T 
Tonghua Golden-Horse Pharmaceutical Industry Co 000766.SZ · CNY
Health Care · Shenzhen · 🇨🇳 China
14.20
-2.81%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥1.17bn
FY2016FY2025
Net income
CN¥34.3m
FY2016FY2025
Free cash flow
CN¥41.0m
FY2016FY2025
Shareholders' equity
CN¥2.31bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.17bn | CN¥1.32bn | CN¥1.47bn | CN¥1.47bn | CN¥1.52bn | CN¥1.11bn | CN¥1.98bn | CN¥2.09bn | CN¥1.52bn | CN¥850.1m |
| Gross profit | CN¥843.9m | CN¥993.5m | CN¥1.09bn | CN¥1.12bn | CN¥1.17bn | CN¥881.9m | CN¥1.63bn | CN¥1.76bn | CN¥1.20bn | CN¥584.8m |
| Research and development | CN¥39.8m | CN¥58.9m | CN¥45.8m | CN¥64.9m | CN¥63.5m | CN¥50.3m | CN¥66.9m | CN¥67.3m | CN¥57.5m | CN¥28.6m |
| Operating income | CN¥123.6m | CN¥67.4m | CN¥121.8m | CN¥51.4m | CN¥62.3m | −CN¥356.6m | CN¥43.8m | CN¥294.4m | CN¥281.8m | CN¥217.2m |
| Net income | CN¥34.3m | CN¥56.4m | CN¥43.9m | CN¥30.2m | CN¥35.3m | −CN¥359.5m | −CN¥2.04bn | CN¥330.9m | CN¥257.9m | CN¥213.5m |
| Diluted earnings per share | 0.04 | 0.06 | 0.05 | 0.03 | 0.04 | -0.38 | -2.11 | 0.34 | 0.27 | 0.23 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥4.48bn | CN¥4.48bn | CN¥4.52bn | CN¥4.69bn | CN¥4.64bn | CN¥4.98bn | CN¥4.70bn | CN¥5.96bn | CN¥5.73bn | CN¥5.30bn |
| Cash and short-term investments | — | CN¥275.3m | CN¥178.5m | CN¥336.9m | CN¥301.8m | CN¥600.7m | CN¥289.3m | CN¥336.5m | CN¥625.9m | CN¥472.2m |
| Total liabilities | CN¥2.17bn | CN¥2.23bn | CN¥2.20bn | CN¥2.32bn | CN¥2.30bn | CN¥2.68bn | CN¥2.03bn | CN¥1.25bn | CN¥1.31bn | CN¥1.14bn |
| Debt | CN¥1.59bn | CN¥197.6m | CN¥1.69bn | CN¥1.59bn | CN¥227.8m | CN¥1.94bn | CN¥1.11bn | CN¥476.6m | CN¥591.0m | CN¥356.4m |
| Shareholders' equity | CN¥2.31bn | CN¥2.26bn | CN¥2.32bn | CN¥2.34bn | CN¥2.31bn | CN¥2.27bn | CN¥2.63bn | CN¥4.67bn | CN¥4.38bn | CN¥4.12bn |
| Shares outstanding | 966m | 966m | 966m | 966m | 965m | 944m | 967m | 966m | 967m | 914m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥105.1m | CN¥162.7m | CN¥112.8m | CN¥198.2m | CN¥138.3m | CN¥80.7m | CN¥74.9m | CN¥170.7m | CN¥26.4m | CN¥90.6m |
| Capital spending | −CN¥64.1m | −CN¥49.2m | −CN¥26.7m | −CN¥23.7m | −CN¥25.5m | −CN¥19.2m | −CN¥61.0m | −CN¥74.4m | −CN¥118.1m | −CN¥169.4m |
| Free cash flow | CN¥41.0m | CN¥113.6m | CN¥86.1m | CN¥174.4m | CN¥112.9m | CN¥61.5m | CN¥13.9m | CN¥96.3m | −CN¥91.7m | −CN¥78.8m |
| Dividends paid | −CN¥81.3m | −CN¥85.0m | −CN¥83.3m | −CN¥88.6m | −CN¥97.5m | −CN¥130.8m | −CN¥42.4m | −CN¥24.9m | −CN¥26.4m | −CN¥16.1m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥257.1m | CN¥300.1m | CN¥277.7m | CN¥242.3m | CN¥350.7m | CN¥299.3m | CN¥354.0m | CN¥319.4m |
| Gross profit | CN¥195.0m | CN¥224.6m | CN¥196.4m | CN¥171.0m | CN¥262.1m | CN¥214.3m | CN¥263.3m | CN¥244.3m |
