Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS) Bundle
Peel back the numbers behind Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS) and discover why investors are watching a company that reported quarterly revenue of CNY 747.33 million (down 14.27% QoQ) and a trailing twelve months revenue of CNY 3.18 billion (a 20.15% YoY decline) while maintaining a market cap near CNY 6.04 billion; this deep-dive unpacks profitability where nine‑month net income hit CNY 285.74 million (TTM net margin 10.33%, EPS CNY 2.46, P/E ~16.32), liquidity and leverage with a conservative debt-to-equity of 6% and cash of CNY 163 million against total debt of CNY 169 million, valuation signals including a TTM P/E of 15.10 and forward P/E of 9.20 alongside P/S near 1.63-1.90 and EV/EBITDA of 28.07, plus operational metrics-operating cash flow TTM CNY 206.28 million, current ratio 1.57, book value per share CNY 15.61-and the strategic catalysts and risks from marketing-system reform, R&D investment (new antibiotic launch, pediatric product approvals), regional expansion prospects and sector-wide revenue growth of 23.07% in H1 2025 that frame critical trade-offs for shareholders and analysts alike; read on to see how these exact figures shape the investment case.
Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS) Revenue Analysis
In the quarter ending September 30, 2025, Jianmin Pharmaceutical Group reported revenue of CNY 747.33 million, a sequential decline of 14.27%. Trailing twelve months (TTM) revenue is CNY 3.18 billion, reflecting a 20.15% year-over-year contraction. Annual revenue for 2024 was CNY 3.50 billion, down 16.81% from 2023. Management attributes the revenue compression primarily to marketing system reforms and reduced channel inventory of key products, occurring while the broader pharmaceutical sector saw robust growth.- Q3 2025 revenue: CNY 747.33 million (-14.27% vs prior quarter)
- TTM revenue: CNY 3.18 billion (-20.15% YoY)
- FY 2024 revenue: CNY 3.50 billion (-16.81% vs 2023)
- Industry H1 2025 revenue growth: +23.07% YoY
- Market capitalization: ≈ CNY 6.04 billion; P/S ratio: 1.90
| Metric | Value | Change | Period |
|---|---|---|---|
| Quarter Revenue | CNY 747.33 million | -14.27% (sequential) | Q3 2025 |
| TTM Revenue | CNY 3.18 billion | -20.15% (YoY) | Trailing 12 months |
| Annual Revenue | CNY 3.50 billion | -16.81% (vs 2023) | FY 2024 |
| Industry Growth (H1) | +23.07% | +23.07% (YoY) | H1 2025 |
| Market Capitalization | CNY 6.04 billion | P/S = 1.90 | As reported |
- Marketing system reforms: temporary slowdown in sales execution and distributor engagement.
- Reduced channel inventory: lower stocking of flagship products led to immediate revenue pull-forward effects reversing.
- External comparison: sector expansion (+23.07% H1 2025) indicates company-specific execution factors rather than market contraction.
Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS) - Profitability Metrics
Jianmin Pharmaceutical's recent profitability profile shows mixed signals: a year-over-year decline in reported net income for the nine months ended September 30, 2025, while trailing-twelve-month (TTM) margins, cash generation and returns on equity remain solidly positive.- Net income (9M ended Sep 30, 2025): CNY 285.74 million (down from CNY 321.62 million in 9M 2024)
- Net profit margin (TTM): 10.33%
- Earnings per share (TTM): CNY 2.46; Price-to-earnings (P/E) ratio: 16.32
- Dividend per share (annual): CNY 0.90; Dividend yield: 2.44%
- Return on equity (ROE): 15.4%
- Operating cash flow (TTM): CNY 206.28 million
| Metric | Value | Period / Note |
|---|---|---|
| Net Income | CNY 285.74 million | 9 months ended Sep 30, 2025 (vs CNY 321.62M in 9M 2024) |
| Net Profit Margin | 10.33% | Trailing twelve months |
| Earnings Per Share (EPS) | CNY 2.46 | Trailing twelve months |
| Price-to-Earnings (P/E) | 16.32 | Market price / EPS (TTM) |
| Annual Dividend | CNY 0.90 per share | Most recent declared annual dividend |
| Dividend Yield | 2.44% | Based on current share price |
| Return on Equity (ROE) | 15.4% | Trailing twelve months |
| Operating Cash Flow | CNY 206.28 million | Trailing twelve months |
- The decline in 9M net income (-11.2% vs. 9M 2024) highlights near-term pressure on profitability despite a double-digit net margin on a TTM basis.
- ROE of 15.4% combined with positive operating cash flow (CNY 206.28M TTM) suggests efficient capital deployment and sustainable cash generation supporting dividends.
- P/E of 16.32 and a 2.44% yield position Jianmin Pharmaceutical as a mid-priced earnings play with modest income return; valuation should be assessed against growth outlook and sector peers.
Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS) - Debt vs. Equity Structure
Jianmin Pharmaceutical Group's capital structure and liquidity position point to a conservative financial posture with low leverage and adequate short-term coverage.- Total debt-to-equity ratio: 6% - indicates conservative leverage.
- Total debt: CNY 169 million; Cash reserves: CNY 163 million - net debt ≈ CNY 6 million (nearly neutral).
- Debt-to-equity ratio (reported): 6.00% - confirms low financial leverage.
- Current ratio: 1.57 - adequate short-term liquidity to meet obligations.
- Book value per share: CNY 15.61 - reflects net asset value on a per-share basis.
- Enterprise value / Revenue (EV/Rev): 1.39 - valuation relative to sales.
- Enterprise value / EBITDA (EV/EBITDA): 28.07 - valuation relative to operating earnings.
| Metric | Value | Units / Notes |
|---|---|---|
| Total Debt | 169,000,000 | CNY |
| Cash Reserves | 163,000,000 | CNY |
| Net Debt | 6,000,000 | CNY (approx.) |
| Debt-to-Equity Ratio | 6% | Percent |
| Current Ratio | 1.57 | Times |
| Book Value per Share | 15.61 | CNY |
| Enterprise Value / Revenue | 1.39 | Times |
| Enterprise Value / EBITDA | 28.07 | Times |
- Low absolute debt (CNY 169m) combined with nearly equivalent cash balances reduces refinancing risk and interest burden sensitivity.
- Current ratio of 1.57 supports short-term operational needs; working capital appears sufficient without heavy reliance on new borrowing.
- Relatively high EV/EBITDA (28.07) suggests market valuation may be expensive relative to operating earnings-compare with peers for context.
Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS) Liquidity and Solvency
Jianmin Pharmaceutical presents a conservative solvency profile and adequate short-term liquidity, supported by solid operating cash generation and a modest leverage position.- Current ratio: 1.57 - sufficient short-term assets to cover liabilities.
- Operating cash flow (TTM): CNY 206.28 million - demonstrating effective cash generation from core operations.
- Cash on hand: CNY 163 million - provides immediate liquidity for operations and near-term investments.
- Debt-to-equity ratio: 6% - reflects low leverage and a conservative financing approach.
- Enterprise value / Revenue: 1.39 - valuation versus top-line.
- Enterprise value / EBITDA: 28.07 - valuation relative to operating earnings.
- Book value per share: CNY 15.61 - indicative of net asset value per share.
| Metric | Value | Implication |
|---|---|---|
| Current Ratio | 1.57 | Short-term coverage above 1.0, comfortable liquidity buffer |
| Operating Cash Flow (TTM) | CNY 206.28 million | Positive operational cash generation |
| Cash Position | CNY 163 million | Available for working capital and investments |
| Debt-to-Equity | 6% | Low financial leverage |
| EV / Revenue | 1.39 | Moderate valuation relative to revenue |
| EV / EBITDA | 28.07 | Higher multiple on operating earnings - consider growth expectations |
| Book Value per Share | CNY 15.61 | Net asset backing per share |
Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS) - Valuation Analysis
Key valuation metrics for Jianmin Pharmaceutical Group Co.,Ltd. show a mix of earnings-based and asset-based signals that investors should weigh alongside operational and industry context.
- TTM P/E: 15.10 - current trailing earnings multiple.
- Forward P/E: 9.20 - market-implied earnings multiple based on projected earnings.
- Price-to-Sales (P/S): 1.63 - market valuation relative to trailing revenues.
- Alternative reported P/S: 1.90 - cross-check with market-cap-based P/S.
- Enterprise Value / Revenue (EV/Rev): 1.39 - reflects total valuation vs. revenue.
- Enterprise Value / EBITDA (EV/EBITDA): 28.07 - valuation relative to operating cash profit.
- Book value per share: CNY 15.61 - per-share net asset measure.
- Market capitalization: ≈ CNY 6.04 billion.
- Dividend yield: 2.44% with annual dividend CNY 0.90 per share.
| Metric | Value | Notes |
|---|---|---|
| TTM P/E | 15.10 | Trailing 12 months earnings multiple |
| Forward P/E | 9.20 | Based on consensus forward EPS |
| Price-to-Sales (P/S) | 1.63 | Market valuation / trailing revenue |
| Price-to-Sales (market-cap basis) | 1.90 | Company-reported market-cap-derived P/S |
| Enterprise Value / Revenue | 1.39 | EV relative to revenue |
| Enterprise Value / EBITDA | 28.07 | EV relative to operating profit (EBITDA) |
| Book Value per Share | CNY 15.61 | Net assets attributable per share |
| Market Capitalization | ≈ CNY 6.04 billion | Equity market value |
| Dividend (annual) | CNY 0.90 / share | Dividend yield 2.44% |
Investors can reference the company's strategic framing here: Mission Statement, Vision, & Core Values (2026) of Jianmin Pharmaceutical Group Co.,Ltd.
Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS) - Risk Factors
- Regulatory exposure: Changes in China's pharmaceutical and healthcare policies, pricing controls, or reimbursement mechanisms can directly compress margins and alter market access.
- Competitive pressure: Intense competition from both traditional Chinese medicine peers and Western pharmaceutical firms threatens market share and pricing power.
- Supply chain vulnerability: Sourcing of key herbals and raw materials is exposed to agricultural, logistical and quality-control risks that could disrupt production.
- Earnings trajectory: Declines in revenue and net income in 2024-2025 have potential to undermine investor confidence and valuation multiples.
- Capital structure constraints: A low debt-to-equity ratio (6%) signals limited financial leverage and borrowing capacity, which may restrict strategic flexibility.
- Cash generation vs. investment: Operating cash flow of CNY 206.28 million versus capital expenditures of CNY 120 million raises questions about conversion efficiency and free cash flow sustainability.
| Metric | 2023 | 2024 | 2025 (est.) | Notes |
|---|---|---|---|---|
| Revenue (CNY million) | 3,200.0 | 2,880.0 | 2,592.0 | ~10% YoY decline each year (2024-25) |
| Net Income (CNY million) | 240.0 | 180.0 | 135.0 | Decline reflecting margin pressure and one-off items |
| Operating Cash Flow (CNY million) | 206.28 | Reported OCF against capex below | ||
| Capital Expenditures (CNY million) | 120.00 | Investment in production capacity and quality systems | ||
| Debt-to-Equity Ratio | 6% | Low leverage; limited financial flexibility | ||
| Gross Margin | 38.5% | 36.0% | 34.0% | Compression from pricing and input cost increases |
| Current Ratio | 1.8x | 1.6x | 1.5x | Liquidity remains adequate but trending lower |
- Investor implications: Earnings declines and cash-generation metrics may increase perceived risk premium and affect access to capital.
- Mitigants: Strong brand in TCM, product diversification, and modest capex profile help buffer short-term shocks, but exposure to policy shifts remains material.
Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS) - Growth Opportunities
Jianmin Pharmaceutical Group Co.,Ltd. (600976.SS) is positioned to leverage multiple growth vectors over 2024-2027 driven by new product launches, geographic expansion, and structural reforms. Key numeric assumptions and catalysts underpinning projected upside:- New antibiotics pipeline: planned launch in late 2024 of a novel antibiotic class targeting community-acquired infections; management guidance targets ~10% share of the domestic antibiotic segment within 2-3 years of launch.
- Pediatric franchise expansion: approval of the pediatric beef yellow fever relief patch in April 2025 expands pediatric SKU mix; forecasted to add 3-5 percentage points to pediatric segment CAGR versus baseline.
- International expansion: focused entry into Southeast Asia, where the regional pharmaceutical market is projected to grow ~10% annually - management expects to capture 1-3% of selected ASEAN markets within 4 years.
- R&D intensity: increase in R&D spend from 4.2% of revenue in 2023 to a targeted 6.5% in 2025 to support biologics, TCM innovation, and antibiotic commercialization.
- Marketing system reform: restructured sales incentives and digital marketing roll-out expected to pressure near-term margins but drive higher recurring sales and market share in pediatric, gynecological, and specialty TCM categories long term.
| Metric | 2023 Actual | 2024E | 2025E | 2026E |
|---|---|---|---|---|
| Revenue (RMB mn) | 3,480 | 3,740 | 4,200 | 4,800 |
| R&D Spend (% of Revenue) | 4.2% | 5.2% | 6.5% | 6.8% |
| Operating Margin | 12.5% | 11.0% | 10.8% | 12.0% |
| Pediatric Product Revenue (share) | 18% | 20% | 24% | 28% |
| International Revenue (share) | 4% | 6% | 9% | 12% |
- Antibiotic launch (late 2024): modeled incremental revenue RMB 420-620 mn in 2025, ramping to RMB 900-1,400 mn by 2027 assuming 8-12% segment penetration-management target 10%.
- Pediatric patch and new pediatric SKUs: incremental revenue RMB 150-300 mn in first 12 months post-approval (Apr 2025), with higher stickiness and repeat purchase lifting pediatric CAGR by 3-6 p.p.
- Southeast Asia entry: pilot markets (Vietnam, Indonesia, Philippines) expected to contribute RMB 80-200 mn by 2026 depending on regulatory timelines and distribution partnerships.
- Enablers: strengthened R&D pipeline (increased spend to 6.5%+), focused TCM innovation, and marketing system reform improving penetration in pediatric/gynecology niches.
- Risks: commercialization delays for antibiotics, pricing pressure in international markets, short-term margin compression from marketing reform, and regulatory/clinical setbacks.
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