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Largest Pharmacies Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
JD Health, Alibaba Health, CR Pharmaceutical, Yifeng Pharmacy and Jointown Pharmaceutical.
 | JD Health is the largest healthcare e-commerce platform in China in terms of revenue. The company offers pharmaceutical drugs and healthcare products on its platform, both as a marketplace that connects merchants to consumers and as a first-party, or 1P, direct retailer. It also offers online consultation from real life doctors and separately partners with offline pharmacies that can provide location-based 24/7 delivery as part of an omnichannel initiative to complement its core e-commerce business. Its closest competitors are Alibaba Health and Meituan for its e-commerce business. As of Dec. 31, 2024, the platform has over 200 million active annual users and over 70,000 merchants. JD Health is 67.49% owned by its parent company, JD.com. | $6 | +13% | $19B | $12B | 1.1x | 12.6x | ||
| Alibaba Health is of one of China's leading e-commerce platform specializing in healthcare-related products, including prescription drugs, OTC drugs, traditional Chinese medicine, health foods, and so on. The company operates both a third-party B2C service, or 3P, and its own direct-to-consumer business, or 1P, with its own inventory, which can both be accessed by Alibaba’s Tmall app and Alipay. The company also provides online consultation services in a separate app called Yilu or “Dr. Deer,” although its e-commerce businesses remain its core competency in the long-term. E-commerce accounted for 93% of revenue in fiscal year 2022. We estimate that AliHealth holds about 45% of market share in the industry in terms of GMV. AliHealth is 63.74% owned by its parent company, Alibaba Group. | $1 | -4% | $9B | $8B | 1.7x | 32.2x | ||
| China Resources Pharmaceutical is the third-largest medical distributor in China by revenue. It is an integrated pharmaceutical company specializing in research and development, manufacturing, medical distribution, and retail pharmacies. As of 2024, the medical distribution business accounts for 82.8% of its total revenue. CR Pharma’s manufacturing business, 18.0% of total revenue, has subsidiaries with a strong presence in traditional Chinese medicine and consumer healthcare. | $1 | +2% | $4B | $11B | 0.3x | 4.1x | ||
| Yifeng Pharmacy Chain Co Ltd is mainly engaged in the chain retail business of medicines, health products, medical devices, and health-related daily convenience products. Its operating segments include the Retail segment and the Wholesale segment. | $3 | -10% | $4B | $3B | 0.9x | 5.3x | ||
| Jointown Pharmaceutical Group Co Ltd is engaged in the business of wholesaling drugs and medical devices. The company offers logistics and other value-added services and mainly serves medical institutions, wholesale enterprises, and retail pharmacies. | $1 | +0% | $4B | $4B | 0.2x | 5.3x | ||
| DaShenLin Pharmaceutical Group Co Ltd is engaged in the pharmaceutical manufacturing, retail, and wholesale business. The company is based on the development of the pharmacy chain. It primarily offers Chinese herbal medicine such as antibiotics and biochemical drugs. The business activities are geographically carried out through China. | $3 | +9% | $3B | $3B | 0.7x | 5.4x | ||
| LBX Pharmacy Chain JSC is a China-based company engages in the sale of medicine and health products. The company is engaged in retailing drugs and other related products, including Chinese and Western medicine, prepared slices of Chinese crude drugs, health equipment, healthy food, and personal care products and life care products. The company is also involved in the wholesale and manufacture of drugs. | $2 | -27% | $2B | $2B | 0.6x | 5.3x | ||
| Anhui Huaren Health Pharmaceutical Co Ltd focuses on the pharmaceutical retail industry and forms a retail chain, retail centralized procurement, retail service, and retail e-commerce system. | $3 | +78% | $1B | $1B | 1.6x | 13.3x | ||
| Yixintang Pharmaceutical Group Co Ltd is a China-based company engages in the operation of pharmaceutical retail chains and wholesale businesses. Its products include traditional Chinese medicine, Western medicine, and medical equipment. | $2 | -24% | $1B | $1B | 0.4x | 3.9x | ||
| Shu Yu Civilian Pharmacy Corp Ltd is primarily involved in the operation and sales of Chinese and Western patent medicines, health foods, Chinese herbal medicines, health equipment and other products. | $2 | +10% | $779M | $1B | 0.7x | 10.5x | ||
| Luyan Pharma Co Ltd engages in the production, operation, distribution, and retail of human health products in China. It provides medical and health products. | $2 | +64% | $777M | $1B | 0.5x | 14.4x | ||
| Zjamp Group Co Ltd is mainly engaged in the business which covers comprehensive agricultural services, automotive trading services, and pharmaceutical production and sales. It is a leader in the commercial circulation industry under the new development pattern of dual circulation and an enterprise in the urban and rural commercial service industry of the national supply and marketing cooperative system. | $1 | +1% | $696M | $215M | 0.0x | 0.9x | ||
| Cachet Pharmaceutical Co Ltd is a state-owned stock company. Its main business includes: Medicine supply to hospitals, wholesaling of biological products, medical instruments, and traditional Chinese medicines. The Company also involved in pharmaceutical logistics and retail pharmacy chain. | $2 | +2% | $590M | $484M | 0.2x | 7.4x | ||
| JZJ Chain Drugstore Corp is engaged in the retail chain business of health products such as medicines, health foods, personal care products, household health products, convenience foods, and daily consumables and provides related professional services. | $3 | -11% | $454M | $995M | 0.8x | 5.9x | ||
| YSB Inc is a digital pharmaceutical platform serving businesses outside of hospitals in China. The Group mainly engaged in i) wholesales of pharmaceutical and healthcare products offline or online through its online platform; ii) retail of pharmaceutical and healthcare products through its retail shops; iii) operating online platform that enable the pharmaceutical distributors and vendors to sell their own pharmaceutical and healthcare products using the Group’s online platform; iv) providing SaaS solution to downstream pharmacies to streamline their inventory management; and v) providing medical testing services to primary healthcare institutions. The Group principally operates in the PRC and generates the majority of its revenues from the PRC. | $1 | -48% | $453M | $245M | 0.1x | 5.6x | ||
| Fangzhou Inc is a online chronic disease management platform in China. It has focus on chronic disease management to address the needs of patients with chronic diseases, such as hypertension, cardiovascular and respiratory chronic diseases. The company provide comprehensive medical services and online retail pharmacy services through Jianke Platform. The principal segment of the group are online retail pharmacy services, comprehensive medical services, Wholesale and customized content and marketing solutions. Key revenue is generated from Online retail pharmacy services. | $0 | -68% | $226M | $186M | 0.4x | 36.7x | ||
| Median | $2 | +1% | $1B | $1B | 0.5x | 5.8x |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
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