# Guangzhou Baiyunshan Pharmaceutical Holdings (600332.SHG)

Canonical: https://gigainvestors.com/s/600332.SHG

Analysis as of: 2026-10-16T07:37:37.850Z. Financial observations: FY1997–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 19.89 per share; close as of 2026-10-15.

Estimated value: low CNY 33.45 per share, central CNY 41.19 per share, high CNY 46.93 per share. Buy at or below the central value CNY 41.19 per share. Valuation as of 2026-10-16T07:37:37.850Z; scenarios are not confidence intervals.

Expected annual return: 21.4% at the stated quote. About 21.4% 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: 0.29×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.12×

- FY2018: 0.09×

- FY2019: 0.06×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.07×

- FY2023: 0.07×

- FY2024: 0.05×

- FY2025: 0.04×

### moat: pass

- ROIC, median of available years: 23.4%

- ROIC, second-lowest year: 12.1%

- Typical minus recent gross margin: 3.6 pp

- Typical gross margin (annual median): 18.7%

- Recent gross margin (lower of latest and 3-year median): 15.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.6%

- ROIC including acquisitions, ten-year median: 16.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 27.4%

- FY2017: 29.0%

- FY2018: 29.9%

- FY2019: 29.3%

- FY2020: 19.7%

- FY2021: 25.5%

- FY2022: 21.3%

- FY2023: 18.0%

- FY2024: 12.1%

- FY2025: 7.6%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.85×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 15B

- Net income, five-year total: CNY 18B

- Return on incremental invested capital: 5.1%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 3.8 pp

- Working capital / revenue, final three-year average: 24.7%

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

- FY2021: 0.92×

- FY2022: 0.79×

- FY2023: 0.83×

- FY2024: 0.78×

- FY2025: 0.96×

### management: pass

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 29.0% vs 12.1%

- Per-share earnings: 1.14 to 1.83 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.1%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: CNY 10B

- Cumulative retained earnings: CNY 19B

- Diluted shares, 10-year annual growth: 2.1%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.1%

- Per-share value change: CNY 0.69

- Per-share value, starting three-year median: CNY 1.14

- Per-share value, ending three-year median: CNY 1.83

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: CNY 3.5B

- Cumulative net income, 10 years: CNY 31B

- ROIC, first three-year median: 29.0%

- ROIC, last three-year median: 12.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 1.14

- FY2017: CNY 1.26

- FY2018: CNY 2.14

- FY2019: CNY 2.01

- FY2020: CNY 1.80

- FY2021: CNY 2.29

- FY2022: CNY 2.44

- FY2023: CNY 2.49

- FY2024: CNY 1.74

- FY2025: CNY 1.83

### accounting: pass

- Sloan accruals: 3.2%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.11×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.6%

- FY2017: 0.8%

- FY2018: -3.4%

- FY2019: -3.2%

- FY2020: 3.9%

- FY2021: -3.0%

- FY2022: -4.1%

- FY2023: -0.1%

- FY2024: -0.7%

- FY2025: 3.2%

## Holders

## Price story

Down 45% since May 2023 · sales +3.3%

Story as of 2026-10-16T10:00:09.318Z; price observation 2026-10-15.

Price needs cash profits to shrink 8.4% a year for ten years

### Sales · FY2024–2025

sales +3.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 20B 

- FY2017: CNY 21B 

- FY2018: CNY 42B 

- FY2019: CNY 65B 

- FY2020: CNY 62B 

- FY2021: CNY 69B 

- FY2022: CNY 71B 

- FY2023: CNY 76B 

- FY2024: CNY 75B 

- FY2025: CNY 77B 

### Gross margin · FY2025

gross margin 15.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 32.9% 

- FY2017: 37.6% 

- FY2018: 23.7% 

- FY2019: 18.8% 

- FY2020: 16.8% 

- FY2021: 19.1% 

- FY2022: 18.7% 

- FY2023: 18.7% 

- FY2024: 16.6% 

- FY2025: 15.2% 

## Owner memo

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

### How it makes money

Operates in medical distribution; annual sales are CNY 77.4 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2025: revenue 77445087359; grossProfit 11758978664; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600332.SHG: Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited engages in the pharmaceutical and healthcare industry in the People's Republic of China and internationally. The company operates through Modern Chinese Medicine Business, Chemical Pharmaceutical Technology Business, Natural Beverage Business, Pharmaceutical Commercial Business, and Other segments. It is involved in the research, development, manufacturing, and sale of chemical drugs, chemical raw materials, and chemical raw material intermediates; and research, development, production, and sale of health products; and wholesale, retail, and import export of Western medicines, traditional Chinese medicines, and medical devices. The company also offers bio-innovation, consumer health, and medical services; Xiaochaihu granules; Qingkailing and Baoji, Xia Sangju product series; Angong Niuhuang, Zishen Yutai, Xiaoke, Huatuo Zaizao, Zhuangyao Jianshen, and Shujin Jianyao pills; compound Danshen and Naoxinqing tablet series; Banlangen, Compound Banlangen, and Dashen Kouyanqing granules series; and honey-processed Chuanbei and Shedan Chuanbei loquat syrup. In addition, it provides antibacterial and anti-inflammatory drugs, andrological drugs, and analgesics and antipyretics; Wanglaoji herbal tea, Ciningji series, Lixiaoji series, and Yerou coconut milk; and advertising services. Further, the company engages in the medical research industry; technology services industry; leasing and business services; and scientific research and technical services industry. It operates through hospitals, community healthcare facilities, and retail outlets through distributors and agents. The company was formerly known as Guangzhou Pharmaceutical Company Limited and changed its name to Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited in August 2013. Guangzhou Baiyunshan Pharmaceutical Holdings Company Limited was incorporated in 1997 and is based in Guangzhou, China.

