# Beijing Wantai Biological Pharmacy Enterprise (603392.SHG)

Canonical: https://gigainvestors.com/s/603392.SHG

Analysis as of: 2026-10-16T07:37:40.933Z. Financial observations: FY2013–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 25.30 per share; close as of 2026-10-15.

Estimated value: low CNY 3.98 per share, central CNY 4.11 per share, high CNY 4.28 per share. Buy at or below the central value CNY 4.11 per share. Valuation as of 2026-10-16T07:37:40.933Z; scenarios are not confidence intervals.

Expected annual return: 3.3% at the stated quote. About 3.3% 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: 0.91×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.16×

- FY2017: 0.19×

- FY2018: 0.29×

- FY2019: 0.18×

- FY2020: 0.33×

- FY2021: 0.40×

- FY2022: 0.50×

- FY2023: 0.25×

- FY2024: 0.04×

- FY2025: -0.23×

### moat: fail

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

- Recent gross margin fell 22.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 19.8%

- ROIC, second-lowest year: 1.2%

- Typical minus recent gross margin: 22.3 pp

- Typical gross margin (annual median): 71.6%

- Recent gross margin (lower of latest and 3-year median): 49.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.6%

- ROIC including acquisitions, ten-year median: 14.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 19.7%

- FY2017: 20.0%

- FY2018: 30.6%

- FY2019: 17.1%

- FY2020: 37.0%

- FY2021: 63.2%

- FY2022: 90.0%

- FY2023: 18.9%

- FY2024: 1.2%

- FY2025: -4.1%

### economics: fail

- owner earnings cash conversion below threshold

- 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: 0.73×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CNY 5.6B

- Net income, five-year total: CNY 7.7B

- Return on incremental invested capital: -6.9%

- Working capital / revenue, annual change: 8.3 pp

- Working capital / revenue, change between three-year averages: 60.4 pp

- Working capital / revenue, final three-year average: 93.7%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.24×

- FY2024: -5.15×

- FY2025: 2.18×

### management: fail

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 20.0% vs 1.2%

- Per-share earnings: 0.14 to 0.08 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: 2.3%

- Ordinary dilution, 5-year annual growth: 1.7%

- Diluted shares, 10-year annual growth: 2.3%

- Diluted shares, 5-year annual growth: 1.7%

- Per-share value growth: -7.1%

- Per-share value change: CNY -0.06

- Per-share value, starting three-year median: CNY 0.14

- Per-share value, ending three-year median: CNY 0.08

- Buybacks concentrated in cheaper years (correlation): -0.80

- Average buyback yield: 1.2%

- Buyback history: 4 years

- Debt-funded buybacks: Yes

- Acquisition spending: CNY 799M

- Cumulative net income, 10 years: CNY 9.2B

- ROIC, first three-year median: 20.0%

- ROIC, last three-year median: 1.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: CNY 0.14

- FY2017: CNY 0.15

- FY2018: CNY 0.29

- FY2019: CNY 0.20

- FY2020: CNY 0.57

- FY2021: CNY 1.65

- FY2022: CNY 3.79

- FY2023: CNY 0.99

- FY2024: CNY 0.08

- FY2025: CNY -0.31

### accounting: pass

- Sloan accruals: -3.5%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.08×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 1.3%

- FY2017: 0.2%

- FY2018: 4.7%

- FY2019: -2.9%

- FY2020: 6.0%

- FY2021: 4.8%

- FY2022: 3.7%

- FY2023: -2.3%

- FY2024: -1.7%

- FY2025: -3.5%

## Holders

## Price story

Down 82% since Mar 2022 · sales -19%

Story as of 2026-10-16T10:00:09.387Z; price observation 2026-10-15.

