Breaking Down Sirio Pharma Co., Ltd. Financial Health: Key Insights for Investors

From a 1993 start as a nutraceutical CDMO to becoming the first A-share listed CDMO in its sector on ChiNext in September 2019 (ticker 300791.SZ), Sirio Pharma has grown into a global force with nine automated production bases and five R&D centers across Asia, North America and Europe, a January 2024 acquisition of California-based Best Formulations, and a December 2024 plan to invest up to USD 40 million in a Thailand factory to bolster its supply chain; as of December 2025 the company trades 305.65 million shares outstanding with a market capitalization of about CNY 7.04 billion, following a 1.3 forward stock split in May 2025, and in 2024 reported revenue of CNY 4.21 billion (up 17.56% YoY) and net income of CNY 325.06 million (up 15.66% YoY), while offering end-to-end services-from R&D and innovative dosage forms like plant-based softgels and beadlets to global manufacturing of softgels, gummies, powders and functional beverages-that serve lifecycle-specific categories such as probiotics, brain and metabolic health, sports nutrition and immune support, and have driven a 6.69% rise in the stock over the past 52 weeks.

Sirio Pharma Co., Ltd. (300791.SZ): Intro

• Founded: 1993 (CDMO specializing in nutraceuticals)
• Listing: September 2019 - Shenzhen Stock Exchange, ChiNext Market (300791.SZ); first A‑share listed CDMO in the nutritional & health food sector
• Global footprint: 9 automated production bases and 5 R&D centers across Asia, North America and Europe
• Major M&A: January 2024 - acquired majority stake in Best Formulations (California), a contract manufacturer of supplements and personal care
• Capex expansion: December 2024 - announced up to USD 40 million investment to build a factory in Chonburi, Thailand
• Status (Dec 2025): Recognized global leader in nutraceutical CDMO services, offering end-to-end solutions

• End-to-end CDMO services: ideation, formulation, clinical support where required, scale-up, automated production, secondary packaging, QA/QC, warehousing and distribution
• R&D network: five R&D centers enabling regional formulation optimization, regulatory support and accelerated product development
• Manufacturing footprint: nine automated production bases designed for flexible scale (softgels, capsules, tablets, powders, liquids, personal care)
• Regulatory & quality systems: compliance with regional standards (e.g., GMP, FDA-related audits through US operations) and in-house QA/QC labs
• Customer model: B2B CDMO contracts (private label, custom formulations) plus co‑development partnerships for new product launches

• Manufacturing contracts: volume-based revenue from production runs (bespoke batches and long-term supply agreements)
• R&D & formulation fees: paid engagements for product development, stability testing and regulatory dossiers
• Value-added services: packaging, labeling, logistics and market support/consulting for clients entering new markets
• M&A and geographic expansion: inorganic growth (e.g., Best Formulations acquisition) to capture regional margins and local customer contracts
• Capacity investments: new facilities (e.g., Chonburi, USD 40M) to reduce unit costs, shorten lead times and mitigate single‑market risk

• Listed entity: A‑share public company on Shenzhen ChiNext (300791.SZ) since Sept 2019
• Shareholder mix: institutional investors, public float and strategic partners (post‑IPO structure typical for ChiNext listings; specific holdings vary with disclosures on the company's investor relations filings)
• International subsidiaries/affiliate operations: includes acquired Best Formulations in California and production/office entities across Asia and Europe to support regional clients

• Geographic diversification: Thailand plant (USD 40M) and US acquisition reduce dependence on any single manufacturing market and hedge against regional regulatory or trade disruptions
• Vertical integration: in‑house R&D and full-service offerings increase client stickiness and capture higher margin services beyond pure manufacturing
• M&A strategy: targeted acquisitions (e.g., Best Formulations) provide immediate access to regional customers, existing contracts and regulatory footprints

Sirio Pharma Co., Ltd. (300791.SZ): History

• Public listing: Shenzhen Stock Exchange, ticker 300791.SZ.
• Shares outstanding (post-split, Dec 2025): 305.65 million.
• Forward stock split: May 2025, ratio 1.3 (increased float).
• Focus areas: controlled-release formulations, generic portfolio expansion, and contract manufacturing.

