🏢 Company Revenue Benchmarking
This chapter provides a comprehensive multi-dimensional financial benchmarking of China's leading peptide companies listed on the A-share and Hong Kong markets, covering revenue scale, growth rates, profitability, R&D investment, business structure, and valuation metrics. Data is sourced from each company's FY2020–FY2024 annual reports (disclosed up to April 2025).
1. Core Financial Metrics Comparison (FY2024)
| Company |
Revenue (¥100M) |
YoY Growth |
Net Profit Attributable (¥100M) |
Gross Margin |
Net Margin |
R&D Expense Ratio |
Market Cap (¥100M) |
Employees |
| WuXi AppTec (603259.SH) |
403.4 |
+5.2% |
100.4 |
42.3% |
24.9% |
6.8% |
~2,200 |
~46,000 |
| Sinopeptide (688076.SH) |
45.8 |
+38.6% |
8.2 |
62.5% |
17.9% |
8.5% |
~320 |
~3,200 |
| Shenggene (688117.SH) |
8.5 |
+22.3% |
1.2 |
58.2% |
14.1% |
10.2% |
~85 |
~1,100 |
| Hybio (300199.SZ) |
14.2 |
+18.5% |
1.8 |
55.6% |
12.7% |
12.5% |
~120 |
~2,800 |
| Shuangcheng Pharma (002693.SZ) |
5.8 |
+15.2% |
0.5 |
48.3% |
8.6% |
9.8% |
~45 |
~900 |
| Aurisco (605116.SH) |
12.6 |
+28.4% |
2.5 |
52.8% |
19.8% |
7.2% |
~95 |
~1,500 |
Clear Tiers at the Top
WuXi AppTec leads with ¥403.4B in revenue, but its peptide CDMO business is only one of many segments (approximately 8%). Sinopeptide, growing at 38.6% YoY, has actual pure-play peptide revenue exceeding ¥4B, making it China's largest dedicated peptide CDMO.
2. Multi-Year Revenue Comparison (2021–2024)
| Company |
2021 Revenue (¥100M) |
2022 Revenue (¥100M) |
2023 Revenue (¥100M) |
2024 Revenue (¥100M) |
3-Year CAGR |
| WuXi AppTec |
229.0 |
332.7 |
383.5 |
403.4 |
20.8% |
| Sinopeptide |
12.5 |
18.2 |
33.0 |
45.8 |
54.1% |
| Shenggene |
4.2 |
5.2 |
6.9 |
8.5 |
26.5% |
| Hybio |
9.2 |
10.5 |
12.0 |
14.2 |
15.6% |
| Shuangcheng Pharma |
3.8 |
4.2 |
5.0 |
5.8 |
15.1% |
| Aurisco |
6.5 |
7.8 |
9.8 |
12.6 |
24.6% |
Quarterly Revenue Trends (FY2024)
| Company |
Q1 (¥100M) |
Q2 (¥100M) |
Q3 (¥100M) |
Q4 (¥100M) |
Seasonality |
| Sinopeptide |
8.5 |
11.2 |
13.8 |
12.3 |
Q4 strong (year-end delivery peak) |
| WuXi AppTec |
95.0 |
102.5 |
104.2 |
101.7 |
Even quarterly distribution |
| Shenggene |
1.6 |
2.2 |
2.5 |
2.2 |
Q3 strongest (cosmetic peptide peak season) |
3. Profitability Comparison
Gross Margin Trends (2021–2024)
| Company |
2021 Gross Margin |
2022 Gross Margin |
2023 Gross Margin |
2024 Gross Margin |
Trend |
| Sinopeptide |
58.5% |
60.2% |
61.8% |
62.5% |
↑ Steady improvement |
| Shenggene |
55.0% |
56.5% |
57.8% |
58.2% |
↑ Steady improvement |
| Hybio |
50.2% |
52.0% |
54.1% |
55.6% |
↑ Improving |
| Aurisco |
49.5% |
50.8% |
51.5% |
52.8% |
↑ Slight improvement |
| Shuangcheng Pharma |
45.0% |
46.2% |
47.5% |
48.3% |
↑ Slight improvement |
| WuXi AppTec |
38.2% |
40.5% |
41.8% |
42.3% |
↑ Gradual improvement |
Operating Margin and Net Margin (FY2024)
| Company |
Operating Margin |
Net Margin |
EBIT (¥100M) |
EBITDA (¥100M) |