Price needs cash profits to grow 41.5% a year for ten years

### Sales · FY2024–2025

sales -19%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CNY 844M 

- FY2017: CNY 950M 

- FY2018: CNY 983M 

- FY2019: CNY 1.2B 

- FY2020: CNY 2.4B 

- FY2021: CNY 5.8B 

- FY2022: CNY 11B 

- FY2023: CNY 5.5B 

- FY2024: CNY 2.2B 

- FY2025: CNY 1.8B 

### Gross margin · FY2025

gross margin 49.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 72.1% 

- FY2017: 69.0% 

- FY2018: 71.1% 

- FY2019: 70.4% 

- FY2020: 79.9% 

- FY2021: 85.2% 

- FY2022: 89.3% 

- FY2023: 80.3% 

- FY2024: 61.4% 

- FY2025: 49.3% 

## Owner memo

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

### How it makes money

Operates in biotechnology; annual sales are CNY 1.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2025: revenue 1818967457.87; grossProfit 897140572.05; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 603392.SHG: Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. research, develops, produces, and sells biological diagnostic tests and vaccines in China and internationally. The company offers in vitro diagnostics and automated laboratory instruments, including Wan600, Wan BC2800, WanTLA immunoassay and biochemistry analyzers; chemiluminescence and biochemistry tests, including novel diagnostic tests for detection of Hepatitis virus infections; P-85 Ab for nasopharyngeal cancer screening; and TB-IGRA for large population screening. It also provides diagnostic assays, such as high-value Hepatitis B core antibody tests, Hepatitis E Urine tests, Hepatitis D virus detection, IL-6, HIV 4th generation CLIA, Helicobacter pylori antibody, gastrin-17, and soluble transferrin receptor assays; and enzyme-linked immunosorbent assay (ELISA), colloidal gold, molecular, clinical laboratory quality control products, and bioactive materials for various infectious diseases, such as HIV, Hepatitis, Tuberculosis, and Influenza A/B. In addition, the company offers core diagnostic solutions comprising chronic disease management, integrated Hepatitis E screening and prevention, full lifecycle women's health programs, and intelligent laboratory services. Further, it provides medical instruments, diagnostic tests, quality control products, bioactive materials, and diagnostics solutions; and HPV, Hepatitis E, and Nasal Spray COVID-19 vaccines. The company was founded in 1991 and is headquartered in Beijing, China. Beijing Wantai Biological Pharmacy Enterprise Co., Ltd. is a subsidiary of Yangshengtang Co., Ltd.

### Why customers stay

Margins ranged from 49.3% to 80.3% during 2023–25; it earns 19.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2023: grossProfit / revenue = 80.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2024: grossProfit / revenue = 61.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2025: grossProfit / revenue = 49.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); 10-year return on capital observations [[2016,0.1965585536383985],[2017,0.20034376317930688],[2018,0.30641261617177584],[2019,0.17103460932633288],[2020,0.3696768603298427],[2021,0.6316839273223123],[2022,0.8997233942715774],[2023,0.18893250056337066],[2024,0.01227648829325131],[2025,-0.0407781336690955]]; median 0.1984511584088527. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 9 of 10 years; bought back CNY 2.6 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2016: growth capex 60730647.94570841; upkeep 70533956.19429159; owner earnings 104054344.80570841. Growth capex / owner earnings = 0.5836435572114307.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2017: growth capex 44029288.03974369; upkeep 170625601.64025632; owner earnings 6669560.3597436845. Growth capex / owner earnings = 6.601527786673448.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2018: growth capex 15686484.201716304; upkeep 230375183.6382837; owner earnings 115298573.3617163. Growth capex / owner earnings = 0.13605098263015317.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2019: growth capex 81492780.22; upkeep 80507950; owner earnings 208864316. Growth capex / owner earnings = 0.3901709099030588.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2020: growth capex 305968707.4; upkeep 84467913; owner earnings 676997342. Growth capex / owner earnings = 0.4519496435482312.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2021: growth capex 951593946.88; upkeep 96195474; owner earnings 2014949224.988. Growth capex / owner earnings = 0.47226696091345294.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2022: growth capex 793744704.16; upkeep 136165922; owner earnings 4732109704.474. Growth capex / owner earnings = 0.16773590506778605.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2023: growth capex 0; upkeep 1159671680; owner earnings 300822478.388. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); Dividend observations: [[2016,0],[2017,4557080.24],[2018,6294034.89],[2019,1042526.39],[2020,1653756.64],[2021,108400000],[2022,121408000],[2023,904485385],[2024,410180871],[2025,2277526.66]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); FY2025: cash repurchases 2585339153.1994267 CNY.

### Are managers owners

Insiders own 82.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); 603392.SHG SharesStats.PercentInsiders = 82.08800000000001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 41.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:37:40.933Z); Ten-year compound average after fade. Initial solved rate 0.6034911937549052. Price 25.3; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.08123351548782308 → FY2025 -0.6747077737485775. Closing-price date 2026-10-15.

