# Asymchem Laboratories Tian Jin (002821.SHE)

Canonical: https://gigainvestors.com/s/002821.SHE

Analysis as of: 2026-10-16T07:36:13.636Z. Financial observations: FY2011–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CNY 158.90 per share; close as of 2026-10-15.

Estimated value: low CNY 51.18 per share, central CNY 55.79 per share, high CNY 61.92 per share. Buy at or below the central value CNY 55.79 per share. Valuation as of 2026-10-16T07:36:13.636Z; scenarios are not confidence intervals.

Expected annual return: 4.8% at the stated quote. About 4.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CN 10-year bond 1.7% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.18×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.29×

- FY2017: 0.29×

- FY2018: 0.25×

- FY2019: 0.25×

- FY2020: 0.24×

- FY2021: 0.23×

- FY2022: 0.30×

- FY2023: 0.33×

- FY2024: 0.19×

- FY2025: 0.19×

### moat: fail

- Recent gross margin fell 4.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 20.5%

- ROIC, second-lowest year: 10.3%

- Typical minus recent gross margin: 4.4 pp

- Typical gross margin (annual median): 46.4%

- Recent gross margin (lower of latest and 3-year median): 42.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 21.2%

- ROIC including acquisitions, ten-year median: 14.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 31.1%

- FY2017: 26.1%

- FY2018: 20.4%

- FY2019: 20.5%

- FY2020: 17.6%

- FY2021: 15.3%

- FY2022: 33.7%

- FY2023: 26.8%

- FY2024: 9.8%

- FY2025: 10.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.75×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 6.6B

- Net income, five-year total: CNY 8.7B

- Return on incremental invested capital: 9.1%

- Working capital / revenue, annual change: 0.7 pp

- Working capital / revenue, change between three-year averages: 3.4 pp

- Working capital / revenue, final three-year average: 40.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.57×

- FY2022: 0.99×

- FY2023: 0.63×

- FY2024: 0.23×

- FY2025: 0.92×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 26.1% vs 10.3%

- Per-share earnings: 1.07 to 3.16 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 6.7%

- Ordinary dilution, 5-year annual growth: 1.5%

- Market cap gain: CNY 7.6B

- Cumulative retained earnings: CNY 8.2B

- Diluted shares, 10-year annual growth: 6.7%

- Diluted shares, 5-year annual growth: 1.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.5%

- Per-share value change: CNY 2.09

- Per-share value, starting three-year median: CNY 1.07

- Per-share value, ending three-year median: CNY 3.16

- Buybacks concentrated in cheaper years (correlation): 0.68

- Average buyback yield: 0.9%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 555M

- Cumulative net income, 10 years: CNY 11B

- ROIC, first three-year median: 26.1%

- ROIC, last three-year median: 10.3%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.41

- FY2017: CNY 1.07

- FY2018: CNY 1.33

- FY2019: CNY 1.72

- FY2020: CNY 2.16

- FY2021: CNY 4.07

- FY2022: CNY 9.00

- FY2023: CNY 6.26

- FY2024: CNY 2.69

- FY2025: CNY 3.16

### accounting: pass

- Sloan accruals: -1.4%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.24×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.03×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.0%

- FY2017: 5.5%

- FY2018: 0.4%

- FY2019: -1.3%

- FY2020: 2.1%

- FY2021: 6.3%

- FY2022: 0.1%

- FY2023: -6.5%

- FY2024: -1.6%

- FY2025: -1.4%

## Holders

## Price story

Down 69% since Nov 2021 · sales +14.9%

Story as of 2026-10-16T10:00:07.095Z; price observation 2026-10-15.

Price needs cash profits to grow 17.6% a year for ten years

### Sales · FY2024–2025

sales +14.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 1.1B 

- FY2017: CNY 1.4B 

- FY2018: CNY 1.8B 

- FY2019: CNY 2.5B 

- FY2020: CNY 3.1B 

- FY2021: CNY 4.6B 

- FY2022: CNY 10B 

- FY2023: CNY 7.8B 

- FY2024: CNY 5.8B 

- FY2025: CNY 6.7B 

### Gross margin · FY2025

gross margin 42%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 51.6% 

- FY2017: 51.7% 

- FY2018: 46.5% 

- FY2019: 45.5% 

- FY2020: 46.3% 

- FY2021: 44.3% 

- FY2022: 47.2% 

- FY2023: 51.0% 

- FY2024: 41.5% 

- FY2025: 42.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in biotechnology; annual sales are CNY 6.7 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2025: revenue 6670181013.25; grossProfit 2800880433.03; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002821.SHE: Asymchem Laboratories (Tianjin) Co., Ltd. provides contract development and manufacturing organization (CDMO) solutions in Mainland China and internationally. It is involved in small molecule CDMO services for projects covering multiple major disease treatment areas, such as oncology, antiviral, anti-infective, cardiovascular, and diabetes; chemical macromolecule CDMO; biomacromolecule CDMO, including antibody-peptide conjugates; formulation CDMO; clinical CRO; synthetic biology and new technology output business. The company also engages in key pharmaceutical intermediates, APIs, and formulations activities. The company was founded in 1998 and is headquartered in Tianjin, China.

