Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) Bundle
Investors weighing Shenzhen Kangtai Biological (300601.SZ) will want to dig into the numbers: Q1 2025 revenue jumped to CNY 645.2 million (+42.85% YoY) against a full-year 2024 revenue slump to CNY 2.65 billion (-23.75% vs. 2023) and a TTM revenue of CNY 2.70 billion (-11.03% YoY), while market cap sits at CNY 17.02 billion with a P/S of 6.38; profitability shows strain-H1 2025 net income was CNY 37.53 million (down from CNY 165.34 million), TTM net income is CNY -100.29 million and trailing P/E is a lofty 100.87 versus a forward P/E of 21.01-balance sheet and cash metrics reveal CNY 1.95 billion total debt, a debt-to-equity ratio of 20.18, current ratio 2.68, TTM operating cash flow of CNY 633.13 million but levered free cash flow of CNY -220.51 million and only CNY 219.94 million in cash; key risks include termination of the AstraZeneca COVID-19 license in October 2025 and a 24.77% market-cap decline over the past year, yet growth vectors-144.07% rise in immunization program vaccine sales, nearly 30 pipeline projects with 18 in registration, and analyst forecasts of +98.1% earnings and +18.3% revenue annually-alongside a recent analyst price target of CNY 18.60 keep the debate open for readers seeking a deep dive
Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) - Revenue Analysis
Shenzhen Kangtai Biological Products Co., Ltd. reported mixed revenue dynamics driven by a sharp recovery in immunization program vaccines offsetting declines in non-immunization channels.
- Q1 2025 revenue: CNY 645.2 million, +42.85% YoY
- Full year 2024 revenue: CNY 2.65 billion, -23.75% vs. CNY 3.48 billion in 2023
- Trailing twelve months (TTM) revenue: CNY 2.70 billion, -11.03% YoY
- Non-immunization program vaccines sales: -26.02% in 2024
- Immunization program vaccines sales: +144.07% in 2024
- Market capitalization (12 Dec 2025): CNY 17.02 billion; P/S ratio: 6.38
| Period | Revenue (CNY) | YoY change | Notes |
|---|---|---|---|
| Q1 2025 | 645,200,000 | +42.85% | Strong quarter led by immunization vaccine uptake |
| Full Year 2024 | 2,650,000,000 | -23.75% | Decline driven by non-immunization channel contraction |
| Full Year 2023 | 3,480,000,000 | - | Baseline year for 2024 comparison |
| TTM (latest) | 2,700,000,000 | -11.03% | Reflects recent recovery but still below 2023 levels |
| Market Cap (12 Dec 2025) | 17,020,000,000 | - | P/S = 6.38 |
Revenue composition shift:
- Non-immunization program vaccines: 2024 sales declined 26.02% - primary driver of full-year revenue drop.
- Immunization program vaccines: surged 144.07% in 2024, underpinning Q1 2025 growth and TTM stabilization.
For further context on company strategy, product mix and ownership background, see: Shenzhen Kangtai Biological Products Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) - Profitability Metrics
Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) experienced a notable contraction in profitability in the first half of 2025 versus the prior-year period. Net income for 1H25 fell to CNY 37.53 million from CNY 165.34 million in 1H24, while basic and diluted EPS from continuing operations declined to CNY 0.03 (both) from CNY 0.15. The trailing twelve months (TTM) picture is weaker: TTM net income is negative at CNY -100.29 million, yielding a TTM EPS of CNY -0.08. Despite negative TTM net income, some margin and efficiency metrics remain positive but modest.- 1H25 net income: CNY 37.53 million (vs. CNY 165.34 million in 1H24)
- 1H25 basic & diluted EPS (continuing ops): CNY 0.03 (vs. CNY 0.15 in 1H24)
- TTM net income: CNY -100.29 million
- TTM EPS: CNY -0.08
| Metric | Value |
|---|---|
| Profit margin (TTM) | 5.98% |
| Operating margin (TTM) | 7.72% |
| Return on Assets (ROA) | 0.45% |
| Return on Equity (ROE) | 1.76% |
| Trailing P/E | 100.87 |
- Valuation vs. earnings: A trailing P/E of 100.87 signals a high market valuation relative to trailing earnings, which is especially notable given the TTM net loss (CNY -100.29 million) and negative TTM EPS (CNY -0.08).
- Margins: Operating margin (7.72%) exceeds profit margin (5.98%), indicating non-operating items, taxes, or interest are compressing net profitability beyond operating performance.
- Return metrics: ROA of 0.45% and ROE of 1.76% are low, reflecting limited asset efficiency and shareholder returns amid declining net income.
- EPS trajectory: The fall from CNY 0.15 to CNY 0.03 (1H YoY) and negative TTM EPS suggest earnings volatility and potential one-off or structural pressures impacting net results.
Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) - Debt vs. Equity Structure
- Total debt (most recent quarter): CNY 1.95 billion.
