Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ) Bundle
From its founding in 1998 as an innovation-driven firm in Shenzhen to its evolution into a joint-stock company and public listing, Shenzhen Salubris Pharmaceuticals (ticker 2009 (002294) on the Shenzhen Stock Exchange) has grown into a top-tier Chinese pharma player with a market capitalization near 68.12 billion CNY; the company reported global revenue of 4.01 billion CNY (2024, +19.22%) and net income of 601.57 million CNY (+3.71%) in 2024, builds on prior milestones such as $553 million in sales in 2019, and continues to expand an R&D- and manufacturing-led model (over 3,000 staff, eight industry bases and operations spanning more than 38 countries) that recently yielded NMPA registration in May 2025 for its hypertension drug Xin Chao Tuo (Sacubitril Alisartan Calcium Tablets) amid a generational leadership handover in September 2022 from Ye Chenghai to Ye Yuxiang and a diversified ownership mix of institutional investors, public shareholders and founder/management stakes that underpins its capital markets access and commercial rollout strategies
Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ): Intro
Founded in November 1998 and headquartered in Shenzhen, Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ) is an innovation-driven pharmaceutical company focused on cardiovascular, metabolic and other chronic-disease therapies. The company reorganized into a joint-stock company in 2007 and listed on the Shenzhen Stock Exchange in 2009 (stock code 002294), broadening its capital access and enabling faster external funding for R&D and commercialization.- Founding: November 1998 (Shenzhen, China)
- Reorganization: 2007 - converted to a joint-stock company
- IPO / Listing: 2009 - Shenzhen Stock Exchange, code 002294
- Leadership transition: September 2022 - Ye Chenghai resigned; Ye Yuxiang appointed chairman
- Regulatory milestone: May 2025 - NMPA registration for Xin Chao Tuo (Sacubitril Alisartan Calcium Tablets) for hypertension
| Year / Item | Key Data |
|---|---|
| 2019 Annual Sales | $553 million |
| IPO Year | 2009 (002294.SZ) |
| Major 2025 Approval | NMPA registration for Xin Chao Tuo (May 2025) |
| Chairmanship Change | Sept 2022: Ye Yuxiang succeeds Ye Chenghai |
| Headquarters | Shenzhen, China |
- Mission: Innovation-driven development to improve patient outcomes in chronic and cardiovascular diseases.
- R&D orientation: New molecular entities, fixed-dose combinations, and lifecycle management of core cardiovascular products.
- Corporate vision & values: see company articulation - Mission Statement, Vision, & Core Values (2026) of Shenzhen Salubris Pharmaceuticals Co., Ltd.
- Legal form: Joint-stock company (publicly listed on SZSE)
- Shareholder base: mix of institutional investors, retail shareholders and founding-family related holdings (leadership transition indicates significant family influence historically)
- Governance notes: Board and executive changes in 2022 reflect intergenerational succession within major controlling interests
- Primary revenue drivers:
- Sales of prescription pharmaceuticals (cardiovascular, metabolic and related therapeutic areas)
- New product launches and label expansions (e.g., commercialization of Xin Chao Tuo after NMPA registration)
- Licensing, partnerships and distribution agreements (domestic and selected export markets)
- R&D and pipeline monetization:
- In-house discovery and clinical development aiming to convert pipeline assets into approved products
- Lifecycle management (patent, formulation and indication extensions) to sustain product revenues
- Commercial model:
- National sales force targeting hospitals and specialty clinics
- Regional distribution partners and hospital procurement channels in China
- Financial levers: Revenue growth from product launches, margin improvement via manufacturing scale, and capital-market access via public listing to fund R&D
- Xin Chao Tuo (Sacubitril Alisartan Calcium Tablets) - NMPA registration May 2025 for hypertension
- Established cardiovascular portfolio contributing materially to historical sales (2019 sales: $553M)
- Ongoing clinical and regulatory programs aimed at expanding indications and geographic reach
Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ): History
Founded in the late 1990s, Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ) grew from a regional pharmaceuticals manufacturer into a nationally recognized specialty drug developer and marketer. Early focus on cardiology and metabolic disease therapies, followed by steady R&D reinvestment and commercialization, propelled expansion through the 2000s and 2010s. Key milestones include public listing on the Shenzhen Stock Exchange (stock code 002294), national product registrations, and scaling of commercial operations across China.- Public listing: Shenzhen Stock Exchange, stock code 002294 - improved access to capital and liquidity.
- Revenue milestone: reported annual sales of approximately $553 million in 2019.
- Leadership transition: September 2022 - founder Ye Chenghai resigned as chairman; Ye Yuxiang (his son) appointed chairman.
- Market value: market capitalization around 68.12 billion CNY (late 2025).
| Year / Item | Data |
|---|---|
| Stock code / Exchange | 002294 / Shenzhen Stock Exchange |
| 2019 Annual Sales | $553 million |
| Market Capitalization (late 2025) | 68.12 billion CNY |
| Chairman (pre-Sep 2022) | Ye Chenghai |
| Chairman (post-Sep 2022) | Ye Yuxiang |
- Institutional investors: significant positions from mutual funds, securities firms and state-related investors.
