Stock 600085 BEIJING TONGRENTANG CO., LTD
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Financials Beijing Tongrentang Co., Ltd

Equities

600085

CNE000000R69

Pharmaceuticals

End-of-day quote Shanghai S.E.
Other stock markets
 23:00:00 29/04/2024 BST 		5-day change 1st Jan Change
42.33 CNY -2.38% Intraday chart for Beijing Tongrentang Co., Ltd +0.95% -21.17%
05-01 Tong Ren Tang Registers Danggui Buxue Granules in Hong Kong MT
04-30 Tong Ren Tang's Q1 Profit Jumps 10%, Revenue Rises 2% MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 38,648 32,778 61,689 61,277 73,648 58,054 - -
Enterprise Value (EV) 1 32,633 26,164 53,862 51,671 63,563 45,820 44,173 41,381
P/E ratio 39.2 x 31.8 x 50.3 x 43 x 44.1 x 31.1 x 25.9 x 22.9 x
Yield 0.92% 1.13% 0.64% 0.72% 0.93% 0.76% 1.18% 1.45%
Capitalization / Revenue 2.91 x 2.56 x 4.22 x 3.99 x 4.12 x 2.88 x 2.56 x 2.31 x
EV / Revenue 2.46 x 2.04 x 3.69 x 3.36 x 3.56 x 2.27 x 1.95 x 1.65 x
EV / EBITDA 14.2 x 10.8 x 19.8 x 16.6 x 18.2 x 11.4 x 9.71 x 8.26 x
EV / FCF 17.9 x 25.2 x 18.2 x 18.7 x 41.1 x 20.6 x 18.7 x 13.7 x
FCF Yield 5.58% 3.97% 5.49% 5.35% 2.43% 4.86% 5.35% 7.3%
Price to Book 4.18 x 3.33 x 5.8 x 5.19 x 5.64 x 4 x 3.67 x 3.23 x
Nbr of stocks (in thousands) 1,371,470 1,371,470 1,371,470 1,371,470 1,371,470 1,371,470 - -
Reference price 2 28.18 23.90 44.98 44.68 53.70 42.33 42.33 42.33
Announcement Date 02/04/20 29/03/21 25/03/22 27/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 13,277 12,826 14,603 15,372 17,861 20,191 22,681 25,126
EBITDA 1 2,296 2,430 2,725 3,120 3,486 4,021 4,549 5,008
EBIT 1 1,968 2,005 2,328 2,721 3,084 3,655 4,206 4,720
Operating Margin 14.82% 15.63% 15.94% 17.7% 17.27% 18.1% 18.54% 18.78%
Earnings before Tax (EBT) 1 1,967 1,983 2,327 2,717 3,081 3,438 4,198 4,707
Net income 1 985.4 1,031 1,227 1,426 1,669 1,862 2,258 2,536
Net margin 7.42% 8.04% 8.4% 9.28% 9.34% 9.22% 9.95% 10.09%
EPS 2 0.7190 0.7520 0.8950 1.040 1.217 1.360 1.632 1.850
Free Cash Flow 1 1,821 1,039 2,958 2,766 1,546 2,226 2,363 3,019
FCF margin 13.71% 8.1% 20.25% 17.99% 8.66% 11.02% 10.42% 12.02%
FCF Conversion (EBITDA) 79.3% 42.76% 108.56% 88.63% 44.37% 55.36% 51.95% 60.29%
FCF Conversion (Net income) 184.75% 100.71% 240.98% 193.96% 92.66% 119.52% 104.67% 119.07%
Dividend per Share 2 0.2600 0.2700 0.2900 0.3200 0.5000 0.3200 0.5001 0.6150
Announcement Date 02/04/20 29/03/21 25/03/22 27/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 - - - - 4,472 5,143 4,618 3,961 4,140 5,267 5,057 4,523 4,818 5,973 -
EBITDA - - - - - - - - - - - - - - -
EBIT 1 - - - - 908.7 995.8 872.3 729.8 486.5 1,029 1,038 833.1 676.9 1,155 -
Operating Margin - - - - 20.32% 19.36% 18.89% 18.43% 11.75% 19.54% 20.53% 18.42% 14.05% 19.33% -
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - - -
EPS 2 0.2300 0.2920 0.2500 0.1900 0.3100 0.3820 0.3370 0.2900 0.2100 0.4200 0.3733 0.3133 0.2967 0.2300 0.2900
Dividend per Share - - - - - - - - - - - - - - -
Announcement Date 25/03/22 29/04/22 30/08/22 27/10/22 27/03/23 28/04/23 04/08/23 30/10/23 28/03/24 29/04/24 - - - - -
1CNY in Million2CNY
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 6,015 6,614 7,827 9,607 10,085 12,234 13,882 16,673
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 1,821 1,039 2,958 2,766 1,546 2,226 2,363 3,019
ROE (net income / shareholders' equity) 10.3% 10.8% 12% 12.7% 13.4% 13.6% 14.2% 14.2%
ROA (Net income/ Total Assets) 4.76% 4.82% 5.23% 5.47% - 6.73% 7.05% 7.8%
Assets 1 20,698 21,381 23,455 26,059 - 27,660 32,024 32,507
Book Value Per Share 2 6.730 7.170 7.750 8.610 9.520 10.60 11.50 13.10
Cash Flow per Share 2 1.660 1.590 2.500 2.260 1.360 2.060 2.850 1.950
Capex 1 453 1,136 469 329 323 465 491 521
Capex / Sales 3.41% 8.86% 3.21% 2.14% 1.81% 2.3% 2.17% 2.07%
Announcement Date 02/04/20 29/03/21 25/03/22 27/03/23 28/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Beijing Tongrentang Co., Ltd

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
14
Last Close Price
42.33 CNY
Average target price
53.25 CNY
Spread / Average Target
+25.81%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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