- Total debt-to-equity ratio: 20.18 - indicating a high level of leverage relative to shareholders' equity.
- Current ratio: 2.68 - suggesting adequate short-term liquidity to cover current liabilities.
- Book value per share: CNY 8.67.
- Enterprise value / Revenue: 6.57; Enterprise value / EBITDA: 42.14 - signaling a relatively steep valuation versus operating earnings.
- Market capitalization (one-year change): decreased 24.77% from CNY 22.85 billion to CNY 17.02 billion.
| Metric | Value | Notes |
|---|---|---|
| Total Debt | CNY 1.95 billion | Short- and long-term interest-bearing debt combined (most recent quarter) |
| Debt-to-Equity Ratio | 20.18 | High leverage measure (ratio expressed as a numeric value) |
| Current Ratio | 2.68 | Current assets / current liabilities |
| Book Value per Share | CNY 8.67 | Shareholders' equity divided by shares outstanding |
| Enterprise Value / Revenue | 6.57 | EV relative to top-line |
| Enterprise Value / EBITDA | 42.14 | EV relative to operating cash earnings |
| Market Capitalization (prior year) | CNY 22.85 billion → CNY 17.02 billion | Decline of 24.77% over the past year |
- Implications for investors: leverage at a 20.18 debt-to-equity level increases sensitivity to earnings volatility; current ratio of 2.68 provides a cushion for short-term obligations.
- Valuation context: EV/Revenue of 6.57 and EV/EBITDA of 42.14 suggest a premium valuation relative to peers and earnings - relevant when assessing acquisition or growth expectations.
- Market sentiment: a 24.77% decline in market cap over the past year reflects changing investor expectations or macro pressures; juxtapose this with balance-sheet strength and liquidity.
Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) - Liquidity and Solvency
Key liquidity and solvency metrics for Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) highlight mixed cash generation and adequate short-term coverage:
- Operating cash flow (TTM): CNY 633.13 million
- Levered free cash flow (TTM): CNY -220.51 million
- Total cash (most recent quarter): CNY 219.94 million
- Total cash per share: CNY 0.20
- Current ratio: 2.68 (indicates sufficient short-term assets to cover liabilities)
- Quick ratio: not specified; likely lower than current ratio since it excludes inventory
| Metric | Value | Notes |
|---|---|---|
| Operating Cash Flow (TTM) | CNY 633.13M | Strong positive operating cash generation |
| Levered Free Cash Flow (TTM) | CNY -220.51M | Negative after financing; signals cash demands beyond operations |
| Total Cash (Latest Quarter) | CNY 219.94M | Available liquidity on balance sheet |
| Total Cash per Share | CNY 0.20 | Per-share cushion |
| Current Ratio | 2.68 | Comfortable short-term coverage |
| Quick Ratio | Not specified | Expected to be lower than current ratio (inventory excluded) |
Implications for investors:
- Positive operating cash flow (CNY 633.13M TTM) supports operational resilience.
- Negative levered free cash flow (CNY -220.51M TTM) suggests capital expenditures, debt servicing, or other financing needs are consuming cash beyond operations.
- Current ratio of 2.68 provides a buffer for near-term obligations, though the unspecified quick ratio warrants review of inventory exposure.
- Total cash of CNY 219.94M (CNY 0.20/share) offers limited absolute liquidity relative to potential near-term cash burn implied by negative levered FCF.
For context on ownership and investor activity related to the company, see: Exploring Shenzhen Kangtai Biological Products Co., Ltd. Investor Profile: Who's Buying and Why?
Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) - Valuation Analysis
Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) displays mixed valuation signals: a very high trailing P/E of 100.87 alongside a materially lower forward P/E of 21.01, implying the market expects significant near-term earnings improvement or that recent earnings were depressed by one-off items. The P/B of 1.75 suggests the stock trades at a moderate premium to book value, while EV/Revenue and EV/EBITDA point to premium enterprise-level pricing.- Trailing P/E: 100.87 - high current multiple on reported earnings.
- Forward P/E: 21.01 - market anticipates earnings recovery or growth.
- Price-to-Book (P/B): 1.75 - company valued at 1.75× book.
- Enterprise Value / Revenue: 6.57 - revenue multiple consistent with premium biopharma peers.
- Enterprise Value / EBITDA: 42.14 - indicates expensive earnings before interest, tax, depreciation and amortization basis.
- Market capitalization (1 year): down 24.77% - from CNY 22.85 billion to CNY 17.02 billion.
