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3SBio

1530.HK
84
Biotechnology · Healthcare
Price
HK$15.94
+0.24 (+1.53%)
Market Cap
HK$39.86B
Exchange
Hong Kong Stock Exchange
Winston Score
84
Winston is happy
A high-quality business with solid fundamentals.
Data as of Oct 8, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
30/30
Growth
Exceptional
17/20
Cash Flow
Exceptional
10/10
Stability
Exceptional
10/10
Valuation
Good
6/10
Ownership
Good
10/15
Dividends
Weak
1/5

84 of 100 counted points = Winston Score 84.

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Share count falling — buybacks

−11.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.77B (2021) → 2.47B (2025)

§Winston Score History

The full picture

3SBio is a Chinese biotechnology company that develops and sells biologic medicines, mainly for cancer, kidney disease, and autoimmune conditions. Its key products include TPIAO (a drug that helps the body make more platelets), Yisaipu (a biosimilar used to treat rheumatoid arthritis), and several drugs that treat anemia in kidney patients. It is one of the largest biopharmaceutical companies in China focused on biologics.

3SBio makes money by selling its drugs primarily to hospitals and clinics across China, generating revenue through direct product sales. The company has very high gross margins, reflecting the strong pricing power of its established biologic portfolio and limited generic competition for some products. Growth depends on launching new drugs in its pipeline and expanding into additional therapeutic areas, but risks include China's ongoing healthcare pricing reforms, which pressure drug prices, and increasing competition from other domestic biosimilar makers.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-21.1% YoY

YoY Growth Rate

Earnings declining

R&D Spend

¥1.5B/ year

↑ Rising (+15% vs prior year)

8.6% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

26.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

¥20.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

3SBio is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
83.8%
Premium pricing power — 83.8% gross margin
Profit after running costs
Operating Margin
36.2%
Excellent — 36.2% operating margin
Return on the money invested
ROCE
37.7%
Exceptional — 37.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+96.2%
Fast-growing sales (+96.2% YoY)
Profit growth
EPS YoY
+238.8%
Earnings growing fast (+238.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is
EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash
Cash Conversion
118%
Turns 118% of profit into real cash
Spare cash per sale
FCF Margin
52.4%
Converts sales into free cash efficiently (52.4%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.05
Conservative — low debt load (0.05)
Covers its interest
Interest Cover
203.67x
Comfortably covers interest (203.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
4.8x
Attractive valuation — P/E 4.8

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year
P/E vs Forward
-8.2
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
1.62%
Small dividend — 1.62% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
N/A
Data not available

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