# Chongqing Zhifei Bio Products (300122.SHE)

Canonical: https://gigainvestors.com/s/300122.SHE

Analysis as of: 2026-10-16T07:37:50.114Z. Financial observations: FY2007–FY2025.

Listing currency: CNY. Reporting currency: CNY.

## Verdict

Not a wonderful business

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

Share price: CNY 12.69 per share; close as of 2026-10-15.

Estimated value: low CNY 6.41 per share, central CNY 7.18 per share, high CNY 8.21 per share. Buy at or below the central value CNY 7.18 per share. Valuation as of 2026-10-16T07:37:50.114Z; scenarios are not confidence intervals.

Expected annual return: 6.7% at the stated quote. About 6.7% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 3

- Years with a net loss: 1

- Operating margin variation: 1.10×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.06×

- FY2017: 0.38×

- FY2018: 0.33×

- FY2019: 0.27×

- FY2020: 0.26×

- FY2021: 0.39×

- FY2022: 0.23×

- FY2023: 0.18×

- FY2024: 0.09×

- FY2025: -0.34×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 32.4pp below the typical margin (limit 4pp)

- ROIC, median of available years: 30.4%

- ROIC, second-lowest year: 1.4%

- Typical minus recent gross margin: 32.4 pp

- Typical gross margin (annual median): 40.3%

- Recent gross margin (lower of latest and 3-year median): 7.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 29.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 1.4%

- FY2017: 19.0%

- FY2018: 36.6%

- FY2019: 34.8%

- FY2020: 34.5%

- FY2021: 72.6%

- FY2022: 32.1%

- FY2023: 28.8%

- FY2024: 5.0%

- FY2025: -9.7%

### economics: fail

- incremental invested capital return below threshold

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 12B

- Net income, five-year total: CNY 13B

- Return on incremental invested capital: -12.2%

- Working capital / revenue, annual change: 7.8 pp

- Working capital / revenue, change between three-year averages: 52.0 pp

- Working capital / revenue, final three-year average: 113.8%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 0.72×

- FY2025: 1.01×

### 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: 19.0% vs 5.0%

- Per-share earnings: 0.13 to 0.84 (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: 4.8%

- Ordinary dilution, 5-year annual growth: 8.4%

- Market cap gain: CNY 28B

- Cumulative retained earnings: CNY 12B

- Diluted shares, 10-year annual growth: 4.8%

- Diluted shares, 5-year annual growth: 8.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 26.1%

- Per-share value change: CNY 0.71

- Per-share value, starting three-year median: CNY 0.13

- Per-share value, ending three-year median: CNY 0.84

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.3%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 2.3B

- Cumulative net income, 10 years: CNY 21B

- ROIC, first three-year median: 19.0%

- ROIC, last three-year median: 5.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.02

- FY2017: CNY 0.27

- FY2018: CNY 0.91

- FY2019: CNY 1.48

- FY2020: CNY 2.06

- FY2021: CNY 6.38

- FY2022: CNY 3.14

- FY2023: CNY 3.36

- FY2024: CNY 0.84

- FY2025: CNY -6.15

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -62.7%

- Receivables to sales index (DSRI): 2.00×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.16×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.1%

- FY2017: 5.6%

- FY2018: 12.7%

- FY2019: 9.1%

- FY2020: -1.3%

- FY2021: 5.7%

- FY2022: 14.6%

- FY2023: -1.8%

- FY2024: 12.9%

- FY2025: -62.7%

## Holders

## Price story

Down 87% since Oct 2021 · sales -65.6%

Story as of 2026-10-16T10:00:09.492Z; price observation 2026-10-15.

Price needs cash profits to grow 8.7% a year for ten years

### Sales · FY2024–2025

sales -65.6%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 446M 

- FY2017: CNY 1.3B 

- FY2018: CNY 5.2B 

- FY2019: CNY 11B 

- FY2020: CNY 15B 

- FY2021: CNY 31B 

- FY2022: CNY 38B 

- FY2023: CNY 53B 

- FY2024: CNY 26B 

- FY2025: CNY 9.0B 

### Gross margin · FY2025

gross margin 7.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 86.7% 

- FY2017: 76.0% 

- FY2018: 54.5% 

- FY2019: 41.9% 

- FY2020: 38.7% 

- FY2021: 48.7% 

- FY2022: 33.3% 

- FY2023: 26.3% 

- FY2024: 27.2% 

- FY2025: 7.8% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are CNY 9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2025: revenue 8958435384.96; grossProfit 702740802.99; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300122.SHE: Chongqing Zhifei Biological Products Co., Ltd., a biopharmaceutical company, engages in the research and development, production, sale, and distribution of vaccine and biological products in China. The company offers recombinant COVID-19 vaccine; recombinant mycobacterium tuberculosis fusion protein products; group A and C meningococcal polysaccharide vaccine; ACYW135 meningococcal polysaccharide vaccine; Haemophilus Influenza type B conjugate vaccine; mycobacterium injection under the Vaccae brand; and meningococcal group A and C conjugate vaccine. It also provides cold storage, refrigerated vehicles, and cold roll boxes; and customs clearance and registration of imported vaccines. The company was founded in 2002 and is based in Chongqing, China.

