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Dawnrays Pharmaceutical (Holdings) Limited logo

Dawnrays Pharmaceutical (Holdings) Limited

2348.HK

HKSEHealthcareDrug Manufacturers - Specialty & Generic

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Latest quote

HK$1.00

+HK$0.005 · +0.50%

Aug 24, 1:30 PM HKTData delayed

2348.HK company overview

Regular session · HKT · Market data may be delayed.

Company profile

Company website

Dawnrays Pharmaceutical (Holdings) Limited operates as an investment holding company, primarily engaged in the creation, production, and global distribution of generic pharmaceutical medicines, with a focus on Mainland China and international markets. Its operations are divided into two main divisions: Intermediates and Bulk Medicines, and Finished Drugs. The company's diverse product portfolio features a range of antibiotics, including pharmaceutical intermediates, bulk active ingredients, powdered formulations for injection, and oral antibiotic preparations. Furthermore, Dawnrays offers specialized medications addressing various bodily systems and conditions, such as those for cardiovascular health, allergies, Hepatitis B Virus (HBV), digestive and urinary issues, antipyretic-analgesic (fever and pain relief), respiratory ailments, and endocrine disorders. These system-specific drugs are dispensed in familiar forms like tablets, capsules, and granules. Founded in 1995, the firm maintains its headquarters in Wan Chai, Hong Kong, and is a subsidiary of Fortune United Group Limited.

Industry
Drug Manufacturers - Specialty & Generic
Sector
Healthcare
Headquarters
HK
CEO
Liwei Yu
Listed since
Jul 11, 2003
Employees
1,081

Market position

Volume
164K
1.48× average
Average volume
110.71K
Average daily volume
Market cap
1.5B HKD
Beta
0.23
Market reference 1

Financials

Financial snapshot

Latest / TTM

Valuation & yield

Enterprise value
585.37M CNY
P/E (TTM)
6.11×
P/B (TTM)
0.39×
P/S (TTM)
1.05×
EV / EBITDA
1.7×
Earnings yield
12.78%
Free cash flow yield
14.09%
Dividend yield
6.30%

Profitability & efficiency

Gross margin
45.29%
Operating margin
18.66%
Net margin
17.38%
Return on equity
6.32%
Return on assets
5.33%
Return on invested capital
5.40%

Financial health

Debt / equity
0.02×
Current ratio
4.64×
Altman Z-score
3.63
Piotroski F-score
4 of 9

Financial statements

Margin trends

Profitability as a percentage of reported revenue.

Gross marginOperating marginNet margin
Gross, operating, and net margin trends64%47%30%13%Gross margin, FY2021: 57.96%Gross margin, FY2022: 60.01%Gross margin, FY2023: 55.73%Gross margin, FY2024: 54.48%Gross margin, FY2025: 45.29%Operating margin, FY2021: 32.68%Operating margin, FY2022: 33.06%Operating margin, FY2023: 24.10%Operating margin, FY2024: 34.70%Operating margin, FY2025: 18.66%Net margin, FY2021: 30.74%Net margin, FY2022: 28.02%Net margin, FY2023: 28.32%Net margin, FY2024: 53.28%Net margin, FY2025: 17.38%FY2021FY2022FY2023FY2024FY2025
Gross margin FY2021 57.96%. Gross margin FY2022 60.01%. Gross margin FY2023 55.73%. Gross margin FY2024 54.48%. Gross margin FY2025 45.29%. Operating margin FY2021 32.68%. Operating margin FY2022 33.06%. Operating margin FY2023 24.10%. Operating margin FY2024 34.70%. Operating margin FY2025 18.66%. Net margin FY2021 30.74%. Net margin FY2022 28.02%. Net margin FY2023 28.32%. Net margin FY2024 53.28%. Net margin FY2025 17.38%.

