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Caixin Global

Articles from Caixin Global

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Cross Asset Strategy

<ul><li>Robots /In Depth: The march of Chinese robots into domestic factories</li><li>Dam /: China expresses ‘grave concerns’ over Ukraine dam collapse</li><li>Compensation /: Wrongfully convicted man seeks $2.9 million in state compensation</li></ul>

Robots /In Depth: The march of Chinese robots into domestic factoriesDam /: China expresses ‘grave concerns’ over Ukraine dam collapseCompensation /: Wrongfully convicted man seeks $2.9 million in state compensation

CX Daily: The March of Chinese Robots Into Domestic Factories

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Thematic (Sector/Industry)

<ul>
<li>It is the time to reassess the commercialization performance and the outlook of China biotech companies, including BeiGene, Innovent, Henlus, Zai Lab, Hutchmed, Junshi, RemeGen, Innocare, Akeso. </li>
<li>We summarized the data of these biotech companies’ product revenue and profit performance to judge whether their commercialization capability is sufficient to afford production, sales teams and long-term R&amp;D activities. </li>
<li>Most China Biotech cannot be said to achieve "commercialization success", but they have showed some difference.We hope investors could have a better understanding about China biotech and make better decisions. </li>
</ul>


It is the time to reassess the commercialization performance and the outlook of China biotech companies, including BeiGene, Innovent, Henlus, Zai Lab, Hutchmed, Junshi, RemeGen, Innocare, Akeso. 
We summarized the data of these biotech companies’ product revenue and profit performance to judge whether their commercialization capability is sufficient to afford production, sales teams and long-term R&amp;D activities. 
Most China Biotech cannot be said to achieve "commercialization success", but they have showed some difference.We hope investors could have a better understanding about China biotech and make better decisions. 


China Biotech – The Commercialization Performance and The Outlook

Equity Bottom-Up

CSPC Pharmaceutical Group / Equity Bottom-Up

<ul><li>China approved its first homegrown Covid-19 vaccine using the advanced mRNA technology, months after the country pivoted from its “zero-Covid” strategy toward living with the virus.</li><li>The vaccine, developed by CSPC Pharmaceutical Group Ltd., was approved for emergency use by the National Medical Products Administration.</li><li>The shot, known as SYS6006, primarily targets the omicron variant BA.5 and can be stored at 2 to 8 degrees Celsius (36 to 46 degrees Fahrenheit) “for a long time,”.</li></ul>

China approved its first homegrown Covid-19 vaccine using the advanced mRNA technology, months after the country pivoted from its “zero-Covid” strategy toward living with the virus.The vaccine, developed by CSPC Pharmaceutical Group Ltd., was approved for emergency use by the National Medical Products Administration.The shot, known as SYS6006, primarily targets the omicron variant BA.5 and can be stored at 2 to 8 degrees Celsius (36 to 46 degrees Fahrenheit) “for a long time,”.

China Clears First Homegrown MRNA Covid Vaccine

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mannkind-corp" target="_blank" data-smartkarma-citation="entities:3629:1" rel="noopener">Mannkind Corp (MNKD US)</a> has multiple revenue stream, with two marketed products. Flagship drug Afrezza, an inhaled insulin recorded 11% YoY revenue growth to $10.8M in Q3.</li>
<li>Due to high R&amp;D and SG&amp;A expenses, Mannkind records operating loss. However, gross profit margin is improving, with Afrezza gross margin improving to 81% in 3Q22 from 61% in 3Q21.</li>
<li>Mannkind’s inhaled clofazimine (MNKD 101) is advancing to Phase 2/3 study for potential treatment of nontuberculous mycobacterial (NTM) lung disease. ~86K people in US are living with NTM lung disease.</li>
</ul>



Mannkind Corp (MNKD US) has multiple revenue stream, with two marketed products. Flagship drug Afrezza, an inhaled insulin recorded 11% YoY revenue growth to $10.8M in Q3.
Due to high R&amp;D and SG&amp;A expenses, Mannkind records operating loss. However, gross profit margin is improving, with Afrezza gross margin improving to 81% in 3Q22 from 61% in 3Q21.
Mannkind’s inhaled clofazimine (MNKD 101) is advancing to Phase 2/3 study for potential treatment of nontuberculous mycobacterial (NTM) lung disease. ~86K people in US are living with NTM lung disease.


Mannkind Corp (MNKD US): Stable Revenue Stream; High Hope for MNKD 101 for Rare Lung Disease

Shanghai Haohai Biological Technology / Equity Bottom-Up

<ul>
<li>Through continuous M&amp;A/resource integration, Haohai has gradually established its four business segments, but such development strategy hasn’t brought ideal performance, which is disappointing if compared with Bloomage and Imeik.</li>
<li>The future performance driver of Haohai still lies in the medical aesthetics business, but increasing competition and declining gross margin cast doubts on the outlook and growth potential.</li>
<li>
<a href="https://www.smartkarma.com/entities/shanghai-haohai-biological-technology-a" target="_blank" data-smartkarma-citation="entities:29220:1" rel="noopener">Shanghai Haohai Biological Technology-A (688366 CH) </a>is overvalued. Due to lack of growth point with high certainty, we are not optimistic about the upside potential of Haohai's valuation.</li>
</ul>


Through continuous M&amp;A/resource integration, Haohai has gradually established its four business segments, but such development strategy hasn’t brought ideal performance, which is disappointing if compared with Bloomage and Imeik.
The future performance driver of Haohai still lies in the medical aesthetics business, but increasing competition and declining gross margin cast doubts on the outlook and growth potential.

Shanghai Haohai Biological Technology-A (688366 CH) is overvalued. Due to lack of growth point with high certainty, we are not optimistic about the upside potential of Haohai's valuation.


Shanghai Haohai Biological Technology (688366.CH/6826.HK)- Disappointing Earnings and Gloomy Outlook

China

Shanghai Fosun Pharmaceutical (Group) Co., Ltd. is a pharmaceutical company. Through its subsidiaries, the Company manufactures genetic medicines, Chinese traditional medicines, diagnostic products, and medical instruments, provides technology, marketing, and advertising services, as well as invests in import and export trading.

Shanghai Fosun Pharmaceutical (Group) (600196 CH)

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Shanghai Fosun Pharmaceutical (Group) (600196 CH)

CX Daily: The March of Chinese Robots Into Domestic Factories

Robots /In Depth: The march of Chinese robots into domestic factories Dam /: China expresses ‘grave concerns’ over Ukraine dam...

Caixin Global

China Biotech – The Commercialization Performance and The Outlook

In the context of the fading dividend of medical system reform and the lack of next big variety, the previous wave of innovative drug boom is hard...

Xinyao (Criss) Wang

China Clears First Homegrown MRNA Covid Vaccine

China approved its first homegrown Covid-19 vaccine using the advanced mRNA technology, months after the country pivoted from its “zero-Covid”...

Caixin Global

Mannkind Corp (MNKD US): Stable Revenue Stream; High Hope for MNKD 101 for Rare Lung Disease

Mannkind’s flagship inhaled insulin Afrezza reports double-digit revenue growth, with expanding gross profit margin. Drug candidate MNKD 101 is...

Tina Banerjee

Shanghai Haohai Biological Technology (688366.CH/6826.HK)- Disappointing Earnings and Gloomy Outlook

Continuous M&A fails to bring ideal performance to Haohai. Medical aesthetics is the main growth driver, but Haohai is lack of competitiveness....

Xinyao (Criss) Wang

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