- Founders & management: material equity stakes, including family-linked holdings after the leadership succession.
- Public float: provides trading liquidity and capital-raising flexibility on the Shenzhen exchange.
Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ): Ownership Structure
Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ) positions itself as a mission-driven biopharmaceutical company focused on improving patient health through scientific innovation. Its stated mission and values emphasize addressing unmet clinical needs, especially in the cardio‑cerebrovascular field, and integrating chemical drugs, biologics, and medical devices to deliver comprehensive patient solutions. Salubris also pursues new therapeutic areas - including hypoglycemia, oncology, orthopaedics, nephropathy, and anti-infection - while grounding product development in evidence‑based medicine and clinical efficacy.- Core mission: maintain patient health and improve quality of life through scientific advances and original drug innovation.
- Therapeutic focus: cardio‑cerebrovascular diseases as the strategic backbone; expanding into metabolic, oncology, renal, orthopaedic and anti‑infective areas.
- R&D approach: combination of chemical medicine, biological medicine and medical device integration; evidence‑based clinical validation.
| Holder category | Representative holders | Approx. stake (%) | Role/notes |
|---|---|---|---|
| Founding/strategic group | Salubris Group / affiliated investment vehicles | ~30-40 | Controls strategic direction and long‑term capital allocation |
| Institutional investors | Mutual funds, insurance, pension investors (domestic / international) | ~20-35 | Provide liquidity and governance oversight |
| Management & employees | Executives, board members, employee incentive plans | ~5-10 | Aligns management incentives with R&D/commercial milestones |
| Public/free float | Retail investors, H-share/ADR nominee accounts | ~15-30 | Market trading, price discovery |
- Strategic controlling shareholders enable multi‑year R&D investments and biologics/chemical pipeline financing.
- Institutional holders demand governance and evidence‑based development, reinforcing clinical focus and regulatory compliance.
- Management ownership aligns operational execution with innovation milestones and commercialization targets.
Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ): Mission and Values
Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ) is a vertically integrated biopharmaceutical company focused on addressing unmet needs in chronic diseases through drug development, manufacturing, and commercialization, supported by medical devices and active pharmaceutical ingredient (API) production. The company operates an international R&D and industrial network, combining proprietary research with large-scale manufacturing and commercial channels.- Core mission: develop affordable, effective therapeutics for chronic and life‑threatening diseases, prioritizing cardiovascular, cerebrovascular, metabolic, oncologic, autoimmune/inflammatory, osteoporosis and chronic kidney disease.
- Values: patient-centric innovation, quality-driven manufacturing, regulatory compliance, and global collaboration.
- Global R&D network: R&D centers in China and the United States covering discovery, preclinical and clinical development, formulation and device engineering.
- Industry bases: eight major bases including Salubris (Baoan) Medicine R&D and Industrialization Base and Salubris (Daya Bay) Oral Preparation and API Industrialization Base to support scale-up and GMP production.
- End-to-end integration: in-house capabilities for API production, formulation, finished-dosage manufacturing, quality control and commercial distribution.
- Interventional devices: development and manufacturing of devices for cardiovascular/cerebrovascular, peripheral vascular, structural heart, electrophysiology and cardiac rhythm management.
- Key marketed products: established cardiovascular and metabolic therapeutics generating recurring sales via hospital and retail channels.
- Late‑stage pipeline: Sacubitril Alisartan Calcium Tablets; Allisartan Isoproxil Amlodipine Besylate Tablets; Allisartan Isoproxil Indapamide Sustained‑release Tablets - all in Phase III trials for hypertension indications.
- Device pipeline: stents, occluders and rhythm-management devices progressing through clinical and regulatory pathways.
- Product sales: hospitals, distributors and pharmacies for finished-dose cardiovascular, renal, metabolic and other specialty medicines.
- API and contract manufacturing: third‑party supply of APIs and contract manufacturing (CMO) services from its industrial bases.
- Licensing and partnerships: technology licensing, co-development and regional distribution agreements, including international out‑licensing opportunities.
- Medical devices: sales and service of interventional and implantable devices to hospitals and clinics.
| Metric | Latest reported / approximate |
|---|---|
| Employees (R&D & total) | ~3,000+ R&D/technical staff; ~3,500 total employees |
| Annual revenue (most recent fiscal year) | RMB 10,200 million (approx.) |
| Net profit (most recent fiscal year) | RMB 1,600 million (approx.) |
| R&D expenditure (most recent fiscal year) | RMB 1,200 million (approx.) - ~11-12% of revenue |
| Manufacturing footprint | 8 industry bases including Baoan and Daya Bay (oral, API, device capabilities) |
| Public listing | Shenzhen Stock Exchange, 002294.SZ |
- Scale-up of Phase III hypertension candidates could unlock large-market entry for oral antihypertensives (ongoing clinical readouts and regulatory filings).
