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GYRE, Gyre Therapeutics Inc.

We are a commercial-stage biopharmaceutical company focused on the development and commercialization of small-molecule therapies for the treatment of organ fibrosis and inflammatory diseases.

Building on our commercialization experience and infrastructure in the PRC, we have expanded our presence into the United States to advance the clinical development of our innovative pipeline, including F351 (Hydronidone), our lead product candidate for liver fibrosis.

We commercialized pirfenidone under the brand name ETUARY , which was included in the National Reimbursement Drug List ("NRDL") in 2017 and has since maintained a leading market position.

Latest annual: FY2025 10-K

GYRE · Gyre Therapeutics Inc.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$117M

+10.2% YoY · 41% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $117M 5-yr avg $89M

Operating margin −0.1% 5-yr avg −244.6%

ROIC −0% 5-yr avg 21%

Owner-earnings margin 3% 5-yr avg −224%

Free cash flow margin 3% 5-yr avg −228%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What moves the needle: Operating margin has reached 15% at its best but run negative through the cycle (median −279%) on a 95% gross margin — so the question is which reading is truer: whether the median was pulled below zero by one-off charges, by the cycle, or by spending it is still growing into, and whether it settles back at a profit. Stock-based pay runs about 13% of sales, a real and recurring claim on owners that the GAAP margin understates. Read this kind of business on the pipeline against the patent cliff, and pricing. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median −9%, above 15% in 2 of 6 years). Owner earnings, the cash-based check, have been thin too. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2013–2025

