HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Bottom-Up

<ul>
<li>CMS's way of in-licensing products has shifted from CSO model to asset-purchase model so as to enhance control on the assets. But the transformation hasn’t been recognized by the market.     </li>
<li>Despite outstanding fundamentals, <a href="https://www.smartkarma.com/entities/china-medical-system-holdings" target="_blank" data-smartkarma-citation="entities:18736:1" rel="noopener">CMS</a>’s valuation remains low. Doubts about the Company's real R&amp;D capabilities/core competitiveness and the negative image due to past financial fraud could be the reasons.</li>
<li>CMS would encounter performance headwinds in 2023/2024 due to VBP, but revenue/profit growth is expected to pick up in 2025. It’s still a good defensive choice in a bear market.</li>
</ul>


CMS's way of in-licensing products has shifted from CSO model to asset-purchase model so as to enhance control on the assets. But the transformation hasn’t been recognized by the market.     
Despite outstanding fundamentals, CMS’s valuation remains low. Doubts about the Company's real R&amp;D capabilities/core competitiveness and the negative image due to past financial fraud could be the reasons.
CMS would encounter performance headwinds in 2023/2024 due to VBP, but revenue/profit growth is expected to pick up in 2025. It’s still a good defensive choice in a bear market.


China Medical System (867 HK) - A Wise Choice in a Bear Market

China

Tibet Rhodiola Pharmaceutical Holding Co. develops, manufactures, and markets Tibet medicines.  The Company's products include Rhodiola capsules, Rhodiola pellets, and other related medicines.

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Tibet Rhodiola Pharm A (600211 CH)

China Medical System (867 HK) - A Wise Choice in a Bear Market

CMS's performance low point is 2023/2024, but high growth returns in 2025. Despite bad image due to past financial fraud, high dividend/strong...

Xinyao (Criss) Wang

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