### Why customers stay

Margins ranged from 7.8% to 27.2% during 2023–25; it earns 30.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2023: grossProfit / revenue = 26.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2024: grossProfit / revenue = 27.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2025: grossProfit / revenue = 7.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); 10-year return on capital observations [[2016,0.014281946571424873],[2017,0.1904168458049703],[2018,0.3660144765053795],[2019,0.3482357103829964],[2020,0.3450096472341813],[2021,0.7257378317745683],[2022,0.32068127626768417],[2023,0.2877812738930917],[2024,0.05021661510642864],[2025,-0.0966189326548706]]; median 0.30423127508038794. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CNY 31.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2017: growth capex 170152362; upkeep 60693132; owner earnings 432275406. Growth capex / owner earnings = 0.39362026994429566.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2018: growth capex 394891297; upkeep 84932767; owner earnings 1451366531. Growth capex / owner earnings = 0.27208240548851403.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2019: growth capex 484419194; upkeep 88512030; owner earnings 2366438738. Growth capex / owner earnings = 0.2047038810771868.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2020: growth capex 706051404; upkeep 120931234; owner earnings 3301326831. Growth capex / owner earnings = 0.21386898060805784.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2021: growth capex 1559871913; upkeep 372235754; owner earnings 10206100360.82. Growth capex / owner earnings = 0.15283721086931126.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2022: growth capex 1148224764; upkeep 304876919; owner earnings 7533446725.556. Growth capex / owner earnings = 0.15241692227076262.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2023: growth capex 822325724; upkeep 311846398; owner earnings 8064806725.656. Growth capex / owner earnings = 0.101964715581341.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2024: growth capex 0; upkeep 930343067; owner earnings 1457323732.946. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); Dividend observations: [[2016,80000000],[2017,23464600],[2018,234128980],[2019,800000000],[2020,800000000],[2021,861957743],[2022,1014999874],[2023,889288537],[2024,2527812210],[2025,344806186.96]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); FY2025: cash repurchases 31933037.284166664 CNY.

### Are managers owners

Insiders own 58.6% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 300122.SHE SharesStats.PercentInsiders = 58.64 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 8.7% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:50.114Z); Ten-year compound average after fade. Initial solved rate 0.11232733011593143. Price 12.69; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.008305439378078785 → FY2025 -6.194799295832749. Closing-price date 2026-10-15.