### Why customers stay

Margins ranged from 15.2% to 18.7% during 2023–25; it earns 23.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2023: grossProfit / revenue = 18.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2024: grossProfit / revenue = 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2025: grossProfit / revenue = 15.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); 10-year return on capital observations [[2016,0.27362331594926165],[2017,0.29046408706041693],[2018,0.2993502545510179],[2019,0.29290813131096427],[2020,0.19709631110039905],[2021,0.25487174548163943],[2022,0.21282169722879352],[2023,0.17971447211397842],[2024,0.12097063842397811],[2025,0.07603493423103261]]; median 0.23384672135521647. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 19% gross margin through 2022 cost inflation.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); Gross margin observations: [[2021,0.19111054970190347],[2022,0.18704337645850627],[2023,0.18728026749514154]]; range within 2 percentage points.

### Where the cash goes

Spends 8.4% of cash earnings on expansion; earns 5.1% on new investment.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2016: growth capex 0; upkeep 228026926.7; owner earnings 1515532038.3. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2017: growth capex 0; upkeep 196771378.84; owner earnings 2109825840.16. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2018: growth capex 177392540.38; upkeep 301224000; owner earnings 3440980000. Growth capex / owner earnings = 0.05155291236217589.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2019: growth capex 2019306742.0500002; upkeep 380504115; owner earnings 3188884645. Growth capex / owner earnings = 0.633232922117821.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2020: growth capex 0; upkeep 876502745.66; owner earnings 2427673666.34. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2021: growth capex 634976865.3537679; upkeep 619940390.756232; owner earnings 3420307278.051768. Growth capex / owner earnings = 0.18564907002023964.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2022: growth capex 146309403.3339522; upkeep 1237564213.2260478; owner earnings 3134231905.283952. Growth capex / owner earnings = 0.04668110329911819.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2023: growth capex 402306532.3160429; upkeep 1226140366.683957; owner earnings 3379221304.098043. Growth capex / owner earnings = 0.1190530291189152.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2024: growth capex 0; upkeep 1128144000; owner earnings 2212558462.626. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); FY2025: growth capex 239567140.18496037; upkeep 1000362353.8150396; owner earnings 2864305461.92496. Growth capex / owner earnings = 0.08363882392067185.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); Incremental return on capital 0.05052056127098328, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); Dividend observations: [[2016,512467190.81],[2017,463640053.44],[2018,870558652.35],[2019,689335362],[2020,957590868],[2021,874675530],[2022,1116918381],[2023,1190078974],[2024,2250715000],[2025,1300632759]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 58.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 600332.SHG SharesStats.PercentInsiders = 58.653 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 8.4% yearly over ten years; actual growth was 8.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:37.850Z); Ten-year compound average after fade. Initial solved rate -0.1298506778311655. Price 19.89; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.7883941853846453 → FY2025 1.7617920372939473. Closing-price date 2026-10-15.

