InnoCare Pharma Ltd. A (688428) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of InnoCare Pharma Ltd. A ¥8.15, price ¥33.40, upside -75.6%, quality 73 out of 100. 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
48‑month range ¥7.30 – ¥33.51 · fair‑value band ¥6.02 – ¥9.41 · the ¥33.40 price screens above the ¥8.15 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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InnoCare Pharma Limited, a biopharmaceutical company, engages in discovering, developing, and commercializing drugs for the treatment of cancer and autoimmune diseases in China.
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InnoCare Pharma Limited, a biopharmaceutical company, engages in discovering, developing, and commercializing drugs for the treatment of cancer and autoimmune diseases in China. The company develops Orelabrutinib, an BTK inhibitor to treat patients with relapsed and/or refractory (r/r) chronic lymphocytic leukemia, r/r mantle cell lymphoma, r/r Waldenstrom's macroglobulinemia, r/r marginal zone lymphoma, r/r diffuse large B-cell lymphoma (DLBCL)- MCD, r/r central nervous system lymphoma, combo w/MIL-62, systemic lupus erythematosus, immune thrombocytopenia purpura, multiple sclerosis, and neuromyelitis optica spectrum disorder. It also developing ICP-B02 to treat CD20+B-cell malignancies; ICP-B05 to treat hemato-oncology; ICP-248 to treat chronic lymphocytic leukemia; ICP-332 to treat atopic dermatitis; ICP-488 to treat psoriasis; ICP-538 to treat autoimmune diseases; zurletrectinib (ICP-723) to treat neurotrophic tyrosine receptor kinase fusion positive cancers; ICP-189 to treat non-small cell lung cancer; and ICP-B05 to treat solid tumor. InnoCare Pharma Limited was incorporated in 2015 and is headquartered in Beijing, China.
Stock analysis
InnoCare Pharma Ltd. A (688428) currently trades at ¥33.40, while our model-based Fair Value estimate is ¥8.15, implying the stock looks roughly 309.8% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of ¥16.94 per share, and 0 of the 23 models we run sit above the ¥33.40 price.
Bear case: the Asset-Based group reads lowest at ¥2.94, and 23 of the 23 models stay below the price. Evidence for this calculation is medium.
Scenario range: ¥6.02 (bear) to ¥9.41 (bull), the price of ¥33.40 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 73/100 (solid quality), in the Healthcare sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
InnoCare Pharma Ltd. A reported revenue of 2.4B CNY in FY2025 versus 1.0B CNY in FY2021, a compound +22.8%/yr. Reported net income was 642M CNY in FY2025.
Key figures
Market cap 58.9B CNY (≈ $8.8B) · P/E ratio 82.6 · P/S ratio 22.4 · EPS (TTM) ¥0.3800 · Net margin 27.1% · Return on equity 10.4% · Return on assets (EBIT) −3.4% · Operating margin 14.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 68% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at −5% fair-value upside, at −76%, 688428 screens richer than that median.
Fair Value models
Bear ¥6.02Fair Value ¥8.15Bull ¥9.41
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (¥0.2780 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.Evidence ⓘEvidence = 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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+135.3%
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.
+56.0%
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.
+344.8%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
−36,257.1% (2020) → 20.9% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no profitable base year
News mood ⓘNews mood, the average tone of recent news (44 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
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.Biotechnology · 651 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score73 · Top 25%
Fair Value upside−74% · Bottom 25%
Profitability
Return on equity (TTM)10% · Top 25%
Return on assets3% · Top 25%
Net margin (TTM)29% · Top 25%
Operating margin (TTM)14% · Above median
Growth and dividend
Revenue growth39% · Top 25%
Balance sheet
Debt / equity0.13× · Above median
Valuation Multiplesvs Biotechnology median · lower = cheaper
P/E (TTM)82.6× · Priciest 25%
P/B7.62× · Priciest 25%
P/S (TTM)23.34× · Priciest 25%
P/FCF638.3× · Priciest 25%
EV/EBITDA84.3× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)100· sector 0
PAST (return on equity)41· sector 0
HEALTH (low debt)94· sector 97
DIVIDEND (yield)0· sector 23
VALUE 0: the price sits above our fair-value range.
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). "InnoCare Pharma Ltd. A Fair Value". https://www.fairvalue-calculator.com/stock/688428
Frequently asked questions
Is InnoCare Pharma Ltd. A (688428) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of ¥8.15 versus a price of ¥33.40, about −76% upside (overvalued).
What is the fair value of 688428?
Our model-based fair value for InnoCare Pharma Ltd. A is ¥8.15 (as of Sep 24, 2026), built from audited fundamentals. The current price: ¥33.40.
What is the quality score of 688428?
InnoCare Pharma Ltd. A has a Quality Score of 73/100. 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 InnoCare Pharma Ltd. A (688428)?