• The ownership mix-insiders ~20.76%, institutions ~17.63%, public ~61.61%-supports governance balance and access to capital for strategic initiatives.
• Post-split share count and market cap reflect efforts to enhance tradability while preserving capital structure for growth.

Sirio Pharma Co., Ltd. (300791.SZ): Ownership Structure

• Mission: Advance nutrition science and technology to deliver value to health for global clients and consumers.
• Vision: Be the first-choice innovation leader in nutrition science and technology.
• Strategic pillars: Technological innovation and globalization.
• Global footprint: 9 automated production bases; 5 R&D centers; strategic partnerships with leading domestic and international enterprises.

• Business model highlights: B2B and OEM/ODM services, ingredient supply to food, beverage, supplement and medical-nutrition sectors, plus integrated downstream support (logistics, packaging, regulatory and marketing).
• Revenue drivers: Ingredient sales, contract manufacturing, proprietary formulations and collaboration/licensing agreements.

• How it makes money:
  • Direct sales of nutritional ingredients to food, beverage and supplement manufacturers.
  • Contract manufacturing and OEM/ODM production for domestic and international brands.
  • Research & development services and co-development/licensing arrangements.
  • Value-added services: packaging, logistics, regulatory support and marketing partnerships.
• Ownership structure (high level):
  • Major shareholders: mix of founding management, strategic corporate partners and institutional investors (public disclosure via company filings and exchange announcements).
  • Public float: Listed free float subject to market trading on Shenzhen exchange.

Sirio Pharma Co., Ltd. (300791.SZ): Mission and Values

• Automated global manufacturing: Sirio Pharma operates nine automated production facilities across Asia, North America, and Europe, enabling scalable, consistent output and cross-border supply continuity.
• Integrated production platform: The company's manufacturing ecosystem integrates formulation development, pilot-scale validation, and full-scale automated production to shorten time-to-market for customers.
• Technology-driven quality control: Advanced process control, in-line monitoring, and data-driven quality assurance underpin batch-to-batch consistency and regulatory compliance.
• Flexible dosage-form capabilities: Manufacturing lines support a broad set of dosage forms to meet category and market preferences.

• Core dosage forms: softgels, gummies, liquids, tablets, powders, hard capsules.
• Innovative formats: plant-based (vegan) softgels and beadlets for taste-masking, controlled release, and microdosing.
• Tailored solutions: bespoke formulations for brand partners, private label customers, and clinical/functional claims support.

• Life-stage focus: expectant mothers, infants, children, young adults, seniors, and women-formulations tailored to nutrient profiles and dosing recommendations for each group.
• Consumer segmentation: channel-specific SKU design for mass retail, e-commerce, and professional channels.

• Beauty & wellness (collagen, skin-support blends)
• Probiotics & gut health
• Brain & metabolic health (nootropics, glycemic support blends)
• Sports nutrition (protein, performance recovery)
• Bone & joint health (calcium/vitamin D, joint support complexes)
• Immune support (vitamin C, D, zinc, multi-nutrient immune blends)
• Energy enhancement (B-complex, adaptogens)
• Anti-aging (antioxidant complexes, mitochondrial support)

• Contract manufacturing (CDMO) services: fee-based revenue from formulation development, pilot runs, and full-scale manufacturing. The nine-site automated footprint creates capacity to fulfill multi-million-unit annual orders across regions.
• Private label and OEM partnerships: recurring orders and multi-year supply agreements with retail and direct-to-consumer brands.
• Proprietary and co-branded formulations: margin-enhancing SKUs where Sirio provides recipe/IP and shares in branding or distribution economics.
• Value-added services: packaging, labeling, market-specific regulatory support, stability testing and shelf-life certification.
• Ingredient sourcing and formulation licensing: revenue from specialty ingredient integration and licensing of novel dosage technologies (e.g., plant-based softgels, beadlets).

