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Hansoh Pharmaceutical Group Co Ltd (3692) Fair Value & Analysis

Healthcare · HK · Market cap HK$199B (≈ $25.4B) · ISIN KYG549581067

What is Hansoh Pharmaceutical Group Co Ltd really worth?

HP Hansoh Pharmaceutical Group Co Ltd 3692 · HK
PriceHK$36.24
Fair ValueHK$16.18
Upside−55.4%
Quality74/100

A solid business, but trading 124% above our fair value of HK$16.18.

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Strengths

✓Healthy Growth (revenue 5y +11.6 %/yr)
✓Highly profitable · 37.0% net margin
✓Low debt · generates free cash flow
✓Wide moat 76/100

Risks

!Mixed vs. peers (7/14)
!Weak on dividend: 21 out of 100

For context

·1.07% dividend yield
Evidence: High Range HK$12.27 – HK$27.67

Fair value as of: Sep 3, 2026

From 26 valuation models · updated yesterday

Fair value updated Sep 3, 2026, revised from HK$16.14 to HK$16.18 (+0.2%) since Aug 13, 2026. Share price +15.3% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 74/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case (HK$27.67). The favourable scenario is already priced in.
  • A fairly wide model range (HK$12.27 to HK$27.67) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

HK$43.08 HK$9.09 Fair Value HK$16.18 Apr 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 3, 2026.

How to read this chart

60‑month range HK$9.09 – HK$43.08 · fair‑value band HK$12.27 – HK$27.67 · the HK$36.24 price screens above the HK$16.18 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 3, 2026.

Full chart & analysis →

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Analysis

Hansoh Pharmaceutical Group Co Ltd (3692) currently trades at HK$36.24, while our model-based Fair Value estimate is HK$16.18, implying the stock looks roughly 124.0% overvalued today. The Quality Score stands at 74/100 (solid quality), in the Healthcare sector. Bull case: the DCF Models group reads highest at a median of HK$19.78 per share, and 0 of the 26 models we run sit above the HK$36.24 price. Bear case: the Asset-Based group reads lowest at HK$3.91, and 26 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Hansoh Pharmaceutical Group Co Ltd generated revenue of HK$15.0B at a net margin of 37.0%. Revenue grew 32.0% year over year. It earns a return on equity of 17.4%. The balance sheet holds a net cash position of HK$3.3B. Fundamentals as of Sep 3, 2026

Our scenario range runs from HK$12.27 (bear case) to HK$27.67 (bull case); at HK$36.24, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat. The share trades about 18% below its 52-week high and 39% above its 52-week low, currently below its 200-day average. For context, the median of 10 Healthcare peers we cover trades at −45% fair-value upside, at −55%, 3692 screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly HK$0.0961 per share, which is 0.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF HK$14.22 HK$26.10 HK$47.35 77
Growth DCF HK$14.05 HK$24.76 HK$43.26 76
5Y EBITDA Exit HK$11.27 HK$19.21 HK$29.21 74
All 26 models by family
DCF Models
FCF DCF HK$14.22 HK$26.10 HK$47.35 77
Owner Earnings HK$12.50 HK$22.88 HK$41.44 73
5Y Revenue Exit HK$8.42 HK$13.21 HK$19.55 72
5Y EBITDA Exit HK$11.27 HK$19.21 HK$29.21 74
5Y P/E Exit HK$14.50 HK$26.00 HK$39.37 69
10Y Revenue Exit HK$10.05 HK$15.33 HK$23.18 66
10Y EBITDA Exit HK$12.14 HK$19.78 HK$31.43 67
10Y P/E Exit HK$14.30 HK$24.81 HK$40.10 62
Earnings-Based
Graham-Dodd HK$6.23 HK$30.95 HK$42.69 64
Lynch FV HK$8.35 HK$11.93 HK$15.51 61
PEG = 1.0 HK$8.35 HK$11.93 HK$15.51 57
EPV HK$7.51 HK$8.66 HK$9.68 74
Dividend Discount
Gordon GGM HK$3.05 HK$6.34 HK$10.05 66
DDM Multi-Stage HK$3.05 HK$5.34 HK$6.65 66
Multiples
P/E Multiple HK$15.12 HK$20.16 HK$25.20 63
P/S Multiple HK$6.51 HK$8.68 HK$10.84 58
P/B Multiple HK$11.68 HK$15.58 HK$19.47 55
EV/EBIT HK$11.95 HK$15.75 HK$19.54 66
EV/EBITDA HK$10.62 HK$13.98 HK$17.33 67
EV/Revenue HK$5.77 HK$8.00 HK$10.23 54
Asset-Based
NCAV (Graham) HK$2.92 HK$3.91 HK$5.84 54
Growth DCF
Growth DCF HK$14.05 HK$24.76 HK$43.26 76
Rev-Margin DCF HK$8.42 HK$13.20 HK$19.53 72
Economic Profit
Residual Income HK$6.07 HK$7.91 HK$21.89 67
ROIC Compounder HK$8.28 HK$11.26 HK$15.21 71
Growth Earnings
Growth-Adj P/E HK$13.13 HK$18.75 HK$24.38 67

Widest divergence: DCF Models (HK$19.78) versus Asset-Based (HK$3.91). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 30.7 as of Jul 13, 2026
P/S ratio 11.3 P/E × margin
EPS (TTM) HK$0.5300 price ÷ EPS = P/E 30.7
Dividend yield 1.1% payout 73.2%
Net margin 37.0% FY2025
Return on equity 17.4% TTM
More key figures
Profitability
Return on assets (EBIT) 11.2% avg 5y
Operating margin 29.6% TTM
Growth
Revenue (TTM) HK$15.0B TTM
Revenue growth (YoY) +32.0% 3y avg +17.0%
EPS growth (YoY) +45.8%
Balance sheet & cash flow
Free cash flow HK$6.2B FY2025
Net cash HK$3.3B FY2025

Figures from reported company fundamentals · as of Sep 3, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 74/100

Of which business quality 74 · Market factors (momentum, volatility) 53

Profitability 65
Margins and returns on capital today
Quality Growth 62
Are margins and returns improving?
Cashflow 86
Earnings quality: real cash, not paper profit
Fin. Strength 86
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 69
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 41
Distance to the 52-week high (market factor)
Net Issuance 78
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Hansoh Pharmaceutical Group Company Limited, an investment holding company, engages in the research, development, production, and sale of pharmaceutical products in the People's Republic of China.

Full company description

Hansoh Pharmaceutical Group Company Limited, an investment holding company, engages in the research, development, production, and sale of pharmaceutical products in the People's Republic of China. The company provides products for therapeutic areas, including anti-infection, central nervous system, oncology, and metabolic and other diseases, as well as autoimmune diseases. Its principal products include Ameile, Hansoh Xinfu, Pulaile, Xintai, Xinmei, Gainuo, Tanneng, and Pulaitan; Hengmu, Hengsen, Oulanning, Ailanning, and Ameining; XINYUE; and Saint Luolai, Fulaimei, Ruibote, Fulaidi, Punuoan tablets, etc. It has licence agreements with GlaxoSmithKline Intellectual Property (No.4) Limited to develop, manufacture, and commercialize HS-20089 and HS-20093 for the treatment of patients with extensive-stage small-cell lung cancer (ES-SCLC) with disease progression on or after platinum-based chemotherapy; Biotheus Inc. to develop, produce, and commercialize bispecific antibody-drug conjugate product; and with Merck Sharp & Dohme LLC (MSD) to develop, manufacture, and commercialize HS-10535, an investigational pre-clinical oral small molecule glucagon-like peptide-1 (GLP-1) receptor agonist. The company was founded in 1995 and is headquartered in Shanghai, China. Hansoh Pharmaceutical Group Company Limited operates as a subsidiary of Stellar Infinity Company Ltd.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hansoh Pharmaceutical Group Co Ltd reported revenue of 15.0B CNY in FY2025 versus 9.9B CNY in FY2021, a compound +10.9%/yr. Reported net income was 5.6B CNY in FY2025, compounding +19.6%/yr from FY2021.

