Has the Chinese Pharma Industry valuation changed over the past few years?

Investors are relatively neutral on the Chinese Pharmaceuticals industry at the moment, indicating that they anticipate long term growth rates to remain steady. The industry is trading close to its 3-year average PE ratio of 37.3x. The industry is trading close to its 3-year average PS ratio of 3.5x.

Which industries have driven the changes within the Chinese Healthcare industry?

There are no additional sub-industries under this industry.

Chinese (SSE) Pharma Industry Analysis

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 08 Jul 2026	CN¥2.7t	CN¥769.7b	CN¥69.7b	35.1x	38.2x	3.5x
Fri, 05 Jun 2026	CN¥2.5t	CN¥769.8b	CN¥69.7b	33x	36x	3.3x
Sun, 03 May 2026	CN¥2.9t	CN¥769.0b	CN¥69.9b	37.7x	41x	3.7x
Tue, 31 Mar 2026	CN¥2.9t	CN¥771.2b	CN¥69.6b	33.2x	41.6x	3.8x
Thu, 26 Feb 2026	CN¥3.0t	CN¥766.4b	CN¥69.0b	34x	42.9x	3.9x
Sat, 24 Jan 2026	CN¥3.0t	CN¥765.2b	CN¥68.2b	35.6x	44.6x	4x
Mon, 22 Dec 2025	CN¥3.0t	CN¥766.3b	CN¥68.2b	33.1x	44.4x	3.9x
Wed, 19 Nov 2025	CN¥3.2t	CN¥766.3b	CN¥68.2b	36.3x	46.2x	4.1x
Fri, 17 Oct 2025	CN¥3.2t	CN¥770.0b	CN¥68.2b	35.5x	46.9x	4.2x
Sun, 14 Sep 2025	CN¥3.4t	CN¥770.4b	CN¥66.4b	36.3x	50.5x	4.4x
Tue, 12 Aug 2025	CN¥3.3t	CN¥780.6b	CN¥71.6b	35.7x	45.6x	4.2x
Thu, 10 Jul 2025	CN¥2.9t	CN¥780.0b	CN¥71.3b	31.9x	41x	3.7x
Sat, 07 Jun 2025	CN¥2.9t	CN¥780.7b	CN¥71.5b	32.6x	40.4x	3.7x
Mon, 05 May 2025	CN¥2.6t	CN¥789.1b	CN¥72.3b	29.4x	36.4x	3.3x
Wed, 02 Apr 2025	CN¥2.7t	CN¥801.6b	CN¥78.9b	30.3x	34.3x	3.4x
Fri, 28 Feb 2025	CN¥2.6t	CN¥800.6b	CN¥75.9b	29.1x	33.8x	3.2x
Sun, 26 Jan 2025	CN¥2.5t	CN¥800.2b	CN¥75.6b	27.3x	32.5x	3.1x
Tue, 24 Dec 2024	CN¥2.6t	CN¥799.8b	CN¥75.6b	30.5x	34.5x	3.3x
Thu, 21 Nov 2024	CN¥2.7t	CN¥799.8b	CN¥75.6b	30.9x	36.2x	3.4x
Sat, 19 Oct 2024	CN¥2.6t	CN¥798.9b	CN¥76.3b	28.4x	34.4x	3.3x
Mon, 16 Sep 2024	CN¥2.2t	CN¥798.5b	CN¥76.2b	24.6x	29.1x	2.8x
Wed, 14 Aug 2024	CN¥2.4t	CN¥805.4b	CN¥76.5b	28.4x	31.2x	3x
Fri, 12 Jul 2024	CN¥2.3t	CN¥804.8b	CN¥76.5b	28.4x	30.6x	2.9x
Sun, 09 Jun 2024	CN¥2.5t	CN¥805.6b	CN¥74.6b	27.5x	33.9x	3.1x
Tue, 07 May 2024	CN¥2.8t	CN¥821.4b	CN¥77.5b	32.6x	36.2x	3.4x
Thu, 04 Apr 2024	CN¥2.6t	CN¥828.6b	CN¥78.3b	28.3x	33.4x	3.2x
Sat, 02 Mar 2024	CN¥2.6t	CN¥831.7b	CN¥80.8b	26.3x	31.9x	3.1x
Mon, 29 Jan 2024	CN¥2.5t	CN¥830.7b	CN¥79.8b	27.7x	31.9x	3.1x
Wed, 27 Dec 2023	CN¥2.8t	CN¥827.7b	CN¥79.7b	29.8x	34.5x	3.3x
Fri, 24 Nov 2023	CN¥2.9t	CN¥819.5b	CN¥78.7b	31.9x	36.8x	3.5x
Sun, 22 Oct 2023	CN¥2.6t	CN¥825.0b	CN¥78.6b	30x	33.5x	3.2x
Tue, 19 Sep 2023	CN¥2.7t	CN¥824.6b	CN¥78.5b	31.5x	35x	3.3x
Thu, 17 Aug 2023	CN¥2.7t	CN¥815.0b	CN¥78.1b	33x	34.8x	3.3x
Sat, 15 Jul 2023	CN¥2.8t	CN¥810.6b	CN¥76.8b	31.1x	36.4x	3.4x