### Why customers stay

Margins ranged from 41.5% to 51% during 2023–25; it earns 20.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2023: grossProfit / revenue = 51%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2024: grossProfit / revenue = 41.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2025: grossProfit / revenue = 42%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); 10-year return on capital observations [[2016,0.31126047651223093],[2017,0.2612580595316581],[2018,0.20390786900229307],[2019,0.20510204395897338],[2020,0.17646678040595046],[2021,0.15316309672998368],[2022,0.3366710731723768],[2023,0.26822145644328504],[2024,0.09751280897015661],[2025,0.10345433701413417]]; median 0.20450495648063322. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 65.2% of cash earnings on expansion; earns 9.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2016: growth capex 173648670; upkeep 62719983; owner earnings 252735205. Growth capex / owner earnings = 0.6870774888682406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2017: growth capex 217679532.8487896; upkeep 85721970.1512104; owner earnings 330723214.8487896. Growth capex / owner earnings = 0.6581924796186901.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2018: growth capex 264981600.04724592; upkeep 278176083.9527541; owner earnings 253600934.04724592. Growth capex / owner earnings = 1.0448762779315308.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2019: growth capex 388522824; upkeep 122229235; owner earnings 553863843. Growth capex / owner earnings = 0.7014771390303591.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2020: growth capex 443998430.14044154; upkeep 570961407.8595585; owner earnings 303431592.14044154. Growth capex / owner earnings = 1.4632570953091115.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2021: growth capex 1006710190.6366986; upkeep 653027448.3633014; owner earnings 604231145.6006986. Growth capex / owner earnings = 1.6661011236616643.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2022: growth capex 1827477467; upkeep 323163000; owner earnings 3279663134.788. Growth capex / owner earnings = 0.5572149918738925.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2023: growth capex 0; upkeep 1241609701; owner earnings 1433727540.37. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2024: growth capex 0; upkeep 1130007693; owner earnings 213564090.04200006. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); FY2025: growth capex 679207841.4966041; upkeep 591154344.133396; owner earnings 1040970888.814604. Growth capex / owner earnings = 0.6524753466161246.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); Incremental return on capital 0.09112678921519018, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); Dividend observations: [[2016,35399091],[2017,59146428],[2018,80533787.1],[2019,92523944],[2020,115636661],[2021,145560000],[2022,211272334],[2023,663896507],[2024,641939094],[2025,395066122]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 41% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 002821.SHE SharesStats.PercentInsiders = 41.03 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 17.6% yearly over ten years; actual growth was 13.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:13.636Z); Ten-year compound average after fade. Initial solved rate 0.24176175144085976. Price 158.9; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.8194824257892077 → FY2025 2.904428564148455. Closing-price date 2026-10-15.

