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.

China Healthcare Weekly (Dec.2)- VBP Correction, Sales Ability Overweigh R&D, Expectation Difference

Sichuan Kelun Pharmaceutical (002422.CH) - The Deal with Merck Brightens the Outlook; A Dark Horse?

Pre-IPO Shanghai Chicmax Cosmetic - PHIP Updates: Declining Performance and Challenging Outlook

Presentation for Impact of Russia/Ukraine War on Asian Markets-Tiantan Biological Products(600161CH)

BeiGene (6160.HK/BGNE.US) 22Q3 - The Price of Being an “Outlier”

Sihuan Pharmaceutical (460.HK) - About the Recent Business Adjustments and the Outlook

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

Equity Bottom-Up

Beijing Tiantan Biological Products / Equity Bottom-Up

Beijing Tiantan Biological Products (600161 CH)

<ul>
<li>Tiantan is a good defensive investment target in unfriendly external environment to control the pullback due to its advantageous background and resources, but its profit margin/efficiency needs to improve. </li>
<li>After a large performance decline in Q1, Tiantan recovered well in Q2, but due to the pandemic and some acquisitions/resource integration, its profit performance declined in Q3. </li>
<li>Tiantan’s performance growth is expected to slow down in 2022, with single-digit YoY revenue growth. Accordingly, the current valuation may have overdrawn certainty.</li>
</ul>


Tiantan is a good defensive investment target in unfriendly external environment to control the pullback due to its advantageous background and resources, but its profit margin/efficiency needs to improve. 
After a large performance decline in Q1, Tiantan recovered well in Q2, but due to the pandemic and some acquisitions/resource integration, its profit performance declined in Q3. 
Tiantan’s performance growth is expected to slow down in 2022, with single-digit YoY revenue growth. Accordingly, the current valuation may have overdrawn certainty.


Hualan Biological Engineering (002007 CH)

Shanghai RAAS Blood Products C (002252 CH)

Beijing Tiantan Biological Products (600161CH)-A Good Defensive Investment Target but May Overvalued