta 0.05, country premium for China. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Jiangsu Hengrui Medicine Co Ltd that is +16.7 % per year a year over ten years, using the same discount rate (8.7 %) and the same formula as our fair value.
How much growth has Jiangsu Hengrui Medicine Co Ltd (600276) delivered so far?
Over the past 5 years revenue at Jiangsu Hengrui Medicine Co Ltd grew +2.5 % a year. The price currently implies +16.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Jiangsu Hengrui Medicine Co Ltd (600276) growing?
The median revenue growth in the sector is +6.2 % a year. That is the yardstick for the growth priced into Jiangsu Hengrui Medicine Co Ltd (+16.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Jiangsu Hengrui Medicine Co Ltd (600276)?
The free-cash-flow yield on the price is 2.55 %: that much free cash flow Jiangsu Hengrui Medicine Co Ltd produces per unit of market value. When it exceeds the discount rate of our models (8.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Jiangsu Hengrui Medicine Co Ltd (600276)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Jiangsu Hengrui Medicine Co Ltd it is ¥53.31 per share (as of Oct 31, 2026), against a price of ¥50.19. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Jiangsu Hengrui Medicine Co Ltd stock overvalued or undervalued in 2026?
As of Oct 31, 2026, 600276 trades below its calculated fair value: price ¥50.19, fair value ¥53.31, a gap of about +6% (fairly valued). 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 600276?
No. The price is what the market pays today (¥50.19); the fair value is what the company's own numbers justify (¥53.31). For Jiangsu Hengrui Medicine Co Ltd the two are ¥3.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Jiangsu Hengrui Medicine Co Ltd worth?
The market values Jiangsu Hengrui Medicine Co Ltd at about 327B CNY (market capitalisation, as of Oct 31, 2026). Per share that is ¥50.19; our models calculate a fair value of ¥53.31 per share.
What do the bullish and bearish scenarios say about 600276?
Our models span a range for Jiangsu Hengrui Medicine Co Ltd: cautious scenario ¥37.31, base ¥53.31, optimistic ¥69.29 per share (as of Oct 31, 2026, price ¥50.19). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 600276?
Jiangsu Hengrui Medicine Co Ltd trades at a price-to-earnings ratio of 36.2 (as of Oct 31, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥53.31 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings, FY2025 ex one-offs: 62.8. Other multiples: PEG 0.9, P/B 5.3, P/S 9.9, EV/EBITDA 28.9.
What is the PEG ratio of 600276?
The PEG ratio of Jiangsu Hengrui Medicine Co Ltd is 0.93 (P/E divided by earnings growth, as of Oct 31, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Jiangsu Hengrui Medicine Co Ltd (600276)?
Balance-sheet figures for Jiangsu Hengrui Medicine Co Ltd (as of Oct 31, 2026): return on equity 13.9%. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is 600276 from its 52-week high?
Jiangsu Hengrui Medicine Co Ltd trades at ¥50.19, about 22% below its 52-week high of ¥64.52 and 18% above the low of ¥42.67 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of ¥53.31 is for.
Which stocks are comparable to Jiangsu Hengrui Medicine 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 Jiangsu Hengrui Medicine Co Ltd stock attractive at the current price?
The data as of Oct 31, 2026: price ¥50.19, calculated fair value ¥53.31 (+6%), Quality Score 66/100, from 26 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 600276 calculated?
We run Jiangsu Hengrui Medicine Co Ltd through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of ¥53.31, 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 15.5% above its aggregate fair value. Jiangsu Hengrui Medicine Co Ltd currently trades 6% below its own fair value, and the market average says nothing about that. 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 Jiangsu Hengrui Medicine Co Ltd (600276)?
The closing price on Nov 5, 2026 was ¥50.19. Our model-based fair value is ¥53.31, about +6% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Jiangsu Hengrui Medicine Co Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (¥37.31 to ¥69.29) leaves room in how you read the outcome.
Where does the earnings growth of Jiangsu Hengrui Medicine Co Ltd (600276) come from?
Earnings per share at Jiangsu Hengrui Medicine Co Ltd grew +12.5 % a year from 2014 to 2025. Broken into its drivers: revenue per share +12.6 %, EBIT margin −0.7 %, tax rate +0.3 %, residual (interest, one-offs) +0.3 %. 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 Jiangsu Hengrui Medicine Co Ltd
How large is the market capitalisation of Jiangsu Hengrui Medicine Co Ltd (600276)?
The market capitalisation of Jiangsu Hengrui Medicine Co Ltd is 327B CNY (≈ $49.1B). 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 Jiangsu Hengrui Medicine Co Ltd (600276)?
The price-to-sales ratio of Jiangsu Hengrui Medicine Co Ltd is 9.95 (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 Jiangsu Hengrui Medicine Co Ltd (600276)?
Earnings per share at Jiangsu Hengrui Medicine Co Ltd are ¥1.34 (price ÷ EPS = P/E 36.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Jiangsu Hengrui Medicine Co Ltd (600276)?
The dividend yield of Jiangsu Hengrui Medicine Co Ltd is 0.4% (payout 14.9%). 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 Jiangsu Hengrui Medicine Co Ltd (600276)?
The net margin of Jiangsu Hengrui Medicine Co Ltd is 27.0% (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 Jiangsu Hengrui Medicine Co Ltd (600276)?
The return on equity (ROE) of Jiangsu Hengrui Medicine Co Ltd is 13.9% (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 Jiangsu Hengrui Medicine Co Ltd (600276)?
On an EBIT basis the return on assets of Jiangsu Hengrui Medicine Co Ltd is 11.8% (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 Jiangsu Hengrui Medicine Co Ltd (600276)?
The operating margin of Jiangsu Hengrui Medicine Co Ltd is 23.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Jiangsu Hengrui Medicine Co Ltd (600276)?
Revenue at Jiangsu Hengrui Medicine Co Ltd is growing −14.5% versus a year earlier (3y avg +13.9%). 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 Jiangsu Hengrui Medicine Co Ltd (600276)?
Earnings per share at Jiangsu Hengrui Medicine Co Ltd are growing −14.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Jiangsu Hengrui Medicine Co Ltd (600276) hold?
Jiangsu Hengrui Medicine Co Ltd holds more cash than debt, 40.0B CNY net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 31, 2026