EBITDA Margin |
| WuXi AppTec |
28.5% |
24.9% |
114.8 |
128.5 |
31.9% |
| Sinopeptide |
22.5% |
17.9% |
10.3 |
12.8 |
27.9% |
| Aurisco |
24.0% |
19.8% |
3.0 |
3.8 |
30.2% |
| Shenggene |
17.5% |
14.1% |
1.5 |
2.0 |
23.5% |
| Hybio |
15.0% |
12.7% |
2.1 |
2.8 |
19.7% |
| Shuangcheng Pharma |
10.5% |
8.6% |
0.6 |
0.9 |
15.5% |
4. R&D Investment Comparison
| Company |
R&D Expense (¥100M) |
R&D Expense Ratio |
R&D Staff Share |
Key Pipeline Areas |
| WuXi AppTec |
27.4 |
6.8% |
28% |
Peptide delivery tech, oral peptide platform |
| Sinopeptide |
3.9 |
8.5% |
22% |
Enzymatic synthesis, continuous flow, GLP-1 generics |
| Shenggene |
0.87 |
10.2% |
18% |
Multi-functional anti-aging cosmetic peptides, new skincare delivery |
| Hybio |
1.78 |
12.5% |
20% |
Innovative peptide drugs (diabetes/obesity/metabolic) |
| Shuangcheng Pharma |
0.57 |
9.8% |
15% |
Peptide generic ANDA filings |
| Aurisco |
0.91 |
7.2% |
16% |
Novel GLP-1/GIP dual-target API processes |
R&D Capitalization Ratio Comparison
| Company |
Total R&D Spend (¥100M) |
Capitalized Amount (¥100M) |
Capitalization Ratio |
Expensed Ratio |
| WuXi AppTec |
27.4 |
0 |
0% |
100% |
| Sinopeptide |
3.9 |
0.8 |
20.5% |
79.5% |
| Hybio |
1.78 |
0.45 |
25.3% |
74.7% |
| Shenggene |
0.87 |
0.12 |
13.8% |
86.2% |
| Aurisco |
0.91 |
0 |
0% |
100% |
| Shuangcheng Pharma |
0.57 |
0.05 |
8.8% |
91.2% |
5. Peptide Business Revenue Breakdown (FY2024)
| Company |
Peptide Revenue (¥100M) |
% of Total Revenue |
Business Model |
Core Product Lines |
| WuXi AppTec |
~32.3 |
8% |
Integrated CDMO/CRO |
Peptide APIs, intermediates, formulations CDMO |
| Sinopeptide |
~40.5 |
88% |
API + CDMO |
GLP-1 APIs (Semaglutide, Tirzepatide) |
| Shenggene |
~6.8 |
80% |
API + Custom Synthesis |
Cosmetic peptides, GLP-1 generic APIs |
| Hybio |
~9.5 |
67% |
Formulation + API |
Liraglutide, Terlipressin APIs and formulations |
| Shuangcheng Pharma |
~3.2 |
55% |
API + Generics |
Thymalfasin, Somatostatin APIs |
| Aurisco |
~7.8 |
62% |
Specialty APIs |
GLP-1 API intermediates, prostaglandin peptides |
| Company |
CDMO/Service Revenue (¥100M) |
API Revenue (¥100M) |
Formulation Revenue (¥100M) |
CDMO Share |
API Share |
Formulation Share |
| WuXi AppTec |
322.7 (total business) |
28.2 |
15.8 |
80.0% |
7.0% |
3.9% |
| Sinopeptide |
18.3 |
22.1 |
5.4 |
39.9% |
48.3% |
11.8% |
| Shenggene |
2.0 |
5.2 |
1.3 |
23.5% |
61.2% |
15.3% |
| Hybio |
1.5 |
5.8 |
6.9 |
10.6% |
40.8% |
48.6% |
| Aurisco |
1.2 |
9.8 |
1.6 |
9.5% |
77.8% |
12.7% |
| Shuangcheng Pharma |
0.8 |
2.8 |
2.2 |
13.8% |
48.3% |
37.9% |
Business Model Differentiation
- WuXi AppTec: Core business is integrated CDMO/CRO services (80%); peptide API is a sub-segment
- Sinopeptide: API dominates (48.3%), CDMO (39.9%) is fastest-growing — a benchmark pure-play peptide company
- Hybio: Highest formulation share (48.6%) with its own branded generic formulations; different margin structure