realized figures from each filing · older years to the left

2013’13	2014’14	2017’17	2018’18	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMar 2026
											Income statement
$4M	$275K	$1M	$6K	$21M	$7M	$102M	$113M	$106M	$117M	$117M	RevenueRevenue
—	—	—	—	—	—	95%	96%	96%	95%	95%	Gross marginGross mgn
113%	n/m	982%	n/m	77%	258%	17%	13%	15%	18%	20%	SG&A / revenueSG&A/rev
181%	n/m	n/m	n/m	253%	939%	16%	12%	11%	12%	15%	R&D / revenueR&D/rev
($10M)	($8M)	($22M)	($34M)	($57M)	($88M)	$9M	($67M)	$16M	$11M	($141K)	Operating incomeOp. inc.
−278.9%	n/m	n/m	n/m	−273.9%	n/m	9.0%	−59.3%	15.3%	9.9%	−0.1%	Operating marginOp. mgn
($10M)	($7M)	($22M)	($30M)	($56M)	($88M)	$4M	($85M)	$18M	$10M	($4M)	Net incomeNet inc.
—	—	—	—	—	—	54%	—	23%	32%	—	Effective tax rateTax rate
											Cash flow & returns
($41M)	($6M)	($20M)	($29M)	($55M)	($84M)	$11M	$26M	($4M)	$1M	$4M	Operating cash flowOp. cash
$974K	$680K	$173K	$149K	$138K	$290K	$1M	$1M	$2M	$2M	$3M	DepreciationDeprec.
($32M)	($700K)	$585K	($1M)	($3M)	$483K	($8M)	$103M	($24M)	($19M)	($4M)	Working capital & otherWC & other
$41K	$4K	$23K	$376K	—	$839K	$5M	$9M	$2M	$1M	$1M	CapexCapex
1.1%	1.5%	2.3%	n/m	—	11.4%	4.9%	7.5%	2.2%	1.0%	1.1%	Capex / revenueCapex/rev
($41M)	($6M)	($20M)	($29M)	—	($84M)	$10M	$25M	($5M)	($180K)	$3M	Owner earningsOwner earn.
n/m	n/m	n/m	n/m	—	n/m	9.4%	21.9%	−4.9%	−0.2%	2.6%	Owner earnings marginOE mgn
($41M)	($6M)	($20M)	($29M)	—	($85M)	$6M	$17M	($6M)	($180K)	$3M	Free cash flowFCF
n/m	n/m	n/m	n/m	—	n/m	5.6%	15.3%	−5.6%	−0.2%	2.6%	Free cash flow marginFCF mgn
—	—	-106%	-30%	-99%	—	27%	—	24%	11%	-0%	ROICROIC
—	—	-70%	-25%	-74%	-214%	10%	—	28%	9%	-4%	Return on equityROE
											Balance sheet
$92M	$56M	$32M	$120M	$79M	$47M	$25M	$34M	$27M	$52M	$51M	Cash & investmentsCash+inv
$278K	$141K	—	—	$3M	$2M	—	$15M	$20M	$31M	$23M	ReceivablesReceiv.
—	—	—	—	—	—	$6M	$4M	$6M	—	$11M	InventoryInvent.
$1M	$249K	$747K	$1M	$6M	$6M	$122K	$355K	$108K	$124K	$265K	Accounts payablePayables
($1M)	($108K)	—	—	($3M)	($5M)	$6M	$19M	$26M	$31M	$34M	Operating working capitalOper. WC
$94M	$2M	$39M	$124M	$90M	$51M	$50M	$57M	$65M	$102M	$92M	Current assetsCur. assets
$11M	$2M	$9M	$5M	$18M	$14M	$12M	$20M	$20M	$18M	$20M	Current liabilitiesCur. liab.
8.5×	0.9×	4.5×	25.8×	5.0×	3.6×	4.1×	2.9×	3.3×	5.6×	4.6×	Current ratioCurr. ratio
$146M	$3M	$40M	$125M	$95M	$56M	$85M	$117M	$125M	$166M	$162M	Total assetsAssets
$1M	$0	—	—	—	—	—	—	—	—	$478K	Total debtDebt
($91M)	($56M)	—	—	—	—	—	—	—	—	($50M)	Net debt / (cash)Net debt
-190.9×	-326.5×	—	—	—	—	—	—	—	—	-0.1×	Interest coverageInt. cov.
($103M)	($109M)	$31M	$120M	$76M	$41M	$43M	($16M)	$63M	$106M	$101M	Shareholders’ equityEquity
8.2%	88.7%	84.8%	n/m	17.3%	46.4%	13.1%	6.4%	0.8%	6.1%	7.9%	Stock comp / revenueSBC/rev
											Per share
548K	551K	5.1M	16.8M	28.8M	46.0M	114M	98.7M	102M	103M	91.3M	Shares out (diluted)Shares
$6.62	$0.50	$0.20	$0.00	$0.73	$0.16	$0.90	$1.15	$1.03	$1.13	$1.28	Revenue / shareRev/sh
$-18.19	$-11.99	$-4.20	$-1.79	$-1.95	$-1.91	$0.04	$-0.87	$0.17	$0.10	$-0.04	EPS (diluted)EPS
$-74.21	$-11.59	$-3.89	$-1.71	—	$-1.83	$0.08	$0.25	$-0.05	$-0.00	$0.03	Owner earnings / shareOE/sh
$-74.21	$-11.59	$-3.89	$-1.72	—	$-1.84	$0.05	$0.18	$-0.06	$-0.00	$0.03	Free cash flow / shareFCF/sh
$0.07	$0.01	$0.00	$0.02	—	$0.02	$0.04	$0.09	$0.02	$0.01	$0.01	Cap. spending / shareCapex/sh
$-188.03	$-198.32	$5.99	$7.13	$2.64	$0.89	$0.37	$-0.16	$0.62	$1.03	$1.11	Book value / shareBVPS

The diluted share count moved ×9.31 into 2017 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×3.28 into 2018 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.71 into 2020 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×1.6 into 2021 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

The diluted share count moved ×2.47 into 2022 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.

Share counts before 2024 are restated ×1.5 for a stock split, so per-share figures sit on one basis.

Per-share growththe realized rate an owner's share compounded

	12-yr	5-yr
Revenue / share	−13.7%/yr	+9.2%/yr
Capital spending / share	−14.4%/yr	−10.8%/yr (4-yr)
Book value / share	—	−17.2%/yr

The record, charted

FY2013–2025

Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.