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

- 2016-10: CNY 24.72 per share

- 2016-11: CNY 25.15 per share

- 2016-12: CNY 23.98 per share

- 2017-01: CNY 24.59 per share

- 2017-02: CNY 25.95 per share

- 2017-03: CNY 28.47 per share

- 2017-04: CNY 27.65 per share

- 2017-05: CNY 28.03 per share

- 2017-06: CNY 29.04 per share

- 2017-07: CNY 26.98 per share

- 2017-08: CNY 27.75 per share

- 2017-09: CNY 27.81 per share

- 2017-10: CNY 32.14 per share

- 2017-11: CNY 32.14 per share

- 2017-12: CNY 32.14 per share

- 2018-01: CNY 27.57 per share

- 2018-02: CNY 25.78 per share

- 2018-03: CNY 30.34 per share

- 2018-04: CNY 35.23 per share

- 2018-05: CNY 44.22 per share

- 2018-06: CNY 38.05 per share

- 2018-07: CNY 36.45 per share

- 2018-08: CNY 35.28 per share

- 2018-09: CNY 36.60 per share

- 2018-10: CNY 36.86 per share

- 2018-11: CNY 37.88 per share

- 2018-12: CNY 35.76 per share

- 2019-01: CNY 33.50 per share

- 2019-02: CNY 37.63 per share

- 2019-03: CNY 39.00 per share

- 2019-04: CNY 40.70 per share

- 2019-05: CNY 38.69 per share

- 2019-06: CNY 40.97 per share

- 2019-07: CNY 37.64 per share

- 2019-08: CNY 36.90 per share

- 2019-09: CNY 34.70 per share

- 2019-10: CNY 33.77 per share

- 2019-11: CNY 33.24 per share

- 2019-12: CNY 35.61 per share

- 2020-01: CNY 37.68 per share

- 2020-02: CNY 34.07 per share

- 2020-03: CNY 31.48 per share

- 2020-04: CNY 30.90 per share

- 2020-05: CNY 30.14 per share

- 2020-06: CNY 32.33 per share

- 2020-07: CNY 37.16 per share

- 2020-08: CNY 32.51 per share

- 2020-09: CNY 30.19 per share

- 2020-10: CNY 30.52 per share

- 2020-11: CNY 30.60 per share

- 2020-12: CNY 29.25 per share

- 2021-01: CNY 27.76 per share

- 2021-02: CNY 28.87 per share

- 2021-03: CNY 27.85 per share

- 2021-04: CNY 30.64 per share

- 2021-05: CNY 32.28 per share

- 2021-06: CNY 33.85 per share

- 2021-07: CNY 30.00 per share

- 2021-08: CNY 29.46 per share

- 2021-09: CNY 29.77 per share

- 2021-10: CNY 29.12 per share

- 2021-11: CNY 29.38 per share

- 2021-12: CNY 34.20 per share

- 2022-01: CNY 29.10 per share

- 2022-02: CNY 29.79 per share

- 2022-03: CNY 31.36 per share

- 2022-04: CNY 29.03 per share

- 2022-05: CNY 30.95 per share

- 2022-06: CNY 31.59 per share

- 2022-07: CNY 28.82 per share

- 2022-08: CNY 27.20 per share

- 2022-09: CNY 25.96 per share

- 2022-10: CNY 26.99 per share

- 2022-11: CNY 29.31 per share

- 2022-12: CNY 29.79 per share

- 2023-01: CNY 30.27 per share

- 2023-02: CNY 31.57 per share

- 2023-03: CNY 33.08 per share

- 2023-04: CNY 33.47 per share

- 2023-05: CNY 35.90 per share

- 2023-06: CNY 31.88 per share

- 2023-07: CNY 31.86 per share

- 2023-08: CNY 30.92 per share

- 2023-09: CNY 31.42 per share

- 2023-10: CNY 29.81 per share

- 2023-11: CNY 30.15 per share

- 2023-12: CNY 28.60 per share

- 2024-01: CNY 27.33 per share

- 2024-02: CNY 29.58 per share

- 2024-03: CNY 28.85 per share

- 2024-04: CNY 32.08 per share

- 2024-05: CNY 31.40 per share

- 2024-06: CNY 29.33 per share

- 2024-07: CNY 29.28 per share

- 2024-08: CNY 28.79 per share

- 2024-09: CNY 30.66 per share

- 2024-10: CNY 27.92 per share

- 2024-11: CNY 29.01 per share

- 2024-12: CNY 28.42 per share

- 2025-01: CNY 26.90 per share

- 2025-02: CNY 26.59 per share

- 2025-03: CNY 26.46 per share

- 2025-04: CNY 26.43 per share

- 2025-05: CNY 27.03 per share

- 2025-06: CNY 26.36 per share

- 2025-07: CNY 26.86 per share

- 2025-08: CNY 26.55 per share

- 2025-09: CNY 25.55 per share

- 2025-10: CNY 26.36 per share

- 2025-11: CNY 25.80 per share

- 2025-12: CNY 25.74 per share

- 2026-01: CNY 25.25 per share

- 2026-02: CNY 25.29 per share

- 2026-03: CNY 22.86 per share

- 2026-04: CNY 22.65 per share

- 2026-05: CNY 21.52 per share

- 2026-06: CNY 20.04 per share

- 2026-07: CNY 22.28 per share

- 2026-08: CNY 20.42 per share

- 2026-09: CNY 19.72 per share

- 2026-10: CNY 19.88 per share

## Annual estimated value (CNY per share)

- FY2016: low CNY 20.01 per share, central CNY 22.34 per share, high CNY 24.57 per share

- FY2017: low CNY 15.77 per share, central CNY 16.99 per share, high CNY 18.62 per share

- FY2018: low CNY 36.50 per share, central CNY 48.07 per share, high CNY 54.81 per share

- FY2019: low CNY 52.82 per share, central CNY 70.83 per share, high CNY 81.32 per share

- FY2020: low CNY 50.29 per share, central CNY 67.02 per share, high CNY 76.77 per share

- FY2021: low CNY 41.52 per share, central CNY 53.77 per share, high CNY 60.91 per share

- FY2022: low CNY 40.67 per share, central CNY 50.58 per share, high CNY 57.04 per share

- FY2023: low CNY 41.88 per share, central CNY 53.99 per share, high CNY 61.19 per share

- FY2024: low CNY 37.90 per share, central CNY 44.70 per share, high CNY 50.02 per share

- FY2025: low CNY 39.77 per share, central CNY 47.45 per share, high CNY 53.17 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 2026-10-15T06:43:19.334Z 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.