Data from Tonghuashun Wencai shows that 68 A-share pharmaceutical companies have disclosed their average employee compensation figures for 2025.
The reported average compensation per employee, based on annual report data, represents the mean total human resource cost per employee, encompassing salaries, bonuses, social security contributions, and other remuneration expenses. This metric serves as an indicator of a company's standing within the industry, its investment in research and development talent, and its overall compensation expenditure level.
**Innovation-Driven Sectors Lead the Way** **Sector Characteristics Influence Compensation Levels**
Among the 68 companies, the breakdown by sector is as follows: 13 in chemical pharmaceuticals, 11 in traditional Chinese medicine, 9 in medical consumables, 7 in active pharmaceutical ingredients, 6 in other biologics, 5 in medical devices, 4 in blood products, 4 in medical R&D outsourcing, 4 in pharmaceutical distribution, 2 in vaccines, and 1 each in other medical services, hospitals, and in-vitro diagnostics.
Within the chemical pharmaceuticals sector, four companies reported high average compensation: Mengke Pharmaceutical (¥592,700), Hengrui Pharmaceuticals (¥353,100), Remegen (¥336,200), and Zeming Pharmaceutical (¥330,000).
As the highest-paying company in this sector, Mengke Pharmaceutical achieved revenue of ¥142 million in 2025, a year-on-year increase of 8.83%. However, it reported a net loss attributable to shareholders of ¥242 million, though the loss narrowed compared to the previous year. Currently, the company has only one product, Contezolid Tablets, in the commercialization phase, which has been introduced to 703 hospitals nationwide, with 220 hospitals having granted formal access and conducting bulk clinical procurement.
Regarding R&D investment, Mengke Pharma had 69 R&D personnel in 2025, a decrease of 4 from the previous year, but the proportion of R&D staff rose to 41.57% of the total workforce. The average compensation for R&D personnel reached ¥548,500, nearly matching the company's overall average, highlighting the emphasis on incentivizing core R&D talent.
Compensation levels in the medical device and consumables sectors are linked to technological barriers. Technology-driven companies such as Furei Medical (¥578,900), Wandong Medical (¥422,200), Haohai Biological (¥326,400), and Sinomed Medical (¥311,900) reported average compensation figures above their respective sector averages.
Furei Medical delivered strong performance in 2025, with revenue reaching ¥1.595 billion, up 18.26% year-on-year, and net profit attributable to shareholders of ¥154 million, an increase of 36.02%. Equipment and technology services form its core revenue stream, generating ¥1.134 billion in 2025, accounting for 71.06% of total revenue and growing 23.48% year-on-year. Within this segment, equipment sales contributed ¥625 million (55.16%), while pay-per-use, leasing, and other services contributed ¥509 million (44.84%), indicating ongoing business structure optimization.
In the biologics sector, "pure-play" innovative drug companies demonstrated a significant compensation advantage. Companies like InnoCare Pharma (¥516,900), Junshi Biosciences (¥420,500), Mabwell Bioscience (¥373,300), and Remegen (¥336,200) all ranked in the high-compensation tier, with levels notably above those of traditional biologics firms.
InnoCare Pharma experienced explosive growth in 2025, with revenue surging 135.27% year-on-year to ¥2.375 billion. The company turned a net profit attributable to shareholders of ¥642 million, compared to a loss in the previous year. Anti-tumor drugs are its core revenue driver, generating ¥1.442 billion in 2025, a 43.77% increase, with a gross margin of 87.81%, up 1.18 percentage points, indicating sustained improvement in profitability.
In terms of R&D talent, InnoCare had 532 R&D personnel in 2025, constituting 42.26% of its total workforce, with an average R&D compensation of ¥542,900, underscoring the significant investment in R&D talent by innovative drug companies.
**Top 10 Firms by Average Compensation All Exceed ¥300,000** **Leading Companies Supported by Strong Performance and R&D**
Among the 68 companies surveyed, the top 10 by average compensation all surpassed ¥300,000. The list, in order, is: Mengke Pharmaceutical (¥592,700), Furei Medical (¥578,900), Health China (¥545,000), InnoCare Pharma (¥516,900), Wandong Medical (¥422,200), Junshi Biosciences (¥420,500), Mabwell Bioscience (¥373,300), Hengrui Pharmaceuticals (¥353,100), Remegen (¥336,200), and Zeming Pharmaceutical (¥330,000). All top ten companies are representatives of innovation-driven sectors or those with high technological barriers, where high compensation levels are underpinned by solid financial performance and substantial R&D investment.
Junshi Biosciences, ranked sixth and operating in the other biologics sector, reported 2025 revenue of ¥2.498 billion, an approximate 28% year-on-year increase. Drug sales revenue accounted for ¥2.301 billion, rising approximately 40%. Its core product, Toripalimab, performed exceptionally well, with domestic sales exceeding ¥2.068 billion, a near 37.72% increase. Anti-tumor drugs are its primary revenue source, generating ¥2.140 billion in 2025, up 38.78%, with a gross margin of 83.09%, an increase of 2.43 percentage points from the previous year.
Junshi currently has four commercialized drugs and several pipeline products in late-stage development nearing commercialization. In 2025, it employed 640 R&D personnel, representing 22.05% of its total staff, with an average R&D compensation of ¥559,900.
Similarly in the other biologics sector, Mabwell Bioscience, ranked seventh with an average compensation of ¥373,300, reported 2025 revenue of ¥663 million, a significant 231.6% year-on-year increase. Its net loss attributable to shareholders narrowed to ¥969 million from a loss of ¥1.04 billion in the prior year, indicating gradual improvement in its operational status.
Hengrui Pharmaceuticals, the chemical pharmaceuticals sector leader ranked eighth, reported an average compensation of ¥353,100. It achieved full-year revenue of approximately ¥31.629 billion, up 13.02% year-on-year, and net profit attributable to shareholders of approximately ¥7.711 billion, an increase of 21.69%, demonstrating steady growth.
Hengrui's core products performed strongly across all segments—oncology, metabolism and cardiovascular, immunology and respiratory, neuroscience, and contrast agents—with all reporting revenue growth in 2025. Gross margins for these segments were 93.48%, 73.69%, 84.62%, 82.73%, and 58.75% respectively, indicating stable profitability across its business lines.
Attached is the list of average employee compensation for the 68 A-share pharmaceutical companies that have published their annual reports.
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