Income trends

Revenue

1.23B CNY+16.09%

Operating income

229.65M CNY-37.58%

Net income

213.97M CNY-62.13%
Income trends across reported periods1.38B CNY958.57M CNY533.08M CNY107.6M CNYRevenue, FY2021: 1.17B CNYRevenue, FY2022: 1.28B CNYRevenue, FY2023: 1.15B CNYRevenue, FY2024: 1.06B CNYRevenue, FY2025: 1.23B CNYOperating income, FY2021: 380.76M CNYOperating income, FY2022: 422.41M CNYOperating income, FY2023: 277.42M CNYOperating income, FY2024: 367.91M CNYOperating income, FY2025: 229.65M CNYNet income, FY2021: 358.18M CNYNet income, FY2022: 358.06M CNYNet income, FY2023: 326M CNYNet income, FY2024: 564.94M CNYNet income, FY2025: 213.97M CNYFY2021FY2022FY2023FY2024FY2025
Revenue FY2021 1.17B CNY. Revenue FY2022 1.28B CNY. Revenue FY2023 1.15B CNY. Revenue FY2024 1.06B CNY. Revenue FY2025 1.23B CNY. Operating income FY2021 380.76M CNY. Operating income FY2022 422.41M CNY. Operating income FY2023 277.42M CNY. Operating income FY2024 367.91M CNY. Operating income FY2025 229.65M CNY. Net income FY2021 358.18M CNY. Net income FY2022 358.06M CNY. Net income FY2023 326M CNY. Net income FY2024 564.94M CNY. Net income FY2025 213.97M CNY.
Metric (CNY)FY2025FY2024FY2023FY2022FY2021
Revenue1.23B CNY1.06B CNY1.15B CNY1.28B CNY1.17B CNY
Cost of goods sold673.47M CNY482.68M CNY509.63M CNY511M CNY489.79M CNY
Gross profit557.4M CNY577.63M CNY641.52M CNY766.68M CNY675.36M CNY
Research and development83.48M CNY70.83M CNY90.81M CNY79.48M CNY67.03M CNY
Selling, general, and administrative244.27M CNY254.5M CNY260.26M CNY264.79M CNY226.44M CNY
Operating expenses327.75M CNY209.72M CNY199.2M CNY344.27M CNY293.47M CNY
Interest income30.26M CNY36.42M CNY25.93M CNY19.38M CNY19.81M CNY
Interest expense496K CNY3.61M CNY989K CNY371K CNY641K CNY
Depreciation and amortization116.24M CNY78.44M CNY83.89M CNY66.41M CNY53.13M CNY
Operating income229.65M CNY367.91M CNY277.42M CNY422.41M CNY380.76M CNY
Net income213.97M CNY564.94M CNY326M CNY358.06M CNY358.18M CNY

Company facts updated Aug 24, 2026.

Earnings

Latest EPS result
0.08

EPS: actual versus estimate

Recent quarterly results

ActualEstimate
Estimates unavailable
Quarterly EPS actual values compared with estimates0.390.280.160.04Q1 '22Q3 '22Q1 '23Q3 '23Q1 '24Q3 '24Q1 '25Q1 '26
Q1 2022, reported Mar 24, 2022: actual 0.155, estimate —, surprise —, Comparison unavailable. Q3 2022, reported Aug 26, 2022: actual 0.134, estimate —, surprise —, Comparison unavailable. Q1 2023, reported Mar 24, 2023: actual 0.137, estimate —, surprise —, Comparison unavailable. Q3 2023, reported Aug 25, 2023: actual 0.184, estimate —, surprise —, Comparison unavailable. Q1 2024, reported Mar 22, 2024: actual 0.052, estimate —, surprise —, Comparison unavailable. Q3 2024, reported Aug 23, 2024: actual 0.354, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 28, 2025: actual 0.051, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 27, 2026: actual 0.078, estimate —, surprise —, Comparison unavailable.

Revenue: actual versus estimate

Recent quarterly results

ActualEstimate
Quarterly Revenue actual values compared with estimates1.52B1.16B798.12M439.46MQ1 '22MissQ3 '22MissQ1 '23MissQ3 '23MissQ1 '24MissQ3 '24No estimateQ1 '25No estimateQ1 '26No estimate
Q1 2022, reported Mar 24, 2022: actual 683.09M HKD, estimate 1.44B HKD, surprise -52.56%, Miss. Q3 2022, reported Aug 26, 2022: actual 730.31M HKD, estimate 1.44B HKD, surprise -49.33%, Miss. Q1 2023, reported Mar 24, 2023: actual 745.08M HKD, estimate 1.44B HKD, surprise -48.30%, Miss. Q3 2023, reported Aug 25, 2023: actual 702.84M HKD, estimate 1.44B HKD, surprise -51.23%, Miss. Q1 2024, reported Mar 22, 2024: actual 554.76M HKD, estimate 1.44B HKD, surprise -61.51%, Miss. Q3 2024, reported Aug 23, 2024: actual 620.12M HKD, estimate —, surprise —, Comparison unavailable. Q1 2025, reported Mar 28, 2025: actual 513.67M HKD, estimate —, surprise —, Comparison unavailable. Q1 2026, reported Mar 27, 2026: actual 667.99M HKD, estimate —, surprise —, Comparison unavailable.

Corporate actions

Corporate action history

Stock split

Effective Aug 6, 2018

2:1

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