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

- 2016-10: CNY 11.86 per share

- 2016-11: CNY 12.47 per share

- 2016-12: CNY 10.69 per share

- 2017-01: CNY 9.97 per share

- 2017-02: CNY 11.16 per share

- 2017-03: CNY 12.14 per share

- 2017-04: CNY 13.57 per share

- 2017-05: CNY 12.08 per share

- 2017-06: CNY 12.41 per share

- 2017-07: CNY 13.18 per share

- 2017-08: CNY 15.62 per share

- 2017-09: CNY 17.40 per share

- 2017-10: CNY 18.56 per share

- 2017-11: CNY 19.14 per share

- 2017-12: CNY 18.23 per share

- 2018-01: CNY 18.05 per share

- 2018-02: CNY 18.67 per share

- 2018-03: CNY 22.06 per share

- 2018-04: CNY 26.38 per share

- 2018-05: CNY 30.27 per share

- 2018-06: CNY 29.70 per share

- 2018-07: CNY 24.56 per share

- 2018-08: CNY 27.08 per share

- 2018-09: CNY 31.79 per share

- 2018-10: CNY 23.22 per share

- 2018-11: CNY 27.69 per share

- 2018-12: CNY 25.17 per share

- 2019-01: CNY 22.27 per share

- 2019-02: CNY 28.86 per share

- 2019-03: CNY 33.18 per share

- 2019-04: CNY 29.09 per share

- 2019-05: CNY 26.18 per share

- 2019-06: CNY 27.99 per share

- 2019-07: CNY 30.49 per share

- 2019-08: CNY 31.03 per share

- 2019-09: CNY 30.81 per share

- 2019-10: CNY 31.56 per share

- 2019-11: CNY 28.77 per share

- 2019-12: CNY 32.25 per share

- 2020-01: CNY 38.64 per share

- 2020-02: CNY 38.95 per share

- 2020-03: CNY 43.65 per share

- 2020-04: CNY 51.40 per share

- 2020-05: CNY 54.12 per share

- 2020-06: CNY 65.00 per share

- 2020-07: CNY 121.23 per share

- 2020-08: CNY 87.77 per share

- 2020-09: CNY 90.51 per share

- 2020-10: CNY 104.01 per share

- 2020-11: CNY 81.11 per share

- 2020-12: CNY 96.05 per share

- 2021-01: CNY 102.58 per share

- 2021-02: CNY 113.30 per share

- 2021-03: CNY 112.01 per share

- 2021-04: CNY 146.40 per share

- 2021-05: CNY 126.75 per share

- 2021-06: CNY 121.25 per share

- 2021-07: CNY 102.53 per share

- 2021-08: CNY 114.94 per share

- 2021-09: CNY 103.24 per share

- 2021-10: CNY 97.53 per share

- 2021-11: CNY 83.69 per share

- 2021-12: CNY 80.91 per share

- 2022-01: CNY 68.58 per share

- 2022-02: CNY 83.95 per share

- 2022-03: CNY 89.61 per share

- 2022-04: CNY 61.36 per share

- 2022-05: CNY 56.68 per share

- 2022-06: CNY 72.08 per share

- 2022-07: CNY 64.62 per share

- 2022-08: CNY 61.07 per share

- 2022-09: CNY 56.12 per share

- 2022-10: CNY 55.45 per share

- 2022-11: CNY 58.74 per share

- 2022-12: CNY 57.03 per share

- 2023-01: CNY 63.53 per share

- 2023-02: CNY 58.22 per share

- 2023-03: CNY 53.20 per share

- 2023-04: CNY 52.83 per share

- 2023-05: CNY 45.64 per share

- 2023-06: CNY 44.20 per share

- 2023-07: CNY 46.70 per share

- 2023-08: CNY 44.20 per share

- 2023-09: CNY 48.67 per share

- 2023-10: CNY 62.65 per share

- 2023-11: CNY 65.22 per share

- 2023-12: CNY 61.11 per share

- 2024-01: CNY 44.93 per share

- 2024-02: CNY 53.49 per share

- 2024-03: CNY 44.94 per share

- 2024-04: CNY 35.10 per share

- 2024-05: CNY 32.80 per share

- 2024-06: CNY 28.03 per share

- 2024-07: CNY 28.33 per share

- 2024-08: CNY 23.05 per share

- 2024-09: CNY 33.38 per share

- 2024-10: CNY 28.38 per share

- 2024-11: CNY 29.39 per share

- 2024-12: CNY 26.30 per share

- 2025-01: CNY 24.09 per share

- 2025-02: CNY 25.10 per share

- 2025-03: CNY 24.27 per share

- 2025-04: CNY 18.84 per share

- 2025-05: CNY 19.14 per share

- 2025-06: CNY 19.59 per share

- 2025-07: CNY 24.09 per share

- 2025-08: CNY 22.51 per share

- 2025-09: CNY 20.76 per share

- 2025-10: CNY 20.59 per share

- 2025-11: CNY 20.56 per share

- 2025-12: CNY 18.87 per share

- 2026-01: CNY 17.37 per share

- 2026-02: CNY 17.29 per share

- 2026-03: CNY 14.96 per share

- 2026-04: CNY 15.15 per share

- 2026-05: CNY 13.59 per share

- 2026-06: CNY 11.69 per share

- 2026-07: CNY 13.04 per share

- 2026-08: CNY 13.66 per share

- 2026-09: CNY 13.98 per share

- 2026-10: CNY 13.01 per share

## Annual estimated value (CNY per share)

- FY2018: low CNY 1.19 per share, central CNY 1.52 per share, high CNY 1.72 per share

- FY2019: low CNY 20.72 per share, central CNY 29.34 per share, high CNY 34.36 per share

- FY2020: low CNY 29.56 per share, central CNY 41.92 per share, high CNY 49.12 per share

- FY2021: low CNY 74.61 per share, central CNY 105.59 per share, high CNY 123.63 per share

- FY2022: low CNY 49.22 per share, central CNY 69.98 per share, high CNY 82.07 per share

- FY2023: low CNY 67.35 per share, central CNY 95.26 per share, high CNY 111.52 per share

- FY2024: low CNY 24.33 per share, central CNY 27.56 per share, high CNY 31.86 per share

- FY2025: low CNY 7.26 per share, central CNY 8.12 per share, high CNY 9.26 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

## 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