TacticScaleWhat Jiangsu Hengrui Pharmaceuticals (恒瑞医药) Does & How It Makes Money (600276.SS)
Updated October 2026 · reflects Jiangsu Hengrui Pharmaceuticals's latest reported financials
Chinese drugmaker developing and selling medicines across many therapeutic areas. The company earns revenue mainly by manufacturing and selling its medicines to hospitals and healthcare providers in China and internationally, and funds R&D to bring new drugs to market.
How Jiangsu Hengrui Pharmaceuticals makes money
The company earns revenue mainly by manufacturing and selling its medicines to hospitals and healthcare providers in China and internationally, and funds R&D to bring new drugs to market.
What Jiangsu Hengrui Pharmaceuticals does
Jiangsu Hengrui Pharmaceuticals, founded in 1970 and headquartered in Lianyungang, is a Chinese pharmaceutical company that researches, develops, manufactures and commercializes medicines aimed at unmet clinical needs. It sells in China and internationally. Its portfolio covers a wide range of therapeutic areas: oncology, metabolic and cardiovascular, immunology and respiratory, neuroscience, pain management, infectious, hematological, ophthalmology and autoimmune diseases. Because it spans both specialty and generic drugs, it is a broad-based player in China's healthcare sector rather than a single-product company.
Products & services
- Oncology medicines
- Metabolic and cardiovascular drugs
- Immunology and respiratory therapies
- Neuroscience and pain management drugs
- Anti-infective medicines
- Hematology and ophthalmology treatments
恒瑞医药是做什么的？
江苏恒瑞医药股份有限公司成立于1970年，总部位于江苏连云港，是一家集药品研发、生产和商业化于一体的制药企业，致力于满足未被满足的临床需求，业务覆盖中国及海外市场。 公司产品管线涵盖肿瘤、代谢和心血管、免疫和呼吸、神经科学、镇痛、感染、血液、眼科及自身免疫等多个疾病领域，横跨专科药与仿制药，是中国医药行业中业务布局较广的企业之一。
What is Jiangsu Hengrui Pharmaceuticals worth?
On an owner-earnings DCF, Jiangsu Hengrui Pharmaceuticals's most-likely value is about ¥29 versus a recent price near ¥46 (58% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥11) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
One company, two listings
Jiangsu Hengrui Pharmaceuticals trades in mainland China and in Hong Kong. Same business, same profits — but the two markets can price it at different multiples, because they have different investors, money and reference points.
| Market | Ticker | Price | P/E |
|---|---|---|---|
| Shanghai (A shares) | 600276.SS | ¥46.05 | 39.7× |
| Hong Kong (H shares) | 1276.HK | HK$47.16 | 36.9× |
As of 12 October 2026. Prices in each listing's own currency. Why one profit can carry two prices: Valuation Is Not a Property of the Company.
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