CN Market	-4.33%
Healthcare	2.96%
Pharma	5.07%
Pharma	5.07%

Company	Last Price	7D	1Y	Valuation
300765 CSPC Innovation Pharmaceutical	CN¥33.85	10.1% +CN¥4.3b	-33.0%	PS20.1x
000908 CSPC Hunan Jingfeng Pharmaceutical	CN¥6.97	22.7% +CN¥2.3b	17.7%	PS31.8x
600521 Zhejiang Huahai Pharmaceutical	CN¥16.35	10.2% +CN¥2.3b	-22.7%	PE65.3x
002294 Shenzhen Salubris Pharmaceuticals	CN¥36.00	5.3% +CN¥2.0b	-20.5%	PE59.3x
600276 Jiangsu Hengrui PharmaceuticalsLtd	CN¥54.01	0.4% +CN¥1.5b	-5.6%	PE44x

Announcement • Jun 30

Hengrui Pharma Receives Approval For Heng Yi Cyclosporine Ophthalmic Solution For Dry Eye Disease In China

Hengrui Pharma and Novaliq GmbH announced that on June 23, 2026, the China National Medical Products Administration (NMPA) has approved Heng Yi (0.1% cyclosporine ophthalmic solution) for the treatment of patients with dry eye disease, aiming to increase tear secretion in patients with reduced tear production and improve the sign of the disease. Heng Yi is the first and only water-free 0.1% cyclosporine ophthalmic solution and the second dry eye disease drug product approved in China based on the EyeSol platform technology, following the approval of Heng Qin (perfluorohexyloctane ophthalmic solution) in 2025. Heng Yi combines the proven anti-inflammatory drug cyclosporine with the vehicle perfluorobutylpentane, a semifluorinated alkane (SFA) designed to overcome the drug’s usual limitations. The spreading properties of the water-free vehicle reduce friction and thereby contribute to the efficacy. The approval in China is based on a randomized, double-blind, vehicle-controlled Phase III clinical trial (Study SHR8028-301) led by the team of Professor Hong Jing at Peking University Third Hospital. Results showed that Heng Yi significantly improved total corneal fluorescein staining (tCFS) score as early as Day 15 (treatment group: -4.0 vs control group: -2.8, P=0.008). At Day 29, treatment with Heng Yi significantly reduced tCFS score (treatment group: -4.8 vs control group: -3.0, P<0.0001). The product demonstrated a favorable safety and tolerability profile. This novel cyclosporine ophthalmic solution (development name CyclASol) was approved by the U.S. Food and Drug Administration (FDA) and launched in the United States in 2023 as the world's first cyclosporine ophthalmic solution indicated for the treatment of signs and symptoms of dry eye disease. In Europe, the product was reviewed by the European Medicines Agency (EMA) and centrally approved in the European Union in September 2024 for the treatment of adults with moderate to severe dry eye disease. The SHR8028-301 clinical trial is a multicenter, randomized, double-blind, vehicle-controlled Phase III trial (NCT05841043) conducted by Hengrui Pharma in China, designed to evaluate the efficacy and safety of 0.1% cyclosporine ophthalmic solution (development code: SHR8028) in adult patients with moderate-to-severe DED. A total of 206 subjects were enrolled and randomized in a 1:1 ratio to receive either SHR8028 or vehicle twice daily. The primary endpoints were improvements in tCFS score and eye dryness VAS score in dry eye patients at Day 29 with SHR8028 compared with vehicle. SHR8028-301 is a bridging study in China of the ESSENCE-2 clinical trial. The ESSENCE-2 (NCT04043179) clinical trial is a multicenter, randomized, double-blind, vehicle-controlled