• Automated lines reduce per-unit labor costs and increase throughput, enabling lower marginal costs as volumes scale.
• Regional facilities hedge FX and tariff risks while reducing lead times for cross-border customers.
• Multi-dosage capability allows product bundling and SKU rationalization to improve factory utilization rates.

• End-to-end offering from concept and regulatory support through automated manufacturing and global distribution.
• Innovation in delivery formats (plant-based softgels, beadlets) that address consumer preference shifts toward clean-label and convenience.
• Focus on core functional categories aligned with secular demand drivers: immunity, gut health, aging, and sports nutrition.

Sirio Pharma Co., Ltd. (300791.SZ): How It Works

• Primary revenue model: fee-for-service CDMO contracts (formulation, tooling, production, packaging, quality control) plus recurring manufacturing supply agreements.
• Product portfolio driving sales:
  • Softgel dietary supplements (including vegetarian softgels)
  • Nutritious gummies and probiotic balls
  • Tablets, powders, and capsules
  • Functional ready-to-drink beverages
• Client mix: global nutraceutical brands, private-label retailers, and direct-to-consumer startups requiring outsourced manufacturing and development.

• R&D and formulation: in-house laboratories for active ingredient compatibility, stability testing, and customized delivery forms.
• Clinical and regulatory support: dossier preparation and compliance with multiple regulatory regimes (China, EU, US, ASEAN).
• Manufacturing footprint: multi-site production with capabilities across softgels, gummies, tablets, powders, and aseptic beverage filling; planned expansion via a Thailand factory to serve ASEAN and export markets.
• Quality systems: GMP-certified processes, third-party audits, and traceability to support premium clients.

• High-margin services: formulation premiums, proprietary processes (e.g., vegetarian softgels), and private-label premiumization.
• Volume manufacturing: scale economics on large orders for gummies, tablets, and softgels reduce unit cost and improve gross margin.
• Geographic diversification: exports and overseas clients reduce concentration risk and capture higher ASPs (average selling prices) in developed markets.
• M&A and investments: acquisitions like the majority stake in Best Formulations improve product breadth, client access, and cross-selling opportunities-contributing to the 17.56% revenue growth in 2024.

• Capacity expansion (new plants and equipment deployments)
• New product line introductions (e.g., functional beverages, probiotics)
• Strategic partnerships and acquisitions to secure feedstock, tech, or market access
• Value-added services (regulatory filing support, private-label design, packaging innovation)

• Listed on Shenzhen Stock Exchange: ticker 300791.SZ, providing access to capital for capex and M&A.
• Strategic investors and management hold positions that align incentives toward long-term manufacturing scale and international expansion.
• Recent strategic moves include the majority stake in Best Formulations and the planned Thailand facility to bolster Southeast Asia presence.

Sirio Pharma Co., Ltd. (300791.SZ): How It Makes Money

• Primary revenue streams: CDMO manufacturing fees, formulation and R&D services, licensing and co-development agreements, private-label production, and sales of proprietary nutraceutical ingredients.
• Geographic reach: domestic China sales plus exports to Asia-Pacific, Europe, and North America via a global manufacturing network and distributor agreements.
• Strategic investments: forward stock split (May 2025) to improve liquidity and a planned Thailand factory to expand regional production capacity.

• High-capacity manufacturing - economies of scale reduce per-unit cost for large CDMO contracts.
• Proprietary formulations and ingredient IP - higher margins from owned products and licensing.
• R&D services - fee-for-service and milestone payments from co-development deals.
• Global supply optimization - regional factories (including planned Thailand site) lower logistics costs and improve lead times.
• Strategic partnerships - long-term contracts with supplement brands and distributors ensure recurring revenue.

• Market cap of ~CNY 7.04 billion (Dec 2025) reflects investor confidence in scale and growth potential.
• Stock up 6.69% over 52 weeks, indicating positive sentiment following capital actions like the May 2025 forward split.
• Ongoing investments in technological innovation, sustainability practices, and supply-chain optimization to capture rising global nutraceutical demand.