What Fuan Pharmaceutical Group does

Fuan Pharmaceutical Group is a vertically integrated Chinese pharmaceutical manufacturer headquartered in Chongqing and listed on the Shenzhen Stock Exchange's ChiNext board (ticker: 300194.SZ) since 2011. Founded in 2004, the company produces active pharmaceutical ingredients (APIs), intermediates, and finished dosage forms, with a product set that includes Gentamicin Sulfate, Aztreonam, Meropenem, and a growing range of injectable finished products. Operations are distributed across multiple Chinese subsidiaries — Yantai Justware, Ningbo Tianheng, Hubei Renmin, and Chongqing Bosheng Pharma — collectively employing 1,001–5,000 staff and maintaining multi-jurisdictional regulatory certifications (GMP, CEP, US DMF, Korea MFDS, India DCGI).

The company's revenue model is B2B, selling to hospitals, drug distributors, and international pharmaceutical manufacturers, with finished products and APIs exported to 70+ countries. Domestic volume is materially influenced by participation in China's national centralized drug procurement program, in which Fuan has been selected for both the 11th and 12th batches — a channel that secures baseline volume but compresses unit pricing. The company also pursues international expansion, including a US investment that has given rise to ongoing litigation as of 2026.

Financial performance has deteriorated materially. Revenue declined from $2.65B in 2023 to $2.39B in 2024 to $1.74B in 2025, with net income falling from $280M in 2024 to $77M in 2025 and EBITDA dropping from $534M to $311M over the same window. Despite this, Fuan has continued to invest in product expansion, securing drug registration certificates for Miku Chloride Injection and Polyol Injection in 2026-07, pursuing API capacity expansion at Bosheng Pharma (~173 tons/year), and receiving recognition on the 2026 Chemical R&D Top 100 and Chongqing Manufacturing Top 100 lists. Senior leadership turnover in 2026-07 (Deputy GM Feng Jing resignation) coincided with this period of revenue and earnings contraction.

Name

Fuan Pharmaceutical Group

Legal name

福安药业（集团）股份有限公司

Website

https://fapharm.com

Company type

Public

Founded year

2004

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Fuan Pharmaceutical Group is a vertically integrated Chinese manufacturer of APIs, intermediates, and finished dosage forms, including Gentamicin Sulfate, Aztreonam, and Meropenem, serving hospitals, distributors, and international pharma manufacturers across 70+ countries.

Ownership category

akta.pro rank

Product category

Generic Pharmaceuticals Manufacturing

NAICS

Pharmaceutical Preparation Manufacturing (325412), Pharmaceutical and Medicine Manufacturing (32541), Medicinal and Botanical Manufacturing (325411)

SIC

Pharmaceutical Preparations (2834), Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Generic APIs & Intermediates (Active Ingredients) (HLAIABAG)

akta.pro secondary industries

Cardiometabolic Pharmaceuticals (Cardiovascular/Diabetes/Obesity) (HLAIAAAE), Pulmonology & Allergy Specialty Pharmaceuticals (HLAIACAF), Cardiology & Vascular Specialty Pharmaceuticals (HLAIACAG)

Keywords

• Generic pharmaceuticals
• Active pharmaceutical ingredients
• Finished dosage forms
• Antibiotic manufacturing
• Pharmaceutical intermediates

Headquarters

HQ city

Yubei

HQ country

China

HQ region

Asia

Offices5 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Finished Dosage Formulation Sales: Sale of manufactured pharmaceutical finished products including injections, tablets, capsules, and granules to hospitals, pharmacies, and distributors through direct sales and national centralized procurement tenders.
2. Active Pharmaceutical Ingredient (API) Sales: Production and sale of pharmaceutical raw materials including antibiotics, anti-tumor APIs, and specialty chemical drugs to domestic and international pharmaceutical manufacturers.
3. International Trade / Export: Export of APIs and formulations to international markets across Asia, Europe, and the Americas through dedicated international trade team.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

Fuan Pharmaceutical Group manufactures and sells active pharmaceutical ingredients (APIs), pharmaceutical intermediates, and finished dosage formulations. Its portfolio spans therapeutic areas including antibiotics, anti-tumor, respiratory, and cardiovascular drugs, with multiple production subsidiaries across China and a presence in international markets.

Product overview

Fuan Pharmaceutical Group is a vertically integrated pharmaceutical manufacturer offering a comprehensive portfolio of Active Pharmaceutical Ingredients (APIs), pharmaceutical intermediates, and finished dosage forms (injections, tablets, capsules, oral solutions). The company operates as a unified platform combining API production with downstream formulation manufacturing across multiple subsidiaries. Key product categories include antibiotics (Aztreonam, Gentamicin Sulfate, Meropenem), respiratory drugs (Doxofylline, Acetylcysteine), cardiovascular medications (Febuxostat, Levocetirizine), antiemetics (Granisetron, Ondansetron), neurological drugs (Piracetam, Citicoline), and oncology products. The company maintains GMP-certified manufacturing facilities and holds multiple international regulatory filings including US DMF, CEP, and certifications from India, Korea, and Japan.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Products exported to over 70 countries
• +2 more outcomes

Named customers2 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Direct peers

• Luye Pharma Group: Chinese pharmaceutical company with API manufacturing and specialty finished formulations including oncology and injectable products; comparable to Fuan in formulation manufacturing capabilities and participation in national procurement.
• Northeast Pharmaceutical Group: Chinese API and finished dosage form manufacturer with strong antibiotics franchise and centralized procurement participation; directly comparable to Fuan's antibiotic API and formulation capabilities, particularly gentamicin sulfate and other aminoglycoside products.
• Qilu Pharmaceutical: Major Chinese generic pharmaceutical manufacturer with strong API and finished formulation operations, including antibiotics and injectable products; directly comparable to Fuan's manufacturing portfolio and centralized procurement strategy.
• Zhejiang Hisun Pharmaceutical: Major Chinese API manufacturer with significant finished formulation business and extensive international API export registrations including US DMF and CEP; closely comparable to Fuan's Yantai Justware gentamicin sulfate export franchise and broader API/formulation portfolio.
• CSPC Pharmaceutical Group: One of China's largest vertically integrated pharmaceutical manufacturers with API and finished formulation operations across antibiotics, cardiovascular, and oncology; comparable to Fuan in its API-to-formulation value chain and participation in national centralized procurement.
• Tianjin Pharmaceutical Group: Chinese state-affiliated pharmaceutical manufacturer with API production and finished dosage form operations across therapeutic categories; comparable to Fuan's vertically integrated manufacturing model and domestic B2B sales channels.

Broad incumbents

• Yangtze River Pharmaceutical Group: Large private Chinese pharmaceutical manufacturer with vertically integrated API and formulation operations across antibiotics, cardiovascular, and oncology; comparable to Fuan in therapeutic area breadth and procurement participation, though at significantly larger scale.
• Jiangsu Hengrui Medicine: One of China's leading innovative and generic pharmaceutical manufacturers with extensive injectable and API operations; overlaps with Fuan in injectable formulations and centralized procurement, though Hengrui's innovation pipeline is substantially larger.
• Shanghai Pharmaceuticals Holding: One of China's largest pharmaceutical groups spanning API production, formulation manufacturing, distribution, and retail pharmacy; comparable to Fuan in API and formulation manufacturing but with broader distribution and retail integration.
• China Resources Pharmaceutical Group: State-owned pharmaceutical conglomerate covering API manufacturing, formulations, and distribution across multiple therapeutic areas; overlaps with Fuan in generic pharmaceutical manufacturing and national procurement participation, but operates at materially larger scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Fuan Pharmaceutical Group