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

- 2020-05: CNY 27.13 per share

- 2020-06: CNY 58.06 per share

- 2020-07: CNY 92.44 per share

- 2020-08: CNY 76.54 per share

- 2020-09: CNY 64.95 per share

- 2020-10: CNY 67.73 per share

- 2020-11: CNY 59.64 per share

- 2020-12: CNY 70.91 per share

- 2021-01: CNY 114.00 per share

- 2021-02: CNY 87.82 per share

- 2021-03: CNY 85.36 per share

- 2021-04: CNY 108.42 per share

- 2021-05: CNY 111.82 per share

- 2021-06: CNY 127.67 per share

- 2021-07: CNY 135.02 per share

- 2021-08: CNY 114.58 per share

- 2021-09: CNY 109.36 per share

- 2021-10: CNY 108.98 per share

- 2021-11: CNY 123.40 per share

- 2021-12: CNY 109.11 per share

- 2022-01: CNY 110.32 per share

- 2022-02: CNY 124.04 per share

- 2022-03: CNY 136.95 per share

- 2022-04: CNY 115.29 per share

- 2022-05: CNY 90.99 per share

- 2022-06: CNY 110.93 per share

- 2022-07: CNY 96.67 per share

- 2022-08: CNY 91.18 per share

- 2022-09: CNY 81.71 per share

- 2022-10: CNY 89.66 per share

- 2022-11: CNY 116.29 per share

- 2022-12: CNY 90.50 per share

- 2023-01: CNY 95.76 per share

- 2023-02: CNY 90.57 per share

- 2023-03: CNY 82.96 per share

- 2023-04: CNY 74.95 per share

- 2023-05: CNY 66.43 per share

- 2023-06: CNY 66.77 per share

- 2023-07: CNY 69.25 per share

- 2023-08: CNY 49.89 per share

- 2023-09: CNY 47.98 per share

- 2023-10: CNY 43.86 per share

- 2023-11: CNY 48.82 per share

- 2023-12: CNY 75.13 per share

- 2024-01: CNY 53.99 per share

- 2024-02: CNY 73.55 per share

- 2024-03: CNY 67.64 per share

- 2024-04: CNY 68.28 per share

- 2024-05: CNY 68.12 per share

- 2024-06: CNY 65.88 per share

- 2024-07: CNY 68.89 per share

- 2024-08: CNY 70.99 per share

- 2024-09: CNY 81.87 per share

- 2024-10: CNY 71.38 per share

- 2024-11: CNY 72.94 per share

- 2024-12: CNY 70.46 per share

- 2025-01: CNY 68.09 per share

- 2025-02: CNY 67.08 per share

- 2025-03: CNY 64.07 per share

- 2025-04: CNY 65.41 per share

- 2025-05: CNY 69.30 per share

- 2025-06: CNY 61.00 per share

- 2025-07: CNY 58.54 per share

- 2025-08: CNY 58.64 per share

- 2025-09: CNY 56.55 per share

- 2025-10: CNY 56.37 per share

- 2025-11: CNY 48.02 per share

- 2025-12: CNY 44.94 per share

- 2026-01: CNY 42.05 per share

- 2026-02: CNY 40.99 per share

- 2026-03: CNY 39.75 per share

- 2026-04: CNY 39.30 per share

- 2026-05: CNY 34.66 per share

- 2026-06: CNY 26.97 per share

- 2026-07: CNY 30.60 per share

- 2026-08: CNY 28.99 per share

- 2026-09: CNY 27.34 per share

- 2026-10: CNY 25.37 per share

## Annual estimated value (CNY per share)

- FY2017: low CNY 1.57 per share, central CNY 1.74 per share, high CNY 1.97 per share

- FY2018: low CNY 1.68 per share, central CNY 1.86 per share, high CNY 2.09 per share

- FY2019: low CNY 1.79 per share, central CNY 1.99 per share, high CNY 2.27 per share

- FY2020: low CNY 3.29 per share, central CNY 3.66 per share, high CNY 4.15 per share

- FY2021: low CNY 10.15 per share, central CNY 11.39 per share, high CNY 13.06 per share

- FY2022: low CNY 33.72 per share, central CNY 37.60 per share, high CNY 42.76 per share

- FY2023: low CNY 21.99 per share, central CNY 29.31 per share, high CNY 33.58 per share

- FY2024: low CNY 8.97 per share, central CNY 9.70 per share, high CNY 10.68 per share

- FY2025: low CNY 3.84 per share, central CNY 3.95 per share, high CNY 4.11 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