What Hebei Changshan Biochemical Pharmaceutical does

Hebei Changshan Biochemical Pharmaceutical Co., Ltd. (Hebei Changshan) is a Chinese vertically integrated heparin-focused pharmaceutical manufacturer founded in September 2000 and listed on the Shenzhen Stock Exchange Growth Enterprise Market (stock code 300255) since August 2011. The company operates a complete heparin value chain from pig intestinal mucosa crude processing through active pharmaceutical ingredient (API) manufacturing to finished injectable dosage forms, controlling upstream raw material supply through subsidiary Hebei Changshan Kaikude Biotechnology, which operates Asia's largest heparin crude production base in Zhengding Free Trade Zone. Its commercial heparin portfolio spans unfractionated heparin sodium and calcium APIs, low molecular weight heparin (LMWH) APIs including enoxaparin sodium, nadroparin calcium, and dalteparin sodium, and corresponding finished pre-filled syringe injections (brands Wan Mai Shu, Wan Mai Chang, Wan Mai Ning, Wan Mai Qing). The company claims 40% domestic Chinese market share in LMWH injections and nine consecutive years as the domestic sales leader, with APIs complying with EP, USP, BP, CP, and IP standards and finished products registered across more than 20 countries.

The business model is institutional B2B across four channels: domestic preparations (hospital and pharmacy distribution), domestic APIs (sales to drug manufacturers), international export (heparin APIs and finished products to global pharmaceutical companies and distributors), and a Sino-German joint venture CS D.Med GmbH with D.Med Healthcare GmbH distributing heparin injections through European channels. Dedicated sales departments handle each channel. Diversified revenue streams include sildenafil citrate tablets (Wan Ye Qiang) for erectile dysfunction, hyaluronic acid (sodium hyaluronate) at injectable, cosmetic, food, and eye drop grades via subsidiary Changshan Kaluonite (21,000 kg annual capacity), and hemodialysis services through Shijiazhuang Xinhua Changshan Hemodialysis Center. Total assets of approximately RMB 5.89 billion against registered capital of approximately RMB 935 million reflect the asset-heavy manufacturing footprint.

Innovation is centered on the proprietary Drug Affinity Conjugate (DAC) technology platform licensed from ConjuChem LLC through the Changshan Kaijiejian joint venture, which underpins albenatide (a long-acting GLP-1 receptor agonist for Type 2 diabetes enabling weekly dosing, with NDA accepted by NMPA in April 2024), CJC-1134-PC (GLP-1 agonist in Phase III), and CSCJC3456 (a Class 1 multi-target tyrosine kinase inhibitor for advanced malignant solid tumors in Phase I as of February 2025). The R&D infrastructure includes over 200 researchers, with approximately 40% holding master's degrees or above, the Changshan Pharmaceutical Institute of Pharmaceutical Research, the National Enterprise Technology Center designation (2023), and 37 granted patents plus 28 applications as of December 2023. Manufacturing is split across four production bases in Hebei and Jiangsu provinces, with GMP certifications from China FDA and Japan's MHLW.

Name

Hebei Changshan Biochemical Pharmaceutical

Legal name

Hebei Changshan Biochemical Pharmaceutical Co., Ltd. (河北常山生化药业股份有限公司)

Website

https://hbcsbio.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hebei Changshan Biochemical Pharmaceutical is a Chinese vertically integrated heparin-focused pharmaceutical manufacturer controlling Asia's largest crude heparin production base, producing LMWH APIs and injectable products for domestic hospitals and exports to 20+ countries, with a 40% domestic LMWH injection market share and a GLP-1/diabetes innovation pipeline.

Ownership category

akta.pro rank

Product category

Pharmaceutical Manufacturing (Heparin and Anticoagulant APIs and Finished Dosage Forms)

NAICS

Pharmaceutical Preparation Manufacturing (325412), Drugs and Druggists' Sundries Merchant Wholesalers (424210), Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Pharmaceutical Preparations (2834), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Cardiometabolic Pharmaceuticals (Cardiovascular/Diabetes/Obesity) (HLAIAAAE)

akta.pro secondary industries

Endocrinology & Reproductive Health Pharmaceuticals (incl. Women’s Health) (HLAIAAAJ), Compounding Ingredient & API Distributors (Pharma Supply) (HLAIAJAO)

Keywords

• Heparin pharmaceutical manufacturing
• Low molecular weight heparin
• Anticoagulant injections
• Pharmaceutical API production
• Biochemical pharmaceuticals