- Aurisco: Pure API model (77.8%), a typical upstream API ingredient supplier
7. GLP-1 API Capacity and Order Backlog
| Company |
GLP-1 API Capacity (kg/yr) |
Orders in Hand ($M) |
Key Clients |
Expansion Plans |
| WuXi AppTec |
~3,000 (+ under construction) |
~800 |
Novo Nordisk, Eli Lilly, multiple Biotechs |
Expand to 5,000 kg by 2026 |
| Sinopeptide |
~2,000 |
~600 |
US/European generic firms |
Expand to 3,500 kg by end of 2025 |
| Hybio |
~500 |
~150 |
China generic firms |
Expand to 1,000 kg in 2025 |
| Aurisco |
~300 |
~100 |
Intermediate customers |
Expand to 600 kg in 2025 |
8. Growth and Valuation Metrics
| Company |
PE (TTM) |
PEG (3yr fwd) |
ROE |
ROA |
Dividend Yield |
Revenue CAGR (2020–2024) |
| Sinopeptide |
39× |
0.85 |
18.5% |
8.2% |
0.5% |
42.3% |
| WuXi AppTec |
22× |
1.80 |
14.2% |
6.8% |
1.2% |
15.8% |
| Shenggene |
68× |
2.50 |
9.8% |
4.5% |
0.3% |
20.5% |
| Hybio |
65× |
2.10 |
8.2% |
3.8% |
0% |
12.8% |
| Aurisco |
38× |
1.15 |
16.5% |
7.5% |
0.8% |
25.6% |
| Shuangcheng Pharma |
85× |
3.20 |
6.5% |
2.8% |
0% |
10.2% |
Market Valuation Comparison (EV/EBITDA and EV/Sales)
| Company |
Enterprise Value EV (¥100M) |
EV/EBITDA |
EV/Sales |
Total Debt (¥100M) |
Cash & Equivalents (¥100M) |
| WuXi AppTec |
2,050 |
15.9× |
5.1× |
152 |
188 |
| Sinopeptide |
310 |
24.2× |
6.8× |
28 |
18 |
| Shenggene |
82 |
41.0× |
9.6× |
5 |
8 |
| Hybio |
115 |
41.1× |
8.1× |
22 |
6 |
| Aurisco |
92 |
24.2× |
7.3× |
8 |
12 |
| Shuangcheng Pharma |
43 |
47.8× |
7.4× |
6 |
3 |
9. Financial Trends (2020–2024)
| Company |
2020 Revenue (¥100M) |
2022 Revenue (¥100M) |
2024 Revenue (¥100M) |
CAGR |
| WuXi AppTec |
185.3 |
332.7 |
403.4 |
21.5% |
| Sinopeptide |
8.5 |
18.2 |
45.8 |
52.3% |
| Shenggene |
3.8 |
5.2 |
8.5 |
22.4% |
| Hybio |
8.8 |
10.5 |
14.2 |
12.7% |
| Shuangcheng Pharma |
3.5 |
4.2 |
5.8 |
13.5% |
| Aurisco |
5.2 |
7.8 |
12.6 |
24.7% |
Investor Perspective
Sinopeptide leads the industry in revenue growth, gross margin, and GLP-1 API capacity positioning, with a PEG <1 suggesting valuation is relatively low relative to growth. Aurisco, despite smaller scale, achieves differentiated competition through a specialty API + intermediate model with robust profitability. WuXi AppTec, as the sector leader, has its peptide business as only one segment of a much larger entity — standalone valuation would require a break-out analysis.
Data Sources: Company FY2020–FY2024 annual reports, Wind Financial Terminal, sell-side research reports. Market cap data as of late April 2025. This information is provided for reference only and does not constitute investment advice. For complete financial data models (including quarterly breakdowns, segment P&L, capacity investment return analysis, and comparable company valuation matrices) — contact the corporate financial benchmarking center for enterprise-level capital market intelligence services and customized peptide industry benchmarking studies.