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Changchun High-Tech Industries (Group) SZSE:000661 Stock Report

Last Price


Market Cap







30 Sep, 2022


Company Financials +
661 fundamental analysis
Snowflake Score
Future Growth5/6
Past Performance3/6
Financial Health5/6

661 Stock Overview

Changchun High-Tech Industries (Group) Inc., together with its subsidiaries, manufactures and sells biopharmaceuticals and proprietary Chinese medicines in China.

Changchun High-Tech Industries (Group) Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Changchun High-Tech Industries (Group)
Historical stock prices
Current Share PriceCN¥170.35
52 Week HighCN¥317.60
52 Week LowCN¥131.66
1 Month Change-3.80%
3 Month Change-25.63%
1 Year Change-37.98%
3 Year Change-13.61%
5 Year Change129.35%
Change since IPO9,249.90%

Recent News & Updates

Shareholder Returns

661CN PharmaceuticalsCN Market

Return vs Industry: 000661 underperformed the CN Pharmaceuticals industry which returned -21.8% over the past year.

Return vs Market: 000661 underperformed the CN Market which returned -18.4% over the past year.

Price Volatility

Is 661's price volatile compared to industry and market?
661 volatility
661 Average Weekly Movement6.7%
Pharmaceuticals Industry Average Movement4.9%
Market Average Movement5.8%
10% most volatile stocks in CN Market9.2%
10% least volatile stocks in CN Market3.8%

Stable Share Price: 000661 is not significantly more volatile than the rest of CN stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: 000661's weekly volatility (7%) has been stable over the past year.

About the Company

19938,045Yuntao Jiang

Changchun High-Tech Industries (Group) Inc., together with its subsidiaries, manufactures and sells biopharmaceuticals and proprietary Chinese medicines in China. It also engages in real estate development, property management, and real estate leasing services. The company was formerly known as Changchun High & New Technology Industry (Group) Inc. Changchun High-Tech Industries (Group) Inc. was founded in 1993 and is based in Changchun, China.

Changchun High-Tech Industries (Group) Fundamentals Summary

How do Changchun High-Tech Industries (Group)'s earnings and revenue compare to its market cap?
661 fundamental statistics
Market CapCN¥68.52b
Earnings (TTM)CN¥3.95b
Revenue (TTM)CN¥11.62b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
661 income statement (TTM)
Cost of RevenueCN¥1.35b
Gross ProfitCN¥10.26b
Other ExpensesCN¥6.31b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)9.83
Gross Margin88.37%
Net Profit Margin34.04%
Debt/Equity Ratio7.7%

How did 661 perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is 661 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 5/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 661?

Other financial metrics that can be useful for relative valuation.

661 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue5.8x
Enterprise Value/EBITDA13.3x
PEG Ratio0.7x

Price to Earnings Ratio vs Peers

How does 661's PE Ratio compare to its peers?

661 PE Ratio vs Peers
The above table shows the PE ratio for 661 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average30.3x
002001 Zhejiang NHU
600196 Shanghai Fosun Pharmaceutical (Group)
600085 Beijing Tongrentang
000538 Yunnan Baiyao GroupLtd
000661 Changchun High-Tech Industries (Group)

Price-To-Earnings vs Peers: 000661 is good value based on its Price-To-Earnings Ratio (17.3x) compared to the peer average (30.3x).

Price to Earnings Ratio vs Industry

How does 661's PE Ratio compare vs other companies in the CN Pharmaceuticals Industry?

Price-To-Earnings vs Industry: 000661 is good value based on its Price-To-Earnings Ratio (17.3x) compared to the CN Pharmaceuticals industry average (30.1x)

Price to Earnings Ratio vs Fair Ratio

What is 661's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

661 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio17.3x
Fair PE Ratio37.6x

Price-To-Earnings vs Fair Ratio: 000661 is good value based on its Price-To-Earnings Ratio (17.3x) compared to the estimated Fair Price-To-Earnings Ratio (37.6x).

Share Price vs Fair Value

What is the Fair Price of 661 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 000661 (CN¥170.35) is trading below our estimate of fair value (CN¥536.29)

Significantly Below Fair Value: 000661 is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.

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Future Growth

How is Changchun High-Tech Industries (Group) forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score


Future Growth Score 5/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: 000661's forecast earnings growth (24.1% per year) is above the savings rate (3.2%).

Earnings vs Market: 000661's earnings (24.1% per year) are forecast to grow slower than the CN market (25.9% per year).

High Growth Earnings: 000661's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: 000661's revenue (22% per year) is forecast to grow faster than the CN market (18.2% per year).

High Growth Revenue: 000661's revenue (22% per year) is forecast to grow faster than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: 000661's Return on Equity is forecast to be high in 3 years time (23.8%)

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Past Performance

How has Changchun High-Tech Industries (Group) performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: 000661 has a high level of non-cash earnings.

Growing Profit Margin: 000661's current net profit margins (34%) are lower than last year (38%).