Headquarters

HQ city

Hebei

HQ country

China

HQ region

Asia

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

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

Revenue model

1. Heparin API Sales: Sale of bulk heparin sodium, heparin calcium, and low molecular weight heparin APIs (enoxaparin sodium, nadroparin calcium, dalteparin sodium) to domestic and international pharmaceutical manufacturers. APIs comply with EP/USP/BP/CP/IP standards.
2. Heparin Preparations/F injectables: Sale of finished dosage forms including low molecular weight heparin calcium injections (万脉舒), dalteparin sodium injection (万脉宁), nadroparin calcium injection (万脉清), enoxaparin sodium injection (万脉畅), heparin sodium injection, and sildenafil citrate tablets (万业强) to hospitals and pharmacies domestically and for export.
3. Hyaluronic Acid Products: Production and sale of sodium hyaluronate (透明质酸) at injectable, cosmetic, food, and eye drop grades through subsidiary Hebei Changshan Kaluronite. Annual capacity of 21,000 kg.
4. Medical Services / Hemodialysis: Operation of hemodialysis centers (石家庄新华常山药业血液透析中心) providing dialysis services, a non-profit healthcare service.
5. Innovation Drug (Albenatide) — Pre-launch: Albenatide injection (GLP-1 agonist) NDA accepted by NMPA in April 2024, currently under review. Expected to become significant revenue stream upon approval.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Hebei Changshan Biochemical Pharmaceutical researches, develops, manufactures, and sells heparin-based pharmaceutical products, including heparin sodium and heparin calcium APIs, low molecular weight heparin (LMWH) finished dosage form injections, sildenafil citrate tablets, hyaluronic acid, and heparinoid products. The company pursues a complete industry chain strategy spanning raw material sourcing, crude heparin processing, API production, and finished dosage form manufacturing, with products marketed domestically and exported to more than 20 countries. It also invests in innovative drug R&D, including GLP-1 and multi-target tyrosine kinase inhibitor candidates.

Product overview

Hebei Changshan Biochemical Pharmaceutical is a biochemical pharmaceutical enterprise offering a comprehensive product portfolio centered on heparin-based anticoagulant therapies. The core offerings include heparin APIs (heparin sodium, heparin calcium), low molecular weight heparin APIs (enoxaparin sodium, dalteparin sodium, nadroparin calcium), and finished dosage forms (heparin sodium injection, low molecular weight heparin calcium injection, enoxaparin sodium injection, dalteparin sodium injection, nadroparin calcium injection) representing the complete heparin industry chain from raw materials to injections. Additional products include sildenafil citrate tablets (万业强) for erectile dysfunction, hyaluronic acid (via subsidiary) for cosmetics and medical applications, and heparinoid as a cosmetics/pharmaceutical intermediate. The company is developing innovative drugs including Albenatide (艾本那肽, GLP-1 receptor agonist for Type 2 diabetes, NDA accepted by NMPA), CSCJC3456片 (multi-target tyrosine kinase inhibitor for oncology, Phase I), CJC-1134-PC injection (GLP-1 agonist, Phase III), and halal heparin products (bovine and ovine-derived). Products are sold under brand names 万脉舒, 万脉宁, 万脉清, 万脉畅 for injectable formulations and 万业强 for sildenafil. The company operates from four production bases (Hebei and Jiangsu provinces) and nine subsidiaries, exporting to over 30 countries worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• Wanmai Shu (万脉舒): Low molecular weight heparin calcium injection - leading preparation product
• Wanmai Ning (万脉宁)
• Wanmai Qing (万脉清)
• Wanmai Chang (万脉畅)
• Wanye Qiang (万业强)

Products and services

• Low Molecular Weight Heparin Calcium Injection (Wan Mai Shu / 万脉舒) Branded finished dosage form LMWH calcium injection used for anticoagulation therapy in cardiovascular, surgical, and dialysis settings; sold to hospitals, clinics, and pharmacies.
• Dalteparin Sodium Injection (Wan Mai Ning / 万脉宁) Finished dosage form dalteparin sodium LMWH injection for anticoagulation therapy; sold to hospitals, clinics, and pharmacies.
• Nadroparin Calcium Injection (Wan Mai Qing / 万脉清) Finished dosage form nadroparin calcium LMWH injection for anticoagulation therapy; sold to hospitals, clinics, and pharmacies.
• Enoxaparin Sodium Injection (Wan Mai Chang / 万脉畅) Finished dosage form enoxaparin sodium LMWH injection for anticoagulation therapy; sold to hospitals, clinics, and pharmacies.
• Heparin Sodium Injection Finished dosage form heparin sodium injection for anticoagulation therapy; FDA ANDA approval enables sale into the United States market.
• Sildenafil Citrate Tablet (Wan Ye Qiang / 万业强) Finished dosage form sildenafil citrate tablet; sold as part of the company's non-heparin branded pharmaceutical portfolio.
• Heparin Sodium API Bulk heparin sodium active pharmaceutical ingredient sold to domestic and international pharmaceutical manufacturers for formulation into finished dosage forms.
• Heparin Calcium API Bulk heparin calcium active pharmaceutical ingredient sold to domestic and international pharmaceutical manufacturers for formulation into finished dosage forms.
• Enoxaparin Sodium API Bulk enoxaparin sodium API sold to domestic and international pharmaceutical manufacturers for further formulation.
• Nadroparin Calcium API Bulk nadroparin calcium API sold to domestic and international pharmaceutical manufacturers for further formulation.
• Dalteparin Sodium API Bulk dalteparin sodium API sold to domestic and international pharmaceutical manufacturers for further formulation.
• Heparinoid Heparinoid product within the company's biochemical pharmaceutical portfolio, supporting the broader heparin-based product family.
• Hyaluronic Acid Hyaluronic acid product manufactured and sold within the company's biochemical pharmaceutical portfolio for use in pharmaceutical and related applications.