Phase III trial sponsored by Novaliq, conducted in the US across multiple regions, designed to evaluate the efficacy and safety of 0.1% cyclosporine ophthalmic solution (development name: CyclASol, SHR8028 in China) in adult patients with moderate-to-severe DED. ESSENCE-2 enrolled 834 subjects, who were randomized in a 1:1 ratio to receive either 0.1% cyclosporine ophthalmic solution or vehicle twice daily. The primary endpoints were improvements in tCFS score and eye dryness VAS score in dry eye patients at Day 29 (Week 4) with CyclASol compared to vehicle. ESSENCE-2 met its primary sign endpoint. The effect on tCFS score was observed as early as Day 15 (treatment group: -3.5 vs control group: -3.0, P=0.002). Importantly, 71.6% of patients responded within four weeks with a clinically meaningful improvement of =3 grades in total corneal staining. The ESSENCE-2 OLE clinical trial is a multicenter, open-label, single-arm trial (NCT04180109) initiated by Novaliq, designed to evaluate the long-term efficacy, safety, and tolerability of CyclASol in adult patients with DED. The study enrolled 202 subjects who had completed treatment in the ESSENCE-2 clinical trial. All subjects received CyclASol twice daily for 12 months. The primary endpoints were to assess the safety of CyclASol during long-term administration and to observe the long-term improvements in corneal and conjunctival staining scores and dry eye symptom scores in patients with DED. In the study, over 80% of patients achieved a significant improvement of =3 points in tCFS score after 4 weeks in the study which was maintained over the 12 months study period, making it well-suited for long-term management of DED as a chronic disease. Together with Heng Qin (perfluorohexyloctane ophthalmic solution), having an anti-evaporative mode-of-action, Hengrui Pharma is uniquely positioned to offer an innovative and comprehensive treatment portfolio for patients across the most common disease root causes of dry eye disease in China.

Chinese (SSE) Pharma Industry Analysis

Industry Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

Investor sentiment deteriorates as stock falls 18%

New minor risk - Share price stability

Dividend of CN¥2.34 announced

High number of new directors

Investor sentiment improves as stock rises 16%

Asymchem Laboratories (Tianjin) Co., Ltd. to Report First Half, 2026 Results on Aug 25, 2026

Hebei Changshan Biochemical Pharmaceutical Co., Ltd. to Report First Half, 2026 Results on Aug 26, 2026

Yunnan Baiyao Group Co.,Ltd to Report First Half, 2026 Results on Aug 29, 2026

Tonghua Golden-Horse Pharmaceutical Industry Co,Ltd to Report First Half, 2026 Results on Aug 21, 2026

CSPC Innovation Pharmaceutical Co., Ltd. to Report First Half, 2026 Results on Aug 21, 2026

Fujian Cosunter Pharmaceutical Co., Ltd. to Report First Half, 2026 Results on Aug 29, 2026

Hengrui Pharma Receives Approval For Heng Yi Cyclosporine Ophthalmic Solution For Dry Eye Disease In China

Investor sentiment deteriorates as stock falls 15%

Zhejiang Huahai Pharmaceutical Co., Ltd. to Report First Half, 2026 Results on Aug 27, 2026

Sichuan Biokin Pharmaceutical Co.,Ltd. to Report First Half, 2026 Results on Aug 27, 2026

Shanghai Allist Pharmaceuticals Co., Ltd. to Report First Half, 2026 Results on Aug 20, 2026