Growth Quality 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
HK$15.0B
Latest YoY
+22.6%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+17.0%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+11.6%
Avg. revenue growth/yr (9Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.0%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+17.1% (16.0 + 1.1)
Revenue +10.9%/yr
FY21 9.9B CNY
FY22 9.4B CNY
FY23 10.1B CNY
FY24 12.3B CNY
FY25 15.0B CNY
Net income +19.6%/yr
FY21 2.7B CNY
FY22 2.6B CNY
FY23 3.3B CNY
FY24 4.4B CNY
FY25 5.6B CNY

3692 screens 124% overvalued. Compare with Merck KGaA →

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HK$16.18 −124%Fair Value
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Cite: Fair Value Calculator (2026). "Hansoh Pharmaceutical Group Co Ltd Fair Value". https://www.fairvalue-calculator.com/stock/3692

Peer Group

Drug Manufacturers - Specialty & Generic · 608 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 74 · Top 25%
Fair Value upside −55% · Below median
Return on equity (TTM) 17% · Top 25%
Return on assets 9% · Top 25%
Net margin (TTM) 37% · Top 25%
Operating margin (TTM) 30% · Top 25%
Revenue growth 32% · Top 25%
Dividend yield (TTM) 1.1% · Below median

Valuation Multiples vs Drug Manufacturers - Specialty & Generic median · lower = cheaper

P/E (TTM) 30.7× · Pricier than median
P/B 5.63× · Pricier than 75% of peers
P/S (TTM) 13.25× · Pricier than 75% of peers
P/FCF 4.1× · Pricier than median
EV/EBITDA 34.0× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 2
FUTURE100 · sector 22
PAST69 · sector 26
HEALTH100 · sector 97
DIVIDEND21 · sector 29

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Drug Manufacturers - Specialty & Generic stocks, each showing price versus our Fair Value estimate (as of Sep 3, 2026).

Stock Price Fair Value vs Fair Value
Merck KGaA MRK €140.25 €106.48 −24%
Takeda Pharmaceutical Company TAK $18.03 $11.11 −38%
Jiangsu Hengrui Pharmaceuticals Co 600276 ¥53.76 ¥25.94 −52%
Sun Pharmaceutical Industries Limited SUNPHARMA ₹1,944 ₹989.50 −49%
Galderma Group GALD CHF 178.55 CHF 55.07 −69%
Haleon plc HLN $10.11 $7.64 −24%
Teva Pharmaceutical Industries Limited TEVA $36.05 $15.33 −57%
Sandoz Group SDZ CHF 70.66 CHF 39.21 −45%
Zoetis Inc ZTS $77.10 $104.88 +36%
Divi's Laboratories Limited DIVISLAB ₹8,525 ₹1,228 −86%

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Frequently asked questions

Is Hansoh Pharmaceutical Group Co Ltd (3692) overvalued or undervalued?
As of Sep 3, 2026, our model estimates a fair value of HK$16.18 versus a price of HK$36.24, about −55% upside (overvalued).
What is the fair value of 3692?
Our model-based fair value for Hansoh Pharmaceutical Group Co Ltd is HK$16.18 (as of Sep 3, 2026), built from audited fundamentals. The current price: HK$36.24.
What is the quality score of 3692?
Hansoh Pharmaceutical Group Co Ltd has a Quality Score of 74/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Hansoh Pharmaceutical Group Co Ltd (3692)?
Hansoh Pharmaceutical Group Co Ltd reported trailing-twelve-month revenue of about HK$15.0B (latest available figure, as of Sep 3, 2026).
What is the net profit margin of 3692?
The net profit margin of Hansoh Pharmaceutical Group Co Ltd is about 37.0%, meaning it keeps roughly 37.0% of revenue as net income. Based on the latest reported figures.
Does Hansoh Pharmaceutical Group Co Ltd pay a dividend?
Hansoh Pharmaceutical Group Co Ltd currently shows a dividend yield of about 1.07% relative to its recent price (as of Sep 3, 2026).
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