Quantifiable outcome

• 40% domestic market share for low molecular weight heparin injections, ranked #1 in sales domestically for nine consecutive years
• +3 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered minor and core.

• Five Beijing-Tianjin University Science Parks (Peking University, USTB, BUCT, Capital Medical University, HEBUT)minorStrategic or Co-development Partner · 31 March 2023Hebei Provincial Science and Technology Hall organized an exchange event where five Beijing-Tianjin university science parks visited Changshan Pharmaceutical to discuss technology cooperation, talent exchange, and potential R&D collaborations. University representatives included Peking University, Beijing University of Science and Technology, Beijing University of Chemical Technology, Capital Medical University, and Hebei University of Technology.
• Kitov Pharma Ltd. (Israel)minorStrategic or Co-development Partner · 11 May 2018Exclusive license agreement for Consensi™ — a combination drug for osteoarthritis with hypertension — in China (including Hong Kong, Macau, Taiwan). Kitov, a NASDAQ-listed company (NASDAQ/TASE: KTOV), granted Changshan exclusive rights to import, produce, and sell Consensi™. The product was expected to address China's estimated 41 million osteoarthritis-hypertension comorbidity patients.
• D.Med Healthcare GmbH & Co.KG (Germany)minorChannel Partner/ Reseller/ Distributor · 1 January 2016Sino-German joint venture CS D.Med GmbH established in Germany in January 2016. Changshan Pharmaceutical (Hong Kong) Co., Ltd. (a wholly-owned subsidiary) partnered with D.Med to sell heparin sodium injections and dalteparin sodium injections through D.Med's European distribution channels.
• ConjuChem LLC (USA)coreStrategic or Co-development Partner · 25 December 2012常山凯捷健生物药物研发（河北）有限公司 established December 25, 2012 as a Sino-foreign joint venture. ConjuChem LLC contributed its DAC (Drug Affinity Conjugate) technology platform and Asia-Pacific regional rights. The joint venture develops CJC-1134-PC (albenatide, a long-acting GLP-1 receptor agonist for Type 2 diabetes) and insulin-modified drugs. Gao Shuhua led the Chinese side; ConjuChem LLC provided the technology platform.

Scale indicators10 records

Recent moves7 records

Expansion highlights8 records

Broad incumbents

• Sanofi: Global pharma incumbent whose Lovenox (branded enoxaparin sodium) is the originator product in the LMWH market. While a broad incumbent, Sanofi's Lovenox is the primary branded reference for Changshan's enoxaparin generic.
• Sandoz (Novartis): Global leader in generic injectable pharmaceuticals including LMWH (enoxaparin) and other heparin products. Direct competitor in the global generic LMWH injectable market.
• Jiangsu Hengrui Medicine: Largest Chinese innovative drug company with established domestic commercial infrastructure and growing international footprint. Comparable for the innovative drug pipeline ambitions and Chinese A-share pharma benchmark.
• Teva Pharmaceutical Industries: Global generic injectable manufacturer with heparin API and finished product offerings. Competes in the same LMWH bid space and shares the US ANDA pathway with Changshan.
• Pfizer: Through its Hospira acquisition, Pfizer manufactures generic heparin sodium injection and dalteparin (Fragmin) globally. Overlapping product portfolio in injectable anticoagulants makes it a broad incumbent peer.

Direct peers

• Nanjing King-Friend Biochemical Pharmaceutical: Chinese heparin API and finished injectable manufacturer with US FDA approved enoxaparin. Direct competitor in both domestic LMWH injections and US/international heparin markets.
• Shenzhen Hepalink Pharmaceutical: Chinese heparin API manufacturer and one of the largest global suppliers of heparin sodium API. Direct competitor in the heparin value chain and historic peer in the export heparin API market.
• Amphastar Pharmaceuticals: US-based specialty pharmaceutical company that manufactures generic injectable enoxaparin sodium (Lovenox generic), the direct US competitor to Changshan's newly approved ANDA. Both compete in LMWH injectables for hospitals.

Regional players

• Aspen Pharmacare Holdings: South African specialty pharmaceutical company with global heparin and injectable anticoagulant franchises. Regional peer with overlapping product portfolio in emerging markets.

Emerging players

• 3SBio: Chinese biotech with a diversified pipeline including innovative biologics and biosimilars. Comparable as a Chinese-listed biotech expanding into innovative drugs (relevant to Changshan's albenatide and CSCJC3456).

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries10 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Hebei Changshan Biochemical Pharmaceutical