| Operating income | CN¥29.8m | CN¥30.4m | CN¥23.8m | CN¥26.1m | CN¥28.8m | CN¥32.8m | CN¥41.3m | CN¥33.2m |
| Net income | −CN¥2.0m | CN¥9.1m | CN¥9.3m | CN¥8.2m | CN¥5.2m | CN¥11.6m | CN¥32.5m | CN¥11.5m |
| Diluted earnings per share | -0.00 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.03 | 0.01 |
| Cash from operations | — | — | — | −CN¥7.0m | CN¥36.0m | CN¥41.0m | CN¥51.0m | CN¥73.0m |
| Capital spending | −CN¥1.0m | −CN¥2.0m | −CN¥31.0m | −CN¥20.0m | −CN¥7.0m | −CN¥5.0m | −CN¥22.0m | −CN¥8.0m |
| Free cash flow | — | — | — | −CN¥27.0m | CN¥29.0m | CN¥36.0m | CN¥29.0m | CN¥65.0m |
| Total assets | CN¥4.71bn | CN¥4.74bn | CN¥4.48bn | CN¥4.53bn | CN¥4.54bn | CN¥4.52bn | CN¥4.48bn | CN¥4.60bn |
| Cash and short-term investments | — | — | — | CN¥323.4m | CN¥344.8m | CN¥333.1m | CN¥275.3m | CN¥276.8m |
| Debt | CN¥1.58bn | CN¥1.58bn | CN¥1.59bn | CN¥265.1m | CN¥249.7m | CN¥249.7m | CN¥194.7m | CN¥1.79bn |
| Shareholders' equity | CN¥2.32bn | CN¥2.32bn | CN¥2.31bn | CN¥2.30bn | CN¥2.27bn | CN¥2.27bn | CN¥2.26bn | CN¥2.34bn |
Financial ratios
Data as of 25 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 72.1% | 75.1% | 74.1% | 76.0% | 76.9% | 79.3% |
| Operating margin | 10.6% | 5.1% | 8.3% | 3.5% | 4.1% | -32.1% |
| Net margin | 2.9% | 4.3% | 3.0% | 2.1% | 2.3% | -32.3% |
| Return on equity | 1.5% | 2.5% | 1.9% | 1.3% | 1.5% | -15.8% |
| Return on assets | 0.8% | 1.3% | 1.0% | 0.6% | 0.8% | -7.2% |
| Free cash flow yield | 1.2% | 1.4% | 0.9% | 1.5% | 1.1% | 0.7% |
| Revenue growth | -11.5% | -10.2% | 0.2% | -3.0% | 36.3% | -43.8% |
| Earnings growth | -39.2% | 28.5% | 45.7% | -14.5% | -109.8% | -82.4% |
| Current ratio | 2.33x | 0.56x | 1.94x | 1.84x | 0.57x | 2.00x |
| Debt to equity | 0.69x | 0.09x | 0.73x | 0.68x | 0.10x | 0.85x |
| Equity ratio | 51.6% | 50.3% | 51.3% | 49.9% | 49.7% | 45.6% |
| Interest coverage | 1.51x | 0.81x | 1.46x | 0.58x | 0.64x | -2.90x |
| R&D as a share of sales | 3.4% | 4.5% | 3.1% | 4.4% | 4.2% | 4.5% |
| Buybacks as a share of market value | 0.0% | 0.0% | 0.0% | -0.2% | -2.2% | 2.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -7.3% | 1.0% | 19.5% |
| Operating income | 34.0% | — | 38.4% |
| Net income | 4.4% | — | 17.5% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 73.7% | 74.4% | 75.6% | 77.3% |
| Operating margin | 7.7% | 6.7% | 0.9% | 6.2% |
| Net margin | 3.6% | 3.0% | -2.0% | -9.5% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | — | 268.9 | 438.7 | 168.9 | 129.9 | -8.6 | -3.1 | 20.0 | 51.0 | 75.2 |
| Price to sales | 22.7 | 11.5 | 13.1 | 3.5 | 3.0 | 2.8 | 3.2 | 3.2 | 8.6 | 18.9 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years. Last went ex-dividend on 25 May 2001.
| FY2001 | |
|---|---|
| Paid in the year | 0.70 |
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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