Past Earnings Growth Analysis

Earnings Trend: 000661's earnings have grown significantly by 38.9% per year over the past 5 years.

Accelerating Growth: 000661's earnings growth over the past year (8%) is below its 5-year average (38.9% per year).

Earnings vs Industry: 000661 earnings growth over the past year (8%) exceeded the Pharmaceuticals industry 6%.

Return on Equity

High ROE: 000661's Return on Equity (21.6%) is considered high.

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Financial Health

How is Changchun High-Tech Industries (Group)'s financial position?

Financial Health Score


Financial Health Score 5/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: 000661's short term assets (CN¥14.9B) exceed its short term liabilities (CN¥3.8B).

Long Term Liabilities: 000661's short term assets (CN¥14.9B) exceed its long term liabilities (CN¥1.6B).

Debt to Equity History and Analysis

Debt Level: 000661 has more cash than its total debt.

Reducing Debt: 000661's debt to equity ratio has increased from 1.7% to 7.7% over the past 5 years.

Debt Coverage: 000661's debt is well covered by operating cash flow (202.9%).

Interest Coverage: 000661 earns more interest than it pays, so coverage of interest payments is not a concern.

Balance Sheet

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What is Changchun High-Tech Industries (Group) current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Changchun High-Tech Industries (Group) Dividend Yield vs Market
How does Changchun High-Tech Industries (Group) dividend yield compare to the market?
SegmentDividend Yield
Company (Changchun High-Tech Industries (Group))0.5%
Market Bottom 25% (CN)0.5%
Market Top 25% (CN)2.2%
Industry Average (Pharmaceuticals)1.5%
Analyst forecast in 3 Years (Changchun High-Tech Industries (Group))0.8%

Notable Dividend: 000661's dividend (0.47%) isn’t notable compared to the bottom 25% of dividend payers in the CN market (0.53%).

High Dividend: 000661's dividend (0.47%) is low compared to the top 25% of dividend payers in the CN market (2.14%).

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, 000661 has been paying a dividend for less than 10 years.

Growing Dividend: 000661's dividend payments have increased, but the company has only paid a dividend for 9 years.

Earnings Payout to Shareholders

Earnings Coverage: With its low payout ratio (8.2%), 000661's dividend payments are thoroughly covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (33.3%), 000661's dividend payments are well covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average board tenure


Yuntao Jiang (48 yo)



Mr. Yuntao Jiang has been Non-Independent Director of Changchun High & New Technology Industry (Group) Inc. since June 26, 2018 and serves as its General Manager since June 23, 2021. Mr. Jiang is a Directo...

Board Members

Experienced Board: 000661's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of 661?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders38,243,7819.5%
Private Companies76,076,95418.9%
General Public206,029,72151.2%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 45.24% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Changchun Hi-tech Investment Co., Ltd
76,076,954CN¥13.0b0%no data
Lei Jin
34,645,705CN¥5.9b0%no data
Lombarda China Fund Management Co., Ltd.
E Fund Management Co., Ltd.
Central Huijin Asset Management Ltd.
Fullgoal Fund Management Co., Ltd.
China Merchants Fund Management Co.,Ltd.
Dajia Asset Management Co., Ltd.
National Council for Social Security Fund
Penghua Fund Management Co. Ltd.
Hairuo Zheng
3,198,800CN¥544.9m0%no data
China Universal Asset Management Company Ltd.
Invesco Great Wall Fund Management Co. Ltd
Guotai Asset Management Co., Ltd.
Harvest Fund Management Co., Ltd.
J.P. Morgan Asset Management, Inc.
China Asset Management Co., Ltd.
ICBC Credit Suisse Asset Management Co., Ltd.
Yinhua Fund Management Co. Ltd.
Bosera Asset Management Co., Ltd.
Minsheng Royal Fund Management Co., Ltd.
BlackRock, Inc.
1,228,511CN¥209.3m9.89%no data
Essence Fund Management Co., Ltd
Manulife Teda Fund Management Co., Ltd.
The Vanguard Group, Inc.
1,078,968CN¥183.8m0%no data

Company Information

Changchun High-Tech Industries (Group) Inc.'s employee growth, exchange listings and data sources

Key Information

  • Name: Changchun High-Tech Industries (Group) Inc.
  • Ticker: 661
  • Exchange: SZSE
  • Founded: 1993
  • Industry: Pharmaceuticals
  • Sector: Pharmaceuticals & Biotech
  • Implied Market Cap: CN¥68.523b
  • Shares outstanding: 402.25m
  • Website:

Number of Employees


  • Changchun High-Tech Industries (Group) Inc.
  • Torch Building
  • 5th Floor
  • Changchun
  • Jilin Province
  • 130021
  • China


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
661SZSE (Shenzhen Stock Exchange)YesDomestic SharesCNCNYDec 1996
661XSEC (Shenzhen Stock Exchange - Shenzhen-Hong Kong Stock Connect)YesDomestic SharesCNCNYDec 1996

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.