HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Beijing Luzhu Biotechnology - The Eventual Revenue Scale and Profit Margins Could Be Limited

2023 High Conviction Update: Sonoscape (300633.CH)-Profitability Will Improve as Scale Effect Emerge

High Conviction Update: Sonoscape (300633.CH) - Stock Price to Rebound After Temporary Headwinds

Wuxi Biologics Placement (2269 HK) - Things Are No Longer Easy When the Magic of CXO Wears Off

WuXi AppTec (2359.HK/603259.CH) 2022 Results- Say Goodbye to High Growth and Get Used to True Colors

Wuxi Biologics (2269.HK) 2022 Results - Key Takeaways and the Outlook

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Thematic (Sector/Industry)

South korea Healthcare equipment and services / Thematic (Sector/Industry)

<ul>
<li>The market of biopharmaceuticals and CDMO keeps growing, with CAGR of about 10%. However, CGT is the "outlier". The whole story of CGT business isn’t persuasive at the current stage.</li>
<li>Lonza is still the leader.WuXi bio has secured the second place. Samsung Biologics is catching up in terms of profit margin. Different production capacity structures can bring about different changes.</li>
<li>Industry concentration of CDMO would further increase, making it difficult for new entrants to seize orders from Top CDMOs.We advise investors not to spend too much time on small CDMOs.</li>
</ul>


The market of biopharmaceuticals and CDMO keeps growing, with CAGR of about 10%. However, CGT is the "outlier". The whole story of CGT business isn’t persuasive at the current stage.
Lonza is still the leader.WuXi bio has secured the second place. Samsung Biologics is catching up in terms of profit margin. Different production capacity structures can bring about different changes.
Industry concentration of CDMO would further increase, making it difficult for new entrants to seize orders from Top CDMOs.We advise investors not to spend too much time on small CDMOs.


A Different View on Global CDMO - The Industry Trend, the Major Players, and the Outlook