- Analyst price target (most recent): CNY 18.60 - a 10% downward revision from prior estimates.
| Metric | Value | Comment |
|---|---|---|
| Trailing P/E | 100.87 | Reflects very high multiple on trailing earnings |
| Forward P/E | 21.01 | Indicates expected earnings growth or recovery |
| Price-to-Book (P/B) | 1.75 | Market values assets at 1.75× book |
| EV / Revenue | 6.57 | Premium revenue multiple |
| EV / EBITDA | 42.14 | High enterprise-level earnings multiple |
| Market Capitalization (12-month change) | CNY 17.02 bn (-24.77%) | From CNY 22.85 bn to CNY 17.02 bn |
| Analyst Price Target (most recent) | CNY 18.60 | 10% decrease vs. prior estimates |
Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) - Risk Factors
Shenzhen Kangtai Biological Products Co., Ltd. faces several material risks that investors should weigh carefully. Recent operational and financial developments have increased uncertainty around future profitability, cash generation and market expectations.- Termination of AstraZeneca COVID-19 vaccine license (Oct 2025) - removes a potential revenue stream and may compress near‑term product revenues and margins.
- Negative trailing twelve months (TTM) net income: CNY -100.29 million - indicates ongoing profitability challenges and potential for further losses.
- High financial leverage: total debt-to-equity ratio of 20.18 - elevates solvency and refinancing risk, particularly if cash flows weaken.
- Negative levered free cash flow (TTM): CNY -220.51 million - signals cash burn after financing costs and limited internal funding for capex or dividends.
- Market sentiment deterioration: market capitalization down 24.77% over the past year - reflects investor concern and can increase equity funding costs.
- Analyst revisions: consensus downward adjustments to earnings and revenue forecasts - raises the likelihood of missed expectations and volatile stock reactions.
| Metric | Value | Period/Notes |
|---|---|---|
| TTM Net Income | CNY -100.29 million | Trailing twelve months |
| Levered Free Cash Flow (TTM) | CNY -220.51 million | Trailing twelve months, after financing costs |
| Total Debt-to-Equity Ratio | 20.18 | Most recent reported |
| Market Capitalization Change | -24.77% | Past 12 months |
| Major License Status | Terminated with AstraZeneca | October 2025 |
| Analyst Consensus Trend | Downward revisions | Earnings & revenue forecasts reduced |
- Operational risk: loss of AZ license may force reprioritization of R&D, manufacturing volumes and go‑to‑market plans.
- Refinancing risk: high debt leverage combined with negative levered FCF increases probability of covenant pressure or expensive refinancing.
- Liquidity risk: persistent cash outflows suggest need for equity raises or asset sales, which could dilute shareholders.
- Market/valuation risk: declining market cap and analyst downgrades can amplify price volatility and limit access to capital on favorable terms.
- Execution risk: management must replace lost revenue sources and demonstrate a path back to positive net income and cash flow to restore investor confidence.
Shenzhen Kangtai Biological Products Co., Ltd. (300601.SZ) - Growth Opportunities
Shenzhen Kangtai Biological Products shows several growth vectors driven by vaccine sales, an expanding R&D pipeline and optimistic analyst projections. Key quantitative signals highlight where upside may materialize and where investor attention is warranted.
- Immunization program vaccines: sales rose 144.07% in 2024, reflecting strong product traction in public health channels.
- Pipeline depth: nearly 30 pipeline projects total, with 18 projects already in the registration process - a sign of conversion progress from R&D to commercialization.
- Analyst consensus: forecasted earnings growth of 98.1% and revenue growth of 18.3% per annum, implying rapid margin and top-line expansion if realized.
- Valuation: forward P/E of 21.01, indicating the market is pricing in material future earnings growth.
- Market price dynamics: market capitalization down 24.77% over the past year, which could present an entry opportunity depending on risk appetite.
- Analyst sentiment: recent price target revisions trended lower, latest target CNY 18.60 (≈10% cut vs. earlier targets), implying cautious optimism among sell-side analysts.
| Metric | Value / Note |
|---|---|
| Immunization vaccine sales growth (2024) | +144.07% |
| Pipeline projects | ~30 total; 18 in registration |
| Analyst earnings CAGR (forecast) | +98.1% p.a. |
| Analyst revenue CAGR (forecast) | +18.3% p.a. |
| Forward P/E | 21.01 |
| Market capitalization change (1 year) | -24.77% |
| Latest analyst price target | CNY 18.60 (≈10% reduction from prior) |
Primary catalysts and execution items to monitor:
- Regulatory approvals and registration progress for the 18 projects in the pipeline registration phase.
- Sustained volume and pricing for immunization program vaccines following the 144.07% sales surge.
- Realization of forecasted earnings acceleration (98.1% CAGR) and maintenance of revenue growth (~18.3% p.a.).
- Market sentiment recovery if earnings meet or exceed the expectations embedded in a forward P/E of 21.01.
Principal risks to growth realization:
- Regulatory setbacks or delays in registrations among the 18 pipeline projects.
- Competitive pressures and pricing dynamics in vaccine markets that could compress margins.
- Downward analyst revisions reflect uncertainty - the latest CNY 18.60 target is a reminder of cautious valuation risk.
For context on company background, ownership and how products are commercialized, see: Shenzhen Kangtai Biological Products Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
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