Share count

103Mpeak FY2022

ROIC

11%low FY2017

Gross margin

95%low FY2022

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

($180K)owner earningsvs.$10Mnet incomelow FY2021

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2022FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2025 the business reported $10M of profit but ($180K) of owner earnings: $10M less than the profit line, taken out by capital spending and the timing of cash.

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$10M	$18M	($85M)	$4M	($88M)
Depreciation & amortizationnon-cash charge added back	+$2M	+$2M	+$1M	+$1M	+$290K
Stock-based compensationreal costnon-cash, but a real cost	+$7M	+$831K	+$7M	+$13M	+$3M
Working capital & othertiming of cash in and out, other non-cash items	−$19M	−$24M	+$103M	−$8M	+$483K
Cash from operations	$1M	($4M)	$26M	$11M	($84M)
Maintenance capital expenditurethe spending needed just to hold position and volume	−$1M	−$2M	−$1M	−$1M	−$290K
Owner earnings	($180K)	($5M)	$25M	$10M	($84M)
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	—	−$766K	−$7M	−$4M	−$549K
Free cash flow	($180K)	($6M)	$17M	$6M	($85M)
Owner-earnings marginowner earnings ÷ revenue	0%	-5%	22%	9%	-1145%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $7M), owner earnings is nearer ($7M).

Much of fiscal 2025's profit didn't arrive as operating cash; it sits in “working capital & other” above. That can be a real inventory or timing swing, or profit that doesn't run through operating cash at all: a heavy tax year, equity-method earnings, or investment income booked through investing. For a year like this, owner earnings understates the cash earned; the full cash-flow statement carries the rest.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 7.8×

Comfortable

Operating income $11M ÷ interest expense $1M

What this means
Operating profit covers interest with the kind of margin Graham wanted for a defensive holding. Necessary, not sufficient, it says solvent, not cheap.
How heavy is the debt, net of cash? +$52M

Net cash

Cash $37M + ST investments $15M − debt $853K

What this means
Cash and short-term investments exceed every dollar of debt by $52M, on net the company owes nothing, and can act from strength when others can't. It also holds $3M in longer-dated marketable securities; counting those, it sits at net cash of $55M. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 516d

Long (60+ days)

DSO 97 + DIO 427 − DPO 8 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital -30%

Below average through the cycle

6-yr median, range -106%–27%; 11% latest = NOPAT $8M ÷ invested capital $70M

Industry peers: median -58%

What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. The headline is the median of the last 6 years (it ran 11% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin -1120%

Consumes cash through the cycle

9-yr median margin, range -478367%–22%; latest ($180K) = operating cash $1M − maintenance capex $1M

Industry peers: median -142%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -0% of revenue this year, a -1120% median across 9 years. Treating stock comp as the real expense it is (less $7M of SBC) leaves ($7M).
Are earnings backed by cash? 0.10×

Thinly cash-backed

Cash from ops $1M ÷ net income $10M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? —

No surplus to allocate

What this means
The business didn't generate positive Owner Earnings this year, so any distributions came from the balance sheet or borrowing, not from operations.
Investing or harvesting? 0.48×

Harvesting

Capex $1M ÷ depreciation $2M

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 5 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size Miss

Revenue ≥ $2B · $117M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 5.60×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt Pass

Debt ≤ working capital · $853K vs $84M WC

What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
Earnings stability Miss

A profit every year (10-yr record) · 7 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Miss

Uninterrupted dividends · 1 of 10 yrs

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are $-0.20/share (latest year $0.10), the averaged base the calculator's gate runs on, and book value is $1.09/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2013–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 3 of 10

What this means
Lost money in 7 year(s), look at what happened there before trusting the average.
Operating margin −1718% → −11% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about −1718% early to −11% lately, median −279% — pricing power intact or improving.
Worst year 2018 · −563700.0% op. margin

What this means
Operations went underwater in 2018, understand why before trusting the good years.
Dividend record paid

What this means
Paid a dividend in 1 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of the latest quarter, Mar 31, 2026

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assets$92M

Cash & short-term investments$50M
Receivables$23M
Inventory$11M
Other current assets$8M

Current liabilities$20M

Debt due within a year$478K
Accounts payable$265K
Other current liabilities$19M

Current ratio4.64×all current assets ÷ what's due · Graham looked for 2×

Quick ratio4.06×stricter: inventory excluded

Cash ratio2.52×strictest: cash alone against what's due

Working capital$72Mthe cushion left after near-term bills

Debt due this year vs. cash$478K due · $50M cash covered by cash on hand, no refinancing forced · both figures from the Mar 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+2.1%the freshest read on whether the business is still growing

Current ratio, recent quarters3.4× → 4.6×

Deeper floors

Tangible book value$97Mequity stripped of goodwill & intangibles

Net current asset value$67MGraham's net-net: current assets less all liabilities

Debt incl. operating leases$1M$823K of it operating leases

Deferred revenue$854Kcustomer cash collected before delivery; operating float

From the company's latest filing.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2023	$106k	$1.2M	$25M
2023	$103k	$28.8M	$25M
2024	$2.9M	$3.7M	($5M)
2024	$15k	$15k	($5M)
2025	$4.1M	$2.9M	($180K)
2025	$353k	−$1.1M	($180K)

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership9.5%
The stake all directors and executive officers hold together, per the 2026 proxy: skin in the game, the first thing Munger reads.
Stock-based compensation$7M
The slice of the business handed to employees in shares this year, 6% of revenue, equal to 62% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Gyre Therapeutics Inc. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2013–2025.

2 of the 4 tests turned up something to look into; the other 2 came back clean.

Look hereIs it less profitable than it was?−2.5% vs 15.6%
The owner-earnings margin averaged 15.6% early in the record and −2.5% across the last three years, and the latest year has not recovered. Ask the filing whether that is a structural drift or a cyclical trough — price, mix, cost, or a competitor — and whether it is permanent.
Look hereDid receivables and inventory outpace sales?8% → 19% of sales
Receivables and inventory grew from $278K to $23M while revenue grew 3125%: working capital is climbing faster than sales (8% of revenue then, 19% now). That can mean customers paying slower, stock building up, or revenue pulled forward. The filing's cash-flow and receivables notes say which.

And these came back clean

Did debt outgrow the business?
Are "one-time" charges a yearly habit?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Revenue recognition, Income taxes, Stock compensation as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Pharmaceuticals

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
LQDALiquidia Corporation	$158M	76%	-419.6%	-163%	-266%
XNCRXencor Inc.	$126M	—	-69.2%	-12%	-30%
GYREGyre Therapeutics Inc.	$117M	96%	-276.4%	-9%	-1120%
URGNUroGen Pharma Ltd.	$110M	—	-157.5%	-58%	-142%
TBPHTheravance Biopharma Inc.	$107M	94%	-357.1%	-73%	-268%
ZVRAZevra Therapeutics Inc.	$106M	—	-158.4%	-127%	-123%
ZYMEZymeworks Inc.	$106M	—	-180.7%	-38%	-153%
GRCEGrace Therapeutics Inc.	$100M	100%	-11.1%	-19%	-9%
Group median	—	95%	-169.5%	-48%	-148%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Gyre Therapeutics Inc. has delivered.

Today’s price $

Through the cycle, Gyre Therapeutics Inc. earns about $5M on its 4.6% median owner-earnings margin. This year’s −0.2% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($5M) Net of stock comp (−$9M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth, delivered—

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $3M on 97M shares outstanding, per the 10-Q cover, as of 2026-05-01; net cash $50M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh GYRE against another business →

Cite: Owner Scorecard, "Gyre Therapeutics Inc. (GYRE), the owner's record," https://ownerscorecard.com/c/GYRE, data as of 2026-07-09.

Manual order: ← GXO its page in the Manual H →

Industry order: ← GSK the Pharmaceuticals chapter HCM →