Our model-based price target is the fair value of ¥8.15 (as of Sep 24, 2026) from 23 valuation models. Cautious scenario ¥6.02, optimistic scenario ¥9.41. It is a calculation from audited fundamentals, not an analyst target.
What is the InnoCare Pharma Ltd. A stock forecast for 2026?
Our models put fair value at ¥8.15, about −76% upside versus a price of ¥33.40 (overvalued). Cautious scenario ¥6.02, optimistic scenario ¥9.41. The calculation is refreshed regularly with new filings.
What is the revenue of InnoCare Pharma Ltd. A (688428)?
InnoCare Pharma Ltd. A reported trailing-twelve-month revenue of about 2.5B CNY (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of InnoCare Pharma Ltd. A (688428)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For InnoCare Pharma Ltd. A it is ¥8.15 per share (as of Sep 24, 2026), against a price of ¥33.40. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is InnoCare Pharma Ltd. A stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 688428 trades above its calculated fair value: price ¥33.40, fair value ¥8.15, a gap of about −76% (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 688428?
No. The price is what the market pays today (¥33.40); the fair value is what the company's own numbers justify (¥8.15). For InnoCare Pharma Ltd. A the two are ¥25.25 per share apart. That gap is exactly why we show both numbers side by side.
How much is InnoCare Pharma Ltd. A worth?
The market values InnoCare Pharma Ltd. A at about 58.9B CNY (market capitalisation, as of Sep 24, 2026). Per share that is ¥33.40; our models calculate a fair value of ¥8.15 per share.
What do the bullish and bearish scenarios say about 688428?
Our models span a range for InnoCare Pharma Ltd. A: cautious scenario ¥6.02, base ¥8.15, optimistic ¥9.41 per share (as of Sep 24, 2026, price ¥33.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 688428?
InnoCare Pharma Ltd. A trades at a price-to-earnings ratio of 82.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of ¥8.15 is built from several models across several years. Other multiples: P/B 7.6, P/S 23.3, EV/EBITDA 84.3.
How solid is the balance sheet of InnoCare Pharma Ltd. A (688428)?
Balance-sheet figures for InnoCare Pharma Ltd. A (as of Sep 24, 2026): return on equity 10.4%, debt of 0.13 per unit of equity. They feed the Quality Score of 73/100, which measures business quality independently of the share price.
How far is 688428 from its 52-week high?
InnoCare Pharma Ltd. A trades at ¥33.40, at its 52-week high of ¥33.40 and 68% above the low of ¥19.88 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of ¥8.15 is for.
Which stocks are comparable to InnoCare Pharma Ltd. A?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Regeneron Pharmaceuticals, Inc, argenx SE, Samsung Biologics Co, 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 InnoCare Pharma Ltd. A stock attractive at the current price?
The data as of Sep 24, 2026: price ¥33.40, calculated fair value ¥8.15 (−76%), Quality Score 73/100, from 23 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 688428 calculated?
We run InnoCare Pharma Ltd. A through 23 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 ¥8.15, 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 14.1 % above its aggregate fair value. InnoCare Pharma Ltd. A 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 InnoCare Pharma Ltd. A (688428)?
The closing price on Sep 23, 2026 was ¥33.40. Our model-based fair value is ¥8.15, about −76% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with InnoCare Pharma Ltd. A right now?
A high-quality business (quality 73/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety. The price sits above even our optimistic bull case (¥9.41). The favourable scenario is already priced in.
Key figures of InnoCare Pharma Ltd. A
How large is the market capitalisation of InnoCare Pharma Ltd. A (688428)?
The market capitalisation of InnoCare Pharma Ltd. A is 58.9B CNY (≈ $8.8B). 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 InnoCare Pharma Ltd. A (688428)?
The price-to-sales ratio of InnoCare Pharma Ltd. A is 22.4 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of InnoCare Pharma Ltd. A (688428)?
Earnings per share at InnoCare Pharma Ltd. A are ¥0.3800 (price ÷ EPS = P/E 82.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of InnoCare Pharma Ltd. A (688428)?
The net margin of InnoCare Pharma Ltd. A is 27.1% (fiscal year 2025). 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 InnoCare Pharma Ltd. A (688428)?
The return on equity (ROE) of InnoCare Pharma Ltd. A is 10.4% (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 InnoCare Pharma Ltd. A (688428)?
On an EBIT basis the return on assets of InnoCare Pharma Ltd. A is −3.4% (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 InnoCare Pharma Ltd. A (688428)?
The operating margin of InnoCare Pharma Ltd. A is 14.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at InnoCare Pharma Ltd. A (688428)?
Revenue at InnoCare Pharma Ltd. A is growing +38.7% versus a year earlier (3y avg +56.0%). 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 InnoCare Pharma Ltd. A (688428)?
Earnings per share at InnoCare Pharma Ltd. A are growing +500% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does InnoCare Pharma Ltd. A (688428) generate?
The free cash flow of InnoCare Pharma Ltd. A is 13.8M CNY (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
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