HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Hangzhou Jiuyuan Gene Engineering / Equity Capital Markets

<ul>
<li>Based on current performance, Jiuyuan has lost growth momentum, showing signs of stagnant growth. The main reason is VBP. So far, Jiouting, Yinuojia, Jifuwei have been included in VBP.</li>
<li>Guyoudao is facing competitive pressure from both domestic and international competitors and could be finally included in VBP. JY29-2 is the next blockbuster product, but the prospects are not clear.</li>
<li>Jiuyuan’s market value is expected to be higher than Qyuns. Future valuation performance will depend on the progress of JY29-2 and the overall market situation of GLP-1s at that time</li>
</ul>


Based on current performance, Jiuyuan has lost growth momentum, showing signs of stagnant growth. The main reason is VBP. So far, Jiouting, Yinuojia, Jifuwei have been included in VBP.
Guyoudao is facing competitive pressure from both domestic and international competitors and could be finally included in VBP. JY29-2 is the next blockbuster product, but the prospects are not clear.
Jiuyuan’s market value is expected to be higher than Qyuns. Future valuation performance will depend on the progress of JY29-2 and the overall market situation of GLP-1s at that time


Pre-IPO Hangzhou Jiuyuan Gene Engineering (PHIP Updates) - The Future Prospects Are Not Optimistic

<ul>
<li>Jiuyuan is not a typical innovative pharmaceutical enterprise with cutting-edge technology. The current seemingly good revenue/profit performance is actually based on some old products from over a decade ago.</li>
<li>The risk of VBP could lead to a significant decrease in profit margins at any time. The cyclical changes in heparin industry would put more pressure on Jiuyuan’s performance.</li>
<li>As Jiuyuan has not yet demonstrated superior clinical data in Jikeqin for overweight/obesity indication, together with fierce competition, we are cautious about the performance in GLP-1s pipeline at this stage.</li>
</ul>


Jiuyuan is not a typical innovative pharmaceutical enterprise with cutting-edge technology. The current seemingly good revenue/profit performance is actually based on some old products from over a decade ago.
The risk of VBP could lead to a significant decrease in profit margins at any time. The cyclical changes in heparin industry would put more pressure on Jiuyuan’s performance.
As Jiuyuan has not yet demonstrated superior clinical data in Jikeqin for overweight/obesity indication, together with fierce competition, we are cautious about the performance in GLP-1s pipeline at this stage.


Pre-IPO Hangzhou Jiuyuan Gene Engineering - Old Pipelines Are Difficult to Bring New Breakthroughs

China

Hangzhou Jiuyuan Gene Engineering Co., Ltd. was founded in 1993. The Company's line of business includes the production of bacterial and virus vaccines, toxoids, and analogous products.

Hangzhou Jiuyuan Gene Engineering (CDAIZZ CH)

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Hangzhou Jiuyuan Gene Engineering (CDAIZZ CH)

Pre-IPO Hangzhou Jiuyuan Gene Engineering (PHIP Updates) - The Future Prospects Are Not Optimistic

Jiuyuan's growth momentum is stalling due to VBP. Guyoudao and JY29-2 face competition and uncertainty. Market value may surpass Qyuns. Future...

Xinyao (Criss) Wang

Pre-IPO Hangzhou Jiuyuan Gene Engineering - Old Pipelines Are Difficult to Bring New Breakthroughs

Jiuyuan's pipelines lack high moat since most are generic pharmaceuticals and relatively old products. If its GLP-1s fail to show superior clinical...

Xinyao (Criss) Wang

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Hangzhou Jiuyuan Gene Engineering (PHIP Updates) - The Future Prospects Are Not Optimistic

​Jiuyuan's growth momentum is stalling due to VBP. Guyoudao and JY29-2 face competition and uncertainty. Market value may surpass Qyuns. Future...

Xinyao (Criss) Wang

Pre-IPO Hangzhou Jiuyuan Gene Engineering - Old Pipelines Are Difficult to Bring New Breakthroughs

Jiuyuan's pipelines lack high moat since most are generic pharmaceuticals and relatively old products. If its GLP-1s fail to show superior clinical...

Xinyao (Criss) Wang

Jiuyuan's growth momentum is stalling due to VBP. Guyoudao and JY29-2 face competition and uncertainty. Market value may surpass Qyuns. Future...