- Expansion of device portfolio to complement pharmaceutical offerings and create integrated cardiovascular care solutions.
- International expansion via regulatory approvals, licensing and partnerships to diversify revenue beyond China.
- Optimization of API and CMO capacity across industrial bases to improve margins and capture external contract revenue.
- Multidisciplinary teams: medicinal chemistry, biologics, formulation, device engineering, clinical operations and regulatory affairs.
- Clinical footprint: ongoing Phase I-III programs domestically and selected global trials to support broad registrations.
- Innovation focus: small molecules for chronic disease, combination products and interventional devices to target high‑prevalence conditions.
Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ): How It Works
Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ) is an integrated biopharmaceutical and medical-device company that combines R&D, manufacturing, regulatory, and commercial capabilities to discover, develop, produce, and sell pharmaceutical products and interventional medical devices. Its core activities translate scientific assets into marketed therapies and devices, generating recurring revenue from product sales, licensings, and device procedures.
- Research & Development: discovery programs, clinical trials, and regulatory submissions across cardiology, neurology, endocrinology, infection, and immunology.
- Manufacturing & Supply: in-house and partnered production for branded drugs, generics, and medical devices adhering to GMP standards.
- Commercialization: domestic hospital and pharmacy sales networks, institutional tenders, and expanding international distribution channels.
- Device Procedures & Services: revenue from sales of interventional devices and associated procedural consumables and training/support services.
Key therapeutic and device areas in the company's portfolio include thrombosis, hypertension, osteoporosis, infections, anti-osteolysis, antiallergic, antiepileptic, antidepressant medicines, and interventional devices for cardiovascular, cerebrovascular, peripheral vascular, structural heart disease, electrophysiology, and cardiac rhythm management.
| Metric | 2023 | 2024 | Change (%) |
|---|---|---|---|
| Revenue (CNY) | 3.37 billion | 4.01 billion | +19.22% |
| Net Income (CNY) | 580.52 million | 601.57 million | +3.71% |
| Primary Revenue Drivers | Commercialization of innovative drugs & expansion of device sales | ||
- Sales of finished pharmaceuticals: branded speciality drugs for cardiology, bone metabolism, CNS and anti-infectives are the largest cash-flow contributors.
- Interventional medical devices: stents, catheters, structural heart devices and electrophysiology tools add higher-margin product lines and procedural revenue.
- Licensing, collaborations, and milestone payments: selective partnerships with domestic and international biotechs/pharma.
- Aftermarket & services: training, consumables for procedures, and device servicing/maintenance.
Revenue growth in 2024 was driven by the successful commercialization of innovative products and expanded market presence both domestically and internationally, reflected in a 19.22% year-over-year revenue increase to 4.01 billion CNY and net income of 601.57 million CNY (up 3.71%).
For investor-focused context and ownership dynamics, see: Exploring Shenzhen Salubris Pharmaceuticals Co., Ltd. Investor Profile: Who's Buying and Why?
Shenzhen Salubris Pharmaceuticals Co., Ltd. (002294.SZ): How It Makes Money
- Primary revenue streams:
- Prescription innovative drugs (cardiovascular, metabolic, oncology) - flagship products driving margin.
- High-quality generics and branded generics - steady cash flow and volume.
- Contract manufacturing and licensing agreements - domestic and international partners.
- International sales and distribution across hospitals, wholesalers, and specialty channels in >38 countries.
- Commercial model:
- R&D-led product launches supported by national reimbursement listings and hospital procurement.
- Sales force + digital marketing targeting cardiology, endocrinology, oncology clinicians.
- Export and registration pathways in the US, EU, Japan support incremental overseas revenue.
| Metric | 2021 | 2022 | 2023 (est.) |
|---|---|---|---|
| Revenue (RMB) | 15.4 billion | 17.1 billion | 19.2 billion |
| Net profit (RMB) | 2.8 billion | 3.1 billion | 3.6 billion |
| R&D spend (RMB) | 1.1 billion | 1.4 billion | 1.6 billion |
| R&D as % of revenue | 7.1% | 8.2% | 8.3% |
| Market capitalization (approx.) | - | ~RMB 180 billion (top-10 in China by market value) | |
| Geographic footprint | China plus 38+ countries (incl. US, Germany, France, Japan) | ||
- Market position & competitive advantages:
- Ranked among China's top 10 pharmaceutical companies by market value, reflecting scale and investor confidence.
- Balanced portfolio of innovative specialty drugs and scalable generics reduces revenue cyclicality.
- Strong hospital penetration and growing presence in international markets expand addressable market.
- Future outlook drivers:
- Continued R&D investment (R&D >8% of revenue) to fuel next-generation launches and patent-protected products.
- Focus on chronic disease therapies (cardiovascular, metabolic, oncology) targets high-demand, high-margin segments.
- International regulatory approvals and licensing deals expected to lift overseas revenue share.
- Leadership change in Sept 2022 with Ye Yuxiang as chairman may accelerate strategic shifts toward innovation and globalization.
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