Beijing Sun-Novo Pharmaceutical Research Co (688621) Fair Value & Analysis

Healthcare · CN · Market cap 6.8B CNY

A solid business, but screening 53% overvalued on our models.

What matters now

• The price sits above even our optimistic bull case (¥42.12). The favourable scenario is already priced in.
• Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
• A fairly wide model range (¥18.86 to ¥42.12) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 7, 2026.

How to read this chart

60‑month range ¥29.02 – ¥127.36 · fair‑value band ¥18.86 – ¥42.12 · the ¥64.88 price screens above the ¥30.24 fair value. Dashed = 300-day average. As of Aug 7, 2026.

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Analysis

Beijing Sun-Novo Pharmaceutical Research Co (688621) currently trades at ¥64.88, while our model-based Fair Value estimate is ¥30.24, implying the stock looks roughly 53.4% overvalued today. The Quality Score stands at 63/100 (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, Beijing Sun-Novo Pharmaceutical Research Co generated revenue of 1.2B CNY at a net margin of 16.4%. Revenue declined 14.6% year over year. It earns a return on equity of 17.6%. Net debt stands at 85.0M CNY. Fundamentals as of Aug 7, 2026

Our scenario range runs from ¥18.86 (bear case) to ¥42.12 (bull case); at ¥64.88, 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 25% below its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -49% fair-value upside, at -53%, 688621 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.

Widest divergence: Growth Earnings (¥81.34) versus Dividend Discount (¥4.36). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Beijing Sun-Novo Pharmaceutical Research Co., Ltd., a contract research company, engages in the research and development of drugs in China.

Full company description

Beijing Sun-Novo Pharmaceutical Research Co., Ltd., a contract research company, engages in the research and development of drugs in China. The company operates external preparation platform that focuses on the research and development of new drugs and generic drugs for skin external preparations; children's clinical data bridging research center; pediatric drug research and development platform; pediatric drug delivery dosage research and development platform; respiratory tract drug delivery and topical preparation platforms; polypeptide and other drug molecular design and development platform; genotoxic impurity detection platform; technology platform for slow and controlled release preparations; drug synthesis platform; and synthesis technology platform. It also offers SMO, clinical quality management, data management and statistical analysis, project management, test center, clinical research center, clinical trials, TMFDocument management, quality control, Medical Writing, medical monitoring, and pharmacovigilance services; and registration-related services for chemical drugs, biological products, and medical device products. In addition, the company operates quantitative pharmacology platform that use technology on pharmacokinetics, pharmacodynamics, body function, disease mechanism and test process, and other information for quantitative research; and mass spectrometry, immunological analysis, cell biology, and molecular biology platforms that provide biological analysis services for large and small molecular drugs, as well as operates as a Contract Research Organization for Professional Peptide Drug Research and Development. The company offers clinical research technology services to pharmaceutical companies and new drug research institutions. Beijing Sun-Novo Pharmaceutical Research Co., Ltd. was founded in 2009 and is based in Beijing, China.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Beijing Sun-Novo Pharmaceutical Research Co reported revenue of ¥1.2B in FY2025 versus ¥494M in FY2021, a compound +25.3%/yr. Reported net income was ¥196M in FY2025, compounding +16.7%/yr from FY2021.

688621 screens 53% overvalued. Compare with Jiangsu Hengrui Pharmaceuticals Co →

Peer Group

Drug Manufacturers - Specialty & Generic · 626 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.

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

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: 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.

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

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Frequently asked questions

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.