## Monthly share-price history (CNY per share)

- 2016-11: CNY 94.25 per share

- 2016-12: CNY 143.49 per share

- 2017-01: CNY 131.12 per share

- 2017-02: CNY 129.89 per share

- 2017-03: CNY 130.78 per share

- 2017-04: CNY 138.26 per share

- 2017-05: CNY 135.60 per share

- 2017-06: CNY 72.97 per share

- 2017-07: CNY 64.92 per share

- 2017-08: CNY 59.10 per share

- 2017-09: CNY 60.21 per share

- 2017-10: CNY 64.09 per share

- 2017-11: CNY 57.23 per share

- 2017-12: CNY 59.85 per share

- 2018-01: CNY 56.50 per share

- 2018-02: CNY 59.28 per share

- 2018-03: CNY 76.50 per share

- 2018-04: CNY 83.65 per share

- 2018-05: CNY 86.21 per share

- 2018-06: CNY 87.23 per share

- 2018-07: CNY 79.48 per share

- 2018-08: CNY 71.04 per share

- 2018-09: CNY 72.19 per share

- 2018-10: CNY 63.23 per share

- 2018-11: CNY 68.90 per share

- 2018-12: CNY 67.85 per share

- 2019-01: CNY 71.00 per share

- 2019-02: CNY 84.30 per share

- 2019-03: CNY 92.04 per share

- 2019-04: CNY 91.21 per share

- 2019-05: CNY 86.90 per share

- 2019-06: CNY 98.08 per share

- 2019-07: CNY 94.53 per share

- 2019-08: CNY 109.58 per share

- 2019-09: CNY 117.85 per share

- 2019-10: CNY 127.80 per share

- 2019-11: CNY 123.00 per share

- 2019-12: CNY 129.50 per share

- 2020-01: CNY 152.01 per share

- 2020-02: CNY 179.08 per share

- 2020-03: CNY 171.69 per share

- 2020-04: CNY 188.73 per share

- 2020-05: CNY 217.55 per share

- 2020-06: CNY 243.00 per share

- 2020-07: CNY 218.35 per share

- 2020-08: CNY 274.00 per share

- 2020-09: CNY 263.49 per share

- 2020-10: CNY 274.13 per share

- 2020-11: CNY 240.30 per share

- 2020-12: CNY 299.14 per share

- 2021-01: CNY 293.48 per share

- 2021-02: CNY 263.00 per share

- 2021-03: CNY 288.87 per share

- 2021-04: CNY 328.90 per share

- 2021-05: CNY 373.00 per share

- 2021-06: CNY 372.60 per share

- 2021-07: CNY 397.22 per share

- 2021-08: CNY 350.01 per share

- 2021-09: CNY 445.90 per share

- 2021-10: CNY 398.21 per share

- 2021-11: CNY 513.13 per share

- 2021-12: CNY 435.00 per share

- 2022-01: CNY 325.48 per share

- 2022-02: CNY 340.41 per share

- 2022-03: CNY 367.00 per share

- 2022-04: CNY 267.05 per share

- 2022-05: CNY 261.65 per share

- 2022-06: CNY 289.00 per share

- 2022-07: CNY 164.90 per share

- 2022-08: CNY 171.55 per share

- 2022-09: CNY 138.70 per share

- 2022-10: CNY 143.19 per share

- 2022-11: CNY 134.16 per share

- 2022-12: CNY 148.00 per share

- 2023-01: CNY 159.60 per share

- 2023-02: CNY 143.21 per share

- 2023-03: CNY 133.33 per share

- 2023-04: CNY 126.45 per share

- 2023-05: CNY 131.80 per share

- 2023-06: CNY 117.86 per share

- 2023-07: CNY 124.60 per share

- 2023-08: CNY 133.05 per share

- 2023-09: CNY 151.70 per share

- 2023-10: CNY 150.95 per share

- 2023-11: CNY 144.00 per share

- 2023-12: CNY 116.10 per share

- 2024-01: CNY 85.52 per share

- 2024-02: CNY 101.60 per share

- 2024-03: CNY 86.04 per share

- 2024-04: CNY 82.65 per share

- 2024-05: CNY 76.69 per share

- 2024-06: CNY 65.80 per share

- 2024-07: CNY 74.14 per share

- 2024-08: CNY 63.67 per share

- 2024-09: CNY 83.73 per share

- 2024-10: CNY 82.91 per share

- 2024-11: CNY 83.90 per share

- 2024-12: CNY 76.09 per share

- 2025-01: CNY 74.50 per share

- 2025-02: CNY 81.64 per share

- 2025-03: CNY 78.75 per share

- 2025-04: CNY 82.00 per share

- 2025-05: CNY 94.23 per share

- 2025-06: CNY 88.25 per share

- 2025-07: CNY 114.24 per share

- 2025-08: CNY 106.92 per share

- 2025-09: CNY 113.70 per share

- 2025-10: CNY 98.09 per share

- 2025-11: CNY 92.75 per share

- 2025-12: CNY 92.93 per share

- 2026-01: CNY 99.13 per share

- 2026-02: CNY 97.50 per share

- 2026-03: CNY 110.77 per share

- 2026-04: CNY 125.56 per share

- 2026-05: CNY 117.42 per share

- 2026-06: CNY 162.00 per share

- 2026-07: CNY 152.65 per share

- 2026-08: CNY 161.60 per share

- 2026-09: CNY 188.62 per share

- 2026-10: CNY 171.65 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 15.46 per share, central CNY 16.78 per share, high CNY 18.53 per share

- FY2017: low CNY 11.55 per share, central CNY 12.80 per share, high CNY 14.45 per share

- FY2018: low CNY 13.37 per share, central CNY 14.95 per share, high CNY 17.06 per share

- FY2019: low CNY 19.97 per share, central CNY 22.56 per share, high CNY 26.01 per share

- FY2020: low CNY 29.38 per share, central CNY 32.58 per share, high CNY 36.83 per share

- FY2021: low CNY 58.01 per share, central CNY 72.20 per share, high CNY 80.46 per share

- FY2022: low CNY 72.12 per share, central CNY 94.58 per share, high CNY 107.65 per share

- FY2023: low CNY 78.22 per share, central CNY 101.27 per share, high CNY 114.69 per share

- FY2024: low CNY 46.72 per share, central CNY 54.10 per share, high CNY 59.77 per share

- FY2025: low CNY 52.13 per share, central CNY 56.50 per share, high